Can you pay off a LoanMe loan early? This question is about LoanMe

Yes, you can pay off LoanMe loans early, which is a smart idea because it will save you money on interest. LoanMe does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to. Example of How Much You Can Save By Paying Off a LoanMe Personal Loan Early Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%. Normal Payments: You will spend approximately $4,100 on interest. Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest. To estimate the cost of your LoanMe personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.

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Can you pay off a LoanMe loan early?

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This question is about LoanMe

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Grace Enfield, Content Writer

@grace_enfield • 06/07/22 This answer was first published on 06/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, you can pay off LoanMe loans early, which is a smart idea because it will save you money on interest. LoanMe does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.

Example of How Much You Can Save By Paying Off a LoanMe Personal Loan Early

Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.

To estimate the cost of your LoanMe personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.

Answer Question

What credit score do you need for a LoanMe personal loan?

LoanMe does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. Although there isn't a specified LoanMe credit score requirement, LoanMe will consider people who have bad credit, according to customer service. Most other lenders' credit score requirements for personal loans range from at least 585 to 700.

Keep in mind that LoanMe will look at more than just your credit score when evaluating your application...

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How can you get LoanMe personal loan prequalification?

You can get LoanMe personal loan pre-approval through WalletHub’s free personal loan pre-approval tool. This will allow you to see your odds of approval for a personal loan with LoanMe, as well as your potential interest rates, and the process will have no impact on your credit score.

How to Get LoanMe Personal Loan Pre-approval

Go to WalletHub’s free personal loan pre-approval tool.
Enter your desired loan amount and select the reason for...

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How do I apply for a LoanMe personal loan?

To apply for a LoanMe personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a LoanMe Personal Loan

Check for pre-qualification.Pre-qualification is a way to check your approval odds and potential rates before...

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