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.

How Does LoanMe Work?

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.

What Are LoanMe's Interest Rates?

Interest 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. 

How Much Money Can I Borrow from LoanMe?

The loan amounts vary from $2,600 to $100,000. 

What Is LoanMe's Application Process Like?

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.

How Is LoanMe Better Than Other Lenders?

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 interest rates can be extremely high for certain borrower groups.

  • APR
    12.22% - 184.36%
  • Credit Bureau Reporting
  • Loan Amount
    $2600 - $100000
  • Payment Options
    Automatic Payments
  • Max Loan Term (Months)
  • Checking Account Required?
  • Immigration Status Considered
    U.S. Permanent Resident
  • Lend To Military?
  • Minimum Age
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
  • Approval Speed (Hours)
  • Customizable Payment Dates
  • Deferred Payments
  • Funding Time
    1-7 days
  • Joint Loans Available
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
  • Pre-Approved Soft Credit Inquiry
  • Institution Type
    Direct Lender
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0 votes

Don't do it!!! I was in a bind and looked every where. My bank that I've used for over 20 yrs even said no so I eventually found loan me. They said yes and approved me for 5400 but kept trying to give me 3200. I told them I was approved for 5400 and wouldn't do it for less because less withe not benefit me at all in consolidating other small loans. They finally agreed and started the paper work. It wasn't too hard and didn't take too long BUT ... a $495.00 a month payment with high interest, they said if I only made the monthly payment I'd end up paying a total of $45,000.00!!!!!!! So he suggested I pay it off early. That's like almost 10 times what I borrowed!!!! What a joke! I did end up paying it off early with a better rated personal loan, but when the company I used pulled up my credit the amount owed reported by LoanMe ended up being wrong so I had to pay more and they took out a payment that they weren't supposed to do I had to get that 495 refunded but only after I paid the extra 75 they said my check was short for. And it took them 2 weeks to cash the check because they said "since the check memo said pay off but the amount was wrong they couldn't cash it and close my account". They never called me to state this however, I called them to see why my check wasn't cashed yet and my account so open. What a joke. Totally incompetent company. More Less

0 votes

They are most definately the. Worst. Completely incompetent. You do not get the same info through out the company. If u go thrpugh them even if you stay current, which i did u will be paying 110% of what u got in cash. My loan was 2600. I payed 388 and some change monthly and in the end i paid them over 3100 total. A sham a scam DONT DO IT!!!!

0 votes

This is a joke. My credit is 688 - not great; but good. I applied for a personal loan for $10,000 to do some home improvement work. They told me I was approved and just needed to verify my bank account. After "verifying" my account four times. They said it had only been open 1 month. I have had the account for 20+ years and called the bank. I called back my "Senior Loan Agent" Andre to tell him they were checking my ... wife's Christmas Club account and not our checking account. Then a Customer Service Rep called to ask me some questions to verify my identity. I answered everything. He said I would be getting a call from Andre with good news. I literally was hanging up with him - when I got the "decline" letter. Indicated because of my credit score and delinquent account. I missed one payment of $40 back in 2013. Other then that, I have 1 credit card, no loans, nothing....Amazed at the fact that they literally ran me through the ringer and after verifying my identity - declined me? what a joke. Stay away!! More Less

0 votes

I tried to take out a loan with them for an upstart with my business partners. I was appalled at the usurious interest rate they offered me — 184% APR. They told me my credit score was low and I know that was a lie. My partners and I are law students who run a paralegal/LDA firm. We are currently helping several clients file motions to compel arbitration. These LoanMe contracts appear to have a very consumer-friendly arbitration clause. Once of out of court, one of the clients plans to ... hire us to help them negotiate a settlement in binding arbitration. The arbitration costs paid by LoanMe (or the third-party debt buyer) are so expensive that it probably isn't worth recovering. Contact us if you need help settling a debt with these sharks. (916) 426-9339. More Less

3 votes

They lie to you ,few days past my first payment ,they repossed my vehicle

2 votes

lets get a lawyer next time I will send an e mail where we can get together and file a lawsuit against LOAN ME. I got about 27 calls for one day late'

