• MIN. TIME IN BUSINESS: At least 90 days
  • BORROWING: $3,500-$250,000

2022 LoanMe Reviews: Terms, Repayment, Pros & Cons

  • MIN. TIME IN BUSINESS: At least 90 days
  • BORROWING: $3,500-$250,000

Best For

‘For-Profit’ Businesses & Individuals in Need of Emergency Cash


  • 24/7 support
  • Fast funding
  • The process is quick and hassle-free
  • Website is available in English and Spanish
  • Easy-to-use mobile app and online software


  • No fee and pricing transparency on their website
  • Personal loans only available in 9 states
  • Don’t offer loans over $250,000

LoanMe is a front runner in the short-term business loans and personal loans industry. Accredited by BBB since August 2014, LoanMe consistently achieves great customer results.

Numerous LoanMe reviews testify to the company’s growth and their interest in customer success, which they claim is their overall mission. They provide customers with personal loans ranging from $2,600 to $100,000 within hours.

We delved deep into 2022 LoanMe reviews to find out what they have to offer and whether it’s worth your effort.

In this review we will shed some light on the following factors:

  • Features of the loan provider
  • Loan application procedure and terms
  • Plans, pricing, and repayment
  • Pros and cons
  • FAQ

LoanMe Borrower Requirements & Terms

Here is a complete list of requirements and terms that all borrowers should be aware of:

Feature Data
Minimum time in business At least 90 days for a business loan
Credit score required At least 500 for a business loan
No requirements for a personal loan
Annual revenue required N/A
Borrowing amounts range $3,500-$250,000 for a business loan
$600-$100,000 for a personal loan
Borrowing fee None
Origination fee 5%-10% of the loan’s total amount
Funding time Within 1 day
Location requirements Certain states in the U.S. (AL, AZ, CA, DC, DE, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MO, MS, NC, NE, NH, NJ, NM, OH, OR, SC, UT, VA, WA, WI, and WY)
Bankruptcies Considers all applicants
Eligible industries All ‘for-profit’ businesses
Personal loan guarantee required N/A
Collateral None
APR Between 13% and 98%

Business & Personal Loans

LoanMe has two main loan products to choose from, business loans and personal loans.

By looking at LoanMe borrower qualification reviews, it is clear that most applications are risk-free and have affordable payback methods. LoanMe also provides clear requirements for both of their plans.

LoanMe Personal Loan

Whether you want to consolidate debt, pay for a car, home repairs, or a special occasion, LoanMe has got you covered.

  • Anyone over the age of 18 can apply for a personal loan.
  • As long as you provide proof of personal income, you qualify for a loan.

Those who want to apply can do a pre-qualification test that will have no effect on your credit score.

Applications are open 24/7 and can be done either online or by calling 844-956-2663.

Funding amounts range between $600 and $100,000 and can be available in as little as 3 hours.

In order to receive same-day funding, you have to submit all documentation before 5 p.m. EST.

LoanMe Business Loan

Short-term business loans are available to all ‘for-profit’ businesses that have been in business for at least 3 months.

To qualify for a business loan:

  • the owner has to be older than 21 years old
  • with a personal credit score of 500 and above
  • the business should have a ‘for-profit’ status

Funding amounts range between $3,500 and $250,000 and can be approved within minutes. There are no restrictions on what you can do with the money, making it a viable option for business owners who would like to use cash for different business ventures.

LoanMe business loans reviews confirm that upon approval funds are transferred in as little as 2 hours. Even if you have no collateral and an active bankruptcy, LoanMe will still consider your application as long as you are a ‘for-profit’ company with 90+ days in business.

Another great advantage of this plan is that LoanMe offers true consolidation, giving the borrower the opportunity to replace their weekly debts with a low once-off monthly payment.

Pricing & Repayment

LoanMe doesn’t charge any prepayment penalty fees. As a matter of fact, they encourage paying off the loan as soon as possible to avoid interest fees. The origination fee depends on the loan amount and ranges from 5% to 10%. If you have a higher FICO score, you will be charged lower origination fees.

