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LoanMe
LoanMe
Overall Satisfaction Rating
4.54/5
  • 5 stars
    328
  • 4 stars
    70
  • 3 stars
    20
  • 2 stars
    8
  • 1 stars
    17
Based on 443 ratings submitted in the last yearSHOW RATING DISTRIBUTION

LoanMe

ConsumerAffairs Accredited Brand

Founded in 2013, LoanMe authorizes personal loans from $2,600 to $100,000. The process is fast and easy and it's even possible to have money deposited into your checking account in as fast as 3-4 hours! With fixed monthly payments and no pre-payment penalties, LoanMe is your go-to personal lender for whatever life throws at you.

A+BBB Rating
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Last updated: April 20, 2018

444 LoanMe Consumer Reviews and Complaints

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Verified Reviewer
Original review: April 20, 2018

I would recommend this service to anybody who is in a financial bind. I got the money I needed and it was fast. The process was easy. At first I was skeptical about this online transaction, but they proved me wrong.

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Verified Reviewer
Original review: April 19, 2018

Answered all my questions. Discussed loan terms more than once. Explained how it was an expensive loan and that very little would go to my principal. Gave me the exact amount and I agreed to the loan terms. Told me the more I pay the less interest I pay. Also once approved I didn't pay till the 2nd month. I recommend just pay more than your monthly. I seen a lot of bad reviews but people don't read the terms and conditions. They tell you it's an expensive form of credit.

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Verified Reviewer
Original review: April 18, 2018

The loan process was really quick and easy. I was also very pleased with Michael. He explained the disclaimer thoroughly. I would recommend more time to go thru the disclaimer as an option to the customer. But everything else was just perfect. I also love the fact that LoanMe would prefer for me to pay the loan as soon as possible and no penalty fee would be added.

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Verified Reviewer
Original review: April 17, 2018

Mr. Peter ** helped me processed my papers so smoothly. He is very knowledgeable and understanding of your situation. If you needed emergency cash, Mr. Peter ** of LoanMe is the one to call. Thank you Mr. ** for an excellent job!!!

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Verified Reviewer
Original review: April 17, 2018

I had my car falling apart and not sure how much repairs would cost. I was sure the cost would be more than average. With it being tax month and house tax month, my regular income was running out. I received the loan the same day and more than I expected.

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Verified Reviewer
Original review: April 17, 2018

Of course the interest is a bit high but loan was paid off within a month. Greatly appreciate the fast service and funding! Received funds within 30 mins. I would recommend this as a very short term loan! Don’t keep long.

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Verified Reviewer Verified Buyer
Original review: April 17, 2018

Great service!! Very professional representatives. Rapid service. Thank you for everything. I look forward to using your service again in the future. I will recommend this company to some of my friends and family. I am very satisfied with this company.

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Verified Reviewer
Original review: April 10, 2018

Great business to work with. Very professional and accommodating. I'll highly recommend them. They were willing to really assist in making this transaction go through. They clearly define the details of the service they will provide and timetable of the loan.

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Verified Reviewer Verified Buyer
Original review: April 9, 2018

My initial contact with LoanMe was Friday, April 6th, 2018 and it was one of professionalism, efficiently and accuracy on the highest level. I am very pleased and totally satisfied. The Representative that helped me was Le ** and he provided fast and EXCELLENT service! Thank you.

2 people found this review helpful
Verified Reviewer
Original review: April 4, 2018

My family was in trouble and I had nowhere to turn and Loan Me helped me in one day. Thank you for your support and caring and the very nice and understanding people that work for you. They were very efficient and kind to me and my family. Once again thank you.

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Verified Reviewer
Original review: April 4, 2018

The process was clear, fast and professional. It took less than 30 minutes from start to receiving funds in my account. I received two calls in the process. Both calls were friendly and short. I received ten emails/calls from other loan agencies but all were too late. They all came after I had already received what I needed from LoanMe.

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Verified Reviewer
Original review: April 4, 2018

They are always very efficient and quick about getting your loan processed. Very clear on the details of your loan and offer other loan options. I have gotten multiple loans from them and have never had any issues. I would definitely recommend them and go back.

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Verified Reviewer
Original review: April 4, 2018

Service was fast and Professional. My customer service rep was polite and got directly to what I needed, not a lot of unnecessary questions. Information was explained with great detail and care. Verifications process was very smooth as well. I would highly recommend to anyone in need of financial help.

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Verified Reviewer
Original review: April 4, 2018

Quick process, but very expensive. Would recommend to try and find somewhere else, but they will work in a pinch. The people working there are friendly and very responsive. But again, try to find somewhere else first. Use only as a last resort.

3 people found this review helpful
Verified Reviewer
Original review: April 2, 2018

The staff was helpful and fast. I appreciated the judgment-free attitude of the rep I worked with. He was great. Thank you to him. The only that would have been less annoying was the constant phone calls. I know they were there to help me because I asked but the phone ringing all day while I was at work was something I could have done without.

