Frequently Asked Questions
Who is loanDepot?
loanDepot is the nation’s second largest non-bank consumer lender. Our management team has over 25 years of experience in the lending industry. Our business model is centered and focused around providing the best customer service in the industry. We also specialize in home loans and we have an A+ rating with the Better Business Bureau.Click here to apply online or call us at 800-656-2606 to complete your application over the phone.
What other kinds of loans do you offer?
In addition to unsecured personal loans, we offer home mortgage refinance, purchase loans and home equity. If you are interested in a mortgage loan, click here or call 888-983-3240.
Can I get a loanDepot personal loan if I already have a home loan with loanDepot?
Yes. You would need to meet the approval requirements through the application process. You may apply for a personal loan please contact your licensed lending officer or click here to apply now.
Who is Cross River Bank? I thought loans were through loanDepot.
All personal loans through loanDepot are funded by Cross River Bank, a federally-insured New Jersey commercial bank.
About Our Loans
What is an unsecured loan?
An unsecured loan is a loan without collateral, meaning there is no property such as a home or automobile tied to the loan. loanDepot personal loans are unsecured.
What is your interest rate?
Your loanDepot personal loan interest rate is determined using several factors including your credit profile, payment history, and ratio of debt to income. To qualify for the lowest rates, applicants must have excellent credit. To check your individual loanDepot personal rate with no risk, click here or call us at 800-656-2606. How are rates determined?
loanDepot personal loan interest rates are determined using several factors including your credit profile, payment history, and ratio of debt to income. To qualify for the lowest rates, applicants must have excellent credit. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
What is an APR? How is it different from an interest rate?
An Annual Percentage Rate (APR) is the cost of borrowing on a yearly basis. An APR differs from an interest rate in that it includes fees. With a loanDepot personal loan, your APR includes your yearly interest rate and an origination fee. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
What is the origination fee?
Once a personal loan is approved and funded, borrowers pay an origination fee of 1% to 5% of the loan amount, depending on your loan grade. This fee is deducted from the loan proceeds, so you will not pay anything out of pocket. If you are using your loan proceeds for a specific purchase, be sure to borrow enough to cover both the origination fee and the purchase.
What can I use my loan for?
Your loanDepot Consumer Lending personal loan should be used for the purpose disclosed in your application. Personal loans made though loanDepot Consumer Lending and Cross River Bank may not be used for postsecondary education, including tuition, books, room and board, fees, personal expenses, or supplies. Our loans may not be used for investments or to fund any type of illegal activity. loanDepot may cancel your account if it is determined that the intent is to use the loan funds for any prohibited use. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
Applying For a Loan
How do I get a loan?
Applying for a personal loan through loanDepot is quick and simple. You can even check your rate without affecting your credit score. Click here to apply now online or call us at 800-656-2606 and one of our consumer lending specialists can take your application over the phone.
Who can borrow?
To receive a loanDepot personal loan, borrowers must be 18 years (*19 if you live in the state of AL or NB) or older, be a U.S. citizen or documented U.S. permanent resident, have a verifiable income, a verifiable bank account, a valid e-mail address and meet our credit criteria requirements. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
Can I have a co signer/co borrower?
loanDepot personal loans are only issued to individuals at this time. However, our home loan division does allow co-borrowers on home purchase and refinance loans.
What information do I need to apply?
In order to complete the loan application, you will need to provide your name, date of birth, address, and email address. If you choose to accept a loan offer, you will need to provide additional information such as your Social Security number, bank account, and employment details. We may request that you supply supporting documentation for the information you enter in your application. Examples of this information include a government-issued ID, bank statements, W2, or recent pay stubs. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
What if I’m self employed?
loanDepot may require additional income verification documents for self-employed applicants. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
How can you approve me without my Social Security number?
We are able to do a soft inquiry, which does not require a Social Security number and does not affect your credit score. This soft pull will indicate whether or not you meet our prequalification requirements. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
Why did I get a preapproved offer?
Congratulations on your preapproved offer. This means we were able to determine that you meet our initial credit criteria requirements to be pre-approved for a personal loan.
How will I receive my loan?
Your loan funds will be deposited directly into your bank account.
When will I get my money?
Once approved, loan funds are typically received in your bank account within 2-3 business days. Our best advice is to submit any required documentation quickly, as this will enable us to complete the verification stage of the application process and get funds to you as soon as possible. Click here to apply now or call us at 800-656-2606 to complete your application over the phone.
