LoanMe Personal Loan Review

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Updated on Thursday, July 11, 2019

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. 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.

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. 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.

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.

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