Fair Lending Policy

Fair Lending Policy for LoanMe

At LoanMe, we do not discriminate against any applicant or discourage anyone on a prohibited basis from submitting an application. To assure that our employees have a clear and unequivocal statement of our commitment to a nondiscriminatory method of doing business, we have adopted the following fair lending policy. Employees must be thoroughly familiar with this policy and follow it.

  1. We do not discriminate against a loan applicant or borrower on the basis of race, color, religion, national origin, sexual orientation, handicap, age, the fact that all or part of an applicant’s income comes from any public assistance program or because the applicant has exercised any right under any relevant state or federal law.
  2. We do not selectively encourage applicants and we take no action that would, on a prohibited basis, discourage a reasonable person from applying for a loan.
  3. We do not, on a prohibited basis, refuse to make a loan, vary the terms offered including the amount, interest rate, period or type of loan, or use different standards to evaluate collateral or decide whether to extend credit.
  4. We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our lending business. It applies even though we do not intend the policy or practice to be discriminatory and even if the policy or practice appears to be neutral.
  5. We make sure that our scoring system is empirically derived and statistically sound and uses no prohibited basis other than age as a predictive factor.
  6. We train our loan personnel in the principles of fair processing and underwriting.
  7. Our Quality Control Manager regularly reviews both our loan underwriting standards and the business practices by which we implement them to determine whether they ensure equal lending opportunity and reports to management.
  8. We periodically review our loan portfolio and applications to make sure that we are serving the community adequately and on a nondiscriminatory basis in light of the community’s demographic characteristics and credit demands.

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** Application process takes 5 minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Two hour funding time is based on the time from final approval following receipt of all required documents and signing, prior to 1 PM PST on a business day. In some cases, credit underwriting and due diligence may require additional documents, which can delay funding time.

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Where loans are offered by LoanMe, credit approval is subject to LoanMe’s credit standards.  Terms (including loan amount) may vary by applicant.  LoanMe loans, where required, are made pursuant to its lending licenses.  For example, California loans are made or arranged pursuant to a California Finance Lenders Law license #603K061. Texas residents: LoanMe is a registered Texas Credit Services Organization and operates as a licensed Credit Access Business (CAB). The lender, PCAM CREDIT VIII, LLC, is an unaffiliated third party. Terms and Conditions: Offers provided to customers who originated via a paid Google or Bing advertisement feature terms on LoanMe Prime of: Maximum APR: 35.97% Maximum Loan Repayment Term: 60 Months Minimum Loan Repayment Term: 60 Months Representative Example: Maximum APR: 35.97% Maximum Loan Repayment Term: 60 Months Minimum Loan Repayment Term: 60 Months Representative Example: Maximum APR: 35.97% Maximum Loan Repayment Term: 60 Months Minimum Loan Repayment Term: 60 Months Representative Example: A homeowner in Utah with 580+ FICO, who meets income and other credit requirements could receive a loan for $5,000 with an interest rate of 36% and an origination fee of $0 for an APR of 35.97%. In this example, a consumer would receive $5,000 deposited into his or her account and will make 60 monthly payments of $180.56 each. Total repayment would be $10,833.60. Your actual rate depends upon credit score, loan amount, loan term, home ownership, and credit usage & history. You can pay back the loan early with no pre-payment penalties. Please note that loan fees apply and affect the amount of cash you receive.