LoanMe is a personal lender service that lets people borrow up to $100,000. They offer fixed monthly payments and no prepayment penalties. We compiled LoanMe reviews from around the web and found that it has a mix of positive and negative ratings. We also shared the loan fees and interest rates.
Quiz: Is Kabbage or OnDeck Right for Your Business?
Summary of LoanMe User Reviews
What LoanMe does well:
According to the positive reviews online, LoanMe is prompt and efficient when processing personal loans. Others mentioned that they were pleased that LoanMe allowed them to borrow money even with low credit scores. Some users like how quickly the money is transferred to their banks.
What LoanMe does not do well:
According to the negative reviews online, LoanMe has high interest rates. Others complained about the low quality of service from certain customer service representatives. Some users were also disappointed that they did not receive the money they were approved for within the timeframe promised.
Most Helpful Positive User Review:
According to a user who gave LoanMe positive feedback on Consumer Affairs, he feels that the service was timely and prompt. He says he experienced seamless service in terms of overall experience.
Most Helpful Negative User Review:
According to a user who gave LoanMe negative feedback on the Better Business Bureau, he feels that the company charges too much for the loans. He said his loan for $2,600 was approved in March 2015, but that after paying regularly for almost two years, he was told that he still owed the company $2,900.
LoanMe offers personal loans with rates that depend on the borrower’s state and range from $2,600 to $100,000. Interest rates range from 15-150%, depending on the term loans and the borrower’s overall credit score. Below is sample information of rate and terms for homeowners in California. To check the rates for your state, visit their website.
*Please Note: Minimum income and other credit guidelines apply.
**Loan Fee is a percentage of the loan amount and will be deducted from loan proceeds.
LoanMe also offers loans for small businesses that range from $3,500 to $100,000.
Top LoanMe Alternatives
Same-day funding on a short-term loan up to $250,000
Low credit borrowers needing short-term funding up to $500,000
Flexible short-term loan up to $500,000 with terms from 13 to 52 weeks
Revolving credit up to $100,000 with easy-to-meet qualifications
Comparing short-term funding options on a free marketplace
Useful LoanMe Resources
Startup Business Loans 2018: The 12 Best Ways to Fund Your Startup – Want to know what your loan options are in 2018? Read out guide to find the best ways to fund your startup and where you can get the best small business loan.
6 Best Peer-to-Peer Business Loans 2019 – Peer to peer loans can be a great option for young businesses and established enterprises alike. Find a low rate loan with one of these P2P platforms.
16 Best Small Business Credit Cards 2019 – See the best small business credit cards out there today. Cash back rewards, travel rewards, introductory APR offers and free employee cards.
9 Best Business Credit Cards for Startups 2019 – We walk you through the best credit cards to use if you’re starting a business or if your business is relatively new. Find a great rate and earn rewards.
SBA Loan Rates – Current Interest Rates and How They Work – Do you know what an SBA loan is? Find out how it works and what rates you can expect in the current market. Read our guide to know how your business can take advantage of this type of loan.
LoanMe Overview Video
This video provides an overall background on how LoanMe provides personal loan services as well as other microloans.