LoanMe Small Business Loans Review

About LoanMe


LoanMe, Inc., headquartered in Anaheim, CA, is an alternative non-bank finance company, focused on serving small businesses’ needs up to $250,000. Our product features: (i) All for-profit business can qualify to apply even if it is just yourself, (ii) 5 minute Application; 3 documents to provide, (iii) Re-payment is Once-a-Month, (iv) Most flexible payment schedule with up to 10 year term, (v) Simple interest Loan with No prepayment penalty. California loans are made pursuant to LoanMe’s California Department of Business Oversight Finance Lenders Law License #603K061. Depending on the state, the maximum and minimum loan amount may vary.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

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What is LoanMe?

LoanMe offers unsecured working capital loans to small business owners who don’t typically qualify for traditional loans, and those who need quick access to capital.

Founded in 2013, the California-based lender provides small business loans up to $250,000 with terms up to 10 years.

Lender highlights

LoanMe is an online lender committed to offering 100% transparency. Before you even apply for a loan, you can find specific loan details on their website such as rates, fees and payment structure.

Because they lend money to small business and customers with less-than-desirable credit history, interest rates are higher in comparison to traditional bank loans.

This is because a customer who has a low credit score or undesirable credit history is considered a high-risk borrower. Annual interest rates range from 24% to 149% for the highest-risk borrowers.

Some highlights of their program include:

  • Fast approval. Applicants can apply online for a loan 24/7. If you qualify for a loan and accept the terms of service before 4PM EST, the money will be wired to your account that same day.
  • Limited coverage. LoanMe can lend money to applicants who reside in only 23 states. For someone researching small business loan options, this detail doesn’t stand out on their website right away.
  • High rates. If you need access to quick cash and have a less-than-desirable credit score, you’re going to pay for it. Although you may still be approved for a small business loan through LoanMe, you’ll be stuck with a high annual percentage rate (APR). Rates range from 24% to a staggering 149%.

What LoanMe offers

LoanMe offers unsecured working capital loans for a wide range of small businesses. A working capital loan is a short-term loan used to cover immediate day-to-day operational expenses, such as:

  • Start-up cash
  • Equipment purchases
  • Payroll
  • Invoices
  • New staff hires

Fixed payments on the loan are made in monthly installments over the course of 2 years to 10 years.

LoanMe’s Working Capital Loan: At a glance
Loan product Loan amount Loan term APR range/ factor rate Fees Time to funding
Working Capital Loans $3,500 to $250,000* 2 years to 10 years 24% to 149% Origination fee of 5% to 10% with minimum of $500 As fast as same day

Rates current as of 6/15/2018
*minimum loan amount varies by state

Eligibility requirements

Many business owners don’t qualify for a bank line of credit. LoanMe advertises itself as a lender for companies that don’t meet typical underwriting standards for reasons such as a low credit score or shortage of cash.

LoanMe looks at a variety of factors when determining if someone is eligible for a loan. They look at risk factors such as:

  • How long a company has been in business
  • Personal credit score
  • Cash flow
  • Business liquidity

To qualify for a LoanMe working capital loan, borrowers must meet the minimum qualifications:

Loan product Annual revenue Min. business credit score or personal credit score Time in business
Working capital loan No minimum 500 + 2 months

Not all online lenders are allowed to do business in all 50 states. Specific loan products and the exact amount of capital a borrower qualifies for varies from state to state. LoanMe is authorized to do business in the following 23 states:

States eligible for LoanMe financing
Alabama Indiana New Mexico
Arizona Kentucky Ohio
California Louisiana Oregon
Delaware Maine South Carolina
Hawaii Mississippi Utah
Iowa Missouri Wisconsin
Idaho Nebraska Wyoming
Illinois New Hampshire


Additional eligibility factors

To apply for a loan, you must be at least 18 years old, have a checking account, valid identification and online banking.

Businesses that are not eligible for LoanMe loans:

The company does not lend money to every applicant. Loan eligibility, rates and terms are based on individual applicants and vary by state.

How to apply for LoanMe financing

The application process for a LoanMe working capital loan takes about five minutes and can be completed online or by contacting a customer service representative.

Once the loan is approved, you’ll have the opportunity to review the funding options. If you choose to take out the loan, you’ll be required to provide the following documentation:

  • Voided check
  • Bank statements (electronic access optional)
  • Personal identification

If you provide the documentation and accept the loan terms by 4 p.m., the money is wired to your account that same day.


Pros Cons
  Quick access to cash   High interest rates
  Transparent about costs and fees   Not available in all 50 states
  Low credit score requirements   Higher monthly payments because of high interest rates

Who is the best fit?

LoanMe is an attractive option for a small business owners who don’t have stellar credit. The approval process is quick.

Fine print

LoanMe is upfront and transparent about the costs and fees associated with their loans. The company encourages borrowers to repay their loans early to save on interest expenses. If you cannot pay off the loan in advance, they encourage borrowers to make pre-payments in order to shorten the length of the loan. There are no extra fees for paying off a loan early.

The bottom line: How LoanMe stacks up

As with any loan, if you’re struggling to pay off existing business loans, adding debt could put you at higher risk of defaulting on a loan.

It’s always important to shop around for the best available rates.

If you can’t qualify for small business loans from a traditional lender, applying for a working capital loan from LoanMe might be the best way for you to access capital quickly.

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