As mentioned above, LoanMe offers both personal and small business loans.

With regards to personal loans, LoanMe allows you to borrow from $2,600 to as much as $100,000, though actual loan amounts vary from state to state. A personal loan at LoanMe can be for a maximum term of 15 years. On average, interest rates for LoanMe personal loans range from 13.3% to 184.36%.

Small business loans are available for between $3,500 and $250,000 (again, actual borrowing limits differ from state to state). These loans are advanced to small business enterprises and sole proprietorships and can have a repayment period of up to 10 years. This makes it easier to keep up with monthly payments. In any case, it is a good idea to review your repayment plan carefully to make sure that over time the interest you are being charged doesn’t build up to as much, if not more, than what you initially borrowed. Small business loans carry an interest rate from 24% to 149%. LoanMe also charges an origination fee for its small business loans of between 5% and 10% (with a minimum fee of $500).

The good news is that LoanMe does not charge any prepayment penalties. In other words, you can make extra payments on your loans, or even complete repaying the entire amount you had borrowed from the company, and you will not be charged any penalty by LoanMe. Instead, you could find yourself saving a significant amount of money that you would have otherwise paid as interest on the amount you originally borrowed. LoanMe borrowings are also typically unsecured, meaning that you would not be required to put up any collateral for your loan.

In order to obtain a personal loan from LoanMe, an applicant needs to meet the following minimum requirements:
•Be at least 18 years of age
•Have a checking account that has an online banking facility

If you’re looking to apply for a business loan, you would need to fulfil the minimum criteria mentioned below:
•Be 21 years old or older
•Own a business banking account that has been open for at least 90 days, which is in the name of the business
•Run a for-profit business that has been open for at least 90 days
•Have a personal credit score of at least 500

If you’re hoping to obtain a loan from LoanMe, here’s what you need to know. Applications can be made either online on the LoanMe website or over the phone (call 844 415-2775 to speak to an agent who can help you out). During the application process, you will be asked to enter personal identifying information, as well as provide proof of your identity and age (photo ID like a driver’s license is sufficient), as well as substantiation of your banking details and income. If needed, LoanMe might ask you to provide additional documentation to confirm the information you have supplied to them.

Once your application has been approved, the loan proceeds will be deposited directly into your checking account. You could receive your money in just a few hours, if your loan application is finalized and you accept the loan terms before 4pm EST (at most, you may have to wait to receive your money the following business day).

You can reach LoanMe through the following ways:

•By phone: 844-764-7368 (Monday to Friday: 8am – 9pm PST, Saturday to Sunday: 8am – 5pm PST)
•By email: [email protected]
•By mail: 1900 S. State College Boulevard Suite 300, Anaheim, CA 92806