2020 LoanMe Personal Loans Review
Note: A LoanMe representative told WalletHub that the company is not currently accepting new loan applications until at least the end of April. WalletHub’s review is based on the latest information available before LoanMe’s temporary lending freeze.
Quick Review: LoanMe personal loans are too expensive to consider getting. Even people with the best credit scores will only qualify for rates as low as 9.90% – far more expensive than where other lenders start. And 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 a big origination fee (17% to 33%) deducted from it.
On top of that, LoanMe only lends to people in nine states: AZ, CA, DE, ID, KY, MO, NM, SC and UT.
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 $100,000. 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||9.90% - 184.36%|
|Loan Amount||$2,600 - $100,000|
|Loan Terms||36 - 180 months|
|Origination Fee||17% - 33%|
|Late Fee||$15 (after 15-day grace period)|
|Minimum Credit Score||Not disclosed*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||1 - 2 business days|
LoanMe Personal Loan Rates & Fees
Category Rating: 0.8/5
LoanMe personal loan interest rates are very expensive in most cases. LoanMe has a number of different loan types listed on their website, which differ by state. A few, for borrowers with 760+ FICO scores, have APRs ranging from 9.90% to 13.33%. But for borrowers without that kind of stellar credit score, APRs range from a little under 100% all the way to over 184%. Many other personal loan providers have APRs as low as 6%, and most won’t charge higher than 36%. Therefore, LoanMe is unable to receive a good score from WalletHub when it comes to their APR. Even if you have bad credit, you have far better options elsewhere. LoanMe has fixed APRs, so your rate will not go up or down over time.
LoanMe personal loans also lose points for having an origination fee. This fee can be either a flat dollar amount or a percentage of the loan amount, depending on the specific loan you apply for. These fees range from around 17% to 33% of the loan amount, and they’re deducted from the amount of money you receive at the beginning. So if you take out a $20,000 loan and it has a 20 origination fee, for example, you’ll only receive $16,000.
LoanMe does not have a prepayment penalty for paying a loan off early. If you are 15 days late on a payment, you will owe a $15 late fee.
Requirements & Application Info for LoanMe Personal Loans
Category Rating: 3.8/5
LoanMe doesn’t disclose minimum credit score or income requirements. But representatives say that they do offer loans to people with bad credit. One thing that LoanMe specifies when it comes to credit scores is that only people with a 760+ FICO score will qualify for LoanMe’s less expensive loan rates (9.90% - 13.33%). Anyone else can expect APRs of 90%+.
LoanMe requires a few things to apply: a bank statement, proof of income and a valid ID. To submit an application, you must be at least 18 years old and a U.S. citizen, a permanent resident or in the U.S. on an immigration visa. You will also need to live in one of the nine states in which LoanMe operates: AZ, CA, DE, ID, KY, MO, NM, SC or UT. Lastly, you need to provide either a Social Security number or an Individual Taxpayer Identification Number.
One good thing about LoanMe is that you can pre-qualify for a personal loan and see what rates you might get online. Pre-qualification will not affect your credit score. If you decide to actually apply for a loan, you can submit your application online or by calling LoanMe at 844-415-2775. Applying will likely cause a small drop in your credit score.
LoanMe Personal Loan Reviews & Transparency
Category Rating: 2.3/5
- 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 4.4/5.
- 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.
LoanMe Personal Loans vs. Popular Competitors
|APRs||9.90% - 184.36%||185% - 349%||60% - 299%|
|Loan Amounts||$2,600 - $100,000||$500 - $3,000||$500 - $5,000|
|Loan Terms||36 - 180 months||8 - 30 months||5 months|
|Minimum Credit Score||Not disclosed*||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.
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