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Lenme peer-to-peer lender review

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It's got a convenient app — but Google Play reviews are overwhelmingly negative.

Bottom line: Lenme is a solid idea and relatively new take on peer-to-peer lending. But according to many users — and our own experience — the functionality and customer service just isn’t there.

$5,000

Max. Loan Amount

Starting from 3%

APR

Details

Product NameLenme peer-to-peer loans
Min. Loan Amount$50
Max. Loan Amount$5,000
APRStarting from 3%
Interest Rate TypeFixed
Turnaround TimeAs soon as one business day
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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.

Expert review

Lenme advertises itself as a peer-to-peer lending service that helps borrowers find investors for small loans. And while its fees are relatively limited, its customer service and application process may not meet your standards. We also weren’t able to confirm how it secures your bank account information when you log in to the app. Without a solid outline of the fees — and some users complaining of problems borrowing — it may be worth it to compare Lenme to other services before you download and sign up.

Pros

  • Can extend payback period
  • Borrow as little as $50

Cons

  • Negative customer reviews
  • No guarantee a loan request will be seen or funded
  • No ability to improve credit score
  • Limited information about security and cost

How Lenme works: Fees, features and requirements

Lenme isn't the most transparent peer-to-peer lender out there — and you may not be offered a loan even if you technically qualify.

Fees

  • Maximum withdrawal. $5,000
  • Cost. Origination fee of 1% of loan amount + interest
  • Turnaround. One to three business days

In addition to the origination fee and interest, there may be a membership fee. However, we weren't able to confirm this.

Features

Lenme is pretty bare bones compared to similar apps. So while you can be an investor if you have spare cash, borrowers won't be able to build their credit or take advantage of other programs like they would with payday advance apps like Dave, Earnin and MoneyLion.

Requirements

Since Lenme is a peer-to-peer lending service, borrowers only need to meet a few basic requirements:

  • Social Security number
  • Active bank account
  • Government-issued ID

But even if you meet these criteria, investors may choose not to fund your loan if they don't think you're a good fit.

How Lenme compares to other payday advance apps

Payday advance apps allow you to borrow against your next paycheck. Lenme is technically a personal loan platform that connects borrowers to investors. While they look similar on the outside, you won't be limited to borrowing against the hours you've already worked with Lenme. You'll still need to be able to afford payments — something Lenme's investors will be able to see — but it offers more flexibility than similar apps.

That being said, it isn't as transparent as other payday advance apps we've reviewed. We also weren't able to get in contact with its customer service team, and the most recent reviews on its Google Play page say that they also had trouble getting through to speak with a Lenme representative.

Lenme reviews and complaints

BBB accredited No
BBB rating D
BBB customer reviews
Trustpilot Score
Customer reviews verified as of 01 February 2021

Lenme peer-to-peer loans does not have any Trustpilot reviews.

When we reached out to Lenme's customer service over Facebook — one of the few options to contact Lenme — we didn't receive a response. This seems to be a trend. Many users report not being able to reach customer service, and the only responses on Lenme's Google Play and App Store reviews were to positive customer experiences.

Beyond customer service issues, users frequently report issues with the app. Many say they were charged a monthly subscription fee multiple times just to borrow a loan. Others state they were unable to send in their information or fund a loan as an investor. And recent users on Google Play report that they were unable to make a loan request.

Is Lenme legit?

It's difficult to say. While Lenme appears to take customer security relatively seriously, its practices leave a lot to be desired. Not only does it fail to respond to negative customer reviews, but it also doesn't state what services it uses to keep your bank account information safe. Many similar apps use services like Plaid — but we weren't able to find what Lenme uses.

Because there is a high volume of complaints about not being able to access a loan — and because you need to sign in to your bank account through the app — you should confirm that your information will be safe before you connect it to Lenme.

Lenme app vs. payday loans

Lenme allows you to borrow small loan amounts, but the cost should be significantly less than that of a payday or installment loan.

LenmePayday loans

Amount

$50 to $5,000

Up to $1,000, and most states allow only one at a time

Turnaround time

As soon as one business day

Typically the next business day

Application process

Signing up and connecting bank account should take less than a 30 minutes

Simple online application, typically requires Social Security number and bank account numbers

Costs

Origination fee + interest

High interest rate that can equal fees of $15 to $25 per $100 borrowed

Availability

Not stated

Is Lenme worth it?

Lenme makes a lot of promises, but when it comes to borrowing a small amount, you're likely better off using a standard payday advance app rather than a peer-to-peer lending service. Because you'll still have to pay an origination fee and interest — and potentially a monthly membership fee — it's worth looking elsewhere if you have the income to back it.

And because many pay advance apps don't check your credit — and may even boost it — you could improve your chances of getting a loan from other sources without undergoing a hard credit check each time you want to borrow.

There are more established pay advance apps out there. So before signing up for Lenme, consider a different option.

Compare Lenme to online short-term loan providers

If a pay advance app doesn't suit you, you can look into legit payday lenders and connection services by selecting your state. However, keep in mind that these are expensive forms of credit and may have interest rates higher than 300%.

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
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