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Updated on Thursday, July 11, 2019
36 to 180
Up to 17%
on LendingTree’s secure website
Fees and penalties
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.
- 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.
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 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
Minimum Credit Score
36 or 60
2.90% - 8.00%
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. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. 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.
Minimum Credit Score
24 to 60**
Up to 4.75%**
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 $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% 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®
36 to 72
No origination fee
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. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. 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.