LoanMe is a personal loan lender that offers unsecured installment loans to qualified borrowers. The application process is quick and transparent.
LoanMe is an online financial lender that presents a quick and easy application process. Applicants can receive pre-approval results in minutes. To apply, the applicant will need to provide basic contact and personal information as well as personal income information, business ownership information, and credit counseling or debt settlement enrollment history.
The loan process can be completed in its entirety either online or by phone. Once an applicant has been approved for a loan, LoanMe will transmit the funds to the applicant's bank account in only a few hours.
Funding time How long will it take to fund a loan? | 1-3 business days |
Loan amounts What are the maximum and minimum loans offered? | $2,600-$100,000 |
Credit score Will the approval process hit my credit? | The approval process requires a ‘hard hit’ on your credit score |
Early payoff penalties Is there a penalty if I pay off my loan early? | No penalty for early payoff |
Payment options What options do I have to pay off my loan? | EFT, online, mail, Western Union Speed Pay, MoneyGram |
Restricted states? Is the service available in all states? | LoanMe provides loans in only 11 states |
Loan origination fee Is there a financing fee? | The fee is 5-15% of the loan amount |
Customer Support When is customer service available to help? | 24/7 online, by phone 7 AM-9 PM PST Mon-Fri and 7 AM-9 PM Sat-Sun |
Cancellation Cost or difficulty to cancel? | Loans must be paid in full |
Cost Monthly fee | Depends on your loan amount, and other factors |
Warranty Is a warranty available? | No Warranty |
Ease How easy to put to use? | Very easy; call or email to get started |
If you are searching for a quick and easy loan process, you may find LoanMe to be appealing. The company considers applicants who may have less-than-perfect credit, and also caters to those who have fair to excellent credit. LoanMe provides the option of applying either by phone or online. If you find that you have additional questions while completing the online application, you may request a phone call from a LoanMe Agent to answer any questions and even guide you through the process.
The company website also includes a ‘Live Chat’ feature that allows you to have real-time communication with an agent through online text messages. LoanMe has received stellar reviews for exceptional customer service. Overall, LoanMe excels in the “age friendliness” category.
If you are experiencing a declining health condition, LoanMe may be an option for quick financial relief. If you choose this company to provide your loan services, you should note that some customers have complained that they didn’t adequately understand the loan terms ahead of time. Seniors who are experiencing a declining health condition should be extra vigilant in making sure they understand the small print and details of the loan contract. It is recommended that you take full advantage of LoanMe’s customer service by reaching out to have the contract explained in detail and cover any grey areas you may be unsure of. You may also wish to have a family member help you go through the contract.
It is also important to note that LoanMe has received some negative reviews from customers regarding frequent phone calls and aggressive demands. Dealing with this sort of harassment could exacerbate any health conditions and stresses you may be facing.
Pros:
Cons:
Bottom Line:
LoanMe's application process is quick and can be completed online or over the phone. In some instances, funds can be deposited in the applicant’s account within the same business day. LoanMe does not penalize the borrower if the loan is paid out early. To help the borrowers improve credit scores, LoanMe reports completed payments to credit bureaus.
It is essential that the borrower understands the fine print of the contract, and plans to pay the loan as scheduled. Some complaints state that LoanMe uses aggressive collection techniques. Also, clients with less-than-fair credit may receive loan fees and rates double those required by some of the company’s competitors. Emergencies and other hardships may lead you to require a personal loan, however, LoanMe should be sought after all other options and possibilities have been exhausted.
Frequently Asked Questions:
What is required to obtain a LoanMe loan?
To apply for a loan through LoanMe, you must be a US citizen, be at least 18 years old, provide proof of income, provide a bank statement and have valid identification. The entire application process can be completed in a ‘paperless’ manner.
How long will it take for my loan to get funded? When will I get the money?
The application process is quick and easy, and you could receive a pre-approval in just a few minutes. After your loan is approved, funds will be wired directly to your bank account. You could potentially have your money in hand within hours.
How do I make payments?
Electronic funds transfer (EFT) is the most preferred payment method. If you use this method, your amount due will be electronically debited from your bank account on the due date. You can also make credit card payments online through your customer portal. A check or money order payment can be mailed. Finally, payments can me made via MoneyGram or Western Union.
More Information:
Overview: LoanMe is an online lender that offers unsecured installment loans to qualified borrowers with a wide range of credit scores. Loans are typically funded within one business day, and the application process can be completed either by phone or online.
● Package Details: N/A
● Optional Accessories or Add-on Services: N/A
Contract Details: Loan amounts range from $2,600-$100,000. Loan terms between two and ten years are available. APRs range from 29-169%. You will pay between 5-15% of the loan amount in origination fees. Loans are usually funded in one to three business days. You can choose to make payments by EFT, online payment, mail, Western Union SpeedPay, or MoneyGram.
● Warranty: N/A
● Accreditations: LoanMe has an accredited business profile with the Better Business Bureau. It maintains a rating of A+.
● Company Details: LoanMe was established in 2013. The company is a California-based lender that offers qualified borrowers unsecured installment loans. The company advertises a quick, easy application and approval process for qualified applicants. LoanMe is a modest-sized company that employs 100 full time employees. The company maintains a 94% client retention rate.
LoanMe
1900 S. State College Boulevard
Anaheim, CA 92806
Tel: 844-956-2663
Website: www.loanme.com
6 min read
Sept. 20, 2019
