| ✅ Key Point | 📋 Details |
|---|---|
| 🏦 Lender Type | Online lender offering personal and small business loans. |
| 💰 Loan Amounts | Business loans from $3,500 to $250,000; personal loans up to $30,000. |
| ⚙️ Loan Terms | Business loan terms from 2 to 10 years; personal loan terms from 12 to 84 months. |
| 💸 Rates & Fees | APRs range from 13% to 184%; origination fees range from 0% to 10%. |
| ⚡ Funding Speed | Fast funding, often same day after approval. |
| 🧾 Qualifications | Requires a business bank account (open for at least 2 months) and proof of income; no minimum credit score listed. |
| ⚖️ Best For | Borrowers with lower credit scores who need quick access to funds and can manage high interest costs. |
| ⭐ UCS Rating | 2.4 / 5 — Fast but expensive; best as a last-resort option for urgent funding needs. |
Note: LoanMe ceased originating small business loans after its acquisition by NextPoint Financial in 2022. The following review covers the products and services available before that time.
Small business owners often struggle to secure the right financing, especially when traditional banks tighten their lending standards. Online lenders like LoanMe emerged to fill that gap, offering borrowers who might not qualify elsewhere fast access to capital.
However, before working with any online lender, it’s essential to understand the loan terms, costs, and borrower experiences to make an informed decision.
In this review, we explore how LoanMe business loans work, including the available options, pros and cons, and application process to help you decide. Specifically, we’ll answer these questions and more:
LoanMe is an online lender that offers both personal and business loans to borrowers across the nation. The company was founded in 2013 and is headquartered on State College Blvd in Anaheim, California. LoanMe built its business model around offering fast, accessible funding for individuals and small business owners who often faced challenges obtaining loans from traditional banks.
LoanMe is known for providing personal and business loans primarily to borrowers with subpar credit histories. Its goal is to help borrowers access emergency business funding and improve their financial standing through on-time payments.
LoanMe’s personal loans are available in 21 states, including CA, TX, and FL, and its products are designed to fund quickly — sometimes within hours of approval. LoanMe offers fast funding, often on the same day as the application is submitted.
The company charges high rates to offset the higher risk of lending to borrowers with lower credit scores. LoanMe charges an APR ranging from 13% to 184%.
LoanMe is a fully digital lending platform, meaning borrowers can apply for funding online without visiting a bank branch. After submitting basic financial details, applicants receive an instant prequalification decision, and full approval could follow within hours.
LoanMe may provide business funding as soon as the same day after the application is approved. Loan proceeds are typically deposited directly into the borrower’s bank account, providing quick access to working capital, business debt consolidation, or emergency cash flow.
LoanMe offers loans for both business and personal use.
LoanMe specializes in providing unsecured small business loans to help owners cover expenses such as payroll, inventory, or equipment. LoanMe offers small business loans from $3,500 to $250,000.
LoanMe charges an origination fee of 5% to 10% for its small business loans.
Funds were often available within 24 hours of approval. LoanMe’s small business loan repayment terms range from 2 to 10 years.
The company markets its business loans as flexible, requiring minimal documentation compared to traditional lenders. Borrowers typically need a valid business bank account, recent bank statements showing a positive balance, and proof of business income to qualify.
Although the process is quick, the high business loan interest rates make LoanMe a costly option, often best suited as a last resort for businesses unable to qualify elsewhere. LoanMe’s small business loan repayment terms range from 2 to 10 years. It doesn’t charge a penalty if you pay off the loan early.
Alongside its business products, LoanMe offers personal loans for consumers with lower credit scores. LoanMe personal loans can be borrowed up to $30,000. The APR for LoanMe personal loans ranges from 13% to 184%. LoanMe charges an origination fee that ranges from 0% to 10%.
Like its business loans, the company emphasizes fast funding and a straightforward online process. However, borrowers should carefully read the terms to avoid unexpected fees, high interest rates, and late payment costs. LoanMe personal loans have repayment periods ranging from 12 to 84 months. LoanMe personal loans can be used for various expenses, including medical and dental expenses.
LoanMe’s qualification criteria are relatively lenient compared to those of most banks or credit unions. The lender primarily focused on income and repayment ability rather than strict credit requirements.
Here’s some vital information about qualifying:
Other eligibility factors include maintaining a positive account balance and providing recent bank statements to demonstrate consistent cash flow. Applicants can strengthen their case with proof of income and business documentation, but collateral is typically not required.
LoanMe specializes in fast business funding and flexible qualifications, but those benefits come at a cost. The cost of borrowing may be significantly higher than that of other online lending options.
The company reports to the credit bureaus, so on-time payments could help build credit. However, missing payments or defaulting could harm your credit score. LoanMe often required a hard credit check, which could temporarily impact a borrower’s credit standing.
