LoanMe Personal Loans Review: 2019

LoanMe offers personal installment loans to qualified borrowers. Headquartered in Anaheim California since 2013, LoanMe personal loans specializes in helping individuals with debt consolidation or one-time expenses. LoanMe can be a solution for those borrowers who need quick financing for big-ticket purchases.

LoanMe personal loans come with no prepayment penalties. LoanMe also offers a “No Worry Guarantee” for qualified borrowers who need loan assistance between $2,600 and $100,000. 

LoanMe personal loans are only available in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina, and Utah. 

LoanMe also has higher origination fees than the typical 3-5 percent range. Origination fees for borrowers with high credit scores start around 17 percent. These same fees for borrowers with poor credit scores start around 33 percent.

Personal loan interest rates can range between 6 and 36 percent. These interest rates will depend on your credit score and where you live. LoanMe personal loan interest rates have been recorded as reaching over 125 percent. 

In this article you’ll learn:

What Kinds of Loan Purposes Does LoanMe Accept?

LoanMe loans can be used for any of the following expenses: 

  • Car repairs
  • Debt consolidation
  • Home improvement
  • Life events (i.e. wedding expenses)
  • Major purchases
  • Medical fees
  • Payday loan options
  • Rent payments
  • Unplanned emergencies

LoanMe Personal Loan Products

LoanMe provides a variety of personal loan products based on a range of client qualifications including location, credit score, and personal collateral. LoanMe also provides business loans for companies that have emergency short-term needs or don’t qualify for traditional loan products. This review, however, will concentrate on LoanMe’s prime and less than prime personal loan products. 

Borrowers with homeownership and high credit scores will typically qualify for LoanMe prime loans. Clients with high FICO scores but less collateral to apply to their request can still leverage a LoanMe personal prime loan. LoanMe will also make less than prime loans to borrowers who show past credit events (i.e. collections or late payments) on their credit history.

LoanMe less than prime loans aren’t available in Kentucky. They are, however, available in California for both fixed and flex loan options. 

California’s flex loan amounts are available in $100 increments. Their loan fees are equal to 20 percent of the loan amount. Interest on these flex loans ranges from 99 to 112 percent for loan periods between 47 and 84 months.

Borrowers in California can also leverage a “7-day Guarantee.” This guarantee says that LoanMe will waive any fees or interests if the borrower decides within seven days that they no longer want the loan. The only other requirement is that the borrower has to return the full borrowed amount. 

Minimum/maximum amounts you can borrow.

LoanMe personal loans can range between $2,600 and $100,000. LoanMe prime loan amounts with homeownership usually range between $7,500 and $100,000. These same loans for borrowers who don’t own their own homes range between $2,600 and $10,000. Cash is available in as little as three or four hours. Less than prime loan amounts for homeowners also range from $2,600 to $10,600. 

LoanMe Personal Loan Features: Fees, Rates, and Terms 

Prime and less than prime loans target two very different audiences with their individual loan offers. Prime borrowers are more attractive loan candidates who are at a lesser risk of defaulting on their obligations. Less than prime loans are considered temporary ways for borrowers to improve their credit standing and qualify for prime loans. As a result, less than prime packages come with higher fees to safeguard the lender’s interests.

LoanMe Prime Loan Features

Homeowners with high FICO scores can qualify for LoanMe Prime Loans. These fees are usually around 17 percent of the loan amount. The maximum annual percentage rate (APR) is just over 13 percent for a 180-month term.

Loan fees for clients with high FICO scores but less collateral will vary by state. For example, borrowers in Utah will pay as high as $500 in loan fees. Borrowers in South Carolina will pay no fee, regardless of the loan amount.

APR interest rates for these Prime Loan categories range between 99 and 184 percent. Repayment terms may last between 36 and 84 months.

LoanMe Less Than Prime Loan Features

Less than prime loan fees vary between states. For example, LoanMe Less Than Prime Loans in New Mexico will charge loan fees up to $500. South Carolina will charge no loan fees for these subprime products.

Interest rates will also vary from state to state. Interest rates for a Less Than Prime loan in Delaware are 99.75%. Interest rates for the Less Than Prime program in Missouri are over 184%. Loan terms usually range between 36 and 84 months.

