In-Depth Analysis

LoanMe Review 2024

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Written By
G. Dautovic
August 11, 2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

LoanMe specializes in business loans for applicants who need money fast and can’t get funding elsewhere.

LoanMe quickly reports the amount of money you are qualified to borrow and at what interest rate – even before you start the application process. Abundant LoanMe reviews on the internet attest that while this lender doesn’t operate nationwide, it provides great service to small-business owners in the states it serves.

$3,500 - $250,000

APR range 14.9% - 159%

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

$3,500 - $250,000
14.9% - 159%
5% to 40% with a minimum of $500
At least 90 days
2 to 10 years
24 hours
29 states + DC
pros thumb up Strengths
  • Rates and fees are given upfront
  • Funding for businesses less than a year old
  • Available for business owners with low credit scores
  • Multiple customer support channels
  • Short application process
  • Same-day funding
  • Automatic monthly payments
  • Early repayment benefits
pros thumb up Weaknesses
  • High interest rates
  • Limited availability

LoanMe Overview

Founded in 2013, LoanMe is an online lender that offers personal and business loans to qualifying candidates. As you might guess from its relaxed credit requirements, LoanMe specializes in offering financing products to businesses that need money fast or cannot borrow elsewhere. offers working capital and term loans of up to $250,000. The company’s services aren’t available nationwide. Due to variations in state financing laws, LoanMe funding is accessible to businesses based in 29 states and Washington, DC.

Applying for LoanMe funding is fast and transparent. Not only does the company review your application and issue money the same day if you meet the requirements, but it also fully discloses all the loan terms and rates upfront. The site even provides repayment examples for a few different scenarios, encouraging customers to save on interest charges by paying off their loans as quickly as possible.

The convenience and speed of this lender’s services come at a price. LoanMe rates on business loans range from 14.9% to 159%, while the origination fee can be between 5% and 40% depending on the loan type. On the bright side, this lender has some of the most liberal eligibility requirements that we’ve ever reviewed, so many businesses can easily qualify.

How LoanMe Compare to Other Lenders

LoanMe Logo
APR Range

14.9% - 159%

Min. Credit Score


National Funding Logo
National Funding
APR Range

15% - 30%

Min. Credit Score


Lendio Logo
APR Range

4.00% - 30.00%

Min. Credit Score


Types of Financing Available With LoanMe

Alongside LoanMe personal loans, the company offers a few different types of business financing. The options include working capital, fixed payback loans, and prime business loans. To qualify for LoanMe’s small business financing from $3,500 to $250,000, you must:

  • Run a for-profit business (active for at least three months, with income)
  • Have a business bank account
  • Have a minimum credit score of 500
  • Hold at least 25% of the business ownership
  • Submit a voided check from your business’s bank account
  • Provide your business’s Employer Identification Number (EIN)
  • Have a valid driver’s license, or other ID
  • Be at least 18 years old
  • Let the lender do a credit pull

Given that LoanMe doesn’t have any restrictions on loan purposes, this lender’s financing options can be a great choice for any business in need of some quick cash. The convenience of same-day funding lets you cover payroll, buy business supplies, do equipment repairs, and keep additional cash on hand for urgent business-related purchases.

Apart from providing quick financing options, LoanMe also offers longer-term loans that make a solid funding choice for larger business purchases.

Working Capital Loans

LoanMe’s loan amounts range from $3,500 to $100,000 and can be paid off in two to ten years, depending on the state and the borrower’s qualifications. This funding type works like a standard term loan with the option of no-penalty prepayment.

Considering that LoanMe interest rates on working capital loans start at 39% but can be as high as 159%, we highly recommend early repayment. Working capital loans are available in all states where LoanMe operates.

Fixed Payback Loans

LoanMe’s fixed payback loan is essentially a short-term no-interest financing option that comes with 0% interest and a slightly higher origination fee (19% – 40%). Loan amounts range between $4,000 and $60,000 and can be repaid in six to 12 months. This type of LoanMe financing is available in all states where LoanMe operates except New Jersey.

Prime Business Loans

LoanMe’s prime business financing comes with rigorous borrower requirements. These big-dollar loans are only available to California-based businesses with high revenue and excellent credit scores. Loan amounts can be up to $250,000 with terms of 10 years, the origination fee is 15%, while interest rates range between 14.9% and 24.9%.

