Read 39 LoanMe Customer Reviews and Complaints (Page 2)

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Average Consumer Rating: 1.4
Rating Snapshot:
5 star: 4 4 star: 0 3 star: 0 2 star: 1 1 star:  34
Bottom Line: 15% would recommend it to a friend
Showing 12-22 of 39
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  • 64 out 65 people found this review helpful

    Interest rate rip-off

    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.

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you so much for taking the time to post a review. Consumers are comfortable with varying interest rates depending on their personal situation and interest rates are determined by multiple factors.


  • 46 out 46 people found this review helpful

    LoanMe is awful

    • Los Angeles, California,
    • Mar 6, 2017
    • Verified Reviewer

    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!

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to provide us with your review. I would like to extend a personal thank you for sharing your experience in working with our company. We strive to provide each client with an excellent lending experience, and we are actively working to improve service levels to better meet our customer’s needs.


  • 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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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for your review and insight and thank you for being a LoanMe customer!


  • 44 out 46 people found this review helpful

    Very concerned, stay away

    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!

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to post a review. We truly understand your disappointment in not being approved for a loan. Loan approval is a decision that combines many factors.


  • 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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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to post a review. We truly understand your disappointment in not being approved for a loan. Loan approval is a decision that combines many different factors.


  • 78 out 79 people found this review helpful

    LoanMe is a scam

    • California,
    • Dec 28, 2016
    • Verified Reviewer

    LoanMe is a scam. They prey on innocent people who are having difficulties with finances. They lie and say they do not have loans under 2500, forcing you to take a minimum 2600 dollar loan. In California, if a loan is 2600 dollars or more, they can charge you what ever interest rate they want. They have me at an interest rate of about 139%. I have a 300 monthly payment that I will be paying on for almost 4 years and will pay back a total of 14,122.37 on a 2600 loan.

    This has to be illegal. The only reason I took this loan was because it was my only option at the time to pay my rent and feed my kids. Companies like this should not be able to take advantage of people in such an immoral manor.

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.


  • 41 out 41 people found this review helpful

    After 10 months of $383 pymts, I still owed $2600

    • Victorville, CA,
    • Dec 26, 2016
    • Verified Reviewer

    My wife was going to help me with payments, so I got her logged in online, which I hadn't done since the $283-payments came out of my checking account the 5th of each month.

    She pointed out to me that the load was at 135% and only $4-$5 of each payment went to the principal, the rest to interest. According to the online statement not until Oct. 2018 would we START paying on just the principle. So, around June 2019 the loan would be paid off, which makes it out to be a total of $10,000 plus for a $2600 loan I was making almost $300/mo automatically taken from my checking account.

    This is a total scam and should be reported! I got the runaround every time we asked if we could make extra payments to go towards principle and never got a straight answer. My wife made one $200 extra and it went straight to interest.

    Thank God my wife borrowed from her 401k and paid them off for $2,060. I told them to lose my number and blocked them from my account.

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to post your review as well as your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.


  • 36 out 36 people found this review helpful

    Fraud; Misrepresentation of Products & Services

    Though this company charges extremely high interest rates, I knew that going in. The primary reason for taking this loan was based on the simple fact that I was told my good payments would reflect on my credit. The loan officer led me to believe I would be reported to the credit bureau(s) after several on-time payments and nothing in the mail regarding statements about those payments I called the company requesting information about why I wasn't being provided anything on what I've paid and owed. I also advised at this time there was no reporting on my credit. In reply, they advised they were above the law and didn't have to provide statements and that they only reported to 1 credit bureau not all 3. Upset and frustrated by this action, I advised that was misrepresentation of the product and agreements signed. I argued multiple times, that was illegal and unfair practices underneath FDCPA & FTC and as a result I am with holding payment until this can be further reviewed pending Federal Investigation.

    As a warning DO NOT Borrow money from this organization, protect yourself and your rights.

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

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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to post a review. We apologize if our service did not meet your expectations. We strive to achieve high standards with every customer, and your comments will be heard to assist us.


  • 27 out 29 people found this review helpful

    Unsatisfactory responses

    • California,
    • Oct 15, 2016
    • Verified Reviewer

    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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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to provide us with your review. I would like to extend a personal thank you for sharing your experience in working with our company. We strive to provide each client with an excellent lending experience, and we are actively working to improve service levels to better meet our customer’s needs.


  • 41 out 41 people found this review helpful

    Whatever you do DON'T get the loan

    • Anaheim,
    • Sep 4, 2016
    • Verified Reviewer

    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‚Äč. 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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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to provide us with your review. We strive to provide each client with an excellent lending experience, and we are actively working to improve service levels to better meet our customer’s needs.


  • 41 out 42 people found this review helpful

    Loan Sharking and getting away with it!

    • California,
    • Aug 7, 2016
    • Verified Reviewer

    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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    • Jul 17, 2019

      Company Response from LoanMe

      Thank you for taking the time to post your review as well as your comments regarding the terms of your loan. We always encourage our customers to pay off their loans as quickly as possible to pay the least amount of interest.


Showing 12-22 of 39

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