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Find the Best Personal Loan for Your Needs

If you need some funding to pay for an expense or consolidate debt, you might be wondering what your best options are. It can be hard to choose between the range of different loan products available in the current finance market. While there are a host of different loans you can obtain, personal loans are still a very popular form of finance for those who need extra money.
LoanMe Personal Loan Reviews

While personal loans were traditionally provided by consumer banks and credit unions, things have changed over the past few years. There are now hundreds of personal loan providers that operate entirely online. It’s a great way to get the funding you need if you don’t want to work with a traditional lender. You can typically apply for these loans from the comfort of your own home, which makes it extremely easy to get the finance you’re looking for. In addition, you won’t have to fill out as much paperwork – it truly is a hassle-free experience for many borrowers.

In this personal loan review, we’re going to take a look at one of the major players in the personal loan game. LoanMe is an increasingly large online lender that provides personal loans to their customers. If you’ve been thinking about using LoanMe for your next personal loan, you might be wondering how you can get more information on the loans they provide – this review is the perfect resource for you!

The Company: LoanMe

LoanMe is a small online lender that provides personal loans and small business loans to their customers. They operate their business through an online application portal and telephone number. The company provides quick services to help their customers receive funding in a hurry. LoanMe is one of the many new online lenders that have brought added competition to the online personal loan market. The company is currently headquartered in California.

LoanMe Personal Loan Features

Each personal loan company has their own set of features. The features that are applicable to you will depend on your particular situation – it’s important that you know what you’re looking for in a loan. In this section of our review, we’ll take a look at all the features included in a LoanMe personal loan. Make sure to consider each feature carefully!

LoanMe Personal Loan APR: 16.68% to 35.16%

Minimum Loan Amount: $2,600

Maximum Loan Amount: $100,000

All LoanMe personal loans are unsecured personal loans.


LoanMe is an online lender which makes the entire process much easier than with traditional lenders. You can complete the entire lending process from the comfort of your own home. If you’re looking for an easy and quick application, LoanMe is a good option.

Large Loans

You can borrow up to $100,000, which is more than twice as much as many other online loan companies. If you’re looking for a large personal loan, LoanMe might be a good choice.

7-Day Guarantee (California Only)

If you live in California, you can change your mind about your loan in the first seven days. This is a feature that’s hard to find with almost any other lender. It gives you added peace-of-mind about the borrowing process if you’re unsure.


LoanMe claims to be able to get funds to you within 3-4 hours of approval. This is much better than other online personal loan companies. If you’re looking to get funds as quickly as possible, LoanMe might be a good chance.

No Prepayment Fees

If you want to pay back your loan early to save some money, you’ll be able to do so without any prepayment fees at LoanMe. Many online lenders and traditional lenders will have penalty fees for paying back your loan early – this way they can recuperate some of the lost interest money. You won’t run into this problem at LoanMe.

What is a Personal Loan?

A personal loan is a form of personal finance that provides you with capital to purchase goods or services. There is no requirement to spend the money on a specific purpose. This means that personal loans are one of the most flexible forms of finance available on the market. Unlike an auto-loan or mortgage, the lender does not dictate how you use the funds. This can make a variety of different things easier – you won’t have to get any approval from your lender.

There are two different forms of personal loans – unsecured personal loans and secured personal loans. If you want an unsecured personal loan, then you won’t have to tie the loan to any assets – this makes it less risky for you as a borrower, and you won’t need any collateral. The only downside is that this will increase your interest rate as the bank has to take on more risk. If you obtain a secured personal loan, you will need to secure the loan against the value of an asset. This makes your interest rate lower, but also means you need to have an asset to tie your loan to. The majority of personal loan companies that operate online provide unsecured loans only.

Uses for Personal Loans

If you need financing but you’re not sure if a personal loan is right for you, it’s a good idea to look at why other people use personal loans. There are a variety of different reasons that people obtain personal loans – you don’t have to fall into any specific category to get one. In this section of our article, we’re going to take a look at some of the most popular purposes people use personal loans for. Remember, if you don’t fall into one of these categories, it doesn’t mean that personal loans won’t work. Check them out below:

Consolidating High-Interest Debt

If you have credit card debt or any other form of high-interest debt, you might find that you struggle to keep up with payments. It can be next to impossible to get out of debt if you have a high interest rate that continues to increase the cost of the loan. Many student loans or other forms of personal loans also come with high interest rates. In a worst-case scenario, you might have a payday loan that is increasing rapidly.

