LoanMe is a personal loan lender headquartered in California. It offers different kind of loans to its customers with a quick and easy application process. Personal loan amounts range from $2,600 to $100,000 and interest rates can be anywhere from 9.99% to 31.99% depending on the borrower’s credit history.
LoanMe Application Process
LoanMe’s official website has a good amount of information on its rates, terms and amount. Borrowers applying for a loan should be at least 18 years of age or more, have a checking account, a valid ID proof and an online banking account.
Once you satisfy the above mentioned conditions, you can log on to and fill up the application form. The form is self-explanatory that helps you decide how much loan you should borrow. Filling the application form does not qualify you for a loan, instead gives you a rough idea on the money you can actually afford.
LoanMe customer care officials can be contacted for any queries on filling the application form on 844-704-0556 and 949-535-9100 respectively. You can also request the loan officials to contact you at a suitable time, who would be happy to assist you further.
Interest Rates and Other Charges
The interest rates offered by LoanMe varies from person to person and depends solely on the customer’s credit score. Also, the lender has different loan types for homeowners and non-homeowners.
For example, homeowners are eligible for loan products starting from $7,500 to $100,000 at an interest rate of 12.90% for a loan term of 180 months. On the other hand, non-homeowners are eligible for a loan product starting from $15,000 to $100,000 at an interest rate of 15.90% for the same 180 months.
This indicates that non-homeowners might have to shell out a little more in the form of monthly payments as compared to homeowners. The rates mentioned above are only for those customers who have a FICO score of 740 or more. LoanMe reports to three major credit bureaus so if you make timely payments, you can improve your credit score.
The lender charges a loan fee against all types of loan. It starts from 17% of the loan amount and goes up to 33% depending on the loan product. The rates and fees for less than prime loans are different.
LoanMe for Bad Credit
The lender has clearly stated the interest rates and charges for different credit scores. If you do not fall in any of the mentioned category you may have to look for subprime loans and also be ready to pay out much more in the form of APRs and loan fees.
Customers having a poor credit may qualify for a personal loan from LoanMe but the loan amounts would be smaller and interest rates higher. For example, if you have a bad credit, you may qualify for a loan of $2,600 to $10,600at an interest rate of 74 to 179. The lender would charge a flat loan fee of $75 to $2,500 for a repayment term of three to seven years.
This means that although you may be eligible for loan, you should think whether you are really ready to repay so much of interest. You may consider postponing the loan option and wait till your credit score improves by repaying existing debts on time.
Taking the Final Call
While shopping for a loan, you may come across several lenders having different rates, terms and conditions. Doing your homework well and comparing interest rates is the best way to select a loan. LoanMe can be good choice for those with excellent credit, but the individuals with subprime credits should think of other options as well.
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