2 votes

Lairs. I used loan me knowing there extremely high interest rate but they say if you pay it off in a week you only pay a $75 processing fee. So I took the loan and payed it off in a week and it went well. I go back to loan me a second time for a loan and Kevin Lee tells me there having a promotion that if I pay the loan off in a week there is no interest or processing fee. I go to pay the loan off ... in a week and they tell me that this is not the case and I have to pay a $275 processing fee plus $115 interest for the week. I checked my emails from loan me and found that all the paper work they send me just states the interest not anything about the process fee nor promotion.They said they would do a investigation on the phone record from the day I proceed the loan with Kevin Lee. I payed them $390 for a loan of $5125 that I payed them back for in one week. I figured this was better than waiting for them to get back to me on the investigation while the interest is accruing daily. Still haven't heard from that investigation. More Less

2 votes

Awful parasites. They will suck you dry. i dealt with cashcall years ago . They are loan sharks. Not there to help you at all. I read all the reviews and all I can say is, " take all into consideration ". This company will bleed you dry and ruin your life financially. . They try their best to pressure you into accepting a loan. But steer clear. Good luck.

2 votes

I only Recommend Loanme if you payoff early or a last resort their good for fast cash but beware make sure this is a short term loan or you will be in big trouble with lots of money coming out your account no fun they are sharks quick to loan cause they know people can't pay back right away so they benefit from large interest rates I will never do bussiness with Loanme again such a relief to have this debt paid off in 2 months thankfully they did not leave me ... bone dry More Less

2 votes

LoanMe is not about rebuilding your credit, i'ts a money grab. They charge the maximum interest rates and terms allowed by law to people who have few or no other options. It's not about help, it's about taking advantage of people in desperate situations.

$3100 loan for 48 months.138% APR and repaying nearly six times what was borrowed. They say you can payoff the loan at anytime without penalty, but your are severely "penalized" with predatory terms and customer that makes you feel like the dregs of society the whole time ... you have the loan.

I've made all my payments on time, and I called to ask if they offered other programs to provide more favorable terms when you can show a good payment record. They flatly and quite rudely stated they did not, and said that they can only negotiate payments terms once you are delinquent on the loan. Based on the review I have read, I can only imagine what "negotiate" means if I ever become delinquent.

I also fail to see how making on-time payments with LoanMe has improved my credit score as it is not showing up on any of the major credit reporting agencies. I am working on improving my credit score so that I can obtain more favorable credit terms and pay them off. In the meantime, I'll continue to make the payments.

In retrospect, it probably would have much cheaper and less stressful to file bankruptcy than to deal with a company like LoanMe. I wonder why state agencies don't investigate these lending practices,and if they have why nothing is done to control them.

Avoid LoanMe at all cost,
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2 votes

Garbage ,???????????? never try to do business with them, they are garbage.

2 votes

Beware. Dont do it. They will charge you $8 a day until you pay the whole amount.

2 votes

I regret going through these people for a loan. I was in a bind and heard their commercial. Then I paid every month on time. One month I asked them 5 days before my due date to take 2 payments 2 weeks later. They refused, the rep I spoke to was so rude. I had just suffered a miscarriage and missed a week of work and she treated me horribly. Her solution was to borrow the money from someone, no one had it but they did not want to work ... with me. DO NOT GET A LOAN FROM THIS COMPANY!!!!! More Less

2 votes

DONT APPLY ITS A SCAM i called did the whole process and the guy was rude then i kept asking for more info and he got mad and said just give me your damn social i was like wtf hell no plus its the same guy answering the phone with different names lol fuckn faggot suck a fuck one you are not going to steal from me!

2 votes

How is it that these people are allowed to do business any state? They have been found guilty in three different states, and charges filed in several others, and yet still are able to operate with impunity?

1 votes

I guess they don't change we have been trying to get a loan for one week and they keep asking for different paper work .definitely will stop the process with them

2 votes

What RIP OFF!!! I am a small business in need of some hep. I do have poor credit and that is why I spoke with these folks. The assured me that I was pre-approved and ran my credit. They now say I am not aable to be approved. Just one more inquiry to make matters worse for me and my business. These types of businesses should be against the law!!!!

1 votes

Typical predatory lender. Dangles the easy money then sticks it to you with high fees and automatic withdrawals from your bank account. DONT DO IT

