LoanMe Logo

Loan Amounts


$3,500 - $250,000

Loan Term


2 - 10 years

APR Range


14.9% - 149%

Min. Credit Score



Editorial Rating

LoanMe Logo

Editorial Rating

LoanMe Review

Advertiser disclosure This page may contain links to our partners’ products and services, which allows us to keep our website sustainable. This means that may receive a compensation when you sign up and / or purchase a product or a service using our links. However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners.

Loan Amounts


$3,500 - $250,000

Loan Term


2 - 10 years

APR Range


14.9% - 149%

Min. Credit Score





5% to 40% with a minimum of $500

Funding Time


2-4 hours

Founded in



BBB Rating



Min. Revenue


Not specified



29 states + DC

LoanMe Logo

Editorial Rating

Alternative funding companies like LoanMe have really changed the game for small business owners and borrowers in the United States who happen to be looking for personal loan services.

Since such lending options are still a bit of a novelty, LoanMe reviews like ours are here to answer any lingering questions you might have about the LoanMe business loan and personal loan offerings.

What Is LoanMe?

LoanMe is a California-based online small business lending company that offers unsecured business and personal loans to borrowers. LoanMe helps applicants borrow money in a fast, secure, and trusted way.

Founded in 2014, LoanMe specializes in quick loans for people who can’t get access to traditional, or government funding and are looking to borrow money online instantly. With minimal documentation required and conditional loan approval in as little as five minutes, LoanMe offers a handy lending option for faster growth.

How Does LoanMe Work?

LoanMe offers two types of loans: personal and business loans. Personal loans have a  minimum loan amount of $600 and a maximum loan amount of $100,000 while their business loans have a minimum loan amount of $3,500 and a maximum amount of $250,000.

You can apply to borrow money online 24/7 and the application takes less than five minutes to complete. LoanMe uses the information you provide to evaluate your financial state, past, and present, to determine your loan eligibility before sending you the loan amounts and rates you qualify for.

The better your credit and financial standing are, the better the terms, amount, and interest rates you’re going to get. During the approval process, LoanMe will check your creditworthiness to make sure you meet their standards and if you do, the loan is paid out within a few hours of your application.

If you feel like the online application process is too daunting then you can call and speak to a LoanMe specialist.

Who Is LoanMe Best For?

LoanMe doesn’t have any restrictions on what borrowers can use cash for so their business loans are great for small business owners that need ready access to working capital. The money can be used as a startup business loan,  emergency funding, or if your business just needs a steady stream of income.

LoanMe’s products are tailor-made for one-time purchases like equipment financing, business supplies, or for businesses that just need cash on hand. Borrowing money with LoanMe is normally used for credible loan consolidation and unexpected expenses like medical bills, home and auto repairs, and special occasions like weddings.

As outlined on their website, a LoanMe personal loan is best for unforeseen and unexpected expenses like home and auto repairs, medical bills, rent payments, or even big occasions like weddings and funerals.

Getting Started with LoanMe

Now that we’ve figured out what LoanMe is and who it’s best for, now it’s time to start your application. The first step is to fill out a free application on the LoanMe website, there’s a prequalification process that will require:

  • First name
  • Last name
  • Date of birth
  • Phone number
  • Email address
  • Monthly income from employment
  • Home address and apartment
  • Zip code, city, and state

Once you’ve provided your information, LoanMe will run a soft credit check that will not affect your personal credit score. You will then be sent loan options based on your financial and credit standing.

Note that prequalifying isn’t a guarantee that your loan will be approved, approved loans are based on state-by-state lending laws LoanMe’s underwriting guidelines. The terms and rates you’re offered in pre-qualification may differ from the actual loan offer.

If you’re applying for business funding, LoanMe may require additional information like:

  • Business name
  • Business start date
  • Where your business is based
  • Monthly gross revenue

After LoanMe determines that you meet their criteria and all your documentation is in order, you will be sent a formal LoanMe offer. Final approval on the loan agreement must be given, and the offer signed, by 17:00 EST for same-day funding.

Terms & Requirements

LoanMe loans are, largely, installment loans, meaning you repay the loan with monthly payments. Borrowers, however, have the option of paying off the loan early, which LoanMe encourages.