Fixed product fees are around $75. The APR for these loans ranges between 135 and 184 percent for a 47-month term.

Requirements for Borrowers

Borrowers who want to apply for prime or less than prime LoanMe personal loan products must have a valid I.D. and be at least eighteen years of age. Loan applicants should also have a checking account and access to online banking.

Borrowers can apply online at the LoanMe website to see if they qualify. Borrowers should be prepared to share their personal contact information as well as their gross monthly income figures.

LoanMe agents may also request additional identification after an online application has been submitted for approval and verification. These additional forms of identification might include a copy of a valid driver’s license and a recent paystub. If borrowers are self-employed, they might also be asked to show proof of self-employment. 

LoanMe Prime loan borrowers with homeownership (as collateral) and FICO scores ranging between 700 and 800 will enjoy reduced fees. 

Credit Authorization

Borrowers should proceed cautiously when submitting online loan applications. When you submit an online application to LoanMe, you are confirming that LoanMe has your permission to conduct a hard inquiry. This will allow them to view your personal credit profile and credit history information. The authorization states that LoanMe will only use your information to determine whether or not you qualify for a loan. Keep in mind that hard inquiries can affect your overall credit score. 

Incurring multiple hard inquiries in a short amount of time is a risky move. Whether you’re rate shopping or creating new credit accounts, this can send lenders the message that you’re having a hard time paying your bills and are not a promising loan candidate.

The LoanMe approval process will move smoothly if you haven’t had many hard credit inquiries recently. 

LoanMe Customer Support and Experience Quality 

LoanMe offers a variety of options for contacting their customer service department. The fastest ways to reach their representatives are by phone at 949-535-9150 or by email at Customer.Service@loanme.com. 

Hours: Monday-Sunday: 8:00 am to 6:00 pm PST

Other ways to contact customer service include:

  • If you’re applying for a loan: You can apply for a loan over the phone at (844) 415-2775 between 8:00 am to 6:00 pm PST. You can also apply on the LoanMe website at any time.
  • To text with an agent: Feel free to text with an agent directly. Simply text the word START to 949-267-3724. Texting support is available Monday through Friday from 8:00 am through 7:00 pm PST.
  • Collections Inquiries: If you’d like to speak to a collections service representative, call 844-774-7368. Collections service reps are available between 8:00 am and 6:00 pm PST seven days a week.
  • Complaints: If you would like to file a complaint or report a problem, the LoanMe Complaints Department is available by phone at 833-388-3265. They can also be reached online at complaints@loanme.com. 

Customer Experience Feedback 

Online reviews of LoanMe personal loans are mixed. Consumer Affairs reports an A+ ranking for LoanMe personal loans. Trust Pilot ranks LoanMe at a four-star rating. Wallet Hub, however, highlights the high APR and origination fees despite the fast turn-around time to receive funds. 

In 2018, LoanMe, Inc. received a Refraining Order from the Better Business Bureau. The order settled complaints that LoanMe paid unlicensed companies and agents who were not regular employees. These companies and agents solicited and accepted loan applications. LoanMe has agreed to stop this practice. 

LoanMe customer reviews on Trustpilot have focused mainly on customer service. These comments include:

  • “Professional and empathetic; they really care about the customers”
  • “Very friendly, efficient, and helpful”
  • “Pleasant and patient demeanor”
  • “Diligent; worked hard to try to find a solution that works best for the customer”

There are currently over 1,300 customer reviews of LoanMe’s staff and products. Approximately 78 percent of the respondents reported that their experiences were “excellent.”

Summary 

Pros

  1. Positive ratings on customer service interactions
  2. No prepayment penalties
  3. Applicants can receive funding in less than one day
  4. Californians can leverage the “7-Day Guarantee” to avoid fees and interest if they change their minds

Cons

  1. High-interest rates (between 12.90% and 184%)
  2. Long loan repayment terms
  3. High extended fees
  4. Only available in nine US states
  5. Borrowers with lower credit scores will be charged higher fees and interest rates.

LoanMe can be a huge help to borrowers who are short on funds and need to quickly pay for unforeseen emergencies like car repairs or hospital bills. However, their high-interest rates and longer loan terms for minimum repayments do present a significant downside. Be sure to consider these features before applying, as they may unnecessarily draw out your repayment process.

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