LoanMe Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is LoanMe?

Founded in 2013, this California-based lender offers personal loans to those who live in a few select states, including Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina and Utah. Each state has a different set of terms and requirements. The loans are generally available to a wide range of borrowers, including those who don’t have great credit. And, as with most lenders, the lowest rates and highest loan amounts are often reserved for those with excellent credit.

According to the lender, most of the loans are made to consolidate debts or to fund one-time purchases; however, the funds can be used for any purpose. The company also offers small-business loans. In this review, we’ll focus on the various requirements, terms and fees associated with a LoanMe personal loan.

LoanMe personal loan highlights

  • No prepayment fees: There aren’t any penalties for paying off your loan early, which is useful for those who expect to be able to pay off their loan within three years and want to cut costs.
  • Subprime borrowers OK: While many lenders have a higher minimum credit score requirement, LoanMe makes funding available to those with a FICO Score below 645. However, those loans are limited to certain states and may be subject to other requirements.
  • Extremely high costs of borrowing: The APR and loan fees for this product can be quite steep, depending on your location and the loan type. For example, if a California borrower were to take out a $7,600 loan, that would carry a 89% rate, plus a loan fee of 33%. That’s pretty extreme when compared to other personal loans; this review will also address cheaper personal loan alternatives.
  • Minimum credit requirement: Varies by location
  • Terms: 180 months
  • Fees: Vary
LoanMe Personal Loan Details
Fees and Penalties
  • Term lengths: 180 months, depending on loan amount and borrower location
  • Credit requirement: Depends on location
  • APR range: 13.33% for prime loans (for credit scores at or over 720) and 81.49% to 184.36% for subprime loans (credit scores below 645)
  • Loan amounts: $2,600 – $100,000
  • Time to funding: As fast as 3 to 4 hours after approval
  • Credit check: LoanMe offers a Soft Pull for prequalification and a hard pull for the application
  • Origination fee: Varies (but it’s worth pointing out there is no such fee for South Carolina borrowers)
  • Prepayment fee: None
  • Late payment fee: Not specified

LoanMe product details

These personal loans are disbursed directly to the borrower’s checking accounts, making it quick and easy to access that cash. Like many other lenders nowadays, LoanMe offers prequalification to prospective applicants. That means you can see if you likely qualify without hurting your credit score. Those who are interested in more advantageous or original perks, however, will likely feel short-changed by the bare-bones offerings provided by this product.

Eligibility requirements

  • Minimum credit score: Depends on location
  • Minimum credit history: LoanMe offers subprime loans for certain borrowers
  • Maximum debt-to-income ratio: Not specified

To qualify for a LoanMe personal loan, applicants must be at least 18 years old, be able to access online banking and have a valid ID as well as a checking account. And, as mentioned above, these loans are only available to those who live in certain states.

Applying for a personal loan from LoanMe

LoanMe says the application process takes five minutes to complete and can be done online or over the phone. You’ll need to provide basic personal information such as your name, address and monthly gross income. If you get a conditional approval, you will also have to provide proof of income and a bank statement to be officially approved for a loan. (There may also be paperless submission options available, but that isn’t a given.)

Depending on your circumstances, LoanMe may request additional information, such as proof of self-employment, a recent pay stub or a voided check.

Once all documents have been received, your application has been approved and you’ve accepted the loan, funding can appear in your checking account within three to four hours, as long as all documentation is received by 1 p.m. PST on a business day. Applicants should also be aware that these loans are only deposited on weekdays.

Pros and Cons of a LoanMe Personal Loan
  • Fast funding: Borrowers can have funding as fast as 3 to 4 hours after approval
  • Offers low-credit borrowers a loan option: Depending on the location of the borrower, there may be options available for those with subprime credit, which LoanMe defines as those who have a FICO Score below 720
  • Prequalification available: You can find out if you prequalify with a soft-credit pull, which does not impact your credit score
  • “No-worry guarantee”: California residents who repay the amount disbursed to them within 7 days will have their loan considered paid in full and would not have to pay the loan fee or any interest charges
  • High APR: For prime loans, the rate is comparative to a credit card, while subprime borrowers pay fees topping 80%, on the low end
  • High loan fees: Depending on your location and loan type (subprime or prime), you may be on the hook for a loan fee of up to 33% of your loan. And that amount is deducted from your disbursement rather than being added to the loan amount, so you’ll need to make sure you consider that when figuring out how much to borrow
  • Limited service areas: LoanMe only operates in 9 states, so the majority of Americans can’t borrow through it

Who’s the best fit for a LoanMe personal loan?

If you live in California and need a quick chunk of cash that you can repay within seven days, this is ideal since you’d basically have a consequence-free loan thanks to the “no-worry guarantee.” But if you’re anyone else, the extremely high APR and loan fees can quickly turn a personal loan into a monthly financial burden.

On the plus side, the lack of a prepayment penalty does offer a bit of relief for those who don’t need to borrow the full amount that LoanMe requires (there’s a $2,600 minimum for subprime loans and $7,500 for prime loans). And the fact that LoanMe accepts borrowers with subprime credit scores and can make the funds available the same day does make LoanMe somewhat of an anomaly in the personal loan space. But, overall, these loans are extremely expensive and the trade-off between cost and speed may not be enough to make it a good option for those who need fast cash.

Alternative personal loan options


  • APR range: 9.95% – 35.99%
  • Credit requirements: Varies
  • Terms: 24 to 60 months
  • Origination fee: Administrative fee of Up to 4.75%

Like LoanMe, online lender Avant offers borrowers who have lower credit scores access to fast cash — approved applicants can get their cash as fast as the next day. And, as with most lenders, the best rates are reserved for those with better credit. Even so, the high end of the APR range is still much lower than the rates for LoanMe’s subprime rates. It also offers prequalification and there is no prepayment fee. There is, however, an administrative fee, but that may be lower than LoanMe’s loan fee, which can be in the 23% to 33% range.  Avant branded credit products are issued by WebBank, member FDIC.

OneMain Financial

  • APR range: 16.05% – 35.99%
  • Credit requirements: Varies
  • Terms: 24 to 60 months
  • Origination fee: Varies

OneMain Financial (which has existed under other names since 1912) is a brick-and-mortar bank offering personal loans with flexible payment options to those with fair credit. OneMain Financial is also available in 44 states, making it more accessible to average consumer. Though the rates are still relatively high for personal loans (those with better credit scores should look elsewhere), they are considerably lower than the subprime options available to LoanMe customers.

Affinity Federal Credit Union

  • APR range: 9.75% – 18.00%
  • Credit requirements: 525
  • Terms: 60 months
  • Origination fee: No origination fee

If you can qualify, Affinity Federal Credit Union’s personal loans are a cheaper alternative to LoanMe’s offerings, with lower a APR range and no origination fee. The New-Jersey based credit union has over 160,000 members and offers a wide array of financial services and products. But its personal loans are capped at $15,000 and require credit union membership to qualify. So if you need more or you aren’t eligible for membership, you should keep looking.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.75% – 16.24%1$5,000 - $100,000

Visit SoFi

7.69% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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