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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

LoanMe is an online company that was founded in 2014 in California, helping people borrow money for various needs. The platform issues quick personal loans, business loans, and installment loans with a minimum amount of documentation.

LoanMe issues loans for any loan amount of money and with a low credit score. The LoanMe method is completely suitable for you if you need a one-time personal loan or business loan. The platform allows you to borrow money safely and quickly and will give you certain benefits for your business funding.

The platform is user-friendly, which helps clients better understand it and get all the necessary information without additional consultations. But still, if you suddenly have any questions, feel free to contact the management or sign up for a free consultation. It would still be beneficial because specialists tried to explain all the data of the site in an accessible language for all users.

Pros and cons


  • A fast and simple process of receiving money. The application takes less than 5 minutes. The company usually approves the loan application within 4 hours and pays it within two business days from the date of approval. The same point can include the possibility of obtaining a loan with a low credit score.
  • 24/7 contact with specialists. Clients receive consultations with management by phone every day (during work hours, from 8 to 6). You can ask a question by email on all days of the week except weekends.
  • Easy-to-use mobile app and software. The mobile application and website contain the necessary data created for the successful receipt of business and personal loans. The experience is client-oriented because the developers have activated the design and the provision is very convenient.
  • No penalties or commissions. On the platform, you can easily pay for a personal loan or business loan without waiting for the deadline at any time - for this. You will not receive fines and violations.
  • Pre-qualification without risk. At any moment, you have the right to try to apply, avoiding damage to your loan rating.
  • Provision of installments loans.


  • The interest rates paid on loans are quite huge. The biggest disadvantage when interacting with LoanMe is a huge amount of interest, because of which you will spend a lot of money. Undoubtedly, the company provides good service and many other wonderful services. But in return for using them, you will have to pay huge, sometimes sky-high, interest rates.
  • The company only works in some places. The platform issues loans in 30 states and for personal loans only in 9 states.
  • Additional expenses-commissions. Commission costs require additional, sometimes significant costs.

Terms and conditions

  • You can get with a low credit score a personal loan in the loan amount of $600 to $100,000.
  • To get a business loan, the minimum loan amount is $3,500, and the maximum loan amount is $250,000.
  • There also are temporary loans before the salary - they take a large commission instead of high interest.
  • Loans for working capital are the most relevant. They are available in all states where LoanMe operates and uses monthly payments. These loan amounts from $3,500 to $100,000 come with APRs of 39% to 159% per annum, with an initial commission of 5%-10% for two to five years, depending on your capabilities.
  • Urgent loans are necessary for those situations when there is a sudden need for money.
  • Cash loans have a minimum loan amount of $4,500 and a maximum loan amount of $50,000. They require a commission of 20%-40% per annum and are for six months or an entire year. Works in all operational divisions of the company except New York.
  • And finally, the most difficult-to-access California loans for A-level entrepreneurs are issued from $50,000 to $2,500,000 of loan amounts for about a dozen years. For this offer, it is often necessary to familiarize yourself with this type of loan in more detail and get a full consultation from a specialist.

There are several other credits and financial services on the company's website. Therefore, you will definitely find something that suits your personal requests. The main thing is to carefully look at the requirements for each of the loans and, when choosing, check your compliance with these conditions.

If you meet these requirements, you have a great chance of being approved for a LoanMe personal loan:

  1. Be of legal age.
  2. Have a credit score from 300 to 700.
  3. Have an active bank account.
  4. Live in the state of service.

You may also, for a personal loan, need additional data:

  1. The latest incoming calculations salary.
  2. License.
  3. Identification.

Application for a business loan requires:

  1. A credit score of 500 or higher.
  2. A business created for at least three months.
  3. A valid bank account.

Funding a loan

It will take only 1-2 days to get a loan. During this period of time, the company will review your application and make a final decision, which will result in either approval or rejection of the offer. If the application is approved, the company will send all the conditions for the payment of the loan and other information that is necessary for the client. If both sides agree with them, the money will be transferred to your specified bank account within 1-2 hours.


Does LoanMe contact credit bureaus?

Yes. LoanMe reports all your payments and interactions with the platform to the credit bureau. If you repay the loan on time, you have a great opportunity to improve your credit score. The main thing, in this case, is not to extend the loan term.

Is LoanMe a broker?

Yes, LoanMe is a proven, reliable financial broker and lender. And this status is approved by the BBB.

How do I repay my LoanMe loan?

The loan is repaid regularly in monthly payments with a fixed fee. In fact, everything is simple, and experts will calculate the amount that you agree to pay every month. You need to pay this amount without delay. As mentioned earlier, you may repay the loan early, and for this, you will not need to pay fines and additional interest.

How do I apply for a loan?

In order to apply, you need to go to the official LoanMe website of the platform and choose the right service that will suit all your requirements for getting a personal loan and business loan. After that, you will fill out a small questionnaire with personal data and additional information with preferences about the loan. When you submit your application, if everything is done correctly, in a couple of hours, you will receive a notification with a step-by-step plan for further actions.

Are LoanMe and CashCall the same company?

Previously, these companies were interconnected and could even be considered the same platform. But now they have nothing in common, as they are two different companies.

Company documents

Licensing and Disclosures
Privacy Policy
Terms of Use

Calculate loan payments at LoanMe

LoanMe calculator will allow you to calculate an approximate payment schedule for the loan

LoanMe calculator
Interest rates are given in accordance with the rates of the LoanMe in Washington, D.C. as of 01.10.2022
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What to focus on before applying for a loan with LoanMe

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between LoanMe and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All LoanMe’s reviews by October 2022
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