LoanMe
AUTHORIZED PARTNER

LoanMe

 4.4/5 (529 ratings)
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LoanMe

About LoanMe

LoanMe provides small, unsecured loans to businesses and individuals alike. Individuals apply for personal loans starting at $600, and small businesses can apply for business loans starting at $3,500. Its rates range from 14.9% to 159%, and it works with a variety of credit histories. The company’s application takes place online, and many borrowers are approved in minutes.

Overall Satisfaction Rating

  • 5 stars
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  • 1 stars

Pros

  • Receive funds within 3 to 4 hours
  • Apply online in minutes
  • Small business and personal loans
  • No minimum credit score

Cons

  • High APRs
  • Limited availability

Bottom Line

LoanMe is an online small business and personal loan lender that offers loans from $600 to $250,000. LoanMe has a quick online application and no credit score requirements.

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Rated with 5 stars
Verified

I was approved for the amount that I asked for and needed in a few minutes. I had time to think it over. I was moving, and I needed a start up loan. The payments are within my bud...

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Rated with 5 stars
Verified

If you want emergency cash, LoanMe is the answer. Their loan processing is simply amazing, fast and simple. Once approved your money will be deposited to your account in no time. ...

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What is LoanMe?

Based in Anaheim, California, LoanMe is a company that specializes in personal loans for individuals and small businesses. Personal loans are unsecured loans, which means they don’t require collateral. It lets borrowers secure small amounts of money with little hassle and no minimum credit requirements, which makes LoanMe an option for those who need to pay for rent, car repairs, emergencies or medical expenses. Customers who use personal loans companies are usually borrowing either for one-time purchases or debt consolidation, and this is LoanMe’s specialty.

How does LoanMe work?

LoanMe offers two types of loans: personal loans and small business loans. Personal loan amounts range from $600 to $30,000, and small business loan amounts range from $3,500 to $250,000.

Start by completing LoanMe’s online loan application. You can apply online 24/7, and the application takes less than five minutes to complete. To prequalify, you need to have certain information, such as:

  • A bank statement
  • Proof of income
  • Confirmation that you’re 18 years or older

Completing LoanMe’s loan application doesn’t affect your credit score, and you receive an instant loan decision. Once you qualify, LoanMe shows you the available loan options — the company outlines all costs and charges no hidden fees. Choose your preferred loan program, and LoanMe wires your funds in as little as one day.

LoanMe reports to all three major credit bureaus, which helps you rebuild your credit if you consistently make on-time payments. It’s important to note that LoanMe isn’t available everywhere. Currently, the company offers small business loans in 30 states and personal loans in nine states.

LoanMe availability

LoanMe is not available in every state, and the company has different residency requirements for business and personal loans.

Business loan availability

LoanMe offers business loans in 31 states:

  • Alabama
  • Arizona
  • California
  • Washington, D.C.
  • Delaware
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Maine
  • Missouri
  • Mississippi
  • North Carolina
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Ohio
  • Oregon
  • South Carolina
  • South Dakota
  • Utah
  • Washington
  • Wisconsin
  • Wyoming
Personal loan availability

LoanMe offers personal loans in 10 states:

  • Arizona
  • California
  • Delaware
  • Missouri
  • New Mexico
  • South Carolina
  • South Dakota
  • Texas
  • Utah
  • Wisconsin

LoanMe requirements

LoanMe has different requirements for each of its loan programs. To qualify for either a small business loan or a personal loan with LoanMe, you need to meet the following criteria:

  • Business loan requirements
    • At least 21 years of age
    • 90 days in business with income
    • For-profit business status
    • Business bank account under the company's name
    • Personal credit score of 500+
    • Voided check
  • Personal loan requirements
    • At least 18 years of age
    • Personal checking account
    • Online banking capabilities
    • Valid identification
    • Proof of income (recent pay stub)
    • Voided check

LoanMe also offers two near-prime loan options — one for homeowners and one for non-homeowners. Customers can borrow between $3,100 and $30,000 with these loans, and both near-prime options require a minimum monthly income of $2,000. Homeowners must have a FICO score of 580 or higher, while non-homeowners need a FICO score of 630 or higher.

LoanMe rates

LoanMe’s rates and annual percentage rates (APRs) vary depending on the applicant’s overall creditworthiness but typically range from 14.9% to 159%. To get a low-rate prime loan, you must have excellent credit (750 or higher). LoanMe considers applicants with all credit histories, but not all applicants are promised qualification.