Another challenge is transparency — the lack of clear rate and fee disclosures sometimes makes it difficult to compare LoanMe to other lenders. There is an origination fee for LoanMe loans ranging from 0% to 10%. User reviews indicate that LoanMe has high interest rates and fees. High annual percentage rates (APRs) charged by LoanMe could reach as high as 79% and 136%.
LoanMe was involved in legal actions, including a 2019 class action lawsuit for allegedly violating the California Invasion of Privacy Act. Many customers reported being trapped in cycles of debt due to exorbitant fees and triple-digit interest rates from LoanMe.
Businesses can receive funding from LoanMe as soon as the same day after loan approval is received.
According to the Better Business Bureau, 94% of customer reviews for LoanMe are negative, citing issues such as miscommunication and wrongful charges.
LoanMe does not have any publicly available information regarding a business loan affiliate program. ISOs and business loan brokers may need to find a different lender, but can contact the company for more details.
LoanMe’s application process is designed to be quick and convenient. The entire process can be completed online or with help from a loan agent over the phone.
Here’s how the small business loan application process works:
Applicants visit the official LoanMe website to initiate their loan application and select the desired loan type — either business or personal.
Borrowers complete a brief form, which requires them to provide their contact details, income, and bank account information. A bank statement showing a positive balance is typically required for approval.
LoanMe verifies financial documents such as pay stubs, business income statements, or tax returns to confirm repayment ability.
Once approved, the borrower receives a loan offer detailing the loan amount, interest rate, origination fee, and loan terms.
After accepting the offer, loan proceeds are typically deposited into the borrower’s bank account on the same day.
After funding, LoanMe allows borrowers to manage their accounts through an online portal. Payments are typically made every month, with options for early payoff.
LoanMe does not charge a prepayment penalty for its small business loans. Borrowers who pay off early can reduce their total interest costs.
However, missing payments could result in late fees, and the company is known to make persistent phone calls to collect overdue payments. There were reports of unauthorized transactions or unexpected expenses, so it was essential to monitor your account activity closely.
LoanMe’s primary advantage is accessibility. The online lender offers quick decisions and same-day funding, making it a compelling option for borrowers who require immediate cash. Its minimal documentation requirements allow small business owners with lower credit scores to access working capital that banks might otherwise deny.
Borrowers also appreciate the transparent, no-prepayment-penalty policy and the opportunity to improve their credit score through timely payments. For some, LoanMe serves as a short-term solution to cover expenses until more affordable lending options become available.
The most significant drawback to LoanMe loans is the high interest rates and fees associated with them. Borrowers often face very high APR levels compared to other options, with origination fees that could reach 10%. Many customers struggle to keep up with their monthly payment amounts, leading to cycles of debt.
Additionally, numerous complaints cite miscommunication, aggressive collections, and unauthorized charges. The company’s limited transparency regarding total loan costs also makes it harder to evaluate whether it was the best option compared to other business lenders or banks.
Pros
Cons
Yes — LoanMe was a legitimate online business lender operating under state and federal lending laws. However, it no longer offers new business loans.
LoanMe has been BBB-accredited since 2014. LoanMe had an A- rating from the Better Business Bureau.
While legitimate, its reputation suffered due to numerous customer complaints about high costs, poor communication, and unauthorized transactions.
Overall, LoanMe reviews are mixed to negative. While some customers praise the company for fast funding, others report serious issues with service and fees.
LoanMe’s customer service receives mixed feedback, with some clients finding agents helpful and others describing profoundly negative experiences.
Positive reviews often highlight friendly loan agents, clear communication during the application process, and the ability to receive funds within hours. LoanMe’s personal loans currently hold a 4.5/5 rating on WalletHub.
Conversely, negative reviews point to persistent phone calls, miscommunication, and high interest rates. Many customers report ongoing issues with LoanMe’s customer service.
Numerous clients also complain about system problems, unauthorized account withdrawals, and aggressive collection practices associated with LoanMe.
LoanMe may deny an application for various reasons. For more information, please get in touch with the lender directly.
Fortunately, small business owners have a variety of business loan lender options to consider. Many lenders offer similar business loans with higher borrowing amounts. Working with a small business loan marketplace (like UCS) allows you to apply to multiple lenders at the same time to find the best deal.
You may be interested in one of the following small business loans:
LoanMe offers speed and accessibility at a steep price. For business owners unable to qualify with banks or credit unions, this option provides a last-resort funding solution — but one that requires caution.
Borrowers considering LoanMe needed to weigh the high APRs, fees, and customer service risks against the benefit of same-day funding and simple qualifications. For those seeking more transparent and affordable financing, other online lenders and business loan providers may offer better long-term value.
Based on the available information, we rate LoanMe as a 2.4 out of 5.
Disclaimer: The LoanMe trademark is owned by LoanMe Inc., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from LoanMe Inc.
