Do you own a business that needs fast and easy funding?
In this LoanMe Review, I am going to provide information about:
For starters, let’s check out the basic information you need to know about LoanMe:
Who are they? What do they do?
LoanMe (otherwise known as Cash4Rent) is a company that specializes in loan lending to qualifying businesses that need fast money or can’t get financial support from other sources.
This is a California-based company founded back in 2013. Their financial services help businesses with one-time payments and other various debts for more than six years now.
This way, they grant you a good second chance of credit score rebuild.
They achieve this by offering you two types of loans:
– Personal loans
– Business loans
Here are the basic requirements to qualify for a LoanMe loan:
– No less than a 90 day old operative business with an active bank account.
– The business should be profit-making
Let’s not wait any longer and read through some 2020 LoanMe reviews to find out even more.
As already mentioned, LoanMe offers two types of loans: personal loans and small business loans.
But what are the required borrower requirements and terms?
From LoanMe business loans reviews, we can see the following:
|Minimum time in business||At least 90 days|
|Credit score required||At least 500
No requirements for a personal loan
|Annual revenue required||N/A|
|Borrowing amounts range||$3.500-$250.000 for a business loan
$600-$100.000 for a personal loan
|Origination fee||5-10% of the loan’s total amount|
|Funding time||Within one day|
|Location requirements||30 states in the US (AL, AZ, CA, DC, DE, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MO, MS, NC, NE, NH, NJ, NM, OH, OR, SC, UT, VA, WA, WI, and WY)|
|Bankruptcies||Considers all applicants|
|Eligible industries||All ‘for-profit’ businesses|
|Personal loan guarantee required||N/A|
|APR||Between 13% and 98%|
If you refer a friend, you can get a $100 Amazon gift card.
According to LoanMe personal loan reviews, the application process is pretty straightforward and easy. Let’s check out the steps:
1) For a business loan or a personal loan, visit www.loanme.com
Another way is to phone an agent available 24/7 on 844-704-0556, send a fax to 949-535-9100, request a callback online, or contact an agent through their website.
2) Form Fill Out: Enter the basic information
– Personal details (name, email address, contact, and age)
– Business details
– Gross monthly income
3) Provide additional information
– Location (home address, Zip Code, city, state)
– Online banking
– Authorization to obtain credit
– Business EIN
4) Enter the amount you want to request funding for. Then click “Calculate.”
5) LoanMe will send you an email shortly after to inform you whether you have been approved or denied
6) Accept the proposal and the fees
7) Receive funding.
The usual waiting time for the funding to take place is 24 hours or less.
How can you reach LoanMe? Easy – through one of the following:
While some customers complain of the impoliteness and aggressiveness of the LoanMe support team, others are happy at a great length with the level of proficiency that they receive.
It comes as no surprise, hence, the term “personal experience.”
Anyway, more on that in the next section.
Now, let’s check out some LoanMe lending services reviews and see what sort of experiences people have had with LoanMe.
As I’ve found in LoanMe online reviews, there are satisfied and dissatisfied customers.
Let’s go through the positive and negative reviews based on verified customers.
Yes, sure, there is not one company that does not receive bad reviews.
What is more important is that LoanMe resolves all their complaints, usually appointed to the high-interest rates.
In addition to this, the company has held an A- reputable BBB (Better Business Bureau) accreditation ever since August 25th, 2014.
With this in hand, you can expect excellent professional service.
In addition to the high rates and fees, customers have also complained about:
I’d like to start this part with positive numbers and LoanMe ratings.
Check out these amazing ratings from various valuation sites:
That’s a high rate based on not that big of a deal number of votes.
Let’s see what positive things people have had to say about LoanMe:
We have found from LoanMe customer reviews that LoanMe is always helpful in dealing with any issues.
It’s never too bad to have a backup plan or, in your case – an alternative.
Let’s check out LoanMe’s top competitors:
LoanMe vs. Kabbage
The main difference between LoanMe and Kabbage is that Kabbage does not have an origination fee. The other big difference is that LoanMe has loan terms that typically go between 36 and 84 months, while Kabbage provides financing up to $250.000 with repayment terms of up to 18 months.
LoanMe vs. OnDeck
The difference that strikes me the most when it comes to LoanMe and OnDeck is that OnDeck’s maximum loan amount is twice that of LoanMe. Plus, their repayment term ranges from 3 to 36 months.
To be more specific, OnDeck’s maximum lending amount is twice as big as the one from LoanMe.
Don’t get me wrong, that’s not bad at all (for you).
Let’s check out some of the general pros and cons of LoanMe.
LoanMe has lent over $1.8 billion since it was founded.
They have helped a lot of business owners, over 340.000 to be more precise. This company works so that they have a comfortable and accessible online system for pre-qualification, and that does not affect your FICO score when applying.
With excellent LoanMe reviews, this company has done a great job funding businesses which cannot get funding from other sources.
You can either apply for a business loan or a personal loan. This will give you the freedom to either grow your business or deal with emergencies in your personal life.
Overall, LoanMe is a reliable and trustworthy company for all situations.
LoanMe provides loans to all businesses that can prove to be ‘for-profit’ and have an owner who is 21 years of age or older.
2. What is the customer service availability?
You can either phone an agent 24/7 on 844-704-0556, send a fax to 949-535-9100, request a callback online, or text with an agent through the company’s website.
3. What is the LoanMe BBB rating? Is it accredited?
LoanMe has an A- BBB accreditation.
4. Is LoanMe safe?
Yes, all of the information that potential clients provide online is highly protected.
5. Does LoanMe report to credit bureaus?
Yes, LoanMe reports to all three major credit bureaus.
6. Who is LoanMe business loan best for?
Considering many of the LoanMe reviews, it’s most probably best for ‘profit-making’ business owners with low credit scores and only three months of active business.