If you obtain a personal loan at a lower interest rate than your current debt, you can pay off your debt and then pay back your current loan at the new interest rate. This is one of the most popular reasons people obtain personal loans.

Emergency Costs

If you have an emergency cost that is unforeseen, you might be in a bit of a pickle. A personal loan can help you get the funds you need to pay off your costs and spread out the charges over a prolonged period of time. Many people that have unexpected medical costs or charges sometimes use personal loans to cover the costs. The same goes for emergency house repair or damages.


If you’re going to purchase a large product or service, you might not want to pay for the entire thing upfront. If this is the case, you can use a personal loan to pay for the item and then spread the cost out over the term of your loan. Make sure that you can afford a large purchase before you make one – your payments should be factored into your budget when you make your buying decision.

Pros and Cons of LoanMe Personal Loans

There are advantages and disadvantages of working with any type of lender. First just know that is not a lender where you can find bad credit loans guaranteed approval at. Each lender will have things you enjoy about their features and services, as well as things you will dislike. That’s why it’s important to have a look at the pros and cons of each lender before you make any final decisions. We’ve prepared a brief overview to help you make a better decision when you consider LoanMe as your next personal loan company. Check them out below!

LoanMe Advantages

  • Quick Funding – With some customers receiving funding in 3-4 hours, LoanMe is one of the quickest lenders on the market.
  • No Prepayment Fees – With no prepayment fees, you can save money by paying your loan off early.
  • Online Application – LoanMe’s online application can make the entire borrowing experience much more enjoyable and convenient.
  • 7-Day Guarantee – If you live in California, you won’t have to worry about regretting your decision. You can return your loan in the first 7-days if you change your mind.
  • High Loan Maximum – With many personal loan companies only offering small loans, you can rest assured that you can get up to $100,000 of funding with LoanMe.

LoanMe Disadvantages

  • High Interest Rates – LoanMe has much higher minimum interest rates than many other loan providers. If you’re looking to save money through a good credit score, this might not be a good choice.
  • Not as Prominent as Other Lenders – LoanMe is one of the smaller online lenders when compared to many of the newcomers. This might not be desirable for some borrowers.

Preparing Your Application for LoanMe

If you’re going to obtain a loan from LoanMe, you should approach the process as seriously as possible. It’s important not to underestimate how much you should ensure your credit score is in order before you apply. If you don’t get accepted for a loan, it can damage your future chances of obtaining a personal loan. Once you narrow down what lending company you will be using, you should always make sure that you also get your credit file in order. In this section, we’ll take a look at a couple tips to ensure your credit score is perfect before you proceed.

Check Your Report for Errors

While it might seem unlikely, there are more mistakes on people’s reports than you think. For this reason, it’s very important to check your credit report before you decide to apply for a loan. You are able to receive one free credit report from each credit reporting body every year. If you do find mistakes, they could be dragging your score down – you can request that they be removed immediately. If the reporting body does not comply, you can use a credit repair company to put the pressure on. These credit repair companies can sometimes help remove other items as well.

Pay Down Credit Card Debt

If you have credit card debt, it might be preventing you from having a high score. If you can afford to pay down some of the debt before you apply for a loan, it can help you improve your score massively.

Consumer Reputation

The reputation of the company that you decide to work with is an extremely key indicator of how your experience will be. For this reason, it’s important to look at consumer watchdog groups before you decide to work with a company. In this section of our review, we’ll take a look at what some of the top consumer watchdog groups think of LoanMe – it’s a great way to gauge how your experience will be. Check it out below:

Better Business Bureau (BBB)

The BBB provides a platform for customers to review companies. They also provide their own ratings of companies from independent research. The BBB provide LoanMe with a rating of A – their second highest rating. This being said, the majority of consumer reviews on the BBB about LoanMe are negative. You can find LoanMe reviews on the BBB website.

Consumer Affairs

Consumer Affairs is another top watchdog groups that provides a platform for people to review companies. Customers on Consumer Affairs have given LoanMe very good ratings. With over 400 review submissions, LoanMe has a 4.5/5 rating. Indicating the company has very good feedback.


As you can see, there are plenty of reasons that you might want to choose LoanMe. They have developed a solid reputation in the personal loan industry. This being said, if you’re looking for a very low interest rate, LoanMe might not be the best option.

If you want to have a look at other personal loan lenders, we have plenty of reviews on our site!


