LoanMe Personal Loans
Would you recommend LoanMe Personal Loans to your friends?
| Community Rating | Strongly not recommended |
| APR (Fixed APR) |
32% - 165% (Verified 08/04/2023)
|
| Loan Amount | $600 - $30,000 |
| Loan Term (Months) | 6 - 84 months |
| Number of Reviews | 188 |
LoanMe Personal Loans Review
LoanMe Personal Loans is offered by LoanMe Inc., a direct lender founded in 2012 and based in Anaheim, CA. Loanme are available in 24 states across the USA.
Key Takeaways
- APRs starting at 32%. Interest rates vary by state. Personal loan interest rates typically range between 5% and 36%. The starting rates for LoanMe Personal Loans are on the higher end of the spectrum.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
- Strongly recommended. 11 out of 188 SuperMoney community members recommended LoanMe Personal Loans.
- Prequalified rate. You can check your prequalified rate at LoanMe Inc. with a soft pull that will not affect your credit score.
- Origination fees of 0% to 10%. Origination fees and requirements vary by state. This is on the high end for lenders on SuperMoney's database. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
- Short loan terms. LoanMe Personal Loans have loan terms as short as 6 months.
- Super long loan terms. LoanMe Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.
- Minimum income of $24,000. You will need an annual income of at least $24,000 to apply for LoanMe Personal Loans, which is above average for the lenders in our database.
Loanme Pros & Cons
| Pros | Cons |
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Loanme FAQ
What interest rates and personal loan terms does Loanme offer?
Loanme has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Loanme offer?
Loanme offers a fixed APR personal loan product that ranges from 32% APR up to 165% APR. Interest rates vary by state.
How much can you borrow via Loanme?
Personal loan amounts start at $600and go up to $30,000
What is the maximum loan term you can get with Loanme?
Loanme offers loans with terms of up to 84 months.
| Personal Loan Amount | $600 - $30000 |
| Loan Term | 6 - 84 months |
| APR | 32% - 165% |
What fees does Loanme charge?
Does Loanme charge an origination fee?
Loanme may charge a personal loan origination fee of 0% to 10% of the personal loan amount (origination fees and requirements vary by state). Loanme deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Loanme charge a late fee?
Yes, Loanme may charge borrowers a late payment fee if you miss one of the monthly payments of up to $15, which is triggered if you're 15 days late.
Does Loanme charge prepayment fees?
No, Loanme does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | 0% - 10% |
| Prepayment Fee | No |
| Late Payment Fee | $15 |
What do you need to qualify for LoanMe Personal Loans?
Applicants with a credit score of at least 500 and up to 850 may be eligible for LoanMe Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.To qualify for personal loans with LoanMe Personal Loans, applicants need a minimum annual income of $24,000 or higher. LoanMe Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LoanMe Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by LoanMe Personal Loans.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Government issued photo ID
- U.S. tax identification number
- References
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted |
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| Credit Score | 500 - 850 |
What is the estimated funding time for a personal loan via Loanme?
Loanme will typically approve (or deny) a loan application within 4 hours and fund loans within 2 business days of approval.
Does LoanMe Personal Loans report your account activity to credit bureaus?
Yes, LoanMe Personal Loans reports your account activity to the following credit reporting agencies:
- Experian
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Are LoanMe Personal Loans legit?
LoanMe Inc. was founded in 2012, it is a well-established company with approximately 75 employees that has been in business for 11 years. LoanMe Personal Loans are strongly not recommended by SuperMoney community users.
Message From Loanme
Message From Our Editor
Contact
- Headquarters
-
1900 S. State College Boulevard, Suite 300
Anaheim, CA 92806 USA - (844) 764-7368
- Visit Site
- Email Support
Other Services by LoanMe Inc.
Availability
- Arizona
- California
- Delaware
- Florida
- Idaho
- Indiana
- Kentucky
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Mexico
- North Dakota
- Ohio
- Oklahoma
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Wisconsin
Feature Breakdown
| Late Fee Amount | $15 |
| Late Fee Grace Period | 15 days |
| No Prepayment Fee | |
| Origination Fee (%) | 0% - 10% |
LoanMe Personal Loans Community Reviews
Would you recommend LoanMe Personal Loans to your friends?
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