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.
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Lenme peer-to-peer lender review
- Max. Loan Amount
- $5,000
- APR
- Starting at 3%
- Min. credit score
It's got a convenient app — but Google Play reviews are overwhelmingly negative.
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.
Details
Product details
| Min. Loan Amount | $50 |
| Loan Amount | $5,000 |
| APR | Starting at 3% |
| Interest Rate Type | Fixed |
| Min. credit score | |
| Loan term | No data available |
| Turnaround Time | As soon as one business day |
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 cash 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 cash advance apps
Cash 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 cash 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.
| Lenme | Payday 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 cash 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 cash 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 cash advance apps out there. So before signing up for Lenme, consider a different option.
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