Advertiser Disclosure

Personal Loans

LoanMe Personal Loan Review

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

Written By

 

APR

81.49%
To
184.36%

Credit Req.

Varies

Terms

36 to 180

months

Origination Fee

Up to 17%

SEE OFFERS Secured

on LendingTree’s secure website

LoanMe personal loan details
 

Fees and penalties

  • Terms: Up to 36 to 180 months.
  • APR range: 81.49% for prime loans, higher for non-prime loans.
  • Loan amounts: $2,600 to $100,000.
  • Time to funding: Can be as soon as 3-4 hours after approval.
  • Credit pull: Prequalification will not affect your credit score. Once you formally apply, though, LoanMe may do a hard credit check.
  • Origination fee: Loan fees vary by credit score and state. In some states, LoanMe charges flat fees.
  • Prepayment fee: LoanMe does not charge fees for paying off your loan early.
  • Late payment fee: Not specified.

Taking out a loan with LoanMe can be expensive. That’s because the company may charge high interest rates and origination fees depending on your credit and other factors.

For example, say you live in Arizona and you have a FICO score of 760 or higher and you own a home. Your fee will be 17% of your loan amount and your APR will be 81.49% for a loan term of 36 to 180 months. But if you live in Arizona, your FICO score is lower than 760 and you are not a homeowner, your origination fee will be $500 and your interest rate will be 95% — for a maximum APR of 99.75%% for a loan with an 84-month term.

Fortunately, LoanMe doesn’t charge prepayment penalties. If you take out a loan with the company, it makes financial sense to pay it off as quickly as you can to save on interest.

Eligibility requirements

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

A LoanMe personal loan can be used for a variety of personal needs, but there are requirements applicants must meet in order to be approved for a loan. The lender requires loan applicants to be at least 18 years old with a checking account and valid driver’s license. When submitting documents for verification, applicants will be asked to provide a recent pay stub or proof of self-employment and a voided check.

Applying for a personal loan from LoanMe

Applying for a personal loan from LoanMe is a simple process. You can call a customer service representative at 844-704-0556 or you can apply directly online.

If you apply online, LoanMe will request your name, date of birth, address, phone number, email address and monthly income. The form will also ask if you are a homeowner and if you are currently or ever have been enrolled in a credit counseling or a debt settlement program.

With this basic information, LoanMe will prequalify you for a loan. If you agree to move forward, the company will pull your credit and verify your income to see if you can afford the monthly payments.

To qualify for a loan, you’ll need to submit a bank statement and proof of income. You must also be at least 18 years old with a valid form of identification. Once you are approved, LoanMe can fund you in three-to-four hours by making direct deposit in your checking account.

Pros and cons of a LoanMe personal loan

Pros:

Cons:

  • Quick funding. If you’re approved, you can expect the money to be in your bank account in as few as 3-4 hours.
  • Easy to qualify. Even if your credit score is low, you can qualify for a LoanMe personal loan.
  • Fixed payments. Because LoanMe offers personal loans with fixed interest rates, you know exactly what you must pay each month.
  • High interest rates. LoanMe charges high interest rates for subprime borrowers.
  • High fees. LoanMe charges origination fees that can be as high as 20% of your loan amount.

Who is the best fit for a LoanMe personal loan?

Even those with subprime credit can qualify for a personal loan from LoanMe. However, the lower your credit, the harsher the fees. And even borrowers with solid credit may see high fees.

That said, LoanMe may not be your best first option for a loan. Borrowers who need quick access to cash and who can pay off their loan in advance may be a better fit for LoanMe. However, if you take out a personal loan with LoanMe and keep it for the entirety of its term, you will end up paying sky-high interest rates.

Be sure to research the competition before committing to LoanMe.

LoanMe consumer reviews

LoanMe has an A rating on BBB. On LendingTree, our parent company, LoanMe has 3.9 out of 5 stars and 76% of users would recommend them to people seeking an unsecured personal loan.

