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|Loan amounts from $2,600 to $100,000||Can have high APRs if you don’t qualify for a “prime loan”|
|Potentially fast funding||Origination fee in most states where LoanMe operates|
|No prepayment penalty||Available in only nine states|
What you need to know about a LoanMe personal loan
LoanMe is a lender based in Anaheim, California. It offers personal loans and small business loans. The company says most people use its personal loans for debt consolidation or one-time purchases. Loan amounts range from $2,600 to $100,000, with loan terms that typically range from 36 months to 84 months. LoanMe’s “Homeowner” loans, which people with FICO® scores of 760 or higher may qualify for, have 15-year terms.
High interest rates
LoanMe offers personal loans in two categories: “Prime Loans” and “Less-Than-Prime Loans.” To qualify for LoanMe’s Prime Loans, you’ll need a FICO credit score of 760 or above. But if your credit is that good, you can likely find a better interest rate somewhere else.
People who don’t qualify for LoanMe’s Prime Loans may pay interest rates in the triple digits. That’s dangerously expensive — and, again, you may be able find better rates elsewhere.
In addition to potentially high interest rates, LoanMe charges origination fees on its loans, except in South Carolina. Origination fees will be a flat rate between $75 and $500, or a percentage between 17% and 20%, depending on your loan and where you live.
Potentially fast funding if approved
LoanMe advertises fast funding, saying it can deposit money into your bank account the same business day — sometimes in as little as three to four hours. But your loan will have to be approved by 1 p.m. Pacific time and additional documents may be required, which could delay funding.
High loan amounts available for “Homeowner” loans
LoanMe offers personal loans in amounts that range from $2,600 to $100,000. But not everybody qualifies to borrow $100,000. People with FICO scores of less than 760 are limited to a maximum amount of $10,000 or $10,600, depending on the state. Larger loan amounts are limited to “Prime Loans,” which LoanMe calls Homeowner loans.
A closer look at a LoanMe personal loan
If you’re thinking about applying for a personal loan from LoanMe, here are a few more details to consider.
- No prepayment penalty: If you want to pay off your loan early, you won’t have to pay a prepayment penalty on your LoanMe personal loan.
- Available in only nine states: LoanMe personal loans are only available in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina and Utah.
- Return policy in California: If you live in California and borrow at least $2,600, you have seven days to change your mind and return the loan without incurring any interest or fees. But this is only an option given once for each borrower.
- Prequalification available: If you want to check your potential rate and terms, you can check if you prequalify for a LoanMe personal loan without affecting your credit scores. Note that prequalification isn’t a guarantee you’ll be approved for a loan, and the terms you’re offered with prequalification may differ from what you see if you get an official offer.
Who is a LoanMe personal loan good for?
Because of high interest rates, a LoanMe personal loan is probably only a good idea if you have bad credit and need to cover a short-term expense that you plan to pay back quickly.
Research alternatives before applying for a personal loan from LoanMe since your total payments over time can be dangerously expensive. The National Consumer Law Center says a 25% APR is on “the high end of what is reasonable for larger, longer-term loans such as a $10,000 five-year loan.”
If you want to consolidate credit card debt, it may also make sense to explore a balance transfer credit card.
If you have solid credit, you can probably get a better rate elsewhere.
How to apply with LoanMe
To apply with LoanMe, you’ll need to be 18 or older, have a checking account and online banking, and live in one of the states where LoanMe operates.
You can get started online by providing some basic personal information about yourself. Be prepared to provide the following information on your online loan application:
- Full name and address
- Phone number
- Date of birth
- Email address
- Gross monthly income (what you make before taxes)
- Homeownership status
- Whether you are in a debt-settlement program
You may be asked to provide documentation that supports the information you provide in your application.
Not sure if LoanMe is right for you? Consider these alternatives.
- Avant personal loan: You may want to consider an Avant personal loan if you don’t have great credit and want a shorter loan term.
- Prosper personal loan: If you want a smaller loan amount, a Prosper personal loan may be a good option to check out.