1 votes

The first time I spoke with these people was on 12/2/15. It is now 12/16/15, and they are still requesting new things from me. The first part of the delay was my fault, because of my direct deposit going into the wrong account; however, THEY KEEP ASKING FOR MORE AND MORE AND MORE FROM ME. I recently moved (less than 30 days ago), so I sent them the original paycheck stub and bank statement they requested. That wasn't good enough. They asked for my driver's license (it was an out ... of state DL and they would only accept an in state DL). I spent 2 hours in the DMV to get that worked out and sent that to them. That still wasn't enough, so they then asked me for 2 pieces of mail verifying that I moved less than 30 days ago, and a copy of the front and back of my social security card! I sent pics of EVERYTHING they asked for. One of the pieces of mail was the USPS letter with the date that my address changed, and the other was a pic of an unopened bank statement with my new address clearly printed on the front. THAT STILL WASN'T GOOD ENOUGH! They asked me to open the letter from the bank so that they could verify that it's from less than 30 days ago..........but the USPS letter clearly shows when I changed my address..........that plus the fact that the new address is on the letter from the bank should be proof enough!!! I'm so tired of being jerked around by these clowns! 2 WHOLE WEEKS INTO THIS PROCESS AND I'M OVER IT! I'm going to take my business elsewhere. More Less

0 votes

Buyer beware. I do not make excuses any time I make my own decision. After the fact though I want to comment on what you will get once you sign on the dotted line. A 95% interest rate, which should be illegal; however, as I stated I signed the agreement thinking at the time it would be a short term loan, then I ran into more financial problems. Miss one payment and you stop becoming a customer and they make you feel as though you are ... a convicted criminal. I mentioned I was on a business trip to Asia and didn't realize I had an issue with my bank account which resulted in a returned check. Instead of taking my payment over the phone he grilled me on how I could afford a business trip to Asia yet could not make my payment on time. Really?!...as if it was a pleasure trip. I asked if he wanted the payment or just to keep ridiculing me. He said he would take the payment, yet continued to berate me over something that had nothing to do with my account. I hung up and wrote a letter of complaint. It was almost as though he wanted the interest to keep accruing rather than having my loan satisfied. Not sure if anything ever came of it; however, he didn't call back. I received a $10K loan and after already making $5K in payments my balance is now $11K. BUYER BEWARE!!! More Less

0 votes

Be aware - LoanMe will give you payment deferments without your request. In other words they will say they are going to take the payment from your account monthly but arbitrarily skip months here and there. While you may think you're getting a break - it is actually adding interest to the loan because the principle isn't getting reduced as scheduled - it's a great scam that virtually no one notices.... Kansas Attorney General is looking into this company.

3 votes

These people r loan sharks. I got a 2600 loan from them paid on it for 1 year. I called to settle with them and they wanted more than the original loan even tho I have already paid them 4000. I called the consumer protection bureau and filed a complaint. They are investigating them. I also called the attorney general and filed a complaint with them. I think all of us that have been victims of this company should file a class action lawsuit and try and get ... some of our money back and shut them down. More Less

2 votes

Please contact the California Department of Business Oversight (DBO) who has an ongoing investigation into the business practices of LOANME, INC. Their email address is: ASK_DBO@DBO [ASK.DBO@dbo.ca.gov]. The Citizens Complain form found on the CA DBO website is simple and straight forward. Any correspondence from LOANME, INC is important to the CA DBO because LOANME, INC has been caught using business names and addresses which are not authorized and this information may furhter strenghten the DBO case against LOANME, INC. Yes, these are the same business officers involved in CASHCALL.

1 votes

Borrowed $3000 from them year and half ago. I've already paid them back over $5000. I've recently been laid off so.I can't afford to pay them. Now the calls and threats start to pour in. First they leave nice messages than they email you threatening letters. I can't wait to let to tell them I'm filing for BK!!!

0 votes

biggest crooks on the planet. a small loan becomes big payments every month. They take advantage of people in need. BIGGEST CROOKS ON THE PLANET.

1 votes

Its Ridiculous this company never stop calling when they got the money the same day that ive given to them, im busy doing all important stuff to set the viewing , funeral mass, and burial for my Dad!! And they even ask me how much money im going to help and ask me if i can deduct the money from where im using it for my Dad. Such a cold heart company and employees!!!!!

0 votes

LoanME offers unsecured installment loans to customers,the sad thing about this company is; they lie to customers, I went online last year and begin to fill out the application, change my mind and logged off, 10 minutes later 10:30 pm three customers services representatives called me and another at 11:00 pm, for one thing I believe that is not allowed and they are not suppose to call anyone after 8:00 pm. Also the person whom I spoke told me I was approved for a loan, the next day I waited ... for the money to be entered into my account, called LoanME and was told they would not be able to do it due to my account was a trust account and my credit union did not accept the wire, what liars!!!! I went to my credit union and they said it was not true. So all I can say to anyone looking for an honest payday loan place, run from this one, I surely learn my lesson about giving out information, also look up the company and see who owns the company I believe this one is own by cash call. More Less

1 votes

I blame the radio stations that run ads for this SCAM!!! If you ever hear their ad on the radio I urge you to call the station and demand that the don't air this SCAM. They advertise 11% rate and when you call you get smacked with 135%.. They should change the name from loanme to rapeme!!!

