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LoanMe small business loans review

Fast funding for startups, sole proprietorships and more with a unique take on credit ratings.’s rating: 4.5 / 5.0


  • Best for businesses that haven’t been open long and owners with less-than-perfect credit.
  • Pick something else if you want to avoid high APRs.


Min. Amount$3,500
Max. Amount$250,000
Loan Term5 to 120 months
Min. Credit Score500
RequirementsFor-profit business at least 90 days old, personal credit score of at least 500, have a business bank account, be older than 21

First, am I eligible?

To qualify for a LoanMe business loan you must:

  • Have a business that’s been operating and making money for at least 90 days
  • Run a for-profit business
  • Have a business bank account in your business’s name that’s at least 90 days old
  • Have a personal credit score of at least 500
  • Live in an eligible state
  • Be age 21 or older

Which states doesn’t LoanMe offer business loans in?

LoanMe offers business loans in 29 states. You won’t be able to get a loan if your business operates out of:

  • Arizona
  • Arkansas
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Maine
  • Michigan
  • Minnesota
  • Montana
  • Nevada
  • New York
  • North Dakota
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Dakota
  • Tennessee
  • Texas
  • Vermont
  • West Virginia

What are LoanMe business loans?

LoanMe business loans are fixed-term unsecured loans that can be used for any legitimate business use. This includes working capital, startup financing, buying inventory or new equipment, or covering the cost of a new staff member.

What makes LoanMe business loans unique?

LoanMe specializes in lending to businesses that normally don’t qualify for financing from traditional lenders. It’s willing to work with businesses as young as two months old, solo operations and ventures that are short on cash due to an emergency or unexpected expense.

What are the benefits of getting a business loan through LoanMe?

  • Startups and sole proprietorships welcome
  • Low credit requirement of 500
  • Turnaround time as soon as the same day
  • Repeat borrowers can get discounts

What to watch out for

While LoanMe allows working capital borrowers to prepay their loan to save on interest, it’s not as much of a perk as a necessity.

  • Potentially high interest rates — up to 159%
  • Short terms of 6 months on fixed payback loans
  • Only available in 29 states and Washington, DC

See more business loan providers

If you have decent credit or just want to compare more options, take a look at some more lenders by entering a few basic pieces of info about your business.

1 – 4 of 4

Name Product Filter Values Loan amount APR Requirements

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★

Biz2Credit business loans
$25,000 – $6,000,000
Starting at 6.50%
6+ months in business; $100,000+ annual revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Compare up to 4 providers

LoanMe reviews and complaints

BBB accredited Yes
BBB rating A-
BBB customer reviews 3.2 out of 5 stars, based on 96 customer reviews
BBB customer complaints 91 customer complaints
Trustpilot Score 4.5 out of 5 stars, based on 1,514 customer reviews
Customer reviews verified as of 12 October 2020

LoanMe has mixed online reviews. Overall, customers were most impressed with the customer service, the simplicity of the application and the speed they got their funds. However, when we contacted customer service by online chat to update this review, the representative wasn’t forthcoming with information and ended the chat before we finished asking questions.

The one-star reviews mostly concerned its high rates, though a few also complained that they were getting bombarded with emails and phone calls. In fact, one customer went so far as to file a lawsuit against LoanMe in 2016, claiming that it constituted telephone harassment by a lender.

The California Commissioner of Business Oversight also filed a complaint against LoanMe in 2015 for misleading customers both in advertising and during the application process, among other things.

How do I apply?

You can either apply by filling out a prequalification form online or calling 844-956-2663. The online application takes about five minutes to finish. Here’s how:

  1. Go to LoanMe’s website and click Business loans.
  2. Select See loan options.
  3. Get prequalified by filling out your name, date of birth, contact info and monthly income. Click Next.
  4. Fill out your home address and whether you’re in a debt settlement program. Select See how much I qualify for.
  5. Enter your business name, start date, ZIP code and monthly gross revenue. Click See how much I qualify for.
  6. Enter your ownership information, business description, Social Security number, the loan purpose and your business address. Select Next.
  7. LoanMe displays the loan amounts, rates and terms you might qualify for after processing your information. If you’d like to continue, follow the directions to finish your application and submit your documents. This could take as little as five minutes.
  8. Review your loan agreement carefully before clicking I accept.
  9. Receive your funds. If you accept before 1 p.m. PT, you could have your loan amount deposited into your account in as little as two hours.

What documents do I need to apply?

LoanMe requires the following documents and information from all applicants:

  • A government-issued ID
  • A voided check from your business account
  • Your Social Security number
  • Your business’s employer identification number

I got the LoanMe personal loan. Now what?

LoanMe automatically deducts your repayments from your business checking account so you don’t need to worry about manually making a payment each month. If you want to repay a working capital loan early, you can do so by electronic transfer, personal check or cashier’s check.

Autopay might save you the headache of remembering to make repayments. But even machines sometimes make mistakes. Check in on your loan balance and business checking account to make sure you aren’t accidentally missing payments or temporarily run out of funds before your payment is due.

If you have any questions or concerns, reach out to customer service. For quick questions, take advantage of the live chat feature on its website. Otherwise, call 844-764-7368 Monday through Friday, 8 a.m. to 6 p.m. PT, or Saturday and Sunday, 8 a.m. to 5 p.m.

Bottom line

New business owners with a strong credit history might find the financing they’re looking for from LoanMe. Even better if you’re confident your business will have skyrocketing revenues in the coming months and you’ll be able to pay off your loan quickly.

Low-credit borrowers still have options, but you might need to have a more established business to get competitive rates and high loan amounts. Find out if it’s the best deal for your needs by comparing other business loans.

Interested in other providers that serve sole proprietors? Check out our article on business loans for sole proprietorships.

Frequently asked questions

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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