LoanMe Review

Varied Terms and Great Service

When you need a quick and versatile lender, LoanMe has you covered. Based out of California, LoanMe offers unsecured personal loans to borrowers with all levels of credit scores. Unlike some competitors, LoanMe’s loan amounts are incredibly varied, as are their repayment terms. Despite some small shortcomings, the company is a great fit for potential borrowers who are looking for a quick solution to financial shortfalls.

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LoanMe Highlights

  • Possible to have funds deposited in your checking account in one day
  • Loans available to borrowers with less-than-stellar credit
  • A- rating from the Better Business Bureau


  • Loan amounts up to $100,000
  • Wide range of loan terms available
  • No prepayment penalties
  • Timely payments reported to credit bureaus


  • Interest rates are on upper end of industry range
  • Educational materials could be expanded
  • High origination fees

Loan Term Options

When it comes to giving you flexible repayment terms, LoanMe has some room to improve even though they do offer a good variety of term lengths. The company’s shortest repayment terms start at 47 months, and their long-term loans are for 180 months, or 15 years. We would have liked to see more flexibility when it came to shortening the loan terms. However, it is important to note that LoanMe does not charge any prepayment fees, meaning you can pay as quickly as you would like, or take your time to repay your loan. The company’s rates also range from good to slightly high for the industry depending on your credit score. If you have excellent credit, interest rates could start as low as 16.68% APR, although borrowers with weaker credit scores could see APRs as high as 184.36%

Loan Purpose and Amounts

Unlike some competitors in the field, LoanMe offers among the widest range of loan amounts ranging from $2,600 to a whopping $100,000. While this is something we haven’t seen from many other lenders, it is important to note that minimum and maximum amounts will vary depending on your state of residence and credit worthiness. We were impressed at the variability of the loan amounts, as well as the general usability of LoanMe’s offerings. The company does not restrict loan uses, although they note that LoanMe loans are generally used for one-time expenses or debt consolidation. One thing we would like to see LoanMe improve is their origination fees, which can be relatively high—as much as 33.00% of the loan amount—depending on your state of residence.

Lending Qualification Process

One thing we were pleased to see in our research is that LoanMe works with borrowers of all levels of credit. While loan terms and amounts might vary widely, the company is willing to help most borrowers who qualify. The company uses your credit score when evaluating your loan request, but will also look at your income and bank records. LoanMe also requests the following when you apply for a loan:

  • A bank statement
  • Proof of income
  • Proof that you are 18 or older
  • A valid form of ID, such as a driver’s license
  • Credit underwriting and due diligence may require additional documents

If approved, LoanMe can deliver funds to your checking account as quickly as 3-4 hours depending on your qualifications, which is much swifter than most competitors.

Information and Customer Service

One area where we would have liked to see LoanMe dedicate some more effort was providing information and education regarding personal loans and the qualification process for customers. While the company features a good basic introduction to their process, as well as a useful tool to calculate what your loan would look like, they do not include an FAQ section or a dedicated knowledgebase about loans and personal finances. We did appreciate that the company can be reached via phone, and will even call you back if you request them to do so. We also found that customer support was helpful and responded promptly to our inquiries. Furthermore, we enjoyed the articles on the company’s blog, which provided some beneficial general information on personal finances.

Quote Application Process

Checking your potential quote is a quick and painless process with LoanMe. On the whole, we found that quote applications took less than 5 minutes, and only required us to fill out one or two pages worth of information depending on the state of residence. Even better, LoanMe does not ask for any sensitive personal information outside of what is necessary to give you the most accurate quote possible.


Even with its limitations, LoanMe is an excellent option if you need quick funds to cover any shortfall in your finances. With an exceptional variety of loan amounts and repayment terms along with no prepayment fees, LoanMe lets you pay as quickly or as moderately as you want. Thanks to loans as large as $100,000, you can finance almost any needs that might arise. Excellent service and a speedy application process will also help to get you back on track financially as soon as possible. Overall, LoanMe is ideal for those who can pay back their loans quickly and are looking for variable loan sizes.

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