About LoanMe

If you’re a resident of Arizona, California, Missouri, New Mexico, or Utah, LoanMe is an online lender that claims to provide fast and easy personal, business, and auto loans to customers who might not otherwise qualify for financing. LoanMe customers have the ability to take out loans of up to $100K, which can be repaid in monthly installments over the course of 1, 5, and even 10 years in some instances.

With this in mind, let’s take a closer look at LoanMe’s specializations:

Personal Loans

According to the LoanMe website, you can apply for one of their auto loans online or over the phone, and can have the cash transferred to your bank account in as little as one business day. Once your loan is in place, the company claims to provide easy monthly payments without a prepayment penalty.

Similar to LendUp, LoanMe claims to report your on-time payments to each of the 3 credit bureaus, possibly improving your credit score.

Small Business Loans

Whether due to unexpected bills or the fact that your business can’t be served by a traditional lender, LoanMe’s small business loans are claimed to provide a quick, unsecured infusion of cash at a fixed interest rate with low monthly payments.

Auto Loans

According to a press release on the company’s website, LoanMe also “provides loans for the individuals who would not otherwise be able to purchase an automobile,” and specifically, for those who have a FICO score of 475 and above and are looking to borrow $30,000 or less.

However, the auto loans division of LoanMe appears to be pending, as there are no specific details provided about how LoanMe can help consumers obtain auto loans, other than claiming to work directly with dealerships to provide a simple and efficient loans. In addition, we’re not advised what benefits LoanMe provides compared to the competition.

Why Would You Consider a LoanMe Loan?

It can be stressful to need money quickly, regardless whether it’s for rent or mortgage payments, to put food on the table and feed your family, to cover unexpected hospital bills or car repairs, or anything else. And at first glance, lenders such as LoanMe might seem like a good option to get you and your family out of a tight situation. But is this actually the case? Consider the following:

Watch Your Bottom Line

As with any other personal lender, LoanMe charges very high interest rates for their loans, and in general you should try to pay them off in as little time as possible. Otherwise, you could end up paying much more than your original loan amount.

Considerations for LoanMe Auto Loans

For example, taking a look at LoanMe’s Personal Rates pages for the state of CA, if you take out a $3,100 (plus a $75 fee) loan with an interest rate of 135%, your monthly payments will amount to $351.09 over the course of 47 months. You definitely don’t need a calculator to figure out that your repayment total will be much, much higher than your original loan. But to put it in concrete terms, if you followed this payment schedule, you’d end up paying more than $16,500 for your $3,100 loan!

Considerations for LoanMe’s Business Loans

And if you think LoanMe’s rates for business loans are any lower, you might be surprised. An example scenario on LoanMe’s Rates pages indicates that a $15,000 loan will come with a $1,500 origination fee, and will be assessed an interest rate of 39%. Over the course of 120 months, this borrower would pay minimum monthly payments of $498.23, bringing their grand total to almost $60K!

There Are Guidelines to be Met

Although LoanMe has broader lending guidelines than a traditional lender (and the interest rates to go along with it), such as a bank or credit union, there are still some minimum requirements you’ll need to meet.

First, regardless of the loan type you’re looking for, you’ll need to provide a bank statement, proof of income, and must be at least 21 years of age with a valid ID, such as a driver’s license.

Also, in addition to a minimum credit score, auto loan applicants are required to “have a minimum gross monthly income of $1,800 from all sources to qualify. Joint applicants must have a gross monthly combined income of $2,800, and one applicant must have $2,000 from a single source. Applicant(s) must provide current paystub with year-to-date earnings dated no more than 30 days prior to funding.”

From a business loans standpoint, you’ll need to be a for-profit enterprise that’s been in business for at least 2 months, you’ll need to have a bank account in your business’ name, and you’ll need to prove your income. Finally, you’ll need to have a personal credit score of at least 500.

LoanMe’s Online Customer Reputation

Overall, LoanMe, Inc based out of Anaheim, CA, appears to have garnered a fairly low online customer reputation since opening their doors in 2013. As with most payday lenders, the primary complaints revolve around extraordinarily high interest rates.

However, we did find one customer review claiming that LoanMe and CashCall are the same company. Possibly in support of this assertion, we found a LoanMe Franchise Dealer Questionnaire hosted on the CashCall website.

