LoanMe personal loans review
Borrow $2,600 to $100,000 fast — but with interest as high as 12.90%–184.36% .
Max. Loan Amount
What makes LoanMe personal loans unique?
LoanMe’s turnaround time is fast, even for an online lender. You could get your funds in as little as three or four hours if you submit your application before 1 p.m. Pacific standard time on a business day. It also offers lower rates to homeowners — though those can still be on the high end.
What are LoanMe personal loans?
LoanMe personal loans are long-term high-interest loans that can be used for just about any legitimate purpose. It presents itself as a payday loan alternative — its rates are high but you could have as long as 15 years to pay the loan off.
Common uses include debt consolidation, car repairs, medical expenses and covering a large emergency expense. These loans are unsecured, meaning that you don’t have to put collateral on the line.
LoanMe loans are only available in a limited number of states, and interest rates, loan terms and fees widely vary based on where you live, your credit score, if you’re a homeowner and how much you want to borrow. Here’s what you can expect by state:
|State||Available amounts||Origination fee||Interest||Loan term||Monthly payment|
|Arizona||$10,600–$100,000||$500 or as high as 33% of total loan amount||12.90%–99.75%||84–180 months||$188.80–$1,461.73|
|California||$2,600–$100,000||$75 or as high as 33% of total loan amount||12.90%–184.36%||47–180 months||$94.40–$1,461.73|
|Idaho||$2,600–$100,000||$75 or as high as 33% of total loan amount||12.90%–139.13%||47–180 months||$188.80–$1,461.73|
|Kentucky||$22,500–$100,000||17%–33% of loan amount||12.90%–35.16%||180 months||$283.20–$1,461.73|
|New Mexico||$2,600–$100,000||$75 or as high as 33% of total loan amount||12.90%–139.13%||47–180 months||$188.80–$1,461.73|
|South Carolina||$3,100 – $10,600||$0||100.17%–139.51%||36–84 months||$366.63–$884.41|
What are the benefits of LoanMe personal loans?
- Lower rates for homeowners. Homeowners often get rates a few percentage points lower than other borrowers across the board.
- Low credit requirements. You can still qualify for a LoanMe personal loan if you have poor credit — but rates are significantly higher and you won’t be able to borrow as much.
- No prepayment penalties. You won’t be penalized for paying back your loan early. And you’ll probably want to with such high interest.
- Long customer service hours. You can apply for a loan online 24/7 or reach out to customer service between 7 a.m. and 9 p.m. Pacific standard time on weekdays and 8 a.m. to 5 p.m. on weekends.
What to watch out for?
There’s no way around it: LoanMe loans are expensive. If you take your whole loan term to repay your loan, you could end up paying over seven times the original loan amount.
- High origination fees. Most personal loan providers charge origination fees typically around 3% to 5% — if at all. LoanMe charges origination fees starting at 17% for borrowers with excellent credit and reaching as much as 33% for poor-credit applicants. Unless you live in South Carolina, where there are no origination fees but interest rates are as high as 139%.
- High interest rates. Unless you have stellar credit, a high income and own a home, you probably won’t qualify for LoanMe’s more affordable rates — which are still on the high end.
- Limited availability. LoanMe personal loans are only available in nine states.
- Higher rates for renters. While homeowners can benefit from lower rates, people who rent will have to pay more.
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What does the Internet say about LoanMe personal loans?
LoanMe has mixed online reviews. While it’s accredited by the Better Business Bureau and gets an A+ rating from the agency, 94% of customer reviews on the BBB site are negative. It does slightly better on TrustPilot, scoring an 8.9 out of 10 rating based on over 875 reviews. Seventy-five percent of reviewers called it “Excellent.”
Positive reviews generally centered around two things: Speed and customer service. Satisfied customers were most pleased with how quickly they were able to get their funds and how easy the whole process is.
Negative reviews speared LoanMe’s 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 with their loans.
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.
More about LoanMe loans
Am I eligible?
To qualify for a LoanMe personal loan, you must:
- Live in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico South Carolina or Utah.
- Be older than 18
- Have a personal checking account at least 90 days old
- Have either good credit or sufficient income to repay your loan
LoanMe counts income deposited into your checking account as income, so if you have a joint checking account with your (legal) spouse, you can count their income while you’re applying and possibly qualify for better rates.
How do I apply?
First, get together the following documents:
- Government-issued ID.
- A recent paystub or proof of self-employment — a recent bank statement and tax documents should do.
- A voided check from your personal account.
Once you have these documents, you’re ready to apply. Either apply online or call 844-415-2775. Here’s how to apply online:
- 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 pre-qualify, 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).
- Follow the steps to complete the application and submit your documents. LendMe may ask for additional documentation, depending on your personal situation.
- Carefully read the terms of your loan documents before signing and submitting them.
If you submit everything by 1 p.m. Pacific standard time on a business day, you could get your funds within three or four hours.
Step-by-step application with screenshots
I got a personal loan from LoanMe. Now what?
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, through Western Union SpeedPay 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 non-sufficient funds (NSF) fee.
If you have any questions about your loan or notice a mistake, you can reach out to customer service at 844-764-7368.
LoanMe personal loans are most useful if you need funds fast to pay for an emergency expense that you’ll be able to repay quickly. Otherwise, it might not be worth it: Its high interest rates and fees combined with long terms can turn a $2,600 loan to over $18,000 if you only make your monthly repayments.
But its funding time is fast and its application is easy. Even if it’s speed you’re looking for, you might want to compare your options before settling on one lender.