Updated for April, 2026
What is LoanMe?
LoanMe (LoanMe.com) is an online lender that offers personal loans and business loans for applicants with below-average credit. They specialize in unsecured loans, meaning borrowers do not have to risk putting up collateral to get cash. They also offer fast funding, meaning you can get cash on the same day you apply. Does this sound too good to be true? We break down the main pros and cons in this article.
Is LoanMe legit?
Yes. LoanMe is a legitimate online lending service that was founded in 2019 and is based out of Anaheim, CA.
Is LoanMe Safe?
They are accredited by the Better Business Bureau and currently have an A- rating. They are also an authorized partner on Consumer Affairs and currently receive a 4.4/5 star rating.
Where does LoanMe Operate?
LoanMe personal loans are currently available in 21 states: CA, SC, TX, AZ, DE, FL, ID, IN, KY, MI, MN, MO, MS, MT, NE, NM, OH, OK, TN, UT and VA.
LoanMe Eligibility Criteria
After digging into their website, we found they offer two kinds of loans. Personal and Business. Personal loans can be for any type of personal expense. On the other hand, business loans tend to be used for specific business-related expenses. These can include inventory, payroll, equipment, invoices, or expansion costs. Below are LoanMe’s eligibility requirements for each type of loan.
Personal Loans
- Ranging from $600 – $30,000
- 18+ years of age
- Checking account
- Recent paystub
- Voided check
Business Loans
- Ranging from $3,500 to $250,000
- Must be 21+
- Needs to be a ‘for-profit’ business
- Will need business EIN
- Must have a business checking account
Application Process
In order to qualify for a loan, you’ll need to provide some basic information online. LoanMe requires you to fill out your address, name, and date of birth.
Once you have provided the appropriate information, LoanMe will run a soft credit check that will not affect your credit score. If you prequalify and submit your loan application, there will be a hard credit inquiry, which may temporarily affect your credit.
Strengths
Overall, LoanMe has an easy-to-navigate website as well as a fast and painless application process. They also offer a wide range of loan amounts so you’ll be able to borrow the exact amount you’ll need. Also, they do not charge any penalties for paying off your loan early (some lenders might!)
Pros:
- Wide loan range
- Simple application
- 24/7 approvals
- Finds in 3-4 hours
- No penalties for early pay
Weaknesses
Two of the major weaknesses with LoanMe are high fees and limited rate transparency. What we mean by this is that it’s difficult to gauge interest rates unless you go through the process and prequalify for a loan. Their APR also ranges all the way up to 98% or more, which means they charge very (emphasis on very) high interest. For comparison, the average credit card APR rate is around 17%. On top of that, they charge up to a 10% origination fee. This means if you take out a loan for $10,000, you’ll automatically pay $1,000 in fees right off the bat.
Cons:
- Not available in all states
- Not transparent about loan rates
- Origination and other fees
- High APR
- 10% origination fee
Is My Information Safe with LoanMe?
According to LoanMe’s privacy policy, they ensure your personal information will be saved on a secure server. This is likely true. Nevertheless, like any website or lender, LoanMe collects personal user information that will be available to their employees and entities providing services in connection with your loan.
Who is LoanMe Best For?
If you have less than perfect credit, LoanMe may be worth considering. But all in all, LoanMe can be an expensive option. We recommend shopping around to compare APR and interest rates from other lenders. We found they charge extremely high fees compared to other lenders. Those with good or excellent credit will be able to find many other options that will allow them to save money.