LoanMe Application Process

To check if you can pre-qualify for a LoanMe loan, you’ll need to fill out an online questionnaire or get in touch with a representative on the phone.

The online application requires some basic personal and business information – your name, date of birth, address, phone number, email address, the name of your business, the state your business is based in, business start date, and monthly gross revenue. After that, you’ll be able to determine the loan amount for which you can qualify.

You’ll also need to check contact authorization and credit authorization disclosure and agreements, letting LoanMe get in touch via the phone numbers you’ve provided in the application and do a credit pull.

Given that LoanMe reviews the application as soon as you send it, you can expect an estimated quote stating a borrowing amount and the rates and fees that come with it in less than ten minutes. Should you decide to accept the preliminary offer and continue with the application process, you’ll be asked to fill out a more detailed application and provide a few documents for verification.

What Information Do I Need to Apply to LoanMe?

To complete your LoanMe application, you’ll be asked to provide documentation such as:

  • A voided check from your business’s bank account
  • Bank statements from the last few months
  • A copy of your personally identifying documentation, such as your driver’s licence
  • Your business’s Employer Identification Number (EIN)

After you’ve sent in all the necessary verifying documentation, the lender will start the underwriting process and finally get back to you with its official offer. At this point, you’ll have an opportunity to review the loan details before making a decision. Should you accept the offer, the money (with the deduction of the origination fee) will be sent to your business bank account.

LoanMe states that the approval process and funding usually take 24 hours or less. If you agree on the loan terms before 5 p.m. EST, you may be eligible for same-day funding.

LoanMe Funding Features

LoanMe is very up-front and transparent about its loan features. In addition to providing loan information (charts with possible loan amounts, interest rates, origination fees, and monthly payment minimums), the lender’s website also features example repayment options and encourages borrowers to pay their loans off as early as possible to save on interest expenses.

Much like other lenders, LoanMe saves its best rates and lowest fees for the most creditworthy among the applicants. However, that doesn’t mean that this funding provider’s business loans aren’t available to borrowers with low personal credit scores.

Instead of relying only on your FICO score, LendMe uses a distinctive underwriting system to assess the applicant’s personal credit score and business finances. Through this unique LoanMe calculator, borrowers get a letter grade (from A to E) used to determine possible loan amounts, interest rates, and fees they can qualify for.

Applicants with high grades are eligible for somewhat flexible terms and rates, while a low grade borrower can only qualify you for smaller short-term loan amounts at high rates. Applicants who get an E through the underwriting process typically have to face high monthly payments.

Loan Amount and APR details

Working capital loans are the lender’s most popular financial product, according to LoanMe reviews. The offering for this financing type can vary by state. Here’s an overview of all the features that come with it:

  • Loan amount: $3,500 – $100,000
  • Interest range: 39% – 159%
  • Origination fee: 5% – 10% (at least $500)
  • Loan term: 2 to 10 years
  • Availability: All states where LoanMe operates
  • Repayment options: Monthly

Fixed payback loans, LoanMe’s short-term no-interest financing options are popular among borrowers who need some quick cash to help power the growth of their small businesses. Should you decide to apply for this type of small business loan, here are the rates and fees you can expect:

  • Loan amount: $4,000 – $60,000
  • Interest range: 0%
  • Origination fee: 19% – 40%
  • Loan term: six to 12 months
  • Availability: All states where LoanMe operates except New Jersey
  • Repayment options: Monthly

Loan Me requirements are the most stringent when it comes to prime business loans. This exclusive type of business funding is only for tier-A applicants and it comes with the following set of features:

  • Loan amount: $76,000 – $250,000
  • Interest range: 14.9% – 24.9%
  • Origination fee: 15%
  • Loan term: 10 years
  • Availability: Only in California
  • Repayment options: Monthly

Given that LoanMe’s funding can be very expensive, we suggest you review the loan features thoroughly before making a final decision. You should also be aware that, while this California-based online lender does not ask for any specific collateral, it requires a UCC-1 blanket lien and a personal guarantee on all of its loan types.

Eligible and Non-Eligible Businesses

LoanMe has relatively loose eligibility criteria. If you have a valid ID, a checking account, and online banking capabilities, you’ve already met all of the basic requirements.

Additionally, you’ll need to have a personal credit score of at least 500, run a for-profit business that’s been active for at least 90 days with income, and have a checking account in the business’s name. You’ll also have to demonstrate that your part in business ownership is at least 25%.