Why was I declined?
loanDepot uses your credit profile, including but not limited to, credit bureau reports, payment history, outstanding debt, and credit scores to screen applicants for pre-approvals. In order to qualify for the pre-screened loan, your credit profile must remain the same and must meet our specific credit criteria requirements. We send out adverse action notices with the specific reasons an application was not approved to all declined applicants.
Loan In Process
What is the verification stage?
The verification stage of the personal loan application is the period when loanDepot reviews your application for accuracy and validates any supporting documents received. The length of the verification stage varies, but is typically 2 to 3 days. The best way to help us complete the verification stage is to provide accurate information in your application and to submit required documents as quickly as possible. How can I get my loan faster?
The best way to ensure you receive your loan funds as quickly as possible is to verify your email address and submit all required information promptly to complete the verification process. Please visit your account summary at any time to check the status of your loan. Or Click here to learn more about loanDepot's personal loans verification process.
Can you offer me a lower rate?
Your loanDepot personal loan interest rate is determined using several factors including your credit profile, payment history, and ratio of debt to income. To qualify for the lowest rates, borrowers must have excellent credit. Because your interest rate is specific to you, it is not negotiable.
How do you verify my information?
loanDepot verifies the information you enter in your application by using a variety of methods, including information from credit bureaus and other electronic data. We may require you submit copies of documents such as your driver’s license, recent pay stubs, bank statements, etc. We may also contact the employer you list in your application.
Why do you need my bank account information? What will you do with my bank account information?
Most importantly, we need your bank account information so we can deposit your loan funds into the your account. In addition, we use this information to verify income and identity and to set up your automatic monthly payments.
I uploaded my documents. When will I receive my loan?
Thank you for submitting your documents. Documents are reviewed within 2-3 business days. The current status of your loan can be found by logging.
How can I withdraw my loan application?
You are able to withdraw your application anytime before it is submitted for funding. After that, we are unable to stop the funds from being deposited into your bank account. If you are thinking about withdrawing your application or have any questions, please call us at 800-656-2606 or email us at firstname.lastname@example.org
How do I make my loan payments?
Your payments are automatically debited from the bank account provided in your application and will show as debited by “Private Payment Servicing.” Once your loan has funded, you may change your method of payment by contacting our servicing department at 855-241-6424.
Can I chose my payment due date?
Not at this time. Your loan payment due date is determined by the date your loan is funded. However, loanDepot has a 15-day grace period for payments for personal loans. If you are having trouble making your loan payments or have additional questions, please call us at 855-241-6424.
What if I have a financial hardship and cannot pay?
Please contact us immediately 855-241-6424 if you are experiencing a financial hardship that affects your ability to repay your loan.
What happens if I don’t make my payment?
On personal loans, loanDepot offers a 15-day grace period for your monthly payment. On the 16th day, a late fee of $15 is assessed. There is also a $15 fee for failed payments. Late payments of more than 30 days and missed payments may be reported to the credit bureaus. Depending on how late your payments are, loanDepot may work with collection agencies to recover funds owed. Please call us at 855-241-6424 if you are having trouble making your payments or have any other questions.
What information is provided to credit reporting agencies?
loanDepot reports borrower payment history to the credit bureaus, both positive and negative. On personal loans, LoanDepot offers a 15-day grace period for your monthly payment. On the 16th day, a late fee of $15 is assessed. There is also a $15 fee for failed payments. Late payments and missed payments may be reported to the credit bureaus. loanDepot may work with collection agencies to recover missed payments. Please call us at 855-241-6424 if you are having trouble making your payments or have any other questions.
Safety & Security
Is your website secure?
I’m not comfortable entering my information online.
We understand that. Our website is completely safe and secure, but if you are not comfortable, please call us at 800-656-2606 to complete your application over the phone. However, you will need to have online access to electronically sign your loan documents.
Do you share my personal information?
Who are you regulated by?
Personal loans originated by loanDepot are made by Cross River Bank, a federally-insured New Jersey commercial bank that is regulated by the New Jersey Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC). loanDepot Consumer Lending is subject to the examination, supervision, and potential regulatory investigations and enforcement actions by state and federal agencies that regulate consumer credit. These include the Consumer Financial Protection Bureau and the Federal Trade Commission, which administer federal consumer protection laws. loanDepot Consumer Lending and loans originated through loanDepot Consumer Lending must comply with applicable state and federal lending laws and other state and federal laws governing privacy and data security and prohibiting unfair or deceptive business practices.