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Reviews, Small Business

loanDepot Small Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

loanDepot Small Business Loan Review

LoanDepot is no longer offering personal loans.

For small businesses just starting out, or with little collateral, funding can be extremely difficult to access. That doesn’t mean that your businesses should be limited by the funds you have on hand, it just means you should look beyond the traditional brick-and-mortar bank and find alternative financing solutions, like loanDepot

The Offer

The loan is actually a personal loan, and is based on your creditworthiness, so no business assets are needed as collateral.

Pros

  • No collateral required
  • Can get an estimated APR without affecting credit
  • No prepayment penalty
  • 15-day grace period
  • Receive funds in 5-7 business days, in most cases
  • 36 or 60 months

Cons

  • Loans unavailable in Virginia

What Type of Businesses Will Benefit The Most?

Businesses that are just starting up and need small amounts of funding and whose owners have good credit are the best candidates for a loanDepot small business loan. The owner must have good credit, but this is an excellent alternative for businesses that do not have much to show in profits or much to put up as collateral.

How To Apply

The Instant Rate Quote (see below) does not affect your credit score, and, when filled out with accurate information, will give you an estimated rate for your small business loan.

InstaRateQuote

CustomRate

To apply you must be 18 years or older, a US citizen, and have verifiable income and bank account. In order to complete the loan application you will need:

  • Your date of birth
  • Name
  • Address
  • Email address

If you choose to accept a loan offer from loanDepot, then you will need to provide:

  • Social Security number
  • Bank Account routing and account number
  • Employment and income verification
  • If you are self-employed, loanDepot will require 2 years worth of tax returns

Once you are approved for a small business loan, the proceeds of your loan will be deposited directly into the bank account that you provided details for, generally within 2-3 days after approval. Most applicants find that the total time to receive funds, from application to the funds being deposited into their account, is 5-7 business days.

Fine Print Alerts

There are restrictions on loan amounts and APRs depending on which state you live in:

  • Loans are unavailable in Virginia
  • Loans to Ohio and Connecticut residents must be greater than $6,001
  • Loans to Connecticut and Vermont residents must qualify for an interest rate of 12% or lower
  • Loans to New Hampshire residents equal or less than $10,000 must qualify for an interest rate of 10% or lower
  • Loans to New York residents must qualify for a 16% APR or lower

loanDepot charges an origination fee depending upon creditworthiness. You do not pay this fee up front. Instead, it is deducted from the loan proceeds, so if you need a specific amount of funding for your business, be sure to factor in the origination fee in the amount you request.

Loan payments are automatically deducted from your bank account. You can elect to make payments by manual check, however, there is a $15 fee for each check payment. There is no fee for automatic payments, additional payments, or prepayment.

All personal loans (small business included) have a 15-day grace period. On the 16th day without payment, you will be charged a $15 late payment fee. A $15 fee is also charged for failed payments. As with most small business loans, payments more than 30 days late may be reported to the credit bureaus and may negatively impact your credit.

How It Stacks Up

Accion is an excellent option if you need a fairly small loan amount. To qualify, you need to show that your business has good cash flow, no bankruptcies in the last 12 months, and no late mortgage or rent payments. The minimum credit score needed to apply is 525, the typical interest rate is 8.99%, and loans are available up to $50,000.

Accion

APPLY NOW Secured

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Balboa Capital offers loans, but without the typical 2 years of tax returns required. It only requires last year’s tax return and no bankruptcies or liens in the last year. You can borrow up to $250,000 with Balboa Capital.

Balboa Capital

APPLY NOW Secured

on Balboa Capital’s secure website

If you need a fuss-free small business loan for a business with little to no collateral, then loanDepot is a more flexible way of financing your business’ growth.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at [email protected]

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Reviews

An In-Depth Review of Discover’s Banking Products

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1911
Total Assets$109.1B

LEARN MORE Discover Bank’s secure websiteMember FDIC

Discover Bank, which originally was introduced as a credit card via Sears-owned Greenwood Trust Company, first came on the market in 1985. Since then, Discover has gone on to become one of the largest credit card issuer in the U.S., known for their customer loyalty. Discover Bank, which runs completely as an online bank, has made strides over the past decade to compete in the financial sector by offering an array of financial products that go beyond credit cards.

Savings account bonus offer: Earn up to $200 on your first Discover savings account

Discover Bank is offering a $150-$200 bonus. Here's how it works:
If you're able to deposit a balance of at least $15,000 by 07/15/19 in your first Discover Online Savings Account, you will receive a $150 bonus. If you're able to deposit a balance of at least $25,000, you will receive a $200 bonus. In order to qualify for the bonus, you'll have to apply for the savings account by 07/01/19 and your funds must be deposited by 07/15/19. On 07/29/19, the bonus will be credited to your account. You can easily get the bonus offer online by clicking on the Learn More button above or by calling Discover bank. Just be sure to enter or mention the promo code MM619. Discover's online savings account currently earns an APY of 2.10%.

Discover Bank offers competitive rates on their banking products, which include CDs, savings, checking, and money market accounts, which also boast perks like no monthly fees. However in recent years, many online banks have begun offering similar, if not better, rates for their deposit products.

In this article we’ll take an in-depth look at Discover Bank’s products. We’ll cover account features, rates and anything else you might need to know to make the most informed decision on your financial needs. Most of our research was conducted by analyzing rates from Depositaccounts.com, which is another LendingTree-owned site.

