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Loan me is an installment lender that offers personal loans and small business loans. At first glance, they seem to offer a decent deal but their rates can get really expensive. Read our LoanMe review to see if you can get a good deal with them.
LoanMe Quick Info
|APR Range||12.90% - 184.36%|
|Loan Amounts||$2,600 - $100,000|
|Loan Duration||4 - 15 years|
|Soft Credit Check?||Yes|
LoanMe presents themselves really well. Their website is slick and well-built. When we first went over their website we believed they belonged to the prime group of lenders that we’ve reviewed here. But as we researched further and read reviews from users we found that they weren’t what they seemed.
Similiar to NetCredit, LoanMe does have some rates that are much lower than the rest of the payday/installment loan pack. In fact, they go as low as 12.9%, which isn’t great but compared to their competitors it’s quite low. The problem is if you’re good enough to get their lowest interest rate you’d be better off going with a better lender. On the opposite end, they go as high as 184% APR, which will have you paying many multiples of the amount you borrowed.
On top of these rates, you’re also paying an origination fee of up to 10% of the loan value. This comes out of the amount you borrow, meaning you never see that money.
LoanMe Reviews From Around the Web
|Better Business Bureau||3.75/5 - 46 Reviews|
|Consumer Affairs||4.6/5 - 363 Reviews|
|Highya||1.4/5 - 29 Reviews|
We really didn’t find much positive info on LoanMe around the web. There seem to be a lot of very vocal and angry customers that feel they were misled by the company. One of the major complaints is that even after paying them several times the loaned amount.
Installment loans are not quick cash, like a payday loan. If you’re in need of a long-term loan you’re much better off working to improve your credit first, then getting a loan with a better lender or credit union.
Business Contact and Profile for LoanMe
|Address:||1900 S State College Blvd #300
Anaheim, CA 92806
|Type of Business:||Financials Services, Loans|
|Principal:||Mr. Louis Ochoa, President|
|BBB Accreditation:||This business is accredited with the BBB and has an A+.|