Despite their seemingly negative online reputation with customers though, LoanMe has an A- BBB rating with only 1 complaint filed, which claimed that rates and fees changed between what was quoted by the company and what was reflected on the loan paperwork when it came time for approval.

LoanMe Pricing

As we mentioned above, your LoanMe personal, auto, or business loan’s APR, fees, and repayment terms will vary based on a wide number of factors, including loan amount, credit history, the state in which you live, and more.

With this said though, personal loan interest rates can vary between 34% and 204%, and fees between $75 and $950. Business loan interest rates can vary between 24% and 149%, and fees between 3% and 10% of your loan amount.

Important note: Keep in mind that, regardless of the type of loan you need, any fees are taken out after the loan has been funded. In other words, if you take out a $10K loan with a $750 fee, you’ll pay interest on the full $10K, but will have actually only received a $9,250 loan. In a very real way, this means that LoanMe is taking money from you, and charging you to do it.

If you need to talk with LoanMe customer service to ask about LoanMe’s fees and interest rates, they can be reached at 844-474-2886.

Should You Use LoanMe to Find Your Next Loan?

Chopping to the Point: While it’s definitely positive that LoanMe attaches fixed interest rates and repayment schedules to their loans, their extraordinarily high interest rates mean that you should only use them as a last resort, and only if you can pay off your loan quickly.

Otherwise, you might find that your once-small loan has ballooned into a much great amount—one that you may never have the ability to fully pay off.

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20 Customer Reviews for LoanMe

Average Customer Rating: 1.4
Rating Snapshot:
5 stars: 2 4 stars: 0 3 stars: 0 2 stars: 0 1 stars: 18
Bottom Line: 20% would recommend it to a friend
Showing 1-11 of 20
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  • 5 out 5 people found this review helpful

    Unsatisfactory responses

    I applied for a loan and the rep emails me and says I need to submit more documents and information. After giving the documents and more information and answering all of their questions, underwriting comes back and says they want to wait until they see the next pay hit before proceeding.

    I have just recently gone from W2 + commissions to commission only and I provided all the information and yet my pre-qualified approval means nothing to them.

    I sent the rep multiple emails and suggestion options and even asked for a manager and they just blew me aside like I was a nobody.

    I would not recommend this company based on my experience.

    Bottom Line: No, I would not recommend this to a friend

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  • 18 out 18 people found this review helpful

    Whatever you do DON'T get the loan

    I would rate it a 0. I was in need of cash to pay off a credit card so I thought I'd get a quick loan for that. I never thought the interest would be 135%. I made a mistake and didn't read the contract clearly. I do recall the gentleman that assisted me say that it would be 35%. I do not recommend this loan place​. They will take your money and you'll end up paying 10x more. I got a loan for $2600, their contract stated by the time I finished paying it would be $13000. RIDICULOUS. Whatever you do please don't do it.

    Bottom Line: No, I would not recommend this to a friend

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  • 21 out 22 people found this review helpful

    Loan Sharking and getting away with it!

    • California,
    • Aug 7, 2016

    Yes I received a loan. Yes I paid it off quickly.

    I tried to renegotiate the 97% interest rate but they do not do that. If I could not pay off as fast as I did and paid as they stated, then I would have paid $70,000.00 for a 10,000.00 loan. I pray for the people out there to not go with this company or its affiliates. It is truly a legal scam that California has authorized as 'legal'. Beware.

    Bottom Line: No, I would not recommend this to a friend

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  • 4 out 15 people found this review helpful

    Amazing service by Kerrigan

    Kerrigan was an amazing person to do business with and a great representative. Thank you for your patience and kindness.

    Bottom Line: Yes, I would recommend this to a friend

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  • 14 out 19 people found this review helpful

    Bias unfair judgment

    • Pasadena, CA,
    • Apr 22, 2016

    They gave me the run around. Daniel had me thinking that there were different options he had to get me some type of loan, and when he had seen that I had one of my jobs income going into my bank as a direct deposit, he denied me right away assuming I did not make enough. I make more than enough to pay back a loan. They are stereotyping as well as profiling and not basing their decisions on appropriate information. He should have asked for all my checks stubs from each job, a copy of my W4'S to make an accurate decision. I'm highly disappointed in their process and decision process, very unprofessional.

