time icon 5 min read update icon Dec. 12, 2019
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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. 

Grandfolk Scoring
Funding time 10/10
Loan amounts 8/10
Credit score 1/10
Early payoff penalties 10/10
Payment options 9/10
Restricted states? 4/10
Loan origination fee 5/10
Customer Support 9/10
Cancellation 8/10
Cost 9/10
Warranty 7/10
Ease 10/10
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?
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
Cost or difficulty to cancel?
Loans must be paid in full
Monthly fee
Depends on your loan amount, and other factors
Is a warranty available?
No Warranty
How easy to put to use?
Very easy; call or email to get started
Age Score:
50-64 Years
65-74 Years
75-84 Years

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. 

Health Score:
Great Health
Good Health
Fair Health
Poor Health

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. 


  • There are no prepayment fees, and LoanMe reports payments to credit bureaus. An applicant’s credit score could improve if payments are made on time.
  • LoanMe is transparent regarding potential terms, rates and fees on its website. 
  • Customers can easily reach LoanMe representatives. Customers rate the wait time as low when trying to reach a customer service agent.
  • Requirements to qualify for a loan are low. 
  • Applicants can extend loan terms out to ten years.


  • Some of LoanMe’s customers have complained of harassing and aggressive collection tactics.
  • LoanMe performs a ‘hard’ credit check, which lowers credit scores, rather than a ‘soft’ check, which has no influence on a credit score.
  • The founders of LoanMe are said to have been involved with CashCall, a high-interest lender which has been connected with lawsuits related to dishonest lending practices. 
  • LoanMe is only licensed to provide loans to residents in 11 states.

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:

Product Details 

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

Additional Company Details 

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. 


 1900 S. State College Boulevard
 Anaheim, CA 92806
 Tel: 844-956-2663

T. Mashae Pearson - Senior Advisor

Shae is senior researcher with Grandfolk® providing in-depth product and service reviews to empower senior buying decisions.


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