The lender’s interest rates and fees are a common complaint, but many customers have praised LoanMe’s customer service. Recent customers have specifically pointed out how quick the loan process was and how helpful and responsive customer service was when assistance was needed.

Cassi from Martinez, Calif., said, “They were thorough and approved me very quickly! Not only are they thorough when applying, but they are in touch to be sure if I have any questions they are available.”

LoanMe FAQ

LoanMe offers personal loans and small business loans.

When submitting an online application for a personal loan, applicants will be asked to provide verification documents, such as pay stubs, a valid form of identification and a voided check.

Although LoanMe asks applicants if they are homeowners, owning a home is not required to be approved for a loan.

LoanMe personal loans are unsecured, so borrowers do not have to put up collateral to secure a loan.

LoanMe personal loans can be used to cover various expenses, including car repairs, rent and debt consolidation.

Funds can be deposited into your checking account the same day as approval in as little as three hours; however, not all borrowers will receive their loan funds the same day.

Borrowers who pay off their LoanMe personal loans early are not penalized with any prepayment fees.

Alternative personal loan options

Upgrade

Upgrade
APR

7.99%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.90% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More


Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade is an online lender that offers personal loans for up to $35,000 with a far lower APR range of 7.99% to 35.97%. The lender does not charge prepayment penalties. If you want the lowest APR, you will have to sign up for autopay. If you do, Upgrade will automatically withdraw your monthly payment from your bank account. Upgrade can send funds to your bank account via an ACH deposit within one business day.

You can repay your Upgrade personal loan in terms that range from 36 or 60 months. The loans do come with an origination fee of 2.90% - 8.00% of the loan amount and you’ll pay a late fee of up to $10 if you fail to make your full payment within 15 calendar days of your due date.

Avant

APR

9.95%
To
35.99%*

Credit Req.

600

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

Avant offers personal loans from $2,000 to $35,000. You can apply online and sign your contract online, too. If you are approved, Avant can deposit your funds into your bank account on the next business day. Avant APRs range from 9.95% to 35.99% and loan terms range from 24 to 60 months. Avant does charge an origination fee, which ranges up to 4.75%.

Marcus by Goldman Sachs®

Marcus by Goldman Sachs®
APR

6.99%
To
19.99%

Credit Req.

Not specified

Terms

36 to 72

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More


Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Marcus by Goldman Sachs® is a good alternative if you need a personal loan because the company does not charge fees for its personal loans. Its APRs are reasonable, too, ranging from 6.99% to 19.99%. The fine print, however, it spells out that only the most creditworthy borrowers qualify for the lowest rates — and that rates will usually be higher with longer-term loans. Loan terms range from 36 to 72 months and you can borrow up to $40,000.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score

Advertiser Disclosure

Mortgage

How to Host a Successful Garage Sale

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

Written By

iStock

Whether you’re prepping for a move or finally cleaning out the basement, decluttering your home can bring you peace of mind — and extra cash. Hosting a garage sale is a great way to get rid of old or unused items. Here are a few tips to help you make your sale as profitable as possible.

When is the right time for a garage sale?

Garage sales go by many names — yard sale, moving sale, tag sale, estate sale or rummage sale — but some portion of the event will likely take place outside. If you’re hosting your sale to get rid of stuff before a move, you’ll likely be stuck to a certain date, but if you have some flexibility, consider mild seasons like spring or fall. No one likes rummaging through old items in the blazing August sun, even for good deals.

How to prepare for a yard sale

While the concept of a garage sale is fairly simple, it’s easy to mess up. Many people who host a sale see little success — often because they failed to prepare. Sure, you can just set your unwanted items out on the lawn and have passersby stop and quickly sift through everything. But when you put in a little work ahead of time, the success of your sale is much greater.

“The more preparation that you can do, the more you’ll probably make,” said Ava Seavey, New York-based garage sale expert and author of Ava’s Guide to Garage Sale Gold.

Schedule wisely. First, you’ll want to pick a day for your sale, ideally a Friday or Saturday.  Then you’ll want to take the time to sort through your belongings and carefully select the items you want to sell, choosing items that people will actually find appealing and will want to buy.