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Verified Reviewer Verified Buyer
Original review: March 23, 2018

It was a simple procedure, step by step... The attention after submitting all the data online was always very understandable and friendly... Always the Guzman teller explained everything good and against the loan. If I would recommend to others if it is an emergency and that they agree to return it as soon as possible because the interest is very high.

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Verified Reviewer Verified Buyer
Original review: March 23, 2018

I was happy with the funding to pay off other cash advances and stretch out the payments over time. This will enable me to make a lump sum payment soon to get things cleared with minimal high interest rate charges.

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Verified Reviewer
Original review: March 23, 2018

While the loan rate was very high, I was happy to get it at all. And, any other opportunity I had for a loan from another company was not nearly as favorable. Overall the people were please, all spoke perfect English, were courteous, and made sure I understood the benefit I was getting and the obligation I was creating by accepting the loan. I was running out of hope that I’d have the funds critical to my future until the call from loan me. I’m fortunate to have been accepted by them as a loan recipient.

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Verified Reviewer Verified Buyer
Original review: March 10, 2018

The folks, Sam & Kein, were very helpful and informative. They explained everything to me including the length of the contract and all options I could have, paying off the loan sooner, etc. I was informed when my first payment would be and my last. The different amounts of interest and how the interest rate would decline with early payoff. Most important was how they treated me. They treated me with respect, consideration, and as a valued client. Thanks.

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Verified Reviewer
Original review: March 9, 2018

If I could give 0 stars, I would. This is a company to stay away from. I make my monthly payments every month and I wanted to pay $1000 towards the principal only. I was told that interest from arrears would be taken from the $1000 payment as well, instead of it just going to principal. This company is a total ripoff. They are not worth it. If you can get a loan with a company that is in good standing. This company has a lot of complaints and bad reviews.

4 people found this review helpful
Verified Reviewer
Original review: March 6, 2018

Kevin was very thorough and helpful. He returned my call when I missed his call or vice versa. Even though I rate my experience with "Happy with the experience" and not recommend to a friend, is I don't think they could afford the interest rate and don't want to give them hope on a loan they can't commit to.

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Verified Reviewer
Original review: Feb. 18, 2018

The process was extremely easy, thorough, and quick turnaround. We didn't start the process until a Friday morning and by the close of business on Friday our account has been funded. A very useful service for a small business. We look forward to using them again in the future.

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Verified Reviewer Verified Buyer
Original review: Feb. 16, 2018

LoanMe is a good company with great employees that have great customer service skills and they work with you through the whole process. I will refer them to family, friends and colleagues. It was a great experience working with LoanMe. Looking forward to continue working with this company and they made me feel welcomed.

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Verified Reviewer
Original review: Feb. 13, 2018

Recently received a personal loan through LoanMe which cost me off the top $2,500.00. Stupid, I know but I had lost my job with no savings and was trying to play catch up. I had an old payday loan that they told me I had to pay off first before receiving the funds. Their underwriter called me on a 3-way call with the other company and recorded the convoys in which the representative specified that all funds had to come from my bank account. So, the payday company took the 2k from my account and then LoanMe sent them an additional 2k via wire! I've gotten nowhere and at 5pm tonight they sold my loan off to another agency so they don't have to acknowledge me. Why?

LoanMe response

Hi Shauna, LoanMe does require certain other loans to be paid off at the time you receive your loan. We are sorry to hear that your other lender may have taken the funds twice. We strongly suggest contacting your other lender to get this resolved. Unfortunately, LoanMe is not able to contact the payday lender on your behalf.

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Verified Reviewer
Original review: Feb. 10, 2018

I was not told that I had to pay off some existing debt (Loan) until the amount appeared on the closing statement. The amount was wrong and the payoff did not happen on the closing date. Which is absurd. I am paying interest twice on the same dollars. I need to be reimbursed the interest paid on the paid off Loan for the period of the Loanme funding until they pay off of the Loan.

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Verified Reviewer Verified Buyer
Original review: Feb. 9, 2018

Loan Me, is there for me each time I need some help, they do work with me all the time... I am truly grateful... I can pay my loan in 6 months. This way really works for me, no matter the amount Loan Me their helpfulness is always AMAZING so I do recommend them without hesitation to all my friends.

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Verified Reviewer Verified Buyer
Original review: Feb. 5, 2018

It took me about a month after I was approved to go ahead and move forward with receiving a loan due to the very very high interest rates. I am in a hard place due to the high rent cost in the California Bay Area. But with me moving forward with this loan, I am taking a huge gamble for my family. I don't know how I am going to pay back the $10600 in one lump sum to avoid the $55000 payback amount if I have to make installments. I would give Loan Me higher scores but due to the rates I can't.

