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LoanMe Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

LoanMe offers personal loans to borrowers in two categories: prime and less-than-prime. So even borrowers with poor credit could potentially be approved for a personal loan from LoanMe. Since borrowers can receive funds within three to four hours of loan approval, those in need of quick cash might turn to LoanMe when they need help with debt consolidation, medical expenses and more. Read on to learn more about LoanMe personal loans.

LoanMe personal loan highlights

  • 7-day guarantee: California borrowers who decide they no longer need a loan have up to seven days to return the funds to LoanMe without being charged interest and fees.
  • No prepayment penalties: Borrowers will not be responsible for paying a prepayment fee if they pay off their LoanMe personal loan early.
  • Fast funding: Borrowers can receive their loan funds in as little as three to four hours.
  • Only available in 9 states: LoanMe personal loans are only available in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina and Utah.

LoanMe at a glance

  • APR range: Up to 184.36%
  • Minimum credit score: Varies
  • Terms: 36 to 180 months
  • Origination fee: Up to 17%

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: 36 to 180 months
  • APR: 13.34% for prime borrowers; 81.49% to 184.36% for less than prime borrowers.
  • Loan amounts: $600 to $20,000
  • Time to funding: 3 to 4 hours, assuming you completed the application by 1 p.m. PST on a business day.
  • Credit check: Soft Pull to see your initial loan offer.
  • Origination fee: Up to 17%, but is a flat fee or percentage of loan depending on the state and loan amount.
  • Prepayment fee: No
  • Late payment fee: Not Specified
  • Other fees: Not specified

Eligibility requirements

  • Minimum credit score: Subprime borrowers may still qualify for higher rates.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To qualify for a personal loan from LoanMe, applicants need to be residents of one of the following states:

  • Arizona
  • California
  • Delaware
  • Idaho
  • Kentucky
  • Missouri
  • New Mexico
  • South Carolina
  • Utah

You must also be at least 18 years old with a driver’s license or state ID and valid checking account.

What borrowers are saying about LoanMe

LoanMe has a rating of 3.9 stars out of 5 stars on the LendingTree platform. Users who have borrowed from LoanMe had a lot of things to say about the company, particularly regarding their customer service.

Shaun from Redondo Beach, Calif., was one of many who had a positive experience: “I was contacted within moments of my initial application. The representative walked me through every step of the process via phone and I had my funds within 24 hours. I will definitely use LoanMe again as well as recommend to friends. Thank you.”

Due to the company’s high interest rate cap, there were a few reviews from customers who complained about the rates they received on their loans in addition to the high monthly payments.

Applying for a personal loan from LoanMe

To secure a LoanMe personal loan, an application can be filled out online or by phone with the assistance of a live agent. To apply by phone, applicants can call 844-415-2775.

To begin the application process, you will need to provide some personal information to prequalify. You’ll be asked for your:

  • Name
  • Address
  • Gross monthly income

LoanMe will perform a soft pull on your credit to show you how much money you could potentially borrow. A soft credit check will not affect your credit score, and the information you see could help you decide if LoanMe is right for your financial needs.

If you continue the loan process after pre-qualifying, you’ll be asked to submit a few documents, such as a bank statement and proof of income.

After reviewing the application and submitted documents, LoanMe will determine your eligibility for a loan. If your application was completed by 1 p.m. PST on a business day, you may receive loan funds within three to four hours.

Pros Cons
  • Fast funding: Once the loan is approved, funds can be received in as little as three to four hours.
  • Collateral not required to secure a loan: A LoanMe personal loan is unsecured, so borrowers do not have to worry about needing collateral to secure a loan.
  • Convenient online application: LoanMe offers an online application that allows applicants to quickly and conveniently complete the application process in just five minutes.
  • Limited availability: LoanMe personal loans are only available in 9 states.
  • High interest rates for less-than-prime borrowers: Borrowers with low credit scores may be stuck paying LoanMe’s high interest rates, which top out at 184.36%.
  • Origination fee: Depending on the state and loan amount, borrowers may be required to pay an origination fee.

Who’s the best fit for a LoanMe personal loan?

A LoanMe personal loan is a good fit for those who have bad credit and need cash fast but struggle to be approved for a personal loan. With the lender approving loans for borrowers with low credit scores, borrowers could potentially get the funds that they need for a financial emergency.

Although approval may come easily for many of those who apply for a LoanMe personal loan, the lender does charge high interest rates, which will affect the total cost of the loan. Additionally, there could be an origination fee to pay depending on where you live and how much you borrow.

If you have excellent credit, you might look elsewhere for a personal loan if LoanMe would charge you an origination fee. You’d likely even nab a lower interest rate.

Alternative personal loan options


  • APR: 9.95% to 35.99%
  • Minimum credit score: 600
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%

Borrowers who choose Avant as their lender will have access to personal loans ranging from $2,000 to $35,000. The application process is quick, and borrowers could potentially receive their cash as soon as the next business day depending on when they are approved. Avant does not specify a minimum credit score that is required for approval, but the website does note that many customers who are approved for loans have scores that falls between 600 and 700.

One perk that applicants with poor credit may appreciate is that before applying for a loan, they have the opportunity to check their rates, as with LoanMe. This may help them get a better idea of what size loan they may be approved for (if any) and the interest rate they may be charged.


  • APR: 5.94% to 35.97%
  • Minimum credit score: 35.97%
  • Terms: 36 or 60 months
  • Origination fee: 2.90% - 8.00%

Upgrade offers unsecured personal loans that range between $1,000 and $50,000. The application can be completed online, and once approved for a loan, borrowers could receive funds in as little as one business day. Upgrade’s website does not provide details regarding the minimum credit score requirement, but a borrower’s credit score is one of the factors that affects their loan amount and rate. Borrowers who choose Upgrade as their lender should expect to pay an origination fee that will be equal to $50,000 of the loan amount. There is also a $10 late fee that borrowers will be expected to pay if they make a late payment. Although there is an origination fee and late fee, borrowers can choose their payment due date, and those who pay off their loans early will not be charged a prepayment fee.

OneMain Financial

  • APR: 18.00% to 35.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: 1.00% - 10.00%

A personal loan from One Main Financial can range from $1,500 to $20,000. The loan amount that a borrower will be approved for will be based on a number of factors, including state and credit score, but the lender does not specify what the minimum credit score requirement is for its personal loans.

OneMain Financial may ask certain applicants to secure their loans using collateral. The lender does charge an origination fee that is partly based on the state where the loan is originated. OneMain Financial may appeal to many people in need of quick cash because loan funds can be received on the same day as approval via direct deposit or check, which can be picked up from a OneMain Financial location. However, this is only if a borrower is approved by noon.


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