LoanMe charges an origination fee on some of its loan transactions. Origination fees range from 5% to 10%, with a minimum of $500. The company has no prepayment fees, so you can pay back your loan in full without incurring any extra costs. Loan terms can be as long as ten years or as short as two months.

LoanMe FAQ

Does LoanMe report to credit bureaus?

Yes, LoanMe reports to credit bureaus. In fact, some LoanMe customers use this fact to help them build better credit through a personal loan.

Is LoanMe safe?

Because of the high interest rates and the credit score effects involved, all unsecured personal loans are risky. While LoanMe has received ample criticism for extraordinarily high interest rates, it has not been associated with any outright fraud.

Who owns LoanMe?

LoanMe was recently incorporated, which means it’s now owned by its shareholders. Prior to April of 2019, it was owned by Johnathan Williams.

Can I get a LoanMe personal loan with bad credit?

LoanMe has no minimum credit score requirement. However, it does check with at least one of the three major credit bureaus when you apply for a loan. The credit check is a soft one and should not affect your credit score.

Does LoanMe offer secured loans?

LoanMe only offers loans that are not secured. This means the borrower is able to get a loan without providing collateral, but any missed payments are subject to credit bureau reporting, and the borrower can be sued by the lender.

Is LoanMe legit?

Yes, LoanMe is a legitimate lender that provides personal and small business loans to borrowers with varying credit histories. LoanMe puts no restrictions on how you use your funds and is a viable option for people or businesses seeking fast cash. The company has a quick application process and doesn’t charge fees for paying off a loan early.

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How do I know I can trust these reviews about LoanMe?
How do I know I can trust these reviews about LoanMe?
  • 3,934,542 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Aug. 3, 2022

Paid off loan on 6/1/2020, continue to get emails stating I have an outstanding balance and incurring late charges. Continued to debit my account. Cannot get any resolution from customer service. Sent several emails, no response. Sent copy of bank statement showing final payment and continuing debits from my account from this company. In process of filing complaint with Better Business Bureau and disputing debit transactions from my account. If I can find a legitimate address that will receive summons will take legal action.

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    Rated with 1 star
    Verified Reviewer
    Original review: July 23, 2022

    I have been trying to reaching their customer care representatives but I am not able to reach them and I am really worried even after paying the loan money... as I am still getting messages to repay my outstanding bill.

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    Rated with 1 star
    Verified Reviewer
    Original review: March 28, 2022

    I was in a desperate situation and needed a loan. I have been struggling ever since to make ends meet, so my account is no longer current. I called, received one department, got disconnected as they tried transferring me. Called back, disconnected again. Called back, received another department who said they absolutely could not help me out, transferred me somewhere else. She apologized, was an actual decent human being, but was told there was absolutely no way they could help me reduce my monthly payments so I am left feeling worse than before and in a terrible situation.

    At this point, I really don't know what I am going to do, but I wanted to get the word out that whoever you are and whatever financial situation you find yourself in, being under contract with LoanMe is FAR worse than whatever you are going through. Stay away, stay far, far away. A $3000 loan will cost you $17,000 and they have no intentions of helping you if you lose your job or find yourself on hard times. Please, whatever you do, STAY AWAY.

    LoanMe response

    Hi Rachel – We value your feedback and take these matters very seriously. We’re undergoing new changes within our lending services, however our commitment to you has not changed. Please submit your feedback directly to our customer service team at customer.service@loanme.com regarding this problem.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 26, 2022

    This company scams people! It doesn't disclose the full particulars of their loans process, example, they Do Not say to you if you Borrow $2500 that it will cost you between $14000-$17000 to repay the loan if You're making monthly payments! Neither do they Disclose at the time of Obtaining the loan that only $1 of a nearly $300 a month payment goes towards the Principal loan, You're paying interest, Not Principle!! They do not disclose this information!! They also fast talk you, they talk so fast, and sometimes even Mumble when they are discussing the loans process with you! This company is unethical!, and should be exposed!! Also there's a Petition on Twitter against the very things I've outlined in this review! Please check out @ purpletrees562 on Twitter, and sign the petition! PLEASE!!!!

