[jfranz17]

You've been busting their chops over FCRA regulations for 2 pages now. What are you talking about?

Busting their chops? I'm a bank compliance guy, I saw a comment related to compliance, I asked a question about their process and then gave my interpretation of a law. Never accused anyone of wrongdoing and never even addressed you. Then you want to come at me? If you think that's busting chops you've got some thin skin.

[FUNd]

Busting their chops? I'm a bank compliance guy, I saw a comment related to compliance, I asked a question about their process and then gave my interpretation of a law. Never accused anyone of wrongdoing and never even addressed you. Then you want to come at me? If you think that's busting chops you've got some thin skin.

You're a bank compliance guy? What's it to YOU, how Loan Me conducts business? That's all I'm asking.

[jfranz17]

You're a bank compliance guy? What's it to YOU, how Loan Me conducts business? That's all I'm asking.

I'm interested in this industry in general and specifically how lenders manage due diligence legal and compliance issues with brokers. That's why I read this board. When I see a topic that is around those subjects, I may ask a question or provide my personal opinion based on my experience and knowledge. You have over 800 posts in a little over a year and you still haven't figured out how discussion forums work?

Am I free to go, Mr. Forum Officer?

[Zach]

Interesting that Loanme took this approach. Some other term lenders with much better rates actually let you submit up to 5 deals in CA for funding before they require a license.

Loans below 36% APR are allowed to be brokered. Unfortunately hardly any loans in our space are below that threshold (around a 1.19 factor for 12 months).

[Christian]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

[Funder Mark]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

Brutal.

[FUNd]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

So? She signed the docs. She knew the deal. Why is this a fun anecdote?

[rick_clsfunding]

So? She signed the docs. She knew the deal. Why is this a fun anecdote?

Agreed. No one put a gun to her head...

[MCAVeteran]

Fun anecdote about LoanMe. My girlfriend told me that she has a loan with them and wanted me to take a look at it. I called and got some information.
Original principal: $3,100
Total Payments made: approximately $2,150
Outstanding principal: $3,076

Ouch...

The reviews on this site are brutal

https://www.supermoney.com/reviews/p...l-loans/loanme

[FUNd]

The reviews on this site are brutal

https://www.supermoney.com/reviews/p...l-loans/loanme

My heart breaks for these poor souls who were all too happy to take the money and spend it but don't want to pay it back on the mutually agreed to terms.

WAHHHHHHH!!!

[Michael I]

My heart breaks for these poor souls who were all too happy to take the money and spend it but don't want to pay it back on the mutually agreed to terms.

WAHHHHHHH!!!

fully agree and loan me does it themselves so that they are very clear on the rate . merchant knows 100% what he is getting into

[LoanMe]

fully agree and loan me does it themselves so that they are very clear on the rate . merchant knows 100% what he is getting into

Thank you Michael. We try to be as clear as possible disclosing all terms, rates, monthly payment amounts, etc. The point here is our terms are much longer which allows the borrowers to get a lower more affordable minimum monthly payment. They should borrow responsibly as discussed earlier in this thread.

To do this borrowers can:
1.) make minimum monthly payments for a short period of time (while they are turning the newly acquired loan into additional revenue) and then payoff the loan in full-stopping any future interest charges
or 2.) making payments above and/or in addition to the minimum which are then applied straight to the principle balance. This lowers the principle balance interest is charged on, which saves them on interest.

Try it our yourself here: www.loanme.com/loancalculator (scroll to the bottom for calculator)
LoanMe rates and fees disclosed here: www.loanme.com/smallbusiness/Rates

For those that say LoanMe rates are insane- Please check here www.nav.com Click on Education & Tools, then use some of the loan calculators to the right to find out APR on the MCA's you offer... ;-)

Additionally there is a "How it works" section on our LoanMe Small Business Loan Website that is pretty clear.
How it Works.jpg

One thing we would like to also point out is LoanMe Consumer Loans are separate from LoanMe Business Loans. The staff behind the LoanMe name here on this forum, work in the Business Loan division. We believe Christian is referring to a Consumer Loan.

[nrh1lp]

Christian, is that one of loanme's personal loans or business loans?

[Christian]

That was a personal loan. It was a fun anecdote because I say it was, dumb-ass. Cheers

[FUNd]

That was a personal loan. It was a fun anecdote because I say it was, dumb-ass. Cheers

Sounds like your GF is the hyphenated "dumb-ass" bud. Maybe she should read her loan docs before she signs them next time. Have fun paying it back.

[Christian]

Sounds like your GF is the hyphenated "dumb-ass" bud. Maybe she should read her loan docs before she signs them next time. Have fun paying it back.

I'll take my dumb-ass 10 and leave you to old hags selected for their cunning financial acumen. Cheers and thanks for the valued contribution.

[FUNd]

I'll take my dumb-ass 10 and leave you to old hags selected for their cunning financial acumen. Cheers and thanks for the valued contribution.

"10", pfffft. If you said "8", you MAY have been believable, but now you've lost all credibility.

[Jcoles]

Can someone confirm this wasn't a typo
"A $10,600 loan will take 7 years of $840 monthly payments to repay, plus a $500 loan fee: a total cost of $71,060."

[Triton]

That is correct.

LoanMe is pretty insane with their interest rates.