LoanMe

Introduction

This is a great platform for all those people who have no access to loans and have nowhere to borrow from. Most of the traditional lending systems and financial institutions like banks require a lot of paperwork and have many requirements that have to be met and majority of the people do not have access or do not meet the criteria for taking a loan from them. This way, many people who urgently require money have no outlet to borrow from, there may be some emergency and they would probably end up selling their personal asset in order to raise finance for the same.

Similarly, if a person is running a private small business and is running short on some cash flows they do not have access to any form of cash other than their own income. They might want to spend on expanding the business or just to meet seasonal demands but have no way of raising that kind of money, unless they sell off their assets or borrow money from their friends or family (if they want to lend) or just use their savings (if they have any). This is one of the reasons why many small businesses, even though they are profitable and lucrative, end up failing or shutting down due to lack of cash flows.

LoanMe is there to support such people and such businesses. They understand there is a niche and they are capturing it by providing exactly what the small businesses and such individuals need. They not only offer loans without having too many requirements but also offer on simple and competitive terms and do so with the least amount of hassle and paperwork. The terms and the conditions of the loans are also decided and discussed before coming into a contract and the loan advisors at LoanMe are experts and help the customers by proving them relevant information and advice so that they can make the right decisions regarding their finances.

Founded in 2013, LoanMe is one of the top lenders who give unsecured loans to borrowers who qualify. These loans are most often used for debt consolidation as well as for one time purchases. The process of acquiring the loan is quick, easy and fast and the borrowers can have money in their accounts in as less than a day – typically between 3-4 hours! At LoanMe, they really do understand what an emergency is and they make sure the funds are disbursed without any delay.

LoanMe Loans and Requirements

At LoanMe, they offer two types of loans, one is a business loan while the other is a personal loan and both have different requirements in order to qualify for the loan amount.

Personal Loan Requirements

In order to get a personal loan for your own usage, the amount has to be between $2,600 to $100,000. This is the minimum and the maximum amount that may be offered to customers. These personal loans may be used for any purpose that the borrower may wish to use it for; usually they are given out for:

• For debt consolidation
• To make purchases
• To meet medical expenses
• For personal or home emergencies
• To cater for car or motor repairs
• To pay rent
• For any particular life event
• To use as an alternative to payday

The requirements for a Personal Loan application for any person are:

• He or she should be of 18 years of age or older
• They should have a valid checking account
• They should have access to online banking
• A voided check
• They should have a recent paystub
• A driver’s license or any other form of a valid Identification
• Proof of employment

Small Business Loans Requirements

In order to get a small business loan there are various requirements that should be met in order to qualify for the same. The amount that LoanMe can offer is minimum of $3,500 and a maximum of $250,000 to borrowers and this amount may be used as the business seems fit, for company development or to increase the level of production or to improve the quality of the services that they offer. Most of the common reasons why business take small loans are:

• In order to bridge the loan
• To meet payroll expenses
• To pay off invoices
• To make business investments
• To purchase new equipment
• To buy inventory
• To use as start up costs
• For business expansion

In order to be eligible to apply for the small business loan, the borrower should be able to meet the following requirements which are:

• He or she should be of 18 years or older
• They should have a valid checking account which should be in use for at least 2 months
• They should have access to online banking
• Their company should have a proper name
• They should have a void check
• They should have the authorization to obtain credit facility
• They should have a valid driving license or a valid form of identification
• They should have a Business EIN

Personal Loans

At LoanMe, they offer personal loans to individual borrowers so that they can meet their personal requirements and need easily. They rates and the amount, the terms and the conditions that they offer however, vary from state to state. It also depends upon the credit score of the borrower and the higher the credit score, the greater is the amount that they can borrow and the better rates they will get.

There is further distinction after the state is on the basis of homeowners and non homeowners; the non homeowners get a high rate of interest. The better the FICO score the less amount of interest that would be charged.

The choice of states that a borrower may choose from varies from:

• California
• Utah
• Arizona
• Delaware
• New Mexico
• Idaho
• Kentucky
• Missouri
• Wisconsin

Small Business Loans

The other product that LoanMe offers is their small business loans. Many a times, small businesses have no access to meet their working capital requirements and or for business expansion or to even take advantage of new business opportunities. LoanMe provides business owners loans with easy terms and conditions and installments. The rate of interest, terms and conditions and the amount that can be offered varies according to different factors, such as the state where the business is based in, the business itself and the owner’s situation.

The payments on the loan are supposed to be made on a monthly basis and the terms of the loans range from 6 months and go up to 10 years. The amount that the borrower has to pay depends upon the tenure of the loan, the rate of interest being offered and the amount of the loan. The amount being charged monthly also depends upon the overall score of the applicant. Furthermore, there are working capital loans as well as fixed term loans being offered by LoanMe.

Early Repayment

The borrower also has the option of repaying the whole loan amount earlier than the stipulated time. Sometimes the borrowers get hold of the money and want to pay back a lump sum amount, in such as case the borrowers are advised to speak  to a loan officer who can guide them accordingly and there are absolutely no hidden charges or penalties on the early repayment and the borrower ends up saving on the interest expense!

