loanDepot Now Offers Personal Loans In Marketplace Lending

Posted by Patrick Barnard on May 13, 2015 No Comments
Categories : Residential Mortgage

National non-bank lender loanDepot LLC has announced its move into marketplace lending, now offering mortgage, personal and home improvement loans to borrowers in all 50 U.S. states.

This move makes loanDepot the first national non-bank lender to offer both home and personal loans nationwide, according to the company.

Building on its current consumer home loan products, loanDepot has combined its marketing platform and purpose-built technology with predictive data science to offer personal loans that include the following:

  • Approval in five minutes or less from proprietary, internally built credit-score modeling;
  • Funds deposited into borrower accounts in three days;
  • Three- or five-year repayment terms;
  • No application fees and no prepayment penalty; and
  • Rates starting as low as 6.17% APR.

The company says that loanDepot personal loan products can be used in conjunction with a home loan or for nearly any need, such as credit card debt consolidation or home improvement.

‘Investor response to our move into marketplace lending has been incredibly strong. At launch, we have $650 million in investor commitments with another $1 billion in available capital from interested investors,’ says Anthony Hsieh, loanDepot's CEO and chairman.

‘As a marketplace lender offering mortgage, personal loans and home improvement programs, loanDepot is building a diversified lending model sustainable in all market conditions and credit cycles. We'll continue adding new lending products, further dissolving the walls between mortgage and non-mortgage lending,’ Hsieh says.

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