LoanMe is a California based personal loan lender that offers unsecured installment loans to qualified borrowers. LoanMe's loans are used for one-time purchases and debt consolidation; they also have the potential to help customers rebuild their credit score by making payments on time. The entire process is completed over the internet, phone and fax. Funds can be transferred into the borrower's checking account in as little as a day.
LoanMe specializes in fast personal loans for customers with limited credit options. The online application process is fast and customers can have funds in their bank accounts within the same day.
Rates vary depending on the state you live in, how much you borrow and your creditworthiness. In California, for example, rates range from 12.22% APR to 31% APR for borrowers with credit scores over 645; borrowers with lower credit scores could pay rates of up to 184.36% APR.
Additionally, a loan fee is charged, which may be a percentage of your loan or a flat-rate fee.
The loan amounts vary from $2,600 to $100,000.
The application process only takes a few minutes. You only need to provide a bank statement, proof of income and valid ID; and if you prefer, the entire process can be entirely paperless. Once you are approved the money is deposited directly to your bank account.
LoanMe's application process is fast and easy to fill in. The entire transaction can be done online or over the phone and you could have money in your account within the same day. There are no prepayment fees and LoanMe reports your payments to credit bureaus, so your credit score should improve if you make your payments on time.
However, the loan fees and rates can be extremely high for certain borrower groups.