Introduction to LoanMe

LoanMe is one of the personal loan companies you will find online. If you are interested to apply for a loan, take time to learn about some basic information about this company to help you decide if it is the right option.

What is LoanMe?

LoanMe is an online lender that offers fast and easy access to personal or business loans. They are targeting individuals or businesses who might not qualify with traditional financing methods. You can loan up to $100,000, depending on your credit score or other qualifications.

How does LoanMe work?

LoanMe is a personal loans company that is based in California. You can get unsecured installment loans if you qualify as a borrower. These loan products offered by the company are suitable for debt consolidation or one-time purchases.

Who owns LoanMe?

Jonathan Williams is the owner and executive head of LoanMe. This is a California-based online lender.

Is LoanMe legitimate?

Yes. LoanMe is a legitimate online lending company that specializes on loans for people with poor credit. They offer a wide range of loan products such as personal or business loans. As a comparison check out Avant Loans which is a similar service.

How to payoff LoanMe loans?

If you want to pay off your loans with LoanMe, you can do so via autopay or credit card. There are no charges imposed when you want to pay off your loan early.

How does LoanMe report their tax?

LoanMe reports their tax the same way as any other online lenders. The tax is paid to the state where the business is licensed in.

Who does LoanMe sell close to?

LoanMe is available for residents in California, Arizona, Missouri, Utah, or New Mexico. However, they can also cater to borrowers from all over the US as you can apply online.

What companies do the same kind of lending as LoanMe?

There are several types of online lenders that cater to people with less than perfect credit score, such as Avant, Lending Club, CashNet USA, Upstart, and more.

How much does LoanMe cost per day?

The interest rate on LoanMe loans will vary according to various factors such as your credit score or income. Thus, the rate is not fixed for all borrowers.

How do I pay back a LoanMe loan?

There are different methods available to pay your LoanMe loan, such as automatic monthly deductions from your business account, check, ACH, and more.

How to block LoanMe from ACH?

If you want to stop automated payments to LoanMe via ACH, you can revoke the payment authorization. You can call the company directly about stopping this payment method.

What is the going rate for LoanMe loans?

Since LoanMe loans are geared towards people with poor credit, or those who won’t qualify with other types of financing, the interest rate is pretty steep at a range of 15-150% (depending on your credit score or income).

Why would LoanMe be on Experian?

Experian is one of three major credit reporting bureaus. LoanMe reports to any of these major credit bureaus.

How to refinance a loan at LoanMe?

No. LoanMe requires that you must pay in full your original loan before you can be issued another loan. Prior loan approval also does not automatically mean guaranteed approval on your next application as it is still subject to verification.

How to make money fast at LoanMe?

If you are in need of cash for personal or business use, LoanMe provides quick funding in less than 24 hours (if you are qualified).

Why would LoanMe ask for bank log in information?

LoanMe would never ask for your bank login information. If you are going to setup automated payments, you will be the one to set it up and approve the automated payments.

How much does LoanMe charge?

The interest rates on personal loans can vary from 34% to 204%. You will also be charged with fees that range from $75 to as much as $950 (depending on the amount loaned).

Is LoanMe a payday loan?

No. LoanMe is not a payday lender. It is an online lending company that offers personal or business loans to people with poor credit rating.

How much are LoanMe's interest rates for small business loans?

The interest rate on small business loans offered by LoanMe can be anywhere from 24% to 149%. It will depend on the amount you are applying for and your credit score.

Is LoanMe and Cashcall the same company?

No. LoanMe and Cashcall are two separate companies that have different business models.

What can the loan be used for?

You can use your LoanMe loans for one-time purchases or debt consolidation. The loan purpose is not always a big deal as much as your qualification requirements are. You could probably even use it for pool financing since this is basically a personal loan.

What payment methods does LoanMe accept?

LoanMe currently accepts a wide range of payment methods such as cash, check, automated payments, ACH, or more.

Are LoanMe's small business loans available in every state?

You can apply for a small business loan through LoanMe regardless of which state you are from. However, there are certain types of business loans that are restricted to some states. Make sure to inquire about your options depending on which state you are from.

How much do you pay on LoanMe loan?

You will pay an origination fee on your LoanMe loan, which will be deducted to your approved loan amount. The APR you will have to pay on the loan will depend on a number of factors including your credit score or history.

Qualifying for LoanMe Loan

Interested in applying for a LoanMe loan? This section answers the commonly asked questions that relate to the process of applying for a loan through this company.