While fulfilling all of these criteria should pre-qualify you for a Loan Me loan, the exact rates and terms will be determined based on your creditworthiness and the overall financial stability of your business.

Unlike most traditional and even alternative online lenders, LoanMe doesn’t have a list of restricted industries and qualifying loan purposes.

In other words, any for-profit business that meets the aforementioned minimum eligibility requirements can obtain a loan from LoanMe and use it for any legitimate business purpose. These include buying or repairing equipment, buying inventory, start-up financing, and covering the cost of hiring a new staff member.

Due to complicated state laws related to online lending, LoanMe loans can’t offer its services nationwide.

This lender provides funding to businesses based in California, Maine, Louisiana, Arizona, Wyoming, Alabama, Hawaii, Maryland, Delaware, Illinois, Idaho, Kansas, Indiana, Iowa, Kentucky, Maryland, Nebraska, Mississippi, Missouri, New Hampshire, New Mexico, New Jersey, Ohio, Utah, Virginia, Washington, Wisconsin, Oregon, North Carolina, South Carolina, and Washington D.C.

LoanMe Repayment Terms

As far as payback goes, the process is simple. Each month, LoanMe Inc. will automatically deduct a payment from your business checking account. This way, borrowers don’t have to worry about missing a deadline. Still, we suggest you check in on your loan balance and checking account from time to time to make sure that all payments have been processed correctly.

Note that you can’t opt for a daily or weekly repayment schedule as the monthly system is the only option.

Should you decide to repay what you owe early, this online lender will accept a personal check, a cashier’s check, or an electronic transfer. The LoanMe won’t charge you any prepayment fees and you may even get a discount on the remaining interest. However, keep in mind that all of this applies to the working capital product only.

You cannot apply for multiple LoanMe business loans at once. However, if you pay your current loan back on time, you may be eligible for more favorable rates and terms on future LoanMe funding. Note that you’ll still need to apply and get approved based on your creditworthiness and business’s financial health, even the second time around.

The Bottom Line

Although LoanMe has very loose eligibility requirements and one of the most transparent application processes that we’ve ever reviewed, its small business loans still come with certain limitations.

If your business is located outside of the states very LoanMe operates in, you won’t be able to apply for funding. Also, even though the borrowers are made aware of the rates and fees up-front, the costs of this provider’s funding can be very high.

So, who is Loan Me good for? If you are a new business owner with a strong personal credit history you should be able to find the funding that you’re looking for from LoanMe. Loans from this lender are the least expensive if paid back quickly, so that would be the best repayment scenario. Low-credit applicants are also welcome at LoanMe, especially if they can’t qualify for funding elsewhere.


Will applying for a business loan from LoanMe affect my credit?


No, it won’t. By submitting your data through the lender’s online application, you let the lender evaluate your business’s eligibility and get the opportunity to review possible rates, terms, and fees without any damage done to your credit score done by LoanMe. If pre-qualified, you’ll be given the opportunity to accept the deal or walk away. Should you decide to accept, you’ll need to complete the full application process. At this point, a soft credit pull will be performed, which won’t affect your credit score either.

Does LoanMe report to credit bureaus?


Yes, it does. LoanMe reports your loan payments to both personal and business credit bureaus. In other words, if you are consistent about making timely repayments, a LoanMe loan can help build your credit score.

How can I contact LoanMe’s customer service?


The lender’s customer service is available via phone, email, live chat, Facebook and Twitter accounts. You can get in touch with LoanMe’s customer service by emailing [email protected] or by calling (844) 764-7368. Support representatives are available from 8 a.m. to 6 p.m. PST seven days a week. Most customers are happy with the level of support provided and report that they had no trouble getting in touch with a representative.

Is legit?


Yes, it is. LoanMe has been a BBB accredited business since 2014. This California-based lender offers funding options to qualified borrowers. LoanMe’s loans are typically used for debt consolidation or one-time purchases.

Can you get a loan with a credit score of 500?


Yes, you can. However, the options for applicants with low credit scores are limited. Based on LoanMe reviews, this funding provider makes a great choice for business owners with low credit scores. Thanks to its unique grading system, LoanMe doesn’t assess the applicants’ eligibility based only on their personal credit scores. It also takes the business’s overall financial health into account.