1 votes

Loanme and cashcall are the same no doubt about it. This operation is led by Louis Ochoa the same genius from cashcall. His hench men are also there. If You do business with this company, you are the total loser!

1 votes

Every time I hear that commercial it Sounds like Blow Me!!! You really need too change the words. If I need a loan I would check them out...

1 votes

I did not come here to look at reviews, I came here to get a good laugh at any reviews that said that this company did them right. Looking at the fine print: 138.45%APR on a MINIMUM $3,100 loan. Do the math. after the "standard" 47-month term, you'd be paying them back a total of $16,501.23. This type of scam SHOULD be illegal. I don't know how they found a loophole that lets them do this to people, and I'm certainly embarrassed for all of the people that don't know ... to read fine print. After looking on the BBB website, apparently LoanMe is an accredited business. How that happened?! No clue... More Less

1 votes

I received a solicitation from LoanMe for a $3,100 loan. I don't need a loan right now but a review of the materials provided shows that if I took this loan, by the end of the 47-month term, I would pay back $16,501.23. Anyone who receives this type of offer should just shred it. Or take the documentation to your local credit union and see what they can do for you. Then shred the original offer.

I reviewed the BBB rating for this company. They do ... have an "A" rating but all that really means is that they don't have a bunch of unresolved complaints. My local BBB says that the BBB doesn't evaluate whether the company is offering a good product or service.

I also checked with my state's "Department of Finance" and found that LoanMe is licensed but the license expires at the end of the month. They have applied for renewal. My state does not regulate the interest rate they can charge, but your results may vary.

My advice to loan seekers is to run -- don't walk -- away from this company's offers.
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1 votes

Quick note. I heard a commercial on the radio. Called and started asking specific questions and the associate misteriously puts me on hold and hangs up. I call again and get another rep. I started asking the same questions and he too puts me on hold for no reason and hangs up. I thought it was kinda weird, so I started digging and came up with all kinds of negative reviews and comments. Good thing they hung up. I would have done business with them.

2 votes

Here is the deal with this Company...

This is not your BANK!!!

They are in the business of making quick high risk loans at crazy high rates!!! I had a lot of money tied up towards the end of the year and had some unexpected expenses. I knew I would only need the loan for about 30 days and they made it very clear what their interest rate was going to be. Anyone who keeps this loan for the entire term of the loan is literally out of their mind!!!! ... This is NOT long term money you're borrowing it's a short-term loan with a VERY high annual interest rate. I borrowed $5200 for a little over 30 days I paid them back all of the money at that time and it cost me less than $1000 in interest and fees. I'm not saying that's not a lot of money to spend but it was there when I needed it short-term.

I was never treated rude by anybody nor was I in anyway misled by anybody. It was crystal clear to me both in the contract that I signed as well as in every conversation that I had with any representative from LoanMe what the deal was going to be. "IF" I was in a situation that I needed them again I would use them but that is ONLY if I needed the quick money for a short period of time.

Bottom line is don't get upset with them for simply doing business. They are there for a specific service and no one that uses them was forced to do so...
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1 votes

What's the name of the lending companies that have a reputation to protect?? Cause if loanme is really that much if a scam I don't want to go through them and check someone else out that is actually worth my time. Cause I got a prequalified loan with this place and that's why I came onto here to look at reviews. Glad I did before I took the loan cause I would have regretted it like big time!

0 votes

The customer service was great, but for what? These guys are just robbing innocent customers. No way will I ever use them again!

1 votes

What a joke of a company. Quoted me 70% interest rate. Steal clear of these crooks. Did I mention a 10% origination fee.

2 votes

This is the ongoing problem with finding an honest lender on the internet. So many of them are just there to rip you off! The saddest part is that so many people are struggling in this economy and truly need help from a trustable lender. LoanMe is just a new face to CashCall that is trying to cover up the trouble they're getting into with the California Finance Lenders Law. What a sham! Don't deal with anyone that isn't verified by the Better Business Bureau. ... Thank God the BBB can save us all a lot of stress! More Less

2 votes

LoanMe.com is a newly launched lender (2013) based in California that offers unsecured personal loans. Although LoanMe.com is technically a new company, it's really a clone of CashCall's personal loans division. A quick look at both websites (www.loanme.comand www.cashcall.com) is all you need to see you are dealing with the same company.