LoanMe offers a simple application with minimal loan requirements. If you’re applying for a business loan, then you must meet these business loan requirements:

  • Based in the US and in one of the 30 states that LoanMe operates in
  • Have a minimum credit score of 500
  • Be for-profit
  • Have been in business for at least three months
  • Have a business checking account with online banking
  • Be able to prove sales and income.

During the application process, LoanMe may also require the following documentation for business loans:

  • A void check
  • Physical or electronic bank statements
  • Copies of your ID statements of a business and personal income.

To get a personal loan, applicants must meet these qualifications to apply:

  • Must be 18 years or older
  • Have an active checking account
  • A personal credit rating of between 300-700
  • Live in one of the states where LoanMe operates

LoanMe may also require these additional documents

  • Recent pay stubs
  • Proof of income
  • Driver’s license
  • Proof of identity.

Additionally, all of LoanMe’s loans are unsecured, meaning you won’t have to put up any collateral. They, however, require a personal guarantee that you will pay back the loan. A personal guarantee means that the implications of non-payment will fall on you or whoever signs the LoanMe agreement.

User Reviews

LoanMe reviews on Trustpilot are quite favorable, with the platform having a 4.6 out of 5 stars based on more than 1,500 reviews. 79% of those loan me reviews are “excellent” with particular praise for LoanMe’s ‘Customer Success Agents’ who are said to go above and beyond in the name of exceptional customer service. However, 5% of those loan me reviews were “bad”, citing LoanMe’s high interests and high monthly repayments and several users complained about their lending experience and about LoanMe’s questionable collection practices.

LoanMe also has a 4.5 out of five overall satisfaction rating based on over 520 ratings submitted in the last year on Consumer Affairs. The five-star reviews all praised how quick, easy, and efficient the loan application process was while all the one-star reviews, once again, are about the high-interest rates and repayments.

LoanMe has an A- rating with the Better Business Bureau (BBB). There have been 98 complaints lodged against LoanMe in the last three years with 35 resolved within the last 12 months.


LoanMe has a plethora of features that one can enjoy.

Rates & Fees

LoanMe separates its offerings in a letter grade system, from most (A) to least (E) qualified. As the tiers go down, the loan amounts follow but the interest rates go up.

The LoanMe interest rate ranges from 14.90% to 149%. LoanMe requires an origination fee on every loan which imposes extra costs on the borrower.

The rates and fees on a LoanMe small business loan are more or less the same. For working capital loans, the fee is anywhere between 5% and 10% and is paid in addition to the interest rate of 24-149%. There are fixed payback loans that work a little differently, instead of charging interest, they charge a steep fee upfront. This can be as much as 30% of your loan amount, depending on your business’s qualifications.

Privacy & Security

It should be noted that, much like other websites, LoanMe collects user information and that info will be available to their employees, affiliates, and entities providing services in connection with your loan. LoanMe may also share this information with government agencies to fulfill legal and regulatory requirements.

LoanMe, currently, does not have any information on its website about the security measures they have in place to protect customer’s personal information. They do, however, have a line in their privacy policy that ensures that any personal information shared with them will be saved, if at all, on a secure website and/or server.

There’s no word on whether they use Secure Socket Layer (SSL) but it must be presumed that they do to keep connections secure and to also transmit documents safely over the internet.

Customer Support

Customers can contact LoanMe by telephone seven days a week  from 8 am to 6 pm. Users can also email LoanMe  if they have questions or general inquiries, or text an agent  Monday to Friday from 08:00 am to 07:00 pm.

If customers would like to file a complaint or report a problem, they can do so by contacting the Complaints Department by phone by emailing the complaint. Customers can also get in touch with LoanMe via fax.

Alternatives to LoanMe

How does LoanMe compare to other alternative lenders on the market? Let’s find out.

LoanMe vs Kabbage

The main difference between LoanMe and Kabbage is that Kabbage does not have an origination fee.

LoanMe has a fee of up to 30% on all their loans while the only fee Kabbage has is a monthly fee on the loan repayments and late payment fees of between 1.25% and 10%.

The other big difference is that LoanMe has loan terms that typically go between 36 and 84 months while Kabbage has a 6-, 12- and 18-month repayment term.

Lastly, Kabbage provides Paycheck Protection Program loans and has restrictions on certain types of business while LoanMe does not, however they do provide loans to any kind of business as long as they’re for profit.