    Bottom Line: Yes, I would recommend this to a friend

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  • 33 out 35 people found this review helpful

    Pre-approved

    Applied for a loan few months ago but never accepted the loan as my bank offered me a loan with a reasonable interest rate (8% vs 110+%).

    I later became disabled with a terminal illness and had to stop working. Filed for disability and was approved. Still waiting for my checks to arrive.

    I started to fall behind in my credit obligations and went from a 800 to 500 (FICO). Got a letter from Loanme saying I was preapproved for 3000.00. With all my disability back pay I would be able to pay that off within 2 months so I figured what the hell. Called the number on the letter and after 3 hours I was declined.

    On my credit report they have 2 inquires and Cashcall has 1. Never in my life have I called Cashcall, but Loanme is associated with Cashcall.

    Also, credit report shows Cashcall approved and issued a loan for $3000.00.

    I disputed this and the credit agency confirmed the debt is valid. They did this by asking Cashcall if the information is correct. That's all it took. Now my FICO is 300.

    I have since written a letter to the credit agencies disputing their findings. Waiting for a response. This is fraud. The loan with no payment and inquires are hurting my credit even more.

    Bottom Line: No, I would not recommend this to a friend

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  • 31 out 31 people found this review helpful

    $12,000 Loan Origination Fee

    I'm a former customer of LoanMe. When I recently requested another loan of $25,000, LoanMe said I was approved but it would be based on a loan of $38,000 with a $12,000 loan origination fee. Never!

    Bottom Line: No, I would not recommend this to a friend

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  • 31 out 31 people found this review helpful

    Personal Loan

    • Los Angeles, CA,
    • Feb 3, 2016

    I got a loan from LoanMe in May and my first payment was in June. I'm paying $351.00 a month from June and nothing has went down. They could have split half to interest and half to payment. I got and attorney on the case right now. They are a rip off scam. Don't ever get anything from them, they are going to take you for a scam. Fraud company and my attorney is handling it right now.

    Bottom Line: No, I would not recommend this to a friend

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  • 31 out 31 people found this review helpful

    "I" declined LoanMe and they reported to the credit bureaus that "they" declined me!

    • Los Angeles, CA,
    • Dec 8, 2015

    I requested a loan and after being approved with a credit score of 811, I turned down the loan after finding out that the loan fee was 10 points ($5000) for a $50k loan PLUS 10.5%. They were very persistent about taking the money and "I" rejected twice.

    After 30 days they sent me a letter that they turned me down for excessive credit inquires and reported the same to the credit bureaus.

    They're expensive and will never get a loan with LoanMe and will never recommend it to anyone.

    Bottom Line: No, I would not recommend this to a friend

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  • 15 out 36 people found this review helpful

    Recommend

    • Fullerton, CA,
    • Dec 2, 2015

    I've changed my review after my Experience with LoanMe. I was pleasantly surprised, they were not bad as I kept hearing about in the reviews. Here's the thing, use common sense because this loan is not meant for long term. Instead, it's just something to get you over the hurdle. You must have a plan to pay it off sooner than later so you are not stuck paying high interest.

    LoanMe is great for fast cash but it's what you do after. That is up to you, it's not LoanMe's problem if you get yourself in a bad situation because the terms are disclosed so you fully know what you're getting into. They don't trick or play games. Make sure you understand before you sign.

    Bottom Line: Yes, I would recommend this to a friend

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    Comments (1)
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    • Mar 2, 2016

      Chad g

      Written by Loanme employee.

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  • 28 out 29 people found this review helpful

    Not an honest company.

    • Lakewood, CA,
    • Dec 2, 2015

    Approved for a loan of 36K, then get hit with the "terms" of the loan – up front 11K admin/ processing fees, plus 29% interest over the term of the loan. So borrow 36K get 26K cash out and still have a balance due of 36K. How can admin/processing fees be 11K ? This makes no sense, you are expected to pay them 11K up front from your "approved" loan amount and then still pay them 11K plus the 26K cash out of loan you actually receive? Are these people nuts.

    Bottom Line: No, I would not recommend this to a friend

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