Hard money loan! I took a loan for $5000.00 from this company over three years ago, had no problems getting the loan, I made all my payments on time and paid the loan off. They made money off me and they had a client for life.
On 1/9/2019, I decided to apply for another loan because of the good service and business I received in the past. This time around I was denied immediately. I asked why and they said because I had two other loans totaling $7500.00 from other companies. I said what does that matter, they said I would have to use their loan to pay off the other two loans. I said you guys are a HARD MONEY LENDER, not a bank, you can't demand I use your money to pay off other accounts and still charge me a $2500.00 origination fee. On a loan for $7600.00, minus their $2500.00 origination fee, I would get $5092.00, and they demand I use that money to pay off other accounts. Because of their high origination fee being deducted from the loan of $7600.00, the leftover amount isn't sufficient enough to cover the $7500.00 in debt they demanded I payoff. My credit's good, income is good, debt to income ratio is low, the bank account is good. And they declined the loan.
A hard money lender that demands you use their loan to pay off other accounts while charging you a $2500.00 origination fee. Is this how LoanMe treats all their past clients?
Bottom Line: No, I would not recommend this to a friend