    LoanMe response

    Hi Darkus– We value your feedback and take these matters very seriously. During our organizational transition into new ownership and leadership over the past year, it’s possible your unique situation was affected. We’d like to see how we can make it right. Please contact our customer service team at customer.service@loanme.com so that we may resolve this issue.

    Be the first one to find this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 12, 2021

    I regret the day I sign the contract with this loan company. Worst decision of my life. The interest rate is ridiculous. Told me this loan will be over in 2 yrs. I got this loan in 2019 and I’m still paying it off. It’s like the amount never lowers. It’s still at the $2000 mark and keep in mind I’ve been paying this off since 2019. I want to say a different company bought them because I got a letter that my account has change and I had to create a new account to be able to log in and be able to look at my loan agreement and when I log in there’s nothing there except statements that never change and the due date.

    It’s **, I was able to call 2-3 days before the due date to postpone payment and they told me they couldn’t do that because of their cancellation policy but it doesn’t add up because they used to be able to do that before. I was within the 72 hours still but when I called again to clarify they said it was 3 business days before and they didn’t even care that I don’t have the funds. They’re still taking it out of my account. So yeah lucky me!! They milk you for every penny you do not have. I can’t wait for the day when I’m done paying this off which will probably be in another 5 years since the total never deducts!!!

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 1, 2020

    Do NOT! I repeat, do NOT do business with Loan Me. I'm paying an 82% interest rate on a $6,000.00 loan. By the time the loan is paid in full, I will have paid these sick people over $35,000.00! I blame myself for being so desperate, which is what they prey upon... people's desperation! And please, spare me the rehearsed and soulless response. You guys are pure trash!

    LoanMe response

    Hi Vince, we appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement.

    Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at feedback@loanme.com.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 31, 2020

    Was on a payment arrangement from 9/11/19. Called every month and was told to pay "late Fees". Reiterated every call that there are no late fees on payment arrangement. Called to make last payment and was told that an additional 54$ in "legal Fees" were due. No legal fees of 427x2 was on the payment schedule I was given and agreed to. Says I was mistaken. "Late fees" were actually "legal fees" and that they were due or I was in breech of my agreement. I think this is extortion. Why wait to the last payment is due to try to get more money even after an agreement was made and paid on for 11 months! Unethical Business Practice.

    LoanMe response

    Hi Sharon, we appreciate you taking the time to post a review. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at feedback@loanme.com.

    9 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: April 15, 2020

    They said loan terms was 38 months and ended up being 83 months. They said payoff would only be the principle of the loan, they charged me. They gave a payoff amount, which I paid and now say I still owe them. THIS IS A BUYER BEWARE SITUATION.

    LoanMe response

    Hi Pam, we appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement.

    Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at feedback@loanme.com.

    10 people found this review helpful
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: March 3, 2020

    I was approved for the amount that I asked for and needed in a few minutes. I had time to think it over. I was moving, and I needed a start up loan. The payments are within my budget. I thank God, for LOANME, they were there when I needed them!!! If you need a loan, try LoanMe, you would be glad you DID!!!

    LoanMe response

    Hello Darlene, thank you so much for the kind words. We're glad we were able to help you out especially in your time of need. We appreciate the kind words. Thanks again and we look forward to assisting you again in the future.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 19, 2020

    This company may be good when it comes to approving your loan almost instantly, but it comes with a long-term headache. The California State Legislature passed the Fair Access to Credit Act, which halts lenders from charging over 36% APR. Nevertheless, this company will offer a re-finance of a loan but will not abide by California's law to lower the APR. Additionally, they give you $3,000, you pay almost a year and still have the same balance as it will not move. Whatever you do, as a consumer even if in need do not do business with this company until they abide by the Fair Access to Credit Act for current customers as well as this is more about Corporate social responsibility at this point.

    LoanMe response

    Hi Anonymous, we appreciate you taking the time to post a review. Loan terms vary by customer and are determined by multiple factors. LoanMe fully discloses all interest and fees associated with your loan prior to signing the loan agreement.

    Our Loan Agents always stress the importance of paying off the loan early to save on the interest. Your comments will be heard to assist us in maintaining the high standard we strive to achieve with every customer. If you’d like to address any concerns directly, you can contact our Customer Support Specialist at feedback@loanme.com.

    11 people found this review helpful
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    LoanMe Company Information

    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
    Website:
    www.loanme.com