LoanMe personal loans review
Borrow up to $100,000 — but watch out for high potential rates.
finder.com’s rating: 3.95 / 5.0
- Best for borrowers with less-than-perfect credit who need to cover an emergency fast.
- Pick something else if you have good credit — you’ll likely find lower rates elsewhere.
Max. Loan Amount
13.33% to 468.25%
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
LoanMe personal loans are ideal for borrowers with less-than-perfect credit who need funds fast — you might be able to get your money the same day you apply. It doesn’t have any hard credit or income requirements, and it offers loans as high as $100,000 with terms up to 15 years.
But you could face interest rates in the triple digits — and an origination fee as high as 33%. You also won’t qualify for as good of a rate if you rent instead of own your home.
Plus, keep in mind that LoanMe only works with residents of nine states. And you can likely find a better deal elsewhere if you have good to excellent credit.
Not sold on LoanMe? Compare your other options below.
First, am I eligible?
To qualify for a personal loan from LoanMe, you must meet a few requirements:
- Live in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina or Utah
- Personal checking account 90+ days old
- Good credit or sufficient income to repay your loan
- Age 18 or older
LoanMe counts any money deposited into your checking account as income, so if you have a joint checking account with your spouse, you can count their income while you’re applying and possibly qualify for better rates.
States where LoanMe is available
|State||Available amounts||Origination fee||Interest||Loan term||Monthly payment|
|Arizona||$10,600 to $100,000||$500 or as high as 33% of total loan amount||12.90% to 99.75%||84 to 180 months||$188.80 to $1,461.73|
|California||$600 to $100,000||$75 or as high as 33% of total loan amount||12.90% to 184.36%||47 to 84 months||$94.40 to $1,461.73|
|Delaware||$600 to $10,600||$75 to $500||95% to 139.13%||47 to 84 months||$294.46 to $840.56|
|Idaho||$600–$100,000||$75 or as high as 33% of total loan amount||12.90% to 139.13%||47 to 84 months||$188.80 to $1,461.73|
|Kentucky||$22,500 to $100,000||17% to 33% of loan amount||12.90% to 35.16%||180 months||$283.20 to $1,461.73|
|Missouri||$600 to $10,000||$75||99% to 139.13%||47 to 84 months||$294.46 to $826.06|
|New Mexico||$600 to $100,000||$75 or as high as 33% of total loan amount||12.90% to 139.13%||47 to 84 months||$188.80 to $1,461.73|
|South Carolina||$3,100 to $10,600||$0||100.17% to 139.51%||36 to 84 months||$366.63 to $884.41|
|Utah||$600 to 10,600||$75 to $500||95% to 139.13%||47 to 84 months||$294.46 to $840.56|
- Lower rates for homeowners
- Poor credit OK
- High loan amounts and long terms
- Same-day turnaround available
- High origination fees up to 33%
- High interest rates
- Only available in nine states
- Higher rates for renters
Compare other personal loan providers
LoanMe reviews and complaints
|BBB customer reviews||3.28 out of 5 stars, based on 99 customer reviews|
|Trustpilot score||4.5 out of 5 stars, based on 1,515 customer reviews|
|Customer reviews verified as of||19 October 2020|
Positive reviews generally centered around two things: Speed and customer service. Satisfied customers were pleased with how quickly they were able to get their funds and how easy the process was.
Negative reviews focused on high interest rates and fees, which appear to have swept more than one customer into a cycle of debt. Some reviewers also reported having negative experiences with customer service when something went wrong.
In fact, one customer filed a lawsuit against LoanMe in 2016 over what she claimed were harassing phone calls asking for payment. LoanMe also got into trouble with California’s Department of Business Oversight when the commissioner filed a complaint against the lender. She accused it of misrepresenting the terms of the loan both to consumers during the application process and in advertising, among other things.
How do I apply?
- Go to LoanMe’s website and click Personal Loans.
- Click Get Pre-Qualified. This step will not affect your credit score.
- Fill out the required fields with your personal information, read the Credit Authorization Disclosure and Contact Authorization Disclosure, and click See How Much I Qualify For. It can take a few seconds for LendMe to process your personal information and do a soft credit pull (that will not affect your credit).
- If you prequalify, LendMe will display your potential loan amounts, rates and terms that you could get if you qualify. If not, you have the option of reaching out by phone to make sure it didn’t overlook anything (like your spouse’s income).
What information do I need to apply?
Before you apply, you should get together the following documents:
- Government-issued ID
- Recent pay stub or proof of self-employment
- Voided check from your personal checking account
Step-by-step application with screenshots
What happens after I apply?
You’ll need to submit your documents to LoanMe so it can process your application. If approved, carefully read the terms of your loan documents before signing and submitting them. Make sure to note the interest rate and payment schedule.
If you submit everything by 1 p.m. PT on a business day, you may receive your funds the same day you apply.
How do repayments work with LoanMe?
Many LoanMe personal loans come with high interest rates, so it’s best to pay it off as quickly as possible if you can afford it. While LoanMe sets up automatic monthly payments from your checking account, you can also make additional payments online or through a third-party service like Western Union or MoneyGram.
Keep an eye on your checking account and avoid making any large purchases that temporarily clear out your account balance before a repayment is due. You get a 15-day grace period before being charged a $15 nonsufficient funds (NSF) fee.
If you have any questions about your loan or notice a mistake, reach out to customer service as soon as possible.
Still on the fence? Compare your other options with our guide to personal loans.
Frequently asked questions
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