Be strategic about prices. Seavey advised that costume jewelry, furniture and collectibles have the potential to make sellers the most money. However, how you price the items is key to ensuring you will earn what these items are worth.

“A good percentage of people who go to garage sales will pay what you have written down,” Seavey said. While some people will negotiate, if your stuff is priced correctly, people will pay it, she said.

Get the word out. You will also want to focus on advertising your sale in your local newspaper and online using garage sale-specific websites and social media channels. Go ahead and describe the types of items you’ll have for sale to attract the right customers.

Be prepared. You’ll want to make sure you have all the supplies you need, including:

  1. Tables
  2. Tablecloths
  3. Pricing labels
  4. Money apron (to hold cash)
  5. Bags
  6. Paper/newspaper (to wrap fragile items)
  7. Signs (to advertise the sale throughout the neighborhood)
  8. Notebook/ledger (to keep track of items sold and money collected)

This may seem like a lot to do in order to sell a few necklaces, purses or electronics. But this preparation can make your sale more appealing and profitable. If having your own sale sounds too time consuming to prepare, you and a friend, family member or neighbor could have the sale together.

What to expect during your garage sale

On the day of the garage sale, you’ll get a variety of customers depending on what you have available for purchase. If you have advertised correctly and have the right things for sale, you could draw in a large crowd.

“I would have plenty of things for everyone. Those are the best sales, when you have a variety,” Seavey said.

Try to keep the sale going from the morning to the late afternoon. Having a sale that lasts a few hours may hinder your ability to make money because you are limiting how many people will be able to come. If your sale starts in the morning and goes until later in afternoon, you can maximize the profits from the sale because those who could not make it during the morning hours can shop in the afternoon before the sale ends.

“There is no magic time to end, but you will do most of your selling in the morning,” Seavey said. “I like to go as long as I can.”

With the money you make from your sale, you can add to or start an emergency fund, pay past-due bills, or even purchase updated items for your new home if you are moving.

What to do after the yard sale

A successful yard sale will leave a lot of money in your pocket and very few unsold items on your lawn. Consider storing your newly acquired cash in an online savings account that earns you interest. If you’re stuck with leftover items, you can always hold another sale, or you can donate them to a charity, church or secondhand store. You won’t make any money when you go this route, but there are benefits to donating.

“You have unloaded everything, you’ve made some money and you have a tax write-off,” Seavey said. “It’s a win-win-win for everybody.”

A garage sale can be the answer when you want to rid yourself of unwanted items — and even make a little money in the process.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

By clicking “See Rates”, you will be directed to LendingTree. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Advertiser Disclosure

Personal Loans

The Difference Between Pawnshop Loans and Personal Loans

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

Written By

pawnshop loan vs. personal loan
iStock

Managing rent, insurance and other monthly expenses can be overwhelming, especially when money is tight and you’re waiting on your next paycheck. Add an emergency into the mix and you may be looking for some financial help.

But you’ll want to be cautious about where you go for assistance. You may be weighing between a pawnshop loan and a personal loan, but these two products have some key differences. Here’s what to consider.

How do pawnshop loans work?

Securing a pawnshop loan is a different process from applying for a loan at a bank.

If you want a pawnshop loan, you have to bring in an item to use as collateral. The pawnshop will evaluate and appraise the item to determine the loan amount for which you qualify. Pawnbrokers will also consider their ability to sell the item.

The average pawnshop loan is $150, according to the National Pawnbrokers Association. But the value of your collateral and your state will determine the maximum amount of money you can borrow. You can expect a pawnshop loan to be for up to half the value of your collateral.

Once you’re approved for a pawnshop loan, you’ll receive a pawn ticket that will outline your loan terms and amount, as well as other information. When your loan term is up, you’ll have to repay the borrowed amount to reclaim your collateral. If you fail to repay your loan, your collateral will be seized and sold.

Pawn Shops Today reported that customers recover more than 80% of collateral that is used to secure a pawnshop loan.