Borrowing Again

The borrower can only get one loan at a time and once they have successfully paid the entire amount off, they are then eligible to apply for another one. If the borrower has had a good re payment history and a relationship with LoanMe, then they may also get lower origination fees on their next loan amount. They may also qualify for a lower rate of interest and even a higher amount of loan. This is all based on the relationship and the payment history that the borrower maintains with LoanMe. Moreover, they are also building up their credit history like this.

How It Works:

This is quite a simple process of applying for a personal loan for yourself to meet your personal credit requirements or to get a loan for your business needs. Whatever is the reason, LoanMe is an efficient way of getting hold of some cash quickly and easily. There are two ways of applying for it, either you can apply online or speak to a live agent on the numbers that are given on their website.

Once you have spoken to the person on the phone, they would guide you to submit the following documents so that LoanMe can further analyze your financial standing and see whether you meet their requirements or not. They would probably require the following documents from you:

• Your recent bank statement
• Your proof of income
• A valid identification which can prove you are over 18 years of age

Finally, if you meet the requirements of the criteria set by LoanMe then your whole process will become much easy and you can get hold of your cash that you have requested for in as fast as 3-4 hours! LoanMe is really fast and quick and they do not waste any time in getting the work done. The amount will be deposited directly to the checking account that you provided and you can simply withdraw the money from the same account.

You really do not need to make a lot of visits or go anywhere, you simply apply online or through the phone and the rest is all done for you! This is so much simpler and easier than the traditional options of going to a bank or a financial institution which would take really long just to tell you that you do not qualify since they have a lot of requirements and paperwork.

Responsible Lending

LoanMe takes pride in being known as a responsible lender. They cater to the market for small businesses and small business owners and those people who do not have access to traditional means of finance and credit facilities. They however make sure they are open and honest with the borrowers and expect no less from them as well. They make sure all the requirements and needs of the borrowers are met and the following features are in place:

• The lending criteria is designed in such a way as to meet the needs of the borrower
• Products are customized to meet the borrowers requirements
• The risk and the benefits are both communicated to the borrowers before hand
• Clear information regarding all products is provided, which includes all possible fees and charges as well as terms and conditions
• The loan products are priced quite competitively
• The company makes assessment of the borrower and their ability to be able to repay the loan and the installments before disbursing the loan amount
• LoanMe takes into account the borrower’s previous history of loans and any financial activity
• All personal information of the borrower is dealt with in complete confidentiality as per the relevant legislation
• There is prompt and a proper handling of any query or a complain that a borrower may have, everything is done in a professional manner
• There is a considerate treatment of arrears and of payment issues

Similarly, when LoanMe is going out of their way to meet the expectations of the borrowers and to give them the best possible experience of taking a loan from LoanMe, they also expect the borrowers to be honest and to help them develop a relationship that is based on mutual trust and respect. They expect the borrower to be:

• The borrowers should be honest at all times, when providing information. It should be completely accurate and complete.
• The borrowers should be able to assess their financial commitments before taking the loan, after taking it and continue doing the same so that they know whether or not they are able to meet the monthly installments or the added financial burden. If they feel they are unable to meet the installment in the future, they should contact somebody at LoanMe who can help and guide them to come up with a relevant solution.
• The borrowers should be able to completely understand the contract they are getting into and understand the terms and the conditions before the money is borrowed. Whatever information they fail to understand, they should discuss with the relevant person at LoanMe.
• Lastly and most importantly, the borrower should assess his or her own ability to repay the loan before taking the money.

Customer Reviews

Most of the people who have borrowed from LoanMe were completely satisfied with the terms and the conditions as well as their transparency of operations. They praised the professionalism at Loanme and commented that most of them are repeat customers and loyal to them as they are quick with giving out the cash and are supportive and understanding when it comes to devising a repayment plan for the borrowers. Most of the borrowers have also praised the services offered by the loan officers as well as the customer support system, which helped the borrowers make informed financial decisions and guided them accordingly. Whether the borrowers were for personal loans or for business loans, both were highly satisfied and have shared their success stories and have praised the ability of LoanMe to provide them with funds at a time when they had no other options.

Conclusion

LoanMe is a great idea for people who have no access to finances for their own personal use as well as for their small businesses that they may have set up. LoanMe caters to such people and provide them loans at competitive rates.

The interest rates and the terms and conditions offered are quite good from the point of view of borrowers who are taking a loan that is unsecured. Moreover, the customer support at LoanMe is flawless and is always ready to help and guide the customers with whatever query they may have.

The overall working at LoanMe is quite efficient and the best part is the disbursement of the loan amount in just a few hours, without having to leave the house. Furthermore, the loan advisors are also quite helpful in guiding the customers as to how much they borrow and coming up with an installment plan that suits the needs for both.

LoanMe works on developing a positive relationship with their customers and it is of no surprise that they have loyal customers who are with them since years as well as repeat customers who end up getting better rates and higher amounts of loan the second time round.

Overall, the process and the system of LoanMe is highly efficient and useful to cater to a large part of the economy that has been largely left ignored.