LoanMe Review Staff

In a Nutshell

LoanMe is an online lender dedicated to providing homeowners with super-fast personal loans. It serves borrowers in 10 states: California, Arizona, Utah, New Mexico, Idaho, Missouri, Kentucky, South Carolina, Delaware and Texas. Pre-qualifying and getting approved for a loan is really quick and easy, and funds are transferred to your nominated bank account within 3-4 hours of approval.


  • Same-day approval
  • Funds transferred within 3-4 hours
  • No prepayment penalties


  • High origination fees
  • Mixed customer service
  • Not available in most states

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LoanMe at a Glance

Loan types Unsecured personal loans
Loan amount $600 - $100,000
Repayment terms 180 months
APR 9.90% - 35.16%
Minimum credit score 500
Best for Quick access to funds

Best For?

LoanMe is designed for people who need quick access to funds for a one-off purchase or debt consolidation. It presents itself as a middle ground between other online lenders and payday lenders. Compared to the typical online lender, LoanMe’s APRs and origination fees are higher but approval and funding are much quicker. Compared to the often murky world of payday lenders, LoanMe provides a more legitimate and trustworthy option.

Loan Features

LoanMe’s personal loans are designed for speed and efficiency rather than cost savings. Here are some of the most notable aspects of a LoanMe unsecured personal loan:

  • Mostly online application process, although an agent may be in touch with you by phone to collect additional documentation.
  • Loans can be used for any purpose, although they’re best used for immediate needs such as debt consolidation or an unexpected expense.
  • It takes only a few minutes to get pre-qualified and your credit score will only be impacted if you submit a final online application.
  • No prepayment penalties.
  • Origination fees apply, as do late payment fees.
  • Funding within 3-4 hours of approval, one of the quickest in the business.

The Application Process

For the average borrower, it takes just a couple of minutes to get pre-qualified, less than 24 hours to get approved, and an additional 3 to 4 hours for the funds to arrive in your nominated bank account. Three-to-four-hour funding is for applications made prior to 1pm Pacific Time (4pm Eastern Time) on a business day.

To get a pre-qualified rate without damaging your credit score, fill out a short online form including: personal info, gross monthly income, and disclosures about home ownership (which helps get you a better rate) and participation in debt settlement programs (which leads to being offered a worse rate). If you like the APR and term offered to you, you’ll be given the chance to complete the application by providing proof of ID and age plus proof of checking account and online banking account.

A loan agent may be in touch by phone to request one or more of the following documents:

  • Voided check
  • Recent pay stub
  • Driver’s license (or other valid ID)
  • Proof of self-employment (if applicable)

How Much Can You Borrow?

The minimum and maximum loan amounts vary from state to state, but the absolute minimum is $600 and the absolute maximum is $100,000

Loan Requirements

Those with good or excellent credit are likely to be given a significantly better deal than borrowers with low credit.

All Borrowers must:

  • Be at least 18 years old
  • Have a checking account
  • Have an online banking account where funds can be transferred
  • Have a valid ID

Privacy & Security

LoanMe has accreditation from the Better Business Bureau and ConsumerAffairs. All the information submitted by applicants on LoanMe’s website is encrypted by DigiCert SSL. LoanMe is based in California, and all its California loans are made in accordance with its California Department of Business Oversight Financing Law license (#603K061).

Help & Support

Customer reviews for LoanMe are mixed, with the majority appearing to either love or loathe LoanMe’s service. Customers who love LoanMe have praised it for its hands-on customer support and quick approvals process. However, some customers have expressed disappointment with the level of transparency and have accused LoanMe of charging higher fees than they bargained for. As with any lender, it’s important to read the fine print in your contract before agreeing to a loan.

How LoanMe Compares

loanme fiona credible
APR 9.90% - 35.16%
4.99% - 35.99%
Minimum credit score 500 580 680
Loan amounts $600 - $100,000 $1,000 - $100,000 $1,000 - $50,000
Loan term 180 months 24 - 84 months 24 - 60 months
Best for Quick access to funds Borrowers with low credit scores Debt consolidation

As the above table proves, LoanMe is more flexible than its competitors when it comes to credit requirements and quicker when it comes to transferring funds. The catch is the higher interest rate and origination fees, translating to relatively high APRs. Therefore, LoanMe is best suited to times when your priority is quick funding.


LoanMe fills the gap between typical online lenders and payday lenders. It promises to fund applicants as quickly as 3-4 hours at a higher rate than the best online lending platforms but at far lower rates than most payday lenders. It seems to have identified a real need in the borrowing community, making it a solid option for people finding themselves in urgent need of cash who understand the importance of going with a trustworthy lender.


What can personal loans be used for?

Anything, including debt consolidation, major purchases, medical expenses, emergencies, vehicle repairs, rent, major life events, or as a payday alternative.

What other products does LoanMe offer?

Small business loans for $3,500 to $250,000. Like LoanMe’s personal loans, these are designed for small businesses needing super-quick funding for any number of purposes, including payroll, invoices, and equipment purchases.

How many states does LoanMe operate in?

Ten, although judging by its quick growth since being founded in 2013, it may expand into more states in the future.

Physical Address

LoanMe, Inc.
1900 S. State College Boulevard
Suite 300
Anaheim, CA 92806

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About The Author StaffMay. 20, 2020
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.