Loanpal Reviews

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Loanpal

Overall Rating

3.6

56 Customer Reviews

Summary

Loanpal is a lender that provides four types of loans for homeowners: home purchase, home refinance, solar loans, and home improvement loans. See how customers are reviewing Loanpal.

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Customer Reviews

3.6 Stars out of 56 Reviews
5 Star:60% 4 Star:1% 3 Star:1% 2 Star:3% 1 Star:32%
64% Recommend This Company
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Posted on Aug 20, 2019

Great service

By Allan A., California, Verified Reviewer

Jason Dolby was going thru with step by step what I needed to do in the whole process. Jason Dolby and his team made this whole process smooth and easy. I would recommend anybody to Loanpal and Jason Dolby. He also took the time to get to know me, Jason Dolby has great people skills.

Bottom Line: Yes, I would recommend this to a friend

Posted on Aug 20, 2019

Thanks Kenny for making it easy!

By Mary R., Ohio, Verified Reviewer

I want to thank Kenny Nguyen and Loanpal for showing me an option I had never considered to pay off my solar installation. Kenny walked me through every step of the process and answered every question I had, as well as some I didn't know I had. Everything except the final document signing was done online, which was incredibly convenient. This was the easiest mortgage refinance ever!

Bottom Line: Yes, I would recommend this to a friend

Posted on Aug 20, 2019

Jason Doby is amazing!

By Lawrence R., San Diego, CA, Verified Reviewer

Jason did a fantastic job on our refinance. I would absolutely recommend him to friends and family! The process was less than 30 days from start to finish. We were thrilled at the service he provided!

Bottom Line: Yes, I would recommend this to a friend

Posted on Aug 20, 2019

Excellent customer service

By Dean L., Mesa, AZ, Verified Reviewer

The advice and attention to detail from Jason Doby was first class! Would definitely refer Loanpal for refinancing. Jason walked me through every step of the way and followed up with every question I had. No big sales pressure.

Bottom Line: Yes, I would recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Aug 23, 2019

Kenny Nguyen is OUTSTANDING and TOP NOTCH

By Elizabeth S., Texas, Verified Reviewer

Our experience in working with Kenny was awesome. From the first call we received from him, he was thorough in explaining how we could benefit in getting great rates. From there he set out in doing just that. He kept us informed on every step of the process both by email and by telephone. We will definitely recommend Kenny to others.

Thank you, Kenny, for taking excellent care of us and for your extraordinary customer service.

Bottom Line: Yes, I would recommend this to a friend

Posted on Sep 23, 2020

Best home mortgage refinance!

By Sam B., West Jordan, UT, Verified Reviewer

I have had to seek home mortgage refinance several times during my life, and I have never had my refinance handled with more care, clear communication, and speed, at the lowest interest rate possible than I have with Sherrie B. at Loanpal. She was very thorough, courteous, and kept things moving throughout the process. Any time of day or night, she was always available to answer questions, provide reassurance, and make sure the job was done with fineness. Many thanks go to Sherrie B. and Loanpal. I highly recommend their mortgage services.

Length of Use: 3–6 months

Bottom Line: Yes, I would recommend this to a friend

Pros and Cons

Fast, courteous customer service

Much lower interest rates and loan costs

Sherrie B. continued to monitor the refinance process from beginning to the end

Did not have a local office

Posted on Sep 28, 2020

Excellent service - great rates!

By Gregory K., North Las Vegas, NV, Verified Reviewer

I can't speak highly enough of the service from Loanpal. I originally had a loan on a new solar system installation on my home with Loanpal. I recently rolled that loan into a new refinance on my home mortgage at a lower interest rate. The process was supported by courteous and professional staff. I couldn't be more pleased with the terms of the loan or the process. Great supportive staff, great rates, made it a win/win. Thank you Loanpal.

