LoanMe is a personal loan service that lets people borrow up to $100,000. They offer fixed monthly payments and no prepayment penalties. We compiled LoanMe reviews from around the web and found that it has a mix of positive and negative ratings. We also shared the loan fees and interest rates.
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Summary of LoanMe User Reviews
What LoanMe does well:
According to the positive reviews online, LoanMe is prompt and efficient when processing personal loans. Others mentioned that they were pleased that LoanMe allowed them to borrow money even with low credit scores. Some users like how quickly the money is transferred to their banks.
What LoanMe does not do well:
According to the negative reviews online, LoanMe has high interest rates. Others complained about the low quality of service from certain customer service representatives. Some users were also disappointed that they did not receive the money they were approved for within the timeframe promised.
Most Helpful Positive User Review:
According to a user who gave LoanMe positive feedback on Consumer Affairs, he feels that the service was timely and prompt. He says he experienced seamless service in terms of overall experience.
Most Helpful Negative User Review:
According to a user who gave LoanMe negative feedback on the Better Business Bureau, he feels that the company charges too much for the loans. He said his loan for $2,600 was approved in March 2015, but that after paying regularly for almost two years, he was told that he still owed the company $2,900.
LoanMe offers personal loans with rates that depend on the borrower’s state and range from $2,600 to $100,000. Interest rates range from 15-150%, depending on the term loans and the borrower’s overall credit score. Below is sample information of rate and terms for homeowners in California. To check the rates for your state, visit their website.
*Please Note: Minimum income and other credit guidelines apply.
**Loan Fee is a percentage of the loan amount and will be deducted from loan proceeds.
LoanMe also offers loans for small businesses that range from $3,500 to $100,000.
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LoanMe Overview Video
This video provides an overall background on how LoanMe provides personal loan services as well as other microloans.