- Loans as high as $20,000
- No prepayment fees
- Same day funding available
- Extremely high APRs: 9% to 98%
- Up to 10% origination fee
- $15 late fee
- Only available in 21 states
LoanMe Review Summary
LoanMe offers expensive personal loans in 21 states, advertising an APR range of 9% - 98%, though anyone with a credit score under 760 will have to deal with an interest rate above 90%. Plus, whatever loan amount you choose will have an origination fee of 0% - 10% deducted from it.
Pretty much the only good features of LoanMe personal loans are their fast funding (the same day you apply in some cases) and the fact that you can borrow up to $30,000. But there are plenty of other personal loan providers with fast approval and funding on big loans that don’t come with outlandish interest rates and fees.
Below, you can see the full details of LoanMe personal loans, along with WalletHub’s ratings in three key categories: Terms, Requirements & Application, and Reviews & Transparency.
LoanMe Personal Loan Terms
|APRs||9% - 98%|
|Loan Amount||$1,000 - $30,000|
|Loan Terms||12 - 84 months|
|Origination Fee||0% - 10%|
|Late Fee||$15 (after 15-day grace period)|
|Minimum Credit Score||Bad*|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||0-2 business days|
LoanMe Personal Loan Rates & Fees
Category Rating: 16% (0.8 out of 5)
- Overall APR range: 9% - 98%. LoanMe personal loans tend to be very expensive, but the rates are fixed, so they will not go up or down over the life of a loan.
- How rates are determined: The exact rate you will get depends on many factors, including your credit score, state of residence, and choice of LoanMe personal loan options.
- Fees: LoanMe personal loans come with an origination fee of 0% - 10% of the loan amount. LoanMe also charges a fee of up to $15 (after 15-day grace period) for late payments. There are no penalties for repaying a loan early.
- Loan amounts & timelines: LoanMe offers personal loans of $1,000 - $30,000, depending on the state. Loan terms range 12 - 84 months.
Requirements & Application Info for LoanMe Personal Loans
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: Not disclosed, but LoanMe does consider applicants with bad credit.
- Minimum income: LoanMe personal loans have a minimum income requirement of $24,000, according to company representatives.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident, or immigration-visa holder.
- Identification: You must have a Social Security number or Individual Taxpayer Identification Number. You must also have a valid ID.
- Bank account: You must have a verifiable banking account.
- Residence: You must live in one of the 21 states where LoanMe operates.
- Pre-qualification: LoanMe lets you see what rates you might qualify for online. Pre-qualification will not affect your credit score, though applying will.
- Ways to apply: You can apply for a LoanMe personal loan online or by calling (844) 415-2775.
LoanMe Personal Loan Reviews & Transparency
Category Rating: 56% (2.3 out of 5)
- Better Business Bureau: LoanMe has an A- rating from the BBB and has been accredited since 2014.
- Consumer Financial Protection Bureau: The CFPB complaints database has only logged one complaint about LoanMe, Inc. The complaint is under the category “struggling to pay your loan.” LoanMe did not provide a “timely” response to the complaint. However, LoanMe is owned by LLC, which has around 30 personal loan complaints.
- WalletHub: LoanMe has an average user rating of 4.5/5.
- Transparency: LoanMe is not forthcoming about their rates and fees online, unless you put in your zip code. They do offer pre-qualification, though. They also openly say they lend to people with bad credit. Those things help make up for LoanMe not disclosing minimum credit or income requirements, at least a bit.
Summary: LoanMe Scores by Review Category
|Rates, Fees & Other Terms||0.8/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||2.3/5|
LoanMe vs. Popular Competitors
|APRs||9% - 98%||185% - 350%||60% - 299%|
|Loan Amounts||$1,000 - $30,000||$500 - $4,000||$500 - $5,000|
|Loan Terms||12 - 84 months||8 - 30 months||up to 26 months depending on the state|
|Minimum Credit Score||Bad*||Not disclosed*||Not disclosed*|
In order to provide the most accurate LoanMe review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. We did not reference a particular state for LoanMe’s review.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.