Length of Use: 6–12 months

Bottom Line: Yes, I would recommend this to a friend

Pros and Cons

Great rates and service

Supportive staff

Easy process

No “cons” were specified in this review

Posted on Aug 20, 2019

Good friendly service, Jason Dolby is the best

By Steve P., Mount Gilead, OH, Verified Reviewer

Jason Dolby helped us through the whole process. Answered all our questions and guided us towards the right solutions for our family. And we have not had any issues since we completed the refinance/debts consolidating.

Bottom Line: Yes, I would recommend this to a friend

Posted on Aug 6, 2019

Getting signed up and approved is easy, but contact is difficult

By Forrest M., Fresno, CA, Verified Reviewer

We recently decided to get solar and were offered a deal to combine our solar payment with our house mortgage and at the same time lower our interest rate from 4.25% to 4.00%. During this time, we received a lot of help and assistance by phone and email. On the phone, they initially promised us that there would be no fees, and that's what got us interested in them.

We got the loan disclosure, and after looking at it carefully, they actually did charge us fees that they initially said would be waived. The fees included the appraisal fee and title fees. After talking with them again and pointing out that this was not part of our original deal, they did fix it and provided a refund for the amount.

Our mortgage eventually got transferred over to CMC Funding. Payments are made online and are easy.

My only other gripe would be that trying to contact them by phone is always a pain. They have terrible wait times to answer the phone and it's almost always over 30-45 minutes. As a busy working parent, I just don't have the time to wait on the phone and it's difficult to reach them. If they call you, you better answer the phone, because you'll never be able to reach them again if you try to call back.

Bottom Line: Yes, I would recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Jul 10, 2019

Confusing and inaccurate

By Maggie G., Los Angeles, CA, Verified Reviewer

Loanpal was very easy to get set up with. The problem comes after that, when you want to get a payoff balance or contact customer service by email. They apparently have more than one website for the same loan, and if you happen to click on the Solar Loan website for a solar loan, the email listed under "contact us" is a non-working email. So you email to that address requesting a loan payoff balance, and you get no response. After a couple of months go by, you realize you have to call. There is no other option. You cannot get any useful information off their website. And when you call, of course, you are put on hold. Bottom line, getting into this loan is easy. Getting out of it - paying it off early - is next to impossible.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Aug 7, 2019

Not what we expected

By David D., West Valley, UT, Verified Reviewer

We went with Loanpal (Paramount) for a home loan refinance mostly because we wanted to roll out solar loan into the main mortgage. They were very quick and responsive on most things but we felt like they didn't tell us the whole truth or at least didn't dissuade us of them.

First, they told us we would save about $200 a month over our current mortgage, it including the cost of the current solar, at the end, we are saving just what we would have spent with keeping the old loan and solar loans instead.

Second, we closed in the middle of the month and were told that we would be missing 2 monthly payments, which should have made out 1st payment due the first of October. Once we got the "welcome letter" we found it was due on the 1st of September. For us that wasn't a big deal as we weren't going to skip them anyway, it's just the principle.

Third, in the welcome letter we were told as of now we have to send a paper check to pay the mortgage, no auto pay and no pay by computer.

Fourth, they don't accept biweekly payments. I told them my current loan was being paid every 2 weeks, they never told us that they don't do that. And even if they did according to the letter, we were told basically too bad, so sad, they don't.

Then it seemed we were constantly calling them to know what was going on. At first they were good, but as we got closer to the closing date, the less information we got.

Would I recommend them? I honestly can't say I would, as they seemed to prey on those of us not knowing what to ask and what to clarify.

My overall experience was, I'd rate them average, as in nothing special.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 3 People Have Voted

Posted on Jan 24, 2017

Scam, negative stars

By Maria E Sellitto, Colorado, Verified Reviewer

Don't waste your time or money. I am too angry to even write a review. Thanks for wasting my time, Shirley at Loan Pal. Yea, and now the rates went up.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 16 People Have Voted

Posted on Mar 24, 2018

Don't even waste your time

By Floyd Charles Cranford, Greensboro, NC, Verified Reviewer

I spent two months furnishing information to refinance my primary residence. This is a great example of a "bait and switch." They came in much lower than a competing lender (local credit union), but when it came time to close, they found all kinds of additional or increased charges they 'missed' initially. They said, "trust me, we will do you right." I dropped the other lender 'trusting' them up until closing. What was quoted as a credit of $300 at closing suddenly became a 'cash needed at closing' of almost $3000. People, this is a scam. Don't fall for it. Stay away!

