LoanMe Reviews

Do not borrow money from LoanMe. After applying for this loan, they gave me a 35% interest rate, which was a lie. After signing the documents to receive the loan. I thought I was in a 35% locked interest rate. So one week later I received a form from LoanMe stating the interest rate was 101.38%. After I received the paperwork inside was a payment schedule to pay $567.00 per month when nothing goes towards the principal! I would end up in 7 years paying $41,000 on a $7600 loan! You got to be kidding me.

I closed my checking account. They are "NOT" collecting $567.00 payments when nothing is applied to the loan is illegal! So they reported it to the credit bureaus. They claim they are exempt from the Usery Law in California. This may be true, but they lied to me about the interest rate to get me to sign the loan is fraud. I will fight this with an attorney. Do "NOT borrow from LoanMe. They will not get a penny back from me. If it goes to small claims, I will fight this truth and nail.

My title really says it all. If you are really needing funds, this company will loan them to you, but it comes at a HEFTY price. Keep in mind, the incredibly high interest rate (mine was 179%) is a daily rate.

Four months ago, I borrowed $2,500 and have paid the monthly payments on time to the tune of $1,200. Today, my payoff amount was $2,962. Had I have continued paying the monthly amounts, I would have paid $18,000.

This is a predatory loan company, and even the employees will subtly warn you. If I could turn back time, I would have paid the late penalty on rent, and let my utilities get shut off. Please don't do this!

After going online to pay off the entire loan due to the ridiculous interest rates, LoanMe turned around and took additional money out of my account claiming there was a principal balance remaining. How? If the balance was at 0 after I paid it off. Scam! Thieves! A $3000 loan will cost you over $10,000 after all the fees. Never ever will I recommend or use this lender again. I am looking into a lawyer.

It was quick and easy. The loan agent, Monty (Afred) Hervey, not only he has a sweet and charming voice, but indeed he was very patient, humorous, courteous, polite, and persistent. He made everything easy for me when I was hopeless and impatient. I have no complaints, and I would highly recommend anyone to this lender and the loan agent, Monty Hervey, in particular. Because of my credit history/score and debts, I don't blame anyone for the high interest rate, and I did not mind since I got the loan when I most need it. What goes around, comes around and God bless you, Monty, for all your efforts in helping people.

The LoanMe reps are jerks! They talk to you dismissively and rudely. You're trying to be polite over the phone, and they just cut you off or over talk you. I will pay them off all at once and get these jackals out of my life; I don't need some idiot who can barely speak English berating me like he is superior to me just because I have a loan with them.

This company will distort, mislead, and lie in order to tie you and your family up in a loan. You will never get out of, and that's not all; expect a 33% to 55% origination fee (which will be hidden in the small print, if at all) on top of the highest interest rates ever seen from a lending company. CONSUMERS BEWARE.

My credit score is 620 (although not the best, but not the worst) and I foolishly, extremely foolishly agreed to a 138% interest rate on a $3,100 loan. I ended up paying them, after six payments, $5300. Do not use this company, please shop around. Do not let desperation lead you to a foolish mistake.

I'm giving them zero stars here.

I was "approved" and then told to give them my bank statements, bank login information on my online access, and my online access bank code. They couldn't verify that bank account, but the rep named Rachael says, "But I see your other accounts with the banks, so let's login into those accounts for verification." Um, how could they possibly see my other accounts? I didn't tell them about those accounts, and if they can see those then clearly I should be verified right?

This sounds so shady to me, and I will be looking for a class action lawsuit shortly. Don't "hard hit" your credit score with them!

First and foremost, they are probably the only financial institution that would even consider giving you a loan. All the rates and information are displayed for you to see, and the customer representative explains everything on voice recording, so you knew the cost of the loan before you signed for it. Yet, you took the loan. Who is to blame here?

The key to this type of loan is to pay it off fast! If you cannot do that, be prepared to make your payments and be happy that although this is an expensive form of credit, you received help when you needed it, and you also received relief from the situation that made you borrow.

My representative, Melanie, was exceptional. I took the loan knowing the cost and terms. However, I resolved to pay it off within 18 months. Again, the longer you hold the note, the more expensive it will be.

Knowing this, you must make the choice, but do not bad mouth the hand that is feeding you. This has worked for me, and I was glad to have received the help.

This company is a joke.

My credit score is 688, which is not great; but good. I applied for a personal loan of $10,000 to do some home improvement work. They told me I was approved and just needed to verify my bank account. After "verifying" my account four times, they said it had only been open for one month. I have had the account for over 20 years and called the bank. I called back my "Senior Loan Agent" Andre to tell him that they were checking my wife's Christmas Club account and not our checking account.

Then a customer service representative called to ask me some questions to verify my identity. I answered everything, and he said I would be getting a call from Andre with good news. I literally was hanging up with him when I got the "decline" letter. It indicated that it was because of my credit score and delinquent account. I missed one payment of $40 back in 2013, but other then that, I have one credit card, no loans, nothing.

I am amazed at the fact that they literally ran me through the ringer and after verifying my identity, declined me? What a joke. Stay away. I wasted an entire day, part of my wife's day and received a hard hit on my credit score!

I have a fairly decent rising credit score of 660 and wanted to consolidate a few bills, so when I received a letter stating I was prequalified to receive a loan, I decided to try it.

I was a little hesitant at first because I try not to let places pull my credit score unless I'm more than likely going to be approved. So when the web page stated that I could get pre-approved without affecting my credit, I was all in.

Once I was pre-approved, an agent telephoned me to complete the deal and stated that they needed permission to run the credit and that of course, it will show up on my report as a hard inquiry. I gave my consent because according to the website, I was already pre-approved.

The agent returned on the phone to state it was not approved and does not state why, but that they will send me a letter, to which I can write a correspondence to ask why.

Needless to say, I was extremely disappointed, not because the loan did not go through, but because I felt like I was misled into applying for the loan and received a hard inquiry in the process.