LoanMe personal loans are only available in 21 states: CA, SC, TX, AZ, DE, FL, ID, IN, KY, MI, MN, MO, MS, MT, NE, NM, OH, OK, TN, UT and VA. And even people in those states will want to think twice about applying. LoanMe’s loans have vastly different rates depending on the state. But all of them require an extremely high credit score or charge extremely high APRs.
LoanMe personal loans offer fast funding, as soon as the same day you apply. You can also borrow up to $20,000. However, these good qualities don’t make up for the fact that LoanMe charges incredibly expensive interest and fees.
LoanMe Review Highlights
- APR range: 9% - 98%
- Origination fee: up to 10%
- Late fee: $15 (after 15-day grace period)
- Amount of time for funding: 0 - 2 business days
- Available amounts: $600 - $20,000
- Time to pay off: 12 - 84 months
- How to pre-qualify: Check your pre-qualification status on LoanMe’s website.
- Loan requirements: U.S. citizen/permanent resident/immigration-visa holder; at least 18 years old; SSN or ITIN.
- Supporting documents for application: Bank statement, proof of income and valid ID.
- Reputation: LoanMe is accredited by the Better Business Bureau. They hold an A- rating. The Consumer Financial Protection Bureau does not have much information on LoanMe, but there are around 30 personal loan complaints about their parent company Bliksum, LLC.
People with excellent credit can find much better, fee-free alternatives to LoanMe. And people with lower credit scores can find other options that won’t charge an APR higher than 36%. Below, you can see how WalletHub rates LoanMe in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
LoanMe Ratings by Category
Terms: 0.8 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 2.3 / 5
Overall Score: 1.7 / 5