Why did LoanMe request a credit check on me?

This is a standard operating process to verify your credit score and income as part of your application process. Your credit score is one of the primary requirements for obtaining a loan.

How to qualify for a LoanMe business loan?

If you want to obtain a business loan through LoanMe, you must meet the following criteria: 1) your business must be operating for at least 2 months, 2) it should be a for-profit business, 3) you must have a business bank account, and 4) you must have a credit score of no less than 500. If you don't qualify then you may want to check out Upstart loans.

Why does LoanMe need references?

The need for references is part of the LoanMe verification process to ensure the identity and correct information relating to the borrower.

How long does it take to get the pink slip back from LoanMe?

Your pink slip will be returned to you by LoanMe as soon as they can complete the verification process, or when they provide you the result of your application.

How many months of bank statements for LoanMe?

It is standard for most personal loan providers to ask for at least 3 months of bank statement. This is to verify your cash flow and to ensure that you have sufficient amount in your account to pay off the loan.

What does your credit score have to be to get a loan at LoanMe?

You may qualify for a LoanMe loan if you have a credit score of at least 500.

How to bypass LoanMe bank verification?

If you want to bypass bank verification in your LoanMe application, you need to have average to good credit score. If you have low credit, additional income verification will be required and you have no way to bypass this step.

How long for funding at LoanMe?

If you are approved on your LoanMe application, you can get the funds in as little as 3-4 hours from the time of approval.

What credit score needed for LoanMe?

You can qualify for a LoanMe loan even if your credit score is as low as 500.

Where can I get a loan I have bad credit?

LoanMe is a good option when you are looking for loans that are catered for people with bad credit. For a credit score of as low as 500, you can get approved for your loan application.

Does LoanMe report to credit bureaus?

Yes. LoanMe reports to all three major credit bureaus. Hence, you will find a hard inquiry on your report when you apply for a personal or business loan.

Does LoanMe deny loans?

You will be denied of your LoanMe application if you fail to meet the requirements set for the specific type of loan you wish to apply for.

How can I borrow money with bad credit?

You can submit your loan application to loan providers that specialize on people with bad credit, such as LoanMe.

What type of business can qualify?

You can apply for a business loan at LoanMe regardless of what type of business you are operating. The only requirements are that it must be operational for two months and is a for-profit business type.

Does LoanMe run a credit report check?

Yes. LoanMe will look into your credit report when you send in your application to evaluate your qualification.

Is LoanMe right for my business?

If your business is unable to qualify using traditional loan methods or financing, LoanMe is a good option to get the financing you need, especially for urgent short-term cash needs.

Defaulting on LoanMe Loan

Just like most personal loan providers, there are certain risks involved if you are unable to pay your loan. Before you apply for one, use the information below to guide you when it comes to making loan payments.

What happens when you don’t pay your LoanMe loan?

If you don’t pay your LoanMe loan, it will trigger a demand to pay your loan in full. You could also be sued, depending on the amount you owe or refuse to pay.

Why don’t my LoanMe loans show up on my credit report?

It can take some time before the credit bureaus are able to update your report. You can wait up to 30 days for the LoanMe loans to show up on your report.

What happens if you default on a loan from LoanMe?

Defaulting on your loan could mean that you are sued by the company, or your account will be forwarded for debt collection until you can pay off the amount you owe. It will also be reported on your credit report, which could damage your score.

How to postpone a payment with LoanMe?

There is no way to postpone a payment with LoanMe as your loan terms are fixed. If you suspect you might have traveling making payments, you can contact them directly about it to learn about your options.

How to negotiate with LoanMe?

If you are unable to pay off your monthly payments, you can negotiate with LoanMe for a more suitable term that would ensure that you can make your payments on-time. However, this might only be applicable on special situations such as when you lose a job or had a medical emergency.

What will LoanMe do to collect?

If you are unable to pay your LoanMe loan, you could be sued to get a judgment on you. Once you are given court judgment, you are legally required to pay off the money you owe LoanMe.

What does LoanMe do when you stop payments?

If you stop making payments, LoanMe will get in touch with you about the need to update your loan payments. If not, you could be sued or your account will be forwarded to debt collections.

How to get out of a LoanMe loan?

The only way you can get out of your LoanMe loan is to pay it in full. Otherwise, you could be legally pursued for non-payment.

Can loan me garnish wages?

The only way for LoanMe to garnish your wages is if they have a court order to do so.

Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.