LoanDepot
Online Payday Personal Consumer Loans up to $5,000
Easy Application, Fast Processing, Quick Approval, Any Credit Score
Request a LoanLoanDepot is a direct lender that has been providing mortgage, home equity and per-sonal loans since 2010. The company has an A- rating with the Better Business Bureau. It operates in all 50 states with more than 150 in-person branches. The company is headquartered in Southern California.
| Company name | LoanDepot, LLC |
| Founded | 2010 |
| Address | P.O. Box 660275, Dallas, TX 75266-0275 |
| Website | loandepot.com |
| Phone number | (866) 258-6572 |
| [email protected] |
Pros
- Direct lender
- High loan limits
- Available in all states
- Personal loans up to $35,000
- No prepayment fee
- More than 150 brick-and-mortar locations nationwide
- A wide range of purchase loan options
- Loan modification programs
- Receive funds in two to three days
- Lifetime guarantee
- Mortgage refinancing options available
- One of the nation’s most active lenders
- 600 minimum credit score
- Online, phone and in-person service available to borrowers
- No steering policy
- Accepted loan-to-value ratios
- Offers digital income, asset and employment verification
Cons
- Does not disclose its eligibility requirements
- Does not offer home equity loans or lines of credit
- Published mortgage rates
- You need a high credit score to access the best rates
- High origination fee
- Late payment fee
- Third party fees
- No mobile app
- Requires account creation to access detailed mortgage information
Bottom line
LoanDepot is best for you if you need to close your loan quickly, if you are interested in an adjustable-rate mortgage, and if you are buying a new home. The answer to the question of whether you should apply for a loan with LoanDepot will depend on your financial situation and the type of loan that you need. The lender offers a broad range of mortgage products and you can choose what suits you best. If you have a good credit score, you can get lower interest rates. Unfortunately, fees can be quite high. Either way, if you do decide to work with this company, we recommend that you compare offers from other lenders.
Types of loans
LoanDepot offers a number of different loan types, including:
- Refinance loans;
- Conventional loans;
- Jumbo loans;
- Home equity loans;
- VA loans;
- USDA loans;
- FHA loans.
Loan requirements
The lender does not disclose its eligibility requirements but in general, to qualify for a loan with LoanDepot, you must meet the following eligibility requirements:
- be at least 18 years old (19 in Alabama or Nebraska);
- be a US citizen or permanent resident;
- have a verifiable income;
- have a valid email address;
- have a verifiable bank account;
- meet the credit criteria requirements.
Category: Online Loans
Tags: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
Posted by Deborah Wagner