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Getting that small business off the ground — and out of the guest room — can be tricky without the right funding. So is paying for an unexpected trip to the hospital, especially if you don’t have the insurance, cash or credit score.
Where other lenders fall short, LoanMe — formerly Cash4Rent — might be able to help. With quick approval and no credit requirement, LoanMe looks at your whole financial picture before making a decision.
Just be prepared to pay high interest and fees. Its loans are also not available in all 50 states, so make sure you live in an eligible area before you apply. Read on to find out if LoanMe can help you.
LoanMe offers high-interest long-term personal and small business loans. These are available to most applicants, but might work best for individuals and businesses that typically have trouble qualifying for more traditional forms of financing.
That’s because LoanMe doesn’t rely as much on your personal credit score when you apply. Instead, it relies on other aspects of your personal or business financials to determine your creditworthiness.
Here’s a snapshot of how LoanMe loans work. Be aware that APR, loan terms and amounts can vary significantly by state. For more details, read our reviews of LoanMe’s personal and business loans.
Loan type | Best for | APR range | Loan terms | Min and Max amount | Legal states |
---|---|---|---|---|---|
Personal loan | Homeowners that want to pay for an emergency expense but have a low credit score. | 13.33% to 468.25% (fixed-rate) | 47–180 months | $600–$100,000 | Only available to residents of AZ, CA, DE, ID, KY, MO, NM, UT, WI |
Business loan | Small businesses and startups that have trouble qualifying for other loans due to size or revenue. | 39%–159% (fixed-rate) | 5 to 120 months | $3,500–$250,000 | Only available to residents of AL, AZ, CA, DE, HI, IL, IN, IA, KS, KY, LA, MD, MS, MO, NE, NH, NJ, NM, NC, OH, OR, SC, UT, VA, WA, WI, WY. |
LoanMe loans can be expensive compared to other personal and business loans, sometimes even compared to bad credit loans. But that’s not always the case if you have strong personal finances.
Here’s a snapshot of what you can expect to pay, though rates and fees vary from state to state.
Loan | Origination fee | Interest rate | Monthly repayment |
---|---|---|---|
Personal loan | $75 or as high as 33% of your total loan amount (no origination fee in Wisconsin) | 12.90%–179% | $94.40–$1,461.73 |
Small business loan | 5%–35% of total loan amount | 0% –149% | $77.17–$8,571.43 |
Generally, yes. It protects information you enter online with SSL/TLS encryption and uses DigiCert to verify the safety of its website. You can check this by clicking the DigiCert icon on the bottom of the LoanMe personal loan or small business loan page.
It also gets an A+ rating from the Better Business Bureau and an 8.9 out of 10 on Trustpilot, based on more than 875 reviews. Reviews were mixed, but the majority were complaints about the high interest rates, which LoanMe is very upfront about.
In fact, LoanMe is unusually upfront with borrowers than many other lenders when it comes to the cost of your loan — possibly a result of legal action. It provides detailed numbers on what you can expect to get based on your state, credit history and loan type.
LoanMe also faced several other accusations questioning its business practices, filed with the California Department of Business Oversight in 2015. They included making misleading statements about the terms and conditions of a loan during the application process and making false or deceptive statements during advertisement.
Make sure you meet LoanMe’s basic eligibility requirements for the loan type you want before you get started.
LoanMe could be a good resource for someone who needs money fast and has a difficult time qualifying for a loan. However, its comparatively high interest rates and long terms can make it expensive if you don’t pay it off as quickly as possible. Check out our personal loans page and business loans page to learn more about your options and compare providers.
Fast funding for startups, sole proprietorships and more with a unique take on credit ratings.
Borrow a long-term loan with fast turnaround — but with potentially high interest.