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Verified Reviewer Verified Buyer
Original review: Feb. 1, 2018

Took out a personal loan for $2600 a little over a year ago. Called customer service on Wednesday January 24 to get final payoff amount - was told by representative it was $2141.77. Mailed check overnight to State College address for full amount, including an extra $16 in interest through Friday Jan 26. USPS tracking says check was delivered on Saturday January 27. However, the check still has not posted in my bank account, nor on my LoanMe account page. Instead the principal balance shows $2182.68, and the payoff balance as of February 1 says $3204.33!!!! It also says my amount due is $1,177.84.

I emailed customer service on January 30 but have not received a response! This is ridiculous - they are trying to gouge more money by holding onto a payoff check. How can a balance go from $2141 to $3204 in a week? I have a feeling this is going to be a nightmare and that I am going to end up paying more because I chose to pay off my loan early. AVOID AT ALL COSTS!

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7 people found this review helpful
Verified Reviewer
Original review: Jan. 29, 2018

Juan ** was attentive and courteous and made this refinance process a breeze. When there was issue with employment verification he went extra mile to get the info needed to ensure I got approved. I would definitely recommend to anyone who feels out of financial options.

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Verified Reviewer Verified Buyer
Original review: Jan. 27, 2018

I just want to give praise to my point of contact/representative: Naisha ** for her communication and impeccable service towards my needs during my loan application process. She was by far the best service rep I had ever encountered in my life. Always available (even after hours), and was sincerely doing her best to help me out in my needs. Not to mention, her knowledge in her field seemed to be endless. I was beyond pleased by her dedication. Thank you very much.

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LoanMe expert review by Barbara Friedberg

LoanMe offers unsecured installment loans to consumers and businesses. The company's primary focus is to provide personal or small business lending solutions. The company offers loans from $2,600 to $100,000 for purposes such as debt consolidation or costs associated with starting a new business. LoanMe streamlines the loan application process, making it easier for consumers.

  • Loan range: LoanMe offers personal loans ranging from $2,600-$100,000. This wide range gives consumers several options to choose a loan amount that meets their needs, even if they do not own a home.

  • Direct deposit: With application approval, consumers can receive their loan funds via direct deposit into a checking account.

  • Automatic payment withdrawals: LoanMe automates the loan repayment process, withdrawing loan payments from the borrower's bank account based on an agreed-upon repayment schedule.

  • Three ways to apply for a loan: Applicants can call the company toll-free to begin the loan application process with a live agent, complete the process online or use the company's website to request a callback from a live agent.

  • Best for: LoanMe's services are best for anyone looking for an unsecured personal consumer loan, individual's ineligible for typical bank or credit union loans and those facing financial hardship.

Profile picture of Barbara Friedberg
Barbara Friedberg

Personal Finance Contributing Editor

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Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

LoanMe questions and answers

What are the most common misconception consumers have about your industry?
Lack of transparency. LoanMe does its best to make the terms of the loan clear for customers before they decide to take a loan.
What is the greatest obstacle LoanMe is currently trying to overcome?
A number of sites online display primarily negative reviews on our products and service. This, however, does not reflect the voice of all our customers. A great majority of our customers are happy with our service and we would like to change the conversations online to show this.
How has your industry changed in the last 5 to 10 years?
In the past several years, it has been getting more and more difficult for the public to qualify for personal loans through traditional banks and other lenders. LoanMe is trying to fill the gap by helping customers who cannot find help through such traditional mediums.
How has LoanMe grown or evolved?
LoanMe has experience steady growth since 2013.
How do you see the company growing or evolving in the future?
LoanMe is focusing a lot on growing its Prime and commercial loans. LoanMe’s goal is to offer its products to a broader range of credit holders.
Where do great ideas come from in your organization?
Great ideas come from customer feedback.
What problem is LoanMe trying to solve?
The goal is to protect a good public image for LoanMe’s young brand.
What sets LoanMe apart from the competition?
LoanMe has easily accessible loans for those with good credit and less than perfect credit, fast cash (cash in as fast as 3-4 hours) and low monthly payments.
What needs do your products or services fulfill, and how do you fulfill those needs better than your competition?
Our quick loans serve customers who need cash fast. Funds may be deposited directly in as fast as 3 – 4 hours.
What are the most common misconception consumers have about LoanMe?
Customers do not have to wait the full term of the loan to pay it off. Customers are able to pay off the loan at any time they like with no pre-payment penalties.
What are your company values?
LoanMe has a responsibility to its customers to be open and honest, to treat customers fairly, and to be safe and secure. These principles affect everything the LoanMe is involved in, including the way it lends money.

LoanMe Company Information

Social media:
Company Name:
LoanMe
Year Founded:
2013
Address:
1900 S. State College Blvd., Ste 300
City:
Anaheim
State/Province:
CA
Postal Code:
92806
Country:
United States
Phone:
8449562663
Website:
www.loanme.com

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