When it comes to interest and fees, pawnbrokers are a far pricier option compared to personal loans. According to the National Consumer Law Center, between interest and fees, you could be paying upward of 200% APR. But pawnshops are regulated by the state in which they are located, so the interest rates and fees will vary.

For example, in Wisconsin, pawnbrokers are not allowed to lend more than $150 to a customer, and the interest rate cannot be more than 3 percent per month. In Texas, pawnbrokers can lend up to $2,500. While you won’t pay interest, you may have to pay a pawn service fee up to $300.

Risks of pawnshop loans

  • Loss of collateral: A loan that requires collateral is always a risk. If you don’t repay your loan, you could lose your collateral. With a pawnshop loan, however, your risk is greater since you can only get a loan for up to half the value of your collateral.
  • Unreasonably short terms: A pawn loan typically is between 30 to 90 days. That could make it difficult to pay back your loan.

Benefits of pawnshop loans

  • No credit check: Most lenders run credit checks on their applicants. Besides a review of the applicant’s employment and income information, a credit check is used to help a lender determine the likelihood of the applicant being able to repay the loan. Since you’ll put down collateral, a pawnshop loan won’t require you to have good credit to qualify.
  • No impact on credit score: With a personal loan, your lender will report your payments to the major credit bureaus. If you struggle to make on-time payments, your credit score could take a hit over time. Pawnbrokers do not report any information on loans or payments to the credit bureaus, so a pawnshop loan will not affect your credit.

Pawnshop loans vs. personal loans

As a rule of thumb, you should avoid pawnshop loans. Their high rates and fees mean you pay a high cost for a small amount of money. Although personal loans are harder to qualify for, they’re a safer loan product. Here’s more information on the two.

Pawnshop loans

  • Loan amounts: Pawnshops are not the place to go if you need a significant amount of money since pawnbrokers can only offer small loans.
  • Collateral: You’ll need collateral to secure a pawnshop loan. The amount of the loan is based on a percentage of the value of the item.
  • Repayment: Repayment of a pawnshop loan is not required, although it’s highly recommended. If you don’t repay the debt, the pawnbroker could seize the collateral.
  • Terms: Pawnshop loans tend to have short terms, typically between 30 and 90 days.

Personal loans

  • Application: To secure a personal loan, you’ll work with a bank, credit union or online lender. An application must be filled out online, in person or over the phone. You’ll submit to a credit check and provide some income and employment information.
  • Credit check: A traditional lender will assess your creditworthiness and have a minimum credit score it’ll approve. But you may be able to find personal loans for bad credit.
  • Loan amounts: Personal loan applications have access to various loan amounts.
  • Collateral: Collateral is not a requirement for all personal loan lenders, but it is not unusual for lenders to request it.

Alternatives to pawning

A pawnshop loan may be easy to qualify for, but it comes with a lot of risks. Between high rates and fees and the potential to lose your collateral, a pawnshop loan can leave you in worse shape than you started.

Consider these alternatives:

  • Auto title loans: An auto title loan is secured by the value of your car. Similar to a pawnshop loan, an auto title loan typically does not require a credit check and the amount is based on the value of the collateral. But you get to continue using your car during repayment.
  • Payday loans: A payday loan is a short-term loan or cash advance that requires you to write a check to the lender or agree to an electronic payment that will be used to repay the loan once the term has expired, which is typically on your next payday. Payday loans have high rates, though, and lead you into a debt trap.
  • Personal line of credit:A personal line of credit is an unsecured loan available through banks and credit unions. It is similar to a credit card since you’re provided with a credit limit and are required to make monthly payments with interest (if there is an outstanding balance). You may only be able to access a personal line of credit through your bank.

Don’t panic if you run into financial trouble. You have various options for managing your money. But be wary of pawnshop loans. They can leave you in a worse financial position if you’re unable to repay them.

Consider your alternatives. A personal loan may be a safer choice. And if you have friends or family who could help, don’t shy away from reaching out to them.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000

$

Won’t impact your credit score