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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Read 37 LoanMe Customer Reviews and Complaints

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Average Consumer Rating: 1.5
Rating Snapshot:
5 star: 4 4 star: 0 3 star: 0 2 star: 1 1 star:  32
Bottom Line: 16% would recommend it to a friend
Showing 1-11 of 37
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  • 17 out 43 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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  • 6 out 33 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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  • 28 out 73 people found this review helpful

    Don't blame LoanMe

    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.

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

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  • 11 out 28 people found this review helpful

    The best lender

    • California,
    • Apr 16, 2018
    • Verified Reviewer

    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.

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

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  • 38 out 40 people found this review helpful

    Pre qualified and approved still landed me hard inquiry and denial

    • Sacramento, CA,
    • Jan 9, 2017
    • Verified Reviewer

    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.

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

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  • 12 out 13 people found this review helpful

    LoanMe

    • San Pedro,
    • Aug 7, 2015

    They are pathetic parasitic leeches, that live in the bottom of a barrel along with the other blood sucking loan companies.

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

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  • 14 out 15 people found this review helpful

    Predatory lender

    • Boise Idaho,
    • Aug 19, 2015

    This company is a joke. A predatory lender. Yes, they do have the highest rates ever. I got caught up while talking with a customer service rep. What a joke. I made the 1st payment of $221.08 then it escalated to $352. I don't know about you, but they and all of the other payday and installment loan companies, like to prey upon those who under certain circumstances need the funds for emergency purposes, pay off medical bills, etc. I did NOT pay the 2nd payment. I am on SSDI and my monthly check is $130 short. I tried to explain but they would not listen. I told them to sue me then if they want their money. The lawyers will settle for 10% of the balance. That should not hurt their bottom line. My credit is already gone from good to fair. I've been in Credit and Collections for over 30 years so I know what game they want to play. Do not get a loan from them.

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

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  • 16 out 17 people found this review helpful

    This is not the answer

    • Turlock, California,
    • Sep 8, 2015

    I found myself in a financial hardship and was stressed out and losing sleep. I was looking for a way out and LoanMe sounded like a solution. Big mistake. The interest compounds so fast, the mountain grows everyday, and before you know it you will long for the bills you had before. Run, don't walk, away from this company!

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

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  • 14 out 14 people found this review helpful

    Not satisfied

    • Azusa, CA,
    • Sep 8, 2015

    Stay away. The interest is so high. You borrow $2,000 then you have to pay them triple and on the second day that you're late, they will call you 100 times a day. It's a company that shows no mercy and they will just put you in more misery.

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

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  • 17 out 17 people found this review helpful

    Awful company

    • Milwaukee, Wi,
    • Sep 15, 2015

    I would never recommend this company to ANYONE! They are awful and rape you in finance charges so bad it should be illegal to even offer these loans to people. You take out a $3000 loan and they charge you $361 a month! What a joke. If you are late they are rude and have NO sympathy and just threaten you.

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

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  • 18 out 18 people found this review helpful

    Too much run around! And just sounds a little sketchy.

    • Wisconsin,
    • Oct 23, 2015

    Call after call, email this and that. Interest is high. I only wanted 1,000 dollar loan, they said I had to take 3,001 dollar loan. Just ridiculous.

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

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Showing 1-11 of 37

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