You’ve researched personal and business loan options and narrowed down your list. LoanMe is one of the top options, but you’re wondering if it’s a legitimate company to do business with.
The online lender is reputable and licensed to do business in several states around the nation. However, deciding if it’s most ideal for you is a matter of personal preference.
What is LoanMe?
LoanMe is an online lender that extends personal and business installment loans to underserved individuals and businesses. To date, LoanMe has funded $3.5 billion in loans and continues to expand.
Personal Loan Lenders
Is LoanMe a Legitimate Company?
Yes! LoanMe is accredited by Consumer Affairs and the Better Business Bureau (BBB) with an A+ rating. You’ll also find more than 1,000 exceptional reviews about the online lender on Trustpilot.
Is LoanMe a Direct Lender?
Yes! LoanMe offers direct funding of consumer and business loans in varying states and they continue to add additional funding solutions to better support underserved consumers and companies.
What Loans Does LoanMe Offer?
LoanMe Business Loans
LoanMe offers business loans between $3,500 and $250,000 with terms up to 10 years to help business owners fund their start-ups and expand operations. Many business owners use the funds to cover inventory and equipment costs, payroll and funding gaps.
To qualify, you should meet these criteria:
- Be at least 21 years of age
- Have a valid business checking account that’s been open for 90 days or more
- Own 25 percent of the business
When you’re ready to apply, LoanMe will need a copy of your driver’s license, state-issued identification card or passport, a voided check from your business account and your company’s Employer Identification Number (EIN).
You can apply and receive loan offers in minutes. Some borrowers receive funding in as little as two hours.
LoanMe Personal Loans
LoanMe personal loans cater to consumers who need help resolving a financial emergency. They’re also ideal if you want to make a big-ticket purchase, fund a special occasion, pay hefty medical bills or consolidate debt.
You could qualify for an installment loan between $600 and $30,000 if:
- You’re 18 years of age or older
- You have an active checking account with online banking capabilities
- You can provide a photocopy of your driver’s license, state-issued identification card or passport, a voided check and a recent pay stub (if you’re self-employed, you’ll need to provide proof of your earnings)
Some personal loans are funded in just four hours. Otherwise, you could get the funds in your account as soon as the next day.
LoanMe Prime Loans
LoanMe also offers Prime Loans from $3,100 to $10,000 to borrowers who meet these criteria:
- You’re at least 18 years of age
- You have an active checking account and steady source of income (from an employer or self-employment)
These loan products’ interest and repayment periods are capped at 35.97 percent and 60 months, respectively.
Personal Loan Lenders
The Pros and Cons of Using LoanMe
Keep these factors in mind when deciding if a loan from LoanMe is a good fit.
The Benefits of Taking Out a Loan With LoanMe
1. Favorable Loan Amounts and Terms
You could get a loan with favorable terms that fits your needs and budget. Plus, you’re free to use the loan proceeds however you want, whether it’s to consolidate debt, make a big-ticket purchase, pay for a costly repair or something else.
2. No Prepayment Fees
If you can repay the loan early, LoanMe won’t charge you a fee. In fact, you’re encouraged to do so to save on interest.
3. Lower Credit Score Requirements
Worried you’ll get denied because of your credit score? Don’t be. LoanMe specializes in helping consumers with less than perfect credit.
4. Pre-Qualification With No Credit Score Impact
View potential loan offers with no impact on your credit score as LoanMe will only perform a soft credit check. Based on the initial quote, you can determine if you want to move forward with a formal application.
5. Easy Application Process Online
LoanMe’s streamlined application process only takes five minutes of your time. Plus, you’ll get a decision right away, even if you apply outside of regular business hours.
6. Fast Approval and Funding (24/7)
Another perk of LoanMe is its quick approval and funding options. In fact, some loans are funded in as little as two hours.
The Disadvantages of Taking a Loan With LoanMe
1. Loan Availability
Business loans are only available in Alabama, Arizona, California, the District of Columbia (Washington, D.C.), Delaware, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Missouri, Mississippi, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, South Carolina, Utah, Virginia, Washington, Wisconsin or Wyoming.
If you’re considering a Prime Loan, it’s only an option for residents of Alabama, Arizona, California, Delaware, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Texas, Utah and Wisconsin.
2. Additional Fees
You could pay an origination fee on loan products offered by LoanMe.
3. Higher Interest Rates
LoanMe caters to underserved individuals and businesses. So, you can expect higher interest rates on their loan products to minimize risks posed to the lender.
If you pre-qualify for a personal or business loan and dislike the terms you’re quoted, consider applying for a LoanMe Prime product to possibly access a lower interest rate.
How to Get Pre-Qualified for a Loan with LoanMe
Before you can pre-qualify for a loan with LoanMe, you’ll need to provide the following information via the online form:
- Your name, home address, and phone number
- Your date of birth
- Your monthly income
- Your consent for LoanMe to review your credit profile (soft credit check)