FREQUENTLY ASKED QUESTIONS
Find out what you want to know
What is My Lending Depot?
What is My Lending Depot Loans?
How will My Lending Depot get competing offers?
Am I obligated to accept an offer?
How do I get started?
What information do you collect?
How secure will my information be?
Will you share or sell my information?
Can I phone, mail, email or fax in my request?
Does each Lender pull my credit report?
How will I find out which Lenders are reviewing my loan request?
Can I negotiate directly with the Lenders?
Do you have Lenders who deal with less-than-perfect credit?
Does having a co-borrower improve my chances of finding a loan?
What if I don't qualify for a loan?
How will I find out about my loan offers?
If I enter my email address incorrectly, how will I find out about my loan offers?
What if I don't have an email address?
How do I compare loan offers?
I've accepted an offer. How do I close the loan?
How can I check on the credibility of My Lending Depot?
I live outside the United States. Can I use My Lending Depot to find a loan?
Can you delete my information?
How can I change the information I submitted on my loan request?
What are your closing costs?
How do I cancel my request for a loan?
How can I update my email address?
Why am I having problems accessing your Web site?
What if I don't want to give you my social security number?
What is My Lending Depot?
MyLendingDepot.com is the best way to apply for any type of loan, it's as simple as that. When you fill out our FREE online application you will be matched to Lenders who compete for your business. My Lending Depot lenders offer an array of loan types, including mortgages, home equity loans, auto loans, personal loans, small business loans, and credit cards. We can also assist in mortgage refinancing, bad credit loans, mortgage lenders, mortgage rates, home loan lending, and equity lending.
Curious on what your monthly payment will be? We have a mortgage loan calculator and a auto loan calculator to help you determine what you payment will be based on your information once you complete the application. Its fast, its easy, and there's no obligation so… Do Yourself a Favor!
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What is My Lending Depot Loans?
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How will My Lending Depot get competing offers?
My Lending Depot helps you get competing loan offers through our Lenders network where you can get matched with up to four lenders who compete for your business. On the My Lending Depot network, Lenders provide to us criteria about the type of loan (for example, loan amount, whether purchase, refinance, or equity loan) and the type of loan customer (for example, state of residence or creditworthiness) in which the Lender is interested. My Lending Depot, INC will provide your information to up to five Lenders whose criteria match your profile. If fewer than five Lenders match your profile, you will receive offers from fewer than five Lenders. If more than five Lenders match your profile, My Lending Depot, INC will match you with five Lenders with a preference for those Lenders that have the highest customer satisfaction scores and the best record of making loans to previous My Lending Depot customers. If you are requesting a home equity loan or home equity line of credit, in some cases we may match you with up to four Lenders based on the above criteria.
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Am I obligated to accept an offer?
You are under no obligation to accept a loan offer that is presented to you. However, if you do accept an offer, you may be obligated to pay a fee to the Lender to begin the processing of your request. See the FAQ on My Lending Depot Loans for more information on My Lending Depot Loans.
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How do I get started?
It's simple. From the home page (www.MyLendingDepot.com), select the loan type you want and complete our online loan request. It takes about 15 minutes to complete the form. If you need help, look for our calculators and tips to help you along the way.
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What information do you collect?
We ask questions about you, your loan and your financial situation (income, assets and debts). You may want to gather your pay stub or last year's tax return before you start completing the forms. If you're refinancing your mortgage or looking for a home equity loan or line of credit, we need to know about the terms of your current mortgage, how much you owe and how much you want to borrow.
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How secure will my information be?
My Lending Depot uses secure technology to ensure that the data you send us is protected, confidential and secure. Please see our Security section for more information.
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Will you share or sell my information?
At My Lending Depot, your personal privacy and the security of your personal data are a primary concern of ours. My Lending Depot believes that you should be aware of who we are, the types of information we may collect on our Web site, and what we do with your personal information. Please see our privacy policy. Your information will be shared with the lender(s) with whom you are matched so that they can respond to your request.
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Can I mail, email or fax in my request?
My Lending Depot is committed to sending your financial information to Lenders quickly and accurately. Using mail, email or fax would introduce the possibility of transcription errors, unnecessary delays and additional costs - which would reduce the benefits of using My Lending Depot! That is why we only accept loan requests through our online forms or over the phone where we can confirm the information you provide.
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Does each Lender pull my credit report?
Each Lender has their own policy about pulling your credit report. Some pull your report before they make you a loan offer, others pull your credit report after you have accepted their offer. In all cases, My Lending Depot pulls your credit report when you complete a loan request.
All inquiries for your credit report within a 14-day period will count as one inquiry if you are looking for a mortgage to purchase a home, a mortgage to refinance your home, a home equity loan or line of credit or an auto loan. If you are looking for a personal loan or credit card, however, each inquiry will be counted as a separate inquiry.
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How will I find out which Lenders are reviewing my loan request?
We'll send you the names of the Lenders who are reviewing your loan request via email.