Once you’ve been approved, LoanMe will give you login details to their site. Only then will they disclose their specific rates and fees. This will give you access to all cost calculations and a payment service provider. Unfortunately, they aren’t very transparent about their pricing and fees on their website.

According to online LoanMe funding reviews, a business loan’s interest rate can range from 24% to 149%.

To pay off business loans, LoanMe has a fixed monthly automated clearing house (ACH) fee. There is no need to make payments daily or weekly. All repayment schedules are MCA-based. Loan terms vary from 6 to 60 months.

If you refer a friend, you can get a $100 Amazon gift card.

How to Apply for a Loan With LoanMe?

The online application process takes only a few minutes and is completely free.
Here is a step-by-step guide to the process:

Step 1: Go to the following address for a business loan: www.loanme.com

Go to the following address for a personal loan: www.loanme.com

Alternatively, you can phone an agent 24/7 on 844-704-0556, send a fax to 949-535-9100, request a callback online, or contact an agent through their website.

Step 2: Enter basic information:
– Personal details (Name, email address, contact, and age)
– Business details
– Monthly income from employment

Step 3: Provide other information:

  • Your location (Home address, ZIP code, city, and state – to determine whether funding is available in your state)
  • Online banking
  • Authorization to obtain credit
  • Business EIN

Step 4: Enter the amount you want to request funding for. Click ‘Calculate’.

Step 5: LoanMe will send you an email within a few minutes to let you know if you’ve been approved and for what amount.

Step 6: Accept the proposal and fees.

Step 7: Receive funding.

Pros Cons
Website is available in both English and Spanish No fee and pricing transparency on their website
LoanMe offers a referral incentive Business loans only available in 30 states
24/7 support Personal loans only available in 9 states
The website has a blog that gives visitors extra information Don’t offer loans over $250,000
The process is quick and hassle-free
No origination fees
No prepayment penalty fees
Easy-to-use mobile app and online software
Fast funding

LoanMe Reviews

It’s surprising how many LoanMe online reviews by current customers and financial loan reviewers there are. The company has been accredited since August 25, 2014, on the BBB platform. They have an A- rating and 41 LoanMe BBB reviews. Not all of the reviews are positive, and the customer complaints, while all of them have been resolved, mostly center on high-interest rates.

On the other hand, 1,506 reviews on Trustpilot make up for the negative reviews on BBB, since the company’s rating is an excellent 4.5/5. Many current customers testify that LoanMe has improved their rates and is always helpful in dealing with any issues.

ConsumerAffairs.com gives LoanMe a 4.4/5 rating based on 522 votes.


LoanMe has given over $1.8 billion in funds since it was founded in 2013. Over the years they’ve successfully helped over 340,000 borrowers. With their accessible online system and pre-qualification assessment, LoanMe ensures that your FICO score isn’t at risk when you apply. With excellent LoanMe reviews, this company has lived up to our expectations and to its own promises.

You can either apply for a business loan or for a personal loan. This will give you the freedom to either grow your business or deal with emergency situations in your personal life. Overall, LoanMe is a reliable and trustworthy go-to company for all situations.


What industries are ineligible to get a business loan?

LoanMe provides loans to all businesses that can prove to be ‘for-profit’ and have an owner who is 21 years of age or older.

What is the level of customer service availability?

You can either phone an agent 24/7 on 844-704-0556, send a fax to 949-535-9100, request a callback online, or text with an agent through the company’s website.

What is LoanMe’s BBB rating? Is it accredited?

LoanMe is accredited and its BBB rating is A-.

Is LoanMe safe?

Yes, all of the information that potential clients provide online is protected. For more on its privacy policy.

Who is LoanMe business loan best for?

Considering LoanMe reviews, it is probably best for ‘for-profit’ business owners with a very low credit score and only 3 months in business. According to LoanMe personal loans reviews, it can also benefit individuals over 18 who need financial help with personal emergencies like unexpected car repairs, debt consolidation, and special occasions such as weddings.

Does LoanMe report to credit bureaus?

Yes, LoanMe reports to all 3 major credit bureaus.