I would not recommend this company, also known as Paramount to my worst enemy...seriously. I would go lower than one star if it would let me. "Trust me" (and you really can) you are wasting your time and energy for a terrible result. I canceled the entire transaction and found a local company.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 9 People Have Voted

Posted on Mar 29, 2018

Loan Pal bait and switch

By Daniel Cathey, California, Verified Reviewer

Loan Pal aka Paramount Equity Mortgage (PEM) is a risk you should not take. You will be wasting a lot of time, money, and causing yourself undue stress.

I contacted PEM for a refinance. I spoke to Missy F aka Melissa Megan F. I was given an excellent loan scenario followed by a Loan Estimate (LE). I specifically asked several times, "How solid are these numbers?" or something very similar. I was told, verbatim, "This loan should only get better, based on the value of your house." Let's be very clear here, I was excited about the loan, and I wanted to make sure that there would be no surprises down the road. Missy supposedly "locked" the rates that day, which should have made the values of the LE fairly stable. I understand that prices can fluctuate a few $100 based on services, but this is not what happened. You can imagine my surprise when I ended up with a loan that was worse than Missy's pie-in-the-sky LE after my house appraised for a higher than expected value.

Over the course of two months, yes TWO months, after I was told that the refinance could be done within three to four weeks, I received no less than four different LEs, all with wildly fluctuating numbers. In every instance, when a document was requested, I usually got it to them within 24-48 hours. I practically had to beg, call every day, email constantly and even had to show up to their offices just to get some answers about what was going on with the loan. They had numbers on their LEs that apparently they were not even sure how they got there. How is this possible?

Loan Pal aka PEM was so inefficient in their execution of this loan, they blew a rate lock, which of course I ended up having to pay for. They also promised to pay for the appraisal, which ended up in the fees, which means that I paid for it.

Let's list the lies that I was fed, followed by the actual outcome.

Lie #1: You are getting a 0% of Loan Origination Charge with a total closing cost of $2,564.

Reality #1: After multiple wildly varying LEs, I ended up with a 0.625% Loan Origination Charge with a total closing cost of $4,358.03.

Lie #2: We can have this loan completed within a month.

Reality #2: It took over two months. We had to pay for a rate lock extension because they blew it.

Lie #3: I locked your rate today.

Reality #3: My rate was not locked on the day indicated by Missy/Melissa. I have, as of yet, to get a clear answer on when that supposedly happened.

Lie #3: We will pay for your appraisal.

Reality #3: I ended up paying for the appraisal.

Lie #4: You can make bi-weekly payments.

Reality #4: Closing documents state that partial payments are not accepted.

Lie #5: Your loan will only get better and the numbers presented in this LE will only get better.

Reality #5: My house appraised for more than expected and my loan got worse on virtually every measurable metric.

Please do yourself a favor. If you plan on gambling by allowing PEM/Loan Pal to provide you with lending services, do yourself a favor, hedge your bets. This means, go through this process with multiple lenders at the same time. The PEM/Loan Pal offer may be the best one, but they will not follow through. They will not be timely. They will not honor their word. When they start to mess around and miss deadlines or start to change their LEs, you can drop them and continue on with a reputable company.

I timed my refinance at a good time to get a great rate offer from multiple companies. PEM/Loan Pal had the best offer at the time, and because they were so slow, I ended up having to make a decision on the other mortgage company offers. After getting multiple reassurances along the lines of, "Don't worry about the numbers, we will fix them at the end. We will take care of you," I decided to go with PEM/Loan Pal. This was a mistake, and it ended up costing me in opportunity and real money costs.

PEM/Loan Pal will lie to you. They will offer you great loan terms only to change them at the end. Don't fall for it.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 13 People Have Voted

Posted on May 2, 2018

Do not use this company!

