LoanMe Personal Loans Review

Are you in need of a loan but short on time? But do you also want to work with a good and reputable lender? Well, then the Loan Me review is going to help you get the needed answers. We’ll go over all of the important details so that you can make an informed decision when choosing a lender.

From their application process and eligibility requirements to their customer service and repayment plans, we’ve got everything covered so you don’t have to worry about making the wrong choice.

Loan Me is a personal loan lender that offers loans of up to $100,000. They have an easy online application process and offer fast funding, making them a popular choice for those who need cash quickly. However, before you apply for a Loan Me loan, it’s important to understand the terms and conditions.

LoanMe charges an origination fee of 17% of the loan amount, which is high for personal loans. They also charge a late fee of 5% of the unpaid amount or $15 if you make a late payment on your loan. Additionally, if you default on your loan, they may charge collection fees of up to 40% of the unpaid balance.

LoanMe Overview

LoanMe, an online lender headquartered in California, offers both small business loans and personal loans to residents of selected states. They are a direct lender that offers personal loans and lines of credit to qualified applicants. Their personal loans can be used for a variety of purposes, including debt consolidation, home improvement projects, medical expenses, and more.

Currently, borrowers in California, Delaware, Arizona, Idaho, Kentucky, Missouri, New Mexico, South Carolina, Utah, and Wisconsin are eligible to apply with LoanMe.

Their personal loans are geared toward borrowers with poor credit scores who need cash fast. But unfortunately, LoanMe charges substantial interest rates and fees on new loans compared to traditional financial institutions like banks and credit unions.

LoanMe Personal Loan Rates, Terms, and Fees

LoanMe offers personal loans with rates starting at 32% and going up to 165% APR. Honestly speaking, this is considered a high-fee lender and there are not many lenders out there that charge this amount of APR.

Luckily, their loan terms are considered average in comparison to other personal loan lenders with the terms varying from 6 to 84 months. Another good thing is that they don’t charge prepayment fees but they do have both late and origination fees.

The late fee is $15 so we can’t really complain about that but when it comes to the origination fee, it is 17%, which is ridiculously high. With this said, make sure that you are fully sure that you are able to afford their loan.

One thing to also keep in mind is that LoanMe personal loans are only available in certain states, so be sure to check eligibility before applying.

How Much Can I Borrow with a Personal Loan from LoanMe?

LoanMe offers personal loans with loan amounts ranging from $600 to $100,000. The amount you can borrow will depend on factors like your creditworthiness and income.

If you have good credit, you may be able to qualify for the maximum loan amount of $100,000. But if your credit isn’t as strong, you may only be able to borrow a smaller amount.

Income is another factor that will affect how much you can borrow. If you have a higher income, you may be able to qualify for a larger loan amount than someone with a lower income.

So how much can you borrow with a personal loan from LoanMe? It depends on factors like your creditworthiness and income. But if you have good credit and a high income, you could qualify for the maximum loan amount of $100,000.

How to Apply for a LoanMe Personal Loan

One of the nice things about LoanMe Personal Loans is the breezy application process. Applicants need only provide:

• Proof of income, such as a paystub or income tax return
• Valid identification, such as a passport or driver’s license
• A recent bank statement
  

You can also apply for a LoanMe installment loan over the phone, although you’ll need to provide the loan agent with the required documents to finalize the application process. Once this information is received, LoanMe can approve and fund a loan in as little as three to four hours. Loan proceeds are deposited directly into your bank account.

LoanMe Personal Loans Pros and Cons

Like any other lender, Loan Me has both pros and cons that you should be aware of and consider before deciding to apply with them. One of the major benefits that working with them provides is that they are a BBB-accredited company. On top of that, they also have a rating of A with them. 

But on the downside, they do have a lot of negative reviews which doesn’t make them that reliable. They are also considered a high fee lender which means there is a big possibility that you will end up in debt since you will need to pay more than you borrowed.

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Are LoanMe Personal Loans Worth It?

LoanMe offers personal loans with APRs ranging from 32% to 165%. Loan amounts start at $600 and go up to $100,000. The repayment term is anywhere from 6 to 84 months. There is an origination fee but there is no prepayment penalty with LoanMe.

To decide if a LoanMe personal loan is worth it, consider your financial situation and needs.

If you have good credit and can qualify for a lower interest rate, a LoanMe personal loan could save you money on interest over time. However, if you have bad credit or are struggling to make ends meet each month, a personal loan might not be the best option for you.

This is because they are a high-fee lender and there is a big possibility you will end up in debt since you will pay more than you actually borrowed. 

Is LoanMe a Legitimate Company?

LoanMe is a legitimate company that offers personal loans to qualified borrowers. They have been in business since 2013 and have helped thousands of people finance their goals and dreams.

LoanMe is a direct lender, which means that they provide the funds for your loan directly to you, without going through a third-party financial institution. This makes the process more streamlined and efficient, and it also allows you to avoid paying additional fees to middlemen.

Additionally, LoanMe is a member of the Online Lenders Alliance (OLA), which is a trade association that represents the online lending industry. The OLA sets ethical standards for its members and works to protect consumers from fraud and abusive lending practices.

So if you’re looking for a personal loan from a reputable lender, LoanMe is definitely worth considering but only if you don’t mind paying a bit more in origination fees and APRs.

Summary of LoanMe Personal Loans

• LoanMe is a direct lender offering personal loans to clients across 10 US states.
• They are considered a high-fee lender as they charge a really high origination fee of 17% and their APRs are from 32% to 165%. LoanMe also charges a late payment fee of $15.
• The company has been BBB accredited since 2014 and has an A rating, but also many poor online customer reviews.
• The loan range is from $600 to $100,000, and terms are from 6 months to 7 years.
• We would say they have favorable eligibility requirements, but we could not recommend them as they lack some of the most basic info on their website.

LoanMe Personal Loan FAQs

1. How long does it take to get a personal loan from LoanMe?

After your application has been reviewed and approved, it should only take a couple of hours for you to receive the funds.

2. What is the interest rate on a personal loan from LoanMe?

The interest rates are not that favorable and can be pretty high especially if you have a low credit score or bad history.

3. Can I pay off my personal loan from LoanMe early?

Yes, you can pay off your LoanMe personal loan ahead of time and the good thing is that you will not have any additional charges for doing so.