Last Updated: 04/18/2025
SuperMoney User Recommendation Score -86
Strongly not recommended187 total votes
Cast Your Vote
Get Competing Personal Loan Offers
Compare personal loan offers from multiple vetted lenders.
Discover your lowest eligible rate in minutes.
See how much you qualify for and what your monthly payment will be.
Get Personalized Rates
It's quick, easy, and won't hurt your credit score.
Highlights
Community Rating
Strongly not recommended
APR (Fixed APR)
32% - 165%(Verified 06/21/2024)
Disclaimer popup with additional information
Amount Range
$600 - $30,000
Disclaimer popup with additional information
Loan Term (Months)
6 - 84
Number of Reviews
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.
Key Takeaways
- APRs starting at 32%. Interest rates vary by state. Personal loan interest rates typically range between 9% 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*.
- Prequalified rate. You can check your prequalified rate at LoanMe Inc. with a soft pull that will not affect your FICO or VantageScore.
- 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.
Loanme Pros & Cons
| Pros | Cons |
|
|
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 $600 and 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 a late payment fee if you miss one of the regularly scheduled payments of up to $15.
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. LoanMe Personal Loans does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders with a U.S. tax identification number 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 or other government photo ID
- Government issued photo ID
- U.S. tax identification number
- References
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Credit Score | 500 - 850 |
What is the estimated funding time for a personal loan via Loanme?
Loanme will typically fund loans within 1 to 2 business days of approval and clearing necessary verifications.
Does LoanMe Personal Loans report your account activity to credit bureaus?
Yes, LoanMe Personal Loans reports to the following credit bureau:
- 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 build your credit.
Does LoanMe Inc. perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. Loanme allows you to check your rates with a soft credit pull.
Are LoanMe Personal Loans legit?
LoanMe Inc. was founded in 2012, it is a well-established company that has been in business for 14 years. LoanMe Personal Loans is strongly not recommended by SuperMoney community users.
LoanMe Personal Loans Disclosure: Credit approval is subject to LoanMe's credit standards, and actual terms (including actual loan amount) may vary by applicant. LoanMe requires certain supporting documentation with each new application. If you have any questions regarding this, call us at 1-844-956–2663. California loans are made pursuant to LoanMe's California Department of Business Oversight Financing Law License #603K061. LoanMe also offers loans in certain other states which may have higher minimum loan amounts.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from Loanme
Message from our editor
What We Love About LoanMe Personal and Small Business Loans
LoanMe offers flexible terms for those seeking personal or business loans. They are a great option for debt consolidation and making on-time payments can improve your credit score.
The application process is fast and convenient - simply enter your information online or by phone. If accepted, borrowers can get funds deposited in their bank account in as little as 3-4 hours. LoanMe offers fixed monthly payments and there is no penalty for paying off your loan early if you choose to do so.
What Could LoanMe Do Better?
LoanMe’s market is somewhat limited, as it only loans money to people and small businesses in a few states. This means customers who live elsewhere will have to find another lending option. We would like to see LoanMe increase its licensing to all 50 states.
LoanMe’s Backstory
LoanMe was founded in 2013 in Anaheim, California. They are an alternative to short-term lenders for individuals looking to consolidate debt and small businesses looking to grow. They are licensed to lend in 10 states, as mentioned above.
The Verdict
LoanMe, like many emerging online lenders, has a streamlined, no-hassle loan application process. Their quick approval and disbursement process is a plus for people who find themselves strapped for cash for any reason.
However, this convenience comes with a price. You could be faced with higher interest rates, so proceed with caution, especially if you have below-average to poor credit. Part of the reason LoanMe does not lend to customers in more states is that certain states have laws against high-interest rate loans like the ones LoanMe offers. Ideally, this kind of loan would help you in a bind and be paid off early to avoid paying excessive amounts of interest.
For small businesses though, this may be a better option if it is sure to be paid back on time and in full each month.
Contact
Headquarters
Hours of Operation
Sunday
Closed
Monday
8:00AM - 6:00PM
Tuesday
8:00AM - 6:00PM
Wednesday
8:00AM - 6:00PM
Thursday
8:00AM - 6:00PM
Friday
8:00AM - 6:00PM
Saturday
8:00AM - 6:00PM