By J. Lamason, Florida, Verified Reviewer

We just refinanced with Loanpal, were told they don't sell your mortgage, but THEY DO! Our mortgage was sold to Wells Fargo, the worst financial institute ever.

Apparently, these two go hand and hand. Sneaky, unethical, and dishonest!

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 6 People Have Voted

Posted on Jul 26, 2018

Don't waste your time

By Therese K., Harrisburg, PA, Verified Reviewer

Credit hit, $200 gone, and when asking about the decision, David hung up the phone! I should have known better. Did, in fact. He called, talked fast, sent all of the paperwork, had the house assessed, "you're approved." Credit attacked, promises made, and when I called to see what the problem was, got hung up on. What makes it so egregious is that I told him up front I would not qualify and then fell for the okey-doke. I don't claim to be a victim, but those of us who are just trying to do better need to hang up the phone on the Davids who snow you over. I would not recommend Loanpal to my worst enemy, let alone any level of friend.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 6 People Have Voted

Posted on Sep 10, 2018

Disappointed

By Timothy L., California, Verified Reviewer

I was first contacted by phone by a Loanpal agent. This was April, and I was told they could save me money on my home payment. After sending many docs and verifying income and others, they sent me e-signature docs on my laptop. Great follow up at first, but then no return calls. The first agent no longer works there, others I worked with were out on medical leave, no agent had our old info and I started over many times. Then they said ok, if the appraisal is good you have a loan. Wrong. It was $140.000 more than the current loan and there is still no loan.

Then they said Fannie Mae doesn't like my home. I called them but they said I can't talk to them but the loan company can, and if they requested a reconsider on loan after giving them the info. I told them they would most likely give loan. They did not make a request. Now I have no loan five months later and am out the appraisal fee, which they said they will not refund. Not a good company. They could give me a loan on their own without Fannie Mae. It's under $300,000.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 3 People Have Voted

Posted on Jun 28, 2019

Slow, like for monetary gain!

By Josh H., Denver, CO, Verified Reviewer

Slow at everything they do. I called in for a payoff statement and was told they'd get it emailed over to me. Four days later I called, and they said it can take up to two weeks to process a payoff statement. I notified them a home refi was waiting to close based on this statement, and magically was done within an hour.

After closing this refi, the closing company wired full payment directly to them. Four days later it was still not reflected on my online access, so I called. "We just received the wire today, so it will be processed now." Next day, still not showing the balance paid off. I believe they are just letting the interest run up to collect some more money from me. Anyone that has done a wire knows it is all completed the same day. Absolutely no reason to hold onto it for five days, and likely more assuming they'll need 2 weeks to process that payment like the payoff statement. Scam company looking to squeeze every dollar out of you!

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Aug 2, 2019

Not friendly at all

By Lynn M., Avon, IN, Verified Reviewer

First Loanpal helped me with a refinance so I could use equity as a down payment for an investment property. Every step of the way, it was like pulling teeth to get communication. Documents at the end showed higher figures than originally agreed on. Then, even before my first payment was made, I got a notice that my loan was sold and was given the new information to send payments to.

Next we start working on the loan for the investment property, and they were even more difficult to deal with. They ask for information that is none of their business. I sent everything they asked for, and I get requests for the same information I already sent. They tell me that I never sent it. Five days before closing I get a voicemail that says they have to change the cash to closing because we cannot ask the seller to provide more than a certain percent at closing. They knew this when the loan process was started 4 weeks before that. Yet they waited until we were 5 days from closing and blamed it on the realtor, when that is outside their scope. All lenders are crooks, but this is ridiculous.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Sep 13, 2019

Bait and switch

By Joni H., Reseda, CA, Verified Reviewer

Loanpal is easy to work with until after your loan closes. Then, they really could not care any less about you. My loan was transferred to a HORRIBLE company before I even made one payment. I called and called, trying to talk to ANYONE who could help, but to no avail. They just don't care what happens to you after they get what they want. You are lucky if they return your calls or emails, but none of that helped anyway. I begged to have my loan serviced by a reputable company, but they didn't care at all. I should have listened to the inner voice that told me to run far away from them when the entire process started.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Sep 20, 2019

Do not refinance with Loanpal!