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Can I negotiate directly with the Lenders?
Absolutely. You are under no obligation to accept a lender's first offer. In fact, if you've received a better offer from another Lender, we give you the opportunity to tell the Lender about it through our Web site. In most cases, when you receive your loan offers, we will provide you with contact information for each Lender. Feel free to contact the Lender directly to discuss different loan programs. However, if you accept a loan offer from a Lender on the My Lending Depot Exchange, be sure to send your response through My Lending Depot so that we can update our records.
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Do you have Lenders who deal with less-than-perfect credit?
Yes! We have Lenders who work with borrowers with perfect credit and not-so-perfect credit. Although we can't guarantee that you'll get a loan offer, we will try to match your loan request with Lenders who are eager to work with you.
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Does having a co-borrower improve my chances of finding a loan?
Including a co-borrower on your loan request may or may not affect your chances of finding a loan. Lenders will consider the credit reports, income, assets, debts and other information about both borrowers. Before you decide whether or not to include a co-borrower on your loan request, consider your combined financial picture.
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What if I don't qualify for a loan?
If we can't find a Lender who meets your needs, we will notify you almost immediately. If we can't match your loan request to a Lender, you may return to the site and complete a new loan request any time you want. We are always adding new Lenders to our Exchange, so please continue to check back.
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How will I find out about my loan offers?
My Lending Depot will send you an e-mail with each lender's loan offer(s) when the lender responds, usually within minutes. When each Lender makes their decision, we will notify you via email. You will receive an email for each lender making an offer with the details of the offers.
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If I enter my email address incorrectly, how will I find out about my loan offers?
It is critical that you enter your email address correctly when completing a loan request. We use email to communicate with you when Lenders make a decision about your loan request. My Lending Depot is not responsible for any errors or delays in responding to a loan request caused by an incorrect email address provided by you or other technical problems beyond reasonable control. However, if it's been one business day since you completed your loan request and you haven't received an email, you may still get offers and they will be e-mailed to you as soon as available.
What if I don't have an email address?
My Lending Depot's system is designed to notify you via email that you have received a response from a Lender. If you don't have an email address, you can get one for FREE through web-based services such as Yahoo!, Snap and HotBot.
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How do I compare loan offers?
It's important that you evaluate all of the terms of each offer before you choose the one that's best for you. Compare the interest rate, APR, points, loan amount, loan term and other details of the loan offer. Please use our online calculators to help you make your decision.
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I've accepted an offer. How do I close the loan?
After you accept an offer, you will need to communicate with the Lender directly (via mail, email or phone) to complete the loan process. You will need to verify the information you provided through our site through W-2 forms, pay stubs, house appraisals etc. You'll also need to sign the official application forms from the Lender and schedule a closing.
You won't be going through the loan process alone. You will be assigned a personal customer care advocate when you complete your loan request. Feel free to call on them to help you through the process.
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How can I change the information I submitted on my loan request?
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How can I check the credibility of My Lending Depot?
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I live outside the United States. Can I use My Lending Depot to find a loan?
At this time, we only service requests for loans that originate in the continental United States, Alaska and Hawaii.
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Can you delete my information?
We cannot delete your loan request because we must maintain a record of your inquiry to comply with state and federal record retention laws. However, we do not share your information except in accordance with our privacy policy. Should a state or federal regulator request records of consumers who completed loan requests, as a regulated entity, we must comply with that request to produce any such records.
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What are your closing costs?
Each Lender determines their own policy regarding closing costs. Unfortunately, we are unable to determine the amount of closing costs or out-of-pocket closing expenses. If we are able to match your request with a Lender, you may discuss your specific situation with them once you are in contact.
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How do I cancel my request for a loan?
We are sorry that you do not wish to continue with your loan request. As soon as you submit your request, we try to match it with Lenders on our Exchange. If your loan request has been referred to a Lender, you must contact that Lender directly to cancel your request. The Lender's contact information is included in the details of your loan offer.
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How can I update my email address?
Please contact our Customer Care Department to correct or update your email address.
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Why am I having problems accessing your Web site?
If you received the "User Session Not Available" error message, your "cookies" may not be enabled. If you are using Internet Explorer, please follow these steps:
- Open your browser
- Click on Tools on upper tool bar
- Select Internet Options
- Click on Security tab
- Select Custom Level
- Scroll down and check to see that Cookies are enabled
- Click OK
If you are using Netscape, please follow these steps:
- Open your browser
- Click on Edit on upper tool bar
- Select Preferences from the drop-down menu
- Click on Advanced
- Verify in the box that "Accept All Cookies" is checked
- Click OK
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What if I don't want to give you my social security number?
We request your social security number to ensure that we receive accurate information from the credit reporting agency. Our Lenders evaluate the information they receive in your loan request as well as the information contained within your credit report. For these reasons, we encourage you to enter correct information in the social security field. If you are worried about privacy, please check our privacy policy to see how My Lending Depot protects your information.
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