A review site for borrowers explains how LoanMe does it:
Apparently LoanMe is a new name for a lender named CashCall which the California Department of Business Oversight is trying to put out of business. Their web sites have the same Orange County address. And in December, Senator Elizabeth Warren's contribution to the federal regulatory bureaucracy, the Consumer Financial Protection Bureau (CFPB)
It didn't take particular genius to guess that LoanMe was somehow trying to prey on needy people by making implausible claims. But as Erudite Partner, the former accountant, wondered while we watched the tube: "can it be legal?" Apparently there are limits to what the fraudsters can get away with. That strikes me as good work by several levels of government. And hard work, since the swindlers seem to recur under new names.
I would never question the right of TV stations to sell ad space to anyone, but does ESPN, which presents almost all football bowls, really want to be associated with crooks?