LoanMe

LoanMe no longer accepts applications, but thousands of its loans are still being repaid. This guide covers what happened to the company, how to pay or log in, who to call, where to mail a payment, and how the loans worked.

Is LoanMe still in business?

No, LoanMe no longer makes loans. Its parent company, NextPoint Financial, announced on June 21, 2022 that LoanMe, Inc. "will cease loan originations and has reduced its workforce amidst changing market conditions."

The loans that were already out did not disappear. Some LoanMe loan portfolios were sold, and loanme.com is now run by the servicer for the buyer. The site says so on its homepage and adds that neither the servicer nor the buyer is a lender. It exists so existing borrowers can keep paying.

LoanMe, Inc. was founded in 2014 and was based at 1900 S. State College Blvd., Suite 300, in Anaheim, California. By early 2021 it had lent more than $2 billion to over 340,000 borrowers. In February 2021, NextPoint Acquisition Corp. agreed to buy it, and LoanMe became part of NextPoint Financial.

Can you still apply for a LoanMe loan?

No. There is no application on loanme.com, and the company stopped taking new borrowers when originations ended in 2022. Any site or caller offering you a new "LoanMe" loan today is not LoanMe.

How do I make a LoanMe payment?

You can pay a LoanMe loan online, by phone, by mail or through MoneyGram. Online is the quickest: go to loanme.com and click Make a Payment.

Start from loanme.com every time rather than from a search result or a link in a text message. That way you know the payment page is the one the servicer actually points to.

If you'd rather not pay online, you have three other options:

• By phone: call (855) 381-3559.
• By mail: cash, check or money order to the payment address below.
• By MoneyGram: use receive code 15049, company name LoanMe, city Hurst, TX. LoanMe's site lists the fee as $6.99.

The site also links to ACI Payments, Inc. as another way to pay.

How do I log in to my LoanMe account?

You log in at pay-loanme.com, which is where the Make a Payment button on loanme.com takes you. Once you're signed in, you can make payments, view statements and manage the loan online.

If you can't get into your account, call customer service at (855) 381-3559 to have access restored.

What is the LoanMe customer service number?

The main LoanMe number is (855) 381-3559. The same line handles customer service, collections and complaints. Recovery has its own number.

Phone hours, in Eastern Time:

• Monday to Thursday: 8 a.m. to 6 p.m.
• Friday: 8 a.m. to 9 p.m.
• Saturday: 11 a.m. to 7 p.m.

When you email a complaint, include your account number. LoanMe says complaints are usually answered within 24 hours.

The contact page still shows a 2022 holiday schedule. Around holidays, call ahead to confirm the line is open.

Where do I mail a LoanMe payment?

Mail payments to LoanMe, Attn: Payment Processing, PO Box 465, Dublin, Ohio 43017.

The same address is used for general letters (addressed to LoanMe, Inc.) and for written requests to cancel automatic EFT withdrawals from your bank account. Put your account number on anything you send.

The old Anaheim office is not where payments go.

Who is servicing LoanMe loans now?

LoanMe loans are now handled by a loan servicer working for the company that bought certain LoanMe portfolios. The homepage doesn't name either company. The site's privacy page lists LoanMe, LLC at the Dublin, Ohio PO box, and links to separate privacy policies for Total Loan Services LLC and CC Connect.

For you as a borrower, little changes day to day. You keep paying through loanme.com, the (855) 381-3559 line or the Ohio PO box. If you get a letter saying your loan has moved to another company, call the number on loanme.com to confirm it before you send money anywhere new.

Can you pay off a LoanMe loan early?

Yes. LoanMe loans had no prepayment penalty, so paying the balance off ahead of schedule cuts the interest you would otherwise pay. Call (855) 381-3559 for an exact payoff amount before you send the final payment. Then ask for written confirmation once the loan shows a zero balance.

What were LoanMe loans like?

LoanMe made unsecured installment loans, mostly to borrowers who couldn't get prime rates, in a limited number of states. This is a record of how the loans worked, not an offer. None of these terms are available today.

Amounts, terms and rates

Consumer installment loans ran from $1,000 to $20,000, with terms of up to 84 months. Rates were not on the homepage. They were published on LoanMe's state licenses and disclosures page, and in some states the APR reached triple digits for certain loan amounts.

Fees

An origination fee could apply, sometimes in the double digits, and it was taken out of the loan amount. Late and returned-payment fees depended on the state. WalletHub lists the late fee as $15 after a 15-day grace period. There was no prepayment penalty.

Requirements

Borrowers had to be at least 18, have a valid checking account and ID, and show proof of income, such as a pay stub or tax return. Applicants could use a Social Security number or an ITIN.

How applying worked

Prequalification asked for your name, address, date of birth, phone, email and pre-tax monthly income, and used a soft credit check. Submitting the full application triggered a hard inquiry.

Funding

LoanMe said money could arrive in as little as four hours. Same-day funding was possible when approval and paperwork were done by 5 p.m. Eastern.

Who issued the loans

Some loans were issued through CC Connect, a division of Capital Community Bank, rather than by LoanMe directly.

Business lending

LoanMe also offered small business loans and merchant cash advances of up to $100,000. Those ended in 2022 as well.