How to Make a LoanDepot Payment and Manage Your Account
How to pay LoanDepot
LoanDepot accepts payments through their online portal, by phone, through automatic bank transfers, or by mail. The fastest way is logging into your account at loandepot.com, clicking "Make a Payment," and entering the amount and payment date. You can also call 1-844-LOANDEPOT (1-844-562-6337) to pay by phone with a representative, or set up automatic payments so money leaves your bank account on the same day each month.
If you prefer not to use the website, you can mail a check or money order to the address shown on your loan statement. Mail payments take longer to process — typically 5 to 7 business days — so send them early if your due date is approaching. LoanDepot does not charge a fee for payments made through their website, phone line, or automatic bank transfer, but third-party payment processors (like paying through a credit card) may add their own fees.
Key Takeaways
- Online payments through loandepot.com process the same day or next business day and cost nothing.
- Automatic payments (ACH transfers) pull money from your bank account on a date you choose each month, so you never miss a due date.
- Phone payments work immediately but require speaking to a representative during business hours.
- Mail payments take 5 to 7 business days to reach LoanDepot, so send them at least a week before your due date to avoid a late fee.
- Late payments trigger a fee and can damage your credit score, so set a reminder or use automatic payments if you struggle to remember.
Setting up automatic payments
Automatic payments (also called ACH transfers) are the most reliable way to avoid missing a due date. Log into your LoanDepot account, go to "Manage Automatic Payments," and link your checking or savings account. You choose the day of the month the payment leaves your bank — many people pick the day after they get paid so the money is there.
Once automatic payments are set up, you can change the amount or pause them anytime through your account. If your bank account does not have enough money on the scheduled date, the payment will fail and you may face a late fee plus overdraft charges from your bank. Check your account balance the day before the payment is due to make sure the funds are there.
What happens if you miss a payment
A payment is late if it arrives after your due date. LoanDepot typically charges a late fee — the amount depends on your loan agreement, but it is usually a percentage of your monthly payment or a flat dollar amount. The late fee is added to what you owe, so you will pay more than your regular payment to catch up.
More damaging than the fee is the credit report impact. After 30 days late, LoanDepot reports the missed payment to credit bureaus, which lowers your credit score. After 60 days late, the damage is worse. After 120 days, your loan may be sent to a collection agency. If you know you cannot make a payment, contact LoanDepot before the due date — they may offer a deferment, forbearance, or payment plan that keeps the late report off your credit.
Understanding your payment breakdown
Each LoanDepot payment is split between principal (the money you borrowed) and interest (the cost of borrowing). Early in your loan, most of your payment goes to interest. As you pay down the loan, more of each payment goes to principal. Your loan statement shows exactly how much of your payment goes to each.
If you make extra payments or pay more than the minimum, ask LoanDepot whether the extra money goes to principal or is held as a credit toward future payments. Some lenders automatically apply extra payments to principal, which shortens your loan and saves you interest. Others hold it as a credit, so you have to request that it be applied. Knowing the difference can save you hundreds of dollars over the life of your loan.
Paying off your loan early
You can pay off a LoanDepot loan at any time without penalty — there is no prepayment fee. Paying extra each month or making a lump-sum payment reduces the total interest you pay and shortens the loan term. For example, paying an extra $50 per month on a personal loan can save thousands in interest over several years.
Before you commit to extra payments, make sure you have an emergency fund in place. Putting all your extra money toward the loan leaves you vulnerable if your car breaks down or you face a medical bill. A balanced approach — building savings while paying down debt — is usually safer than paying as fast as possible.
Troubleshooting payment problems
If a payment failed or did not post to your account, log into your LoanDepot account and check the payment status. If it shows as pending, wait one business day for it to process. If it shows as failed, the most common reasons are insufficient funds in your bank account, an incorrect bank account number, or a closed account. Contact your bank first to confirm the account is active and has the funds.
If your payment was processed but your account still shows it as late, contact LoanDepot customer service. Payment processing can take time, and sometimes a payment arrives after the due date even though you sent it on time. LoanDepot can reverse a late fee if the delay was their error. Keep records of when you sent the payment and any confirmation numbers — these prove you acted on time.
Payment options comparison
| Payment Method | Processing Time | Cost | Best For |
|---|---|---|---|
| Online portal (loandepot.com) | Same day or next business day | Free | One-time payments, flexibility |
| Automatic bank transfer (ACH) | On scheduled date | Free | Never missing a due date |
| Phone payment | Immediate | Free | Urgent payments, speaking to a person |
| Mail (check or money order) | 5 to 7 business days | Free (stamp cost) | People without online access |
| Third-party payment processor (credit card, etc.) | Varies | Processor fee applies | Earning rewards (if fee is worth it) |
Frequently Asked Questions
Can I change my payment due date?
Contact LoanDepot customer service to request a due date change. They may allow you to move your due date to align with your paycheck or another regular income. Some lenders charge a small fee for this change, while others do it for free. Ask before you request it.
What if I want to pay twice a month instead of once?
You can make extra payments anytime through your online account or by phone. Confirm with LoanDepot that extra payments go toward principal, not held as a credit. Paying twice monthly reduces interest and can shorten your loan by months or years.
Do I have to use automatic payments?
No. Automatic payments are optional. You can pay manually each month through the website, phone, or mail. However, automatic payments are the easiest way to avoid late fees and credit damage, especially if you have a busy schedule or tend to forget deadlines.
What if my bank account information changes?
Update your bank account in your LoanDepot account as soon as possible if you close an account or switch banks. If automatic payments fail because your old account is closed, contact LoanDepot to add your new account and reschedule the payment. Do this before the due date to avoid a late fee.
Can I get a late fee removed?
Contact LoanDepot and explain the situation. If the late fee was their error or if you have a history of on-time payments, they may remove it as a courtesy. If the delay was your responsibility, they are less likely to waive it, but asking costs nothing.