By Kathleen C., New Jersey, Verified Reviewer

I just refinanced with this company. I wish I had stayed with my bank - this company totally screwed me. I had to pay over $13,000 and they made this change at the last minute with some BS as to why. Michael Tennant was the loan officer - I tried to cancel and he said oh no, this is the perfect loan for you. Right! Now, I have lots more debt and a little lower mortgage payment. I can't believe that there is nothing you can do once you close and you have been totally screwed.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Mar 7, 2020

Customer service

By Debby P., Glendale, AZ, Verified Reviewer

I paid off a solar UCC almost three months ago and they have not released the lien yet. That is ridiculous to say the least. They had their money wired to them. When I called customer service they, of course, could not help and told me I had to email the release department. When I got the canned auto-response it said it would take them up to 7 days to get back to me. Now this home has a clouded title because of their lack of duty to release a lien in a timely manner.

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 1 Person Has Voted

Posted on Mar 31, 2020

Do not refinance with this company

By John S., Texas, Verified Reviewer

We were supposed to get refinanced for a 20-year loan and they switched it to 30 without us knowing it and we didn't catch it until after we signed the paperwork. We were going through so much at the time with health issues, surgeries, and a death. They deliberately took advantage of us. The whole process was a nightmare from start to finish with empty promises, horrible service, lack of communication and incompetency.

Bottom Line: No, I would not recommend this to a friend

Posted on Apr 2, 2020

Lien release

By Steve R., Alamogordo, NM, Verified Reviewer

Have been waiting 2 weeks for a "lien release" so I can close on a refinance of my home. The lien is from a Solar loan we have through them. Daily emails, phone calls, from myself, mortgage company and title company getting no progress. Nobody can tell me what the hold up is! Can’t wait to pay off my solar and end my relationship with Loanpal!

Bottom Line: No, I would not recommend this to a friend

Helpful Review? 2 People Have Voted

Posted on Jul 3, 2020

Sunrun and Loanpal

By Audey T., Charleston, SC, Verified Reviewer

Loanpal rate interest is very high 5.8%. Please send us a monthly statement. I kept calling and ask for it but, there is no answer.

Length of Use: 2+ years

Bottom Line: No, I would not recommend this to a friend

Pros and Cons

No “pros” were specified in this review

This is a very bad company

Where is the statement after I made a payment?

Very high rate interest of 5.8%

Helpful Review? 2 People Have Voted

Posted on Aug 8, 2020

Very poor customer service and loan servicing

By Colleen P., Yucaipa, CA, Verified Reviewer

Poor customer service. Don't return phone calls when requested several days in a row. Tried to assume a solar loan for a home purchase. Even though we were told the loan was approved several times, could not get the assumption department to generate the paperwork necessary to close the escrow. They hide behind their voicemails and give attitude. Had to cash some of our RETIREMENT MONEY to pay off the loan so we could close escrow. I would NEVER recommend this company to my worst enemy. Don't use Loanpal!

Length of Use: Less than 3 months

Bottom Line: No, I would not recommend this to a friend

Pros and Cons

No “pros” were specified in this review

Very poor customer service, attitude

No communication or return phone calls

Slow, and departments don't communicate well with each other

No sense of responsibility to their customer

Helpful Review? 3 People Have Voted

Posted on Sep 4, 2020

Terrible service and hidden loan info

By Leo S., New Jersey, Verified Reviewer

Terrible customer service. Loan amortizations are never available and always met with resistance when asking for a revised report. In 40 years I never had a loan that did not provide future payment info or amortization calculators. The platform is so backwards it's crazy, and there is NO PLAN to upgrade. I do not believe they are calculating loans correctly.

Length of Use: 2+ years

Bottom Line: No, I would not recommend this to a friend

Pros and Cons

It does have automatic payments

Shady loan calculations

No future payment info or amortization

Almost useless website and no apps

Helpful Review? 3 People Have Voted
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