2020 LoanMe Personal Loans Review

0.5 / 5

  • Loans as high as $100,000
  • No prepayment fees
  • Get funded in 1 – 2 business days
  • Extremely high APRs: 9.90% – 184.36%
  • 17% – 33% origination fee
  • $15 late fee
  • Only available in 9 states

Quick Review: LoanMe personal loans are too expensive to consider getting. Even people with the best credit scores will only qualify for rates as low as 9.90% – far more expensive than where other lenders start. And anyone with a credit score under 760 will have to deal with an interest rate above 90%. Plus, whatever loan amount you choose will have a big origination fee (17% to 33%) deducted from it.

On top of that, LoanMe only lends to people in nine states: AZ, CA, DE, ID, KY, MO, NM, SC and UT.

Pretty much the only good features of LoanMe personal loans are their fast funding (the same day you apply in some cases) and the fact that you can borrow up to $100,000. But there are plenty of other personal loan providers with fast approval and funding on big loans that don’t come with outlandish interest rates and fees.

Below, you can see the full details of LoanMe personal loans and why they’re not worth getting. WalletHub also compares LoanMe to some better alternatives.

LoanMe Personal Loan Terms

APRs13% – 184%
Loan Amount$7,500 – $100,000
Loan Term36 or 60 months
Origination Fee17% – 33 %
Prepayment FeeN/A
Credit Score RequirementBad*
Minimum IncomeN/A
Loan PurposeDebt Consolidation, Home Improvement, Big Purchase
How long does it take to receive the funds?N/A
Other Requirements
  • 18+ years old
  • U.S. citizen, permanent resident or immigration visa holder
  • SSN or ITIN
  • Bank statement
  • Proof of income
  • Valid ID

*According to multiple third-party sources

*According to multiple third-party sources

2020’s Personal Loan Offers

LoanMe Personal Loan Rates & Fees

LoanMe personal loan interest rates are incredibly expensive. LoanMe has a number of different loan types listed on their website, which differ by state. A few, for borrowers with 760+ FICO scores, have APRs ranging from 9.90% to 13.33%. But for borrowers without that kind of stellar credit score, APRs range from a little under 100% all the way to over 184%. Many other personal loan providers have APRs as low as 6%, and most won’t charge higher than 36%. Even if you have bad credit, you have far better options elsewhere. LoanMe has fixed APRs, so your rate will not go up or down over time.

LoanMe personal loans have an origination fee. This fee can be either a flat dollar amount or a percentage of the loan amount, depending on the specific loan you apply for. These fees range from around 17% to 33% of the loan amount, and they’re deducted from the amount of money you receive at the beginning. So if you take out a $20,000 loan and it has a 20% origination fee, for example, you’ll only receive $16,000.

LoanMe does not have a prepayment penalty for paying a loan off early. If you are 15 days late on a payment, you will owe a $15 late fee.

Requirements & Application Info for LoanMe Personal Loans

LoanMe doesn’t disclose minimum credit score or income requirements. But representatives say that they do offer loans to people with bad credit. One thing that LoanMe specifies when it comes to credit scores is that only people with a 760+ FICO score will qualify for LoanMe’s less expensive loan rates (9.90% – 13.33%). Anyone else can expect APRs of 90%+.

LoanMe requires a few things to apply: a bank statement, proof of income and a valid ID. To submit an application, you must be at least 18 years old and a U.S. citizen, a permanent resident or in the U.S. on an immigration visa. You will also need to live in one of the nine states in which LoanMe operates: AZ, CA, DE, ID, KY, MO, NM, SC or UT. Lastly, you need to provide either a Social Security number or an Individual Taxpayer Identification Number.

You can pre-qualify for a LoanMe personal loan and see what rates you might get online. Pre-qualification will not affect your credit score. If you decide to actually apply for a loan, you can submit your application online or by calling LoanMe at 844-415-2775. Applying will likely cause a small drop in your credit score.

LoanMe Personal Loan Reviews & Transparency

LoanMe has a good BBB rating, and they haven’t had many complaints filed against them. But despite this, they’re still not worth doing business with.

  • Better Business Bureau: LoanMe has an A rating from the BBB and has been accredited since 2014.
  • Consumer Financial Protection Bureau: The CFPB complaints database has only logged one complaint about LoanMe, Inc. The complaint is under the category “struggling to pay your loan.” LoanMe did not provide a “timely” response to the complaint.
  • WalletHub: WalletHub’s editors give LoanMe personal loans a rating of 0.5/5. They are simply too expensive.

LoanMe Personal Loans vs. Popular Competitors


Wells Fargo

APR13% – 184%7.24% – 24.29%9.95% – 35.99%
Loan Amounts$7,500 – $100,000$3,000 – $100,000$2,000 – $100,000
Loan Term36 or 60 months12, 24, 36, 48 or 60 months24, 36, 48 or 60 months
Credit Score RequiredBadExcellentBad
WinnerWells Fargo


In order to rate LoanMe, WalletHub examined LoanMe personal loans based on 23 different factors. They fell into seven big categories, including such things as APR, fees, customer satisfaction and overall transparency. You can read about all of the individual factors below.

  • Loan amounts: We checked out what loan amounts LoanMe offers, plus how long their payoff periods are.
  • APR: We looked into LoanMe’s APRs. We considered the smallest and lowest rates and whether they change over time or not.
  • Fees: Our editors looked at what fees LoanMe charges on their personal loans.
  • Requirements: WalletHub looked at what LoanMe requires to apply for a loan. That includes credit score, income requirements, citizenship and SSN/ITIN.
  • Application process: WalletHub looked into the methods for applying, plus whether LoanMe offers loans to co-applicants. We checked for a pre-qualification tool and took a look at how long it takes to get a loan.
  • Customer satisfaction: We examined LoanMe’s BBB score, complaints in the Consumer Financial Protection Bureau database and reviews from WalletHub’s users
  • Transparency: Our editors looked at how plainly LoanMe displays their terms, and how clear they are about what it takes to qualify for a loan.

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