LoanMe vs FundBox

The biggest difference between LoanMe and FundBox is that the latter only provides business lines of credit of up to $150,000 while you can get up to $250,000 with LoanMe. Much like Kabbage, FundBox also provides loans with the Paycheck Protection Program.

FundBox has a number of additional benefits such as the fact that FundBox operates in the 50 US states and six territories while LoanMe only operates in 30 US states.

Another added benefit with FundBox is that if you repay early, then the remaining fees are waived.

LoanMe vs OnDeck

The biggest difference we noticed between LoanMe and OnDeck is that OnDeck offers both lines of credit and term loans. The maximum loan amount offered by OnDeck line of credit is $100,000, with 12-month repayment term. Should you decide to apply for a term loan,  you can request up to $250,000, which you’re bound to repay in up to 18 months.

OnDeck also has some enticing loan renewal policies, once your current loan is 50% paid off then you have the option to renew it. If you qualify then you will not be charged any interest on your remaining loan.

Final Verdict

LoanMe tries its best to provide convenient loan requests and give out funding as easily and as quickly as possible, but all that convenience comes at a high price.

LoanMe rates and fees are pretty high so only businesses and individuals with a high credit score and excellent credit score will be able to deal with these steep prices.

If you feel it necessary to take up a loan with LoanMe then you should go in fully aware of their high-interest rates and APRs, that’s why LoanMe reviews like ours are here to provide you with as much information as we can.

The LoanMe loan calculator can help you evaluate the risk of lending money and figure how much you’d be paying, including how much is going to interest and how much you can save by paying off your loan early.


  • Rated A- with BBB
  • Borrowers with poor credit are welcome
  • Quick loan approval process
  • No pre-payment penalties
  • Dedicated customer service agents


  • Potentially high interest rates
  • High APRs
  • There’s an origination fee on all loans
  • Questionable recollection tactics.
LoanMe Logo

Editorial Rating


Is LoanMe legit?

If you want to ask is LoanMe a scam, the answer is no. The company is accredited by both the Better Business Bureau and Consumer Affairs.

Is LoanMe a good lender?

LoanMe provides quick and convenient financing options but its long-term contracts and high-interest rates might be a risk for some borrowers. Yet, numerous positive reviews of LoanMe confirm that the company is an acceptable lender, provided that you can cover somewhat high costs.

How much can LoanMe lend?

LoanMe offers both personal and business loans, personal loans start at $600 and are capped at $100,000. Business loans, on the other hand, start $3,500 and are capped at $250,000.

Is it hard to get a loan from LoanMe?

LoanMe has a quick and easy prequalification process and with their lenient criteria, you could get your loan approved and paid out in 3-4 hours.

How does a LoanMe loan work?

LoanMe uses the information you provide them with the application to evaluate the state of your credit and finances to determine the terms and rates you qualify for. Once you’ve met their loan requirements, they will then send you an offer that, if accepted, will be paid into your business account within a matter of hours.

What types of loans does the lender offer?

LoanMe offers both personal and business loans.

What is the interest rate on a LoanMe loan?

Interest on a LoanMe loan can be anywhere between 14.90% to 149%. That said, since LoanMe encourages early payment, you will have the option to bring down the cost.

Are LoanMe loans personally guaranteed?

All of LoanMe’s loans are unsecured, which means you don’t have to put up collateral, so LoanMe will require a personal guarantee.

Can I get a loan from LoanMe if I have a bad credit score?

The good news is yes, you can apply for an unsecured personal loan from LoanMe even if you have bad credit.

Does LoanMe check credit?

Prequalification will not affect your credit score but once you formally apply, LoanMe will do a hard credit check.

What documentation will I have to submit with my online loan application?

You may need to provide proof of a working checking account, personal income, and self-employment (if applicable).

Am I required to own a home to be approved for a LoanMe personal loan?

No, you do not. LoanMe loans do not require any collateral.

How to get a small business loan with bad credit?

There are a number of alternative lenders like BlueVine, for example, that offer business loans for bad credit because they focus less on credit and more on the strength of your business, revenue, potential, and other operational parameters. Check out their reviews on our website, and read other LoanMe reviews to decide which option would be the best way to borrow money in your particular case.