Why has CashCall, Inc. a company that was launched back in 2003 and which refers to itself as one of 'the nation's premier lenders' opened shop under a new name? It doesn't take much digging at the California ... Department of Business Oversight website to see why CashCall is rebranding itself as LoanMe.

The California Department of Business Oversight is currently seeking to suspend the business license of CashCall, Inc for violations of the California Finance Lenders Law, particularly in connection with CashCall's personal loans. The charges against CashCall include material misrepresentations and omissions to consumers, false reports to the Commissioner, providing false filings, and failure to provide records.

This is not the first time CashCall has faced charges for illegal lending practices. There has been twelve previous civil or administrative actions against CashCall by the states of Arkansas, Colorado, Illinois, Iowa, Massachusetts, Minnesota, New Hampshire, North Carolina, Oklahoma, Pennsylvania, Washington, and the federal Consumer Financial Protection Bureau.

The charges in these other states include unlicensed lending, usury violations, illegal and fraudulent promotion of financial goods, and false license applications. As of July 2014, CashCall has been found guilty in three of the cases (New York, Alaska and Connecticut), while the other cases are still being examined.

Loan Amounts and Interest Rates

LoanMe.com offers personal loans ranging from $2,600 to $25,000 and interest rates from 35.87% APR to 204.94% APR. All loans have a $75 loan fee. The lower APR is only available for loans of $25,000. A $2,600 loan has a rate of 204.94% to be repaid in 47 months. The monthly payments would be $431.49, which means you would end up paying $20,280 for a $2,600 loan!

Although LoanMe.com's website doesn't specifically say that $2,600 is the smallest loan available, it's the lowest amount for which they offer an interest rate. There is a reason for this. If you call in and request a smaller loan amount, you may be get it. However, please notice that one of the charges against them in their lawsuit with the California Department of Business Oversight (Paragraph 3a and 3b of the lawsuit) is that when customers requested a loan for less than $2,600 CashCall would routinely suggest customers take the $2,600 and repay whatever amount they don't need on the same day.

The reason for this is that loans for $2,500 or less are limited by law to a maximum interest rate of 30%. Loans for more than $2,500 have no APR limitation. This means that even if you repay a big chunk of the loan on the same day, they will still be able to charge you an interest rate of 204.94% on a loan that would otherwise be limited to a 30% APR.

No Pre-Payment Fees and Credit Bureau Reporting

There are two positive points I can make about LoanMe.com. First it doesn't charge a pre-payment penalty. So you can repay the entire loan at any moment without having to pay an additional fee. Something I recommend you do as soon as you can, if you have purchased a loan from LoanMe.com or CashCall.

They also claim to report on-time payments to the credit bureaus, which could help repair your credit over time. Although, if you do have a loan with LoanMe.com, don't keep on making payments a month more than you absolutely have to. The minimal credit score repair you may obtain from LoanMe.com's reports is not worth the predatory interest rates.

Consumer Satisfaction and Better Business Bureau Accreditation

If you had any doubts about the type of company CashCall -- the parent company of LoanMe.com -- you can read the over 360 reviews published on Consumer Affairs. Although you expect to find disgruntled customers when dealing with a lender that deals in sub-prime loans, the volume and consistency of the complaints point to a serious problem with this company.

LoanMe.com is not rated or accredited by the Better Business Bureau and neither is CashCall.com. However, CashCall's website proudly displays the BBB Accredited Business logo at the footnote of every page. In fact, Cashcall's BBB rating is an F. This blatant misrepresentation of an easily verifiable fact is mind boggling, and raises further questions about the honesty and professionalism of CashCall and its subsidiaries.
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3 votes

LoanMe looks good on the surface, which is why I initially gave the company a mildly favorable rating. There are no prepayment penalties, and the company claims to report on-time payments to major credit bureaus. I checked out the company's information and even initiated the loan process (but did not take a loan). Nothing really stood out as negative at the time.

Now I am glad I did not actually take a loan with this company. It probably would have been a trap. In fact, the more I learn about this ... company the more I feel as though I dodged a bullet. It turns out that LoanMe is affiliated with CashCall, which is a notoriously bad lender. CashCall claims to be accredited by the BBB, but actually has an "F" rating and is NOT accredited by the BBB. In fact, according to the BBB, CashCall does not even have the required license. This kind of deception is a major red flag. I intend to stay away. More Less

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