[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.

[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.

[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

[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.

[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.

[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.