Mark M.
San Leandro, CAMember since November 2018

Reviews (1)

    • Nov 15, 2018
    • Verified Reviewer


    LoanMe is a scam

    Overall Experience:

    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.

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

    24 people found it helpful

    Link to this Review
    • 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.

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