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Discover Bank’s Most Popular Accounts

APY

Account Type

Account Name

2.10%

Savings

Discover Bank Online Savings

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2.50%

CD Rates

Discover Bank 12 Month CD

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2.00%

Money Market

Discover Bank Money Market

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on Discover Bank’s secure website

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0.00%

Checking

Discover Bank Discover Cashback Debit

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on Discover Bank’s secure website

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Discover Online Savings account

A completely fee-free online savings account, with no minimum balance requirements, and competitive interest rates.

APY

Minimum Balance Amount

2.10%

$0

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: None as long you use an ATM within Discover’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

There is no minimum balance to open a Discover Online Savings account, nor do they charge any monthly maintenance fees. While account holders do not have the ability to withdraw money from their savings account via an ATM, they are able to access and manage their savings account via Discover’s online banking and mobile app. The online banking and mobile app lets users deposit and transfer money to both Discover Bank and non-Discover bank accounts. This account doesn’t come with any fees. Even if you exceed the Federal Reserve’s Regulation D limitation of six withdrawals or transfers in one calendar month, Discover will not charge an excessive withdrawal fee. If you exceed six certain transactions more than once, your account may be closed. Discover will only do this if you exceed the limit “more than on an occasional basis”. Be sure to read the Deposit Account Agreement for specifics around this limit.

Currently, you can earn a competitive interest rate of 2.10% APY on a Discover Online Savings account. This is compounded daily and deposited into your savings account every month. As soon as you deposit money in your account, you’ll begin earning interest.

This is a solid savings account for anyone who already has a checking account with Discover, has a substantial amount of savings, or wants to earn a competitive interest rate on their savings account. It stands out for being fee-free and requiring no minimum balance or deposit, but falls short when compared with all the current interest rates out there.

There are no eligibility requirements to open a Discover Online Savings account since they do not require an initial minimum deposit or any minimum balance. There is currently a bonus being offered if you apply for the savings account for the very first time by 07/01/19. If you meet qualifications by 07/15/19, you could receive the $150 or $200 bonus. Click the button below for full details.

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on Discover Bank’s secure website

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How Discover Bank’s savings account compares

Compared with other online savings accounts, Discover Bank does not have the best offerings. That’s not to say it’s bad. Next to what major banks are currently offering, this account is a major win. However, with a little research, you can find better interest rates out there that also don’t have minimum balance requirements.

To see what other rates and offers are out there that fit your savings goals check out our Best Online Savings Account Guide.

Discover Bank’s CD Rates

A minimum deposit of $2,500 gives you competitive CD rates among online banks, but higher rates can be found.

CD term

Annual Percentage Yield (APY)

3 months

0.35%

6 months

0.65%

9 months

0.70%

12 months

2.50%

18 months

2.55%

24 months

2.60%

30 months

2.60%

3 years

2.65%

4 years

2.75%

5 years

2.85%

7 years

3.00%

10 years

3.05%

  • Minimum opening deposit: $2,500
  • Early withdrawal penalty:
    • For CDs that are less than one year, the penalty will be worth 3 months of simple interest.
    • For 1-3 year CDs, the penalty is 6 months of simple interest.
    • For a 4 year CD, the penalty is 9 months of simple interest.
    • For a 5 year CD, the penalty is 18 months of simple interest.
    • For 7-10 year CDs, the penalty is 24 months of simple interest.

Discover Bank offers certificates of deposits with terms ranging from three months to 10 years. Interest is compounded daily and is deposited every month. As with most CD rates, the longer the term of the CD, the higher the rate you will receive. To make sure you lock in the highest possible rate for your CD, make sure you fund your account within ten days of application.

There are early withdrawal penalties for taking your money out before the end of the term. The penalty amount varies depending on how far you are into your CDs term.

While there are penalties for withdrawing your money early, you do have the option to withdraw any interest earned on your CD to a Discover bank account without penalty. This money can also be left in your CD to compound throughout the life of your CD. Account holders receive notice of CD maturity 30 days prior to the end of the term. Once a term has ended, account holders have a 9-day grace period to make a change to their CD before incurring penalties. If no action is taken, Discover CDs will automatically renew at the same rate and term.

You can open a Discover CD online or by phone. The only eligibility requirements come in the form the $2,500 minimum deposit, which can be paid via phone, check or an online transfer from your bank. Discover provides the option of opening your CD in the form of a Trust, Guardian, Estate or Custodial account, but in order to do so, you must call one of their Banking Specialists.

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How Discover Bank’s CD rates compare

Overall, Discover Bank CD rates are competitive. They certainly beat out most of the major banks by far when it comes to APY. However, if you do some digging, there are better rates out there for CDs, both in terms of minimum deposit and interest rate earned.

Discover’s minimum deposit of $2,500 is the biggest downside to this product. While it’s not common for banks to offer no-fee withdrawals on CDs, there are some out there. To find the most competitive CD rates on the market right now, check out our Best CD Rates page.

Discover CashBack Debit account

Discover CashBack Debit offers no monthly fees and pays decent cashback rewards.
  • Monthly account maintenance fee: None.
  • ATM fee: None as long as the ATM is within Discover’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

The Discover CashBack Debit account is appealing because it doesn’t carry any fees — that means no monthly maintenance fee, no minimum balance requirements and no fees for check ordering or debit card replacement.

They offer free online and mobile banking options like bill-pay, wire transfers and account management.

One of the account’s main selling points is the cashback reward, which pays 1.00% on debit card transactions up to $3,000 on purchases each month. In other words, if you spend up to $3,000 in a month you receive $30 cash back. This 1.00% return is not an interest rate, but rather a cashback reward. There are no qualifications to earn the cashback rewards — when you spend with your debit card, you’re earning rewards. These rewards can be redeemed as a credit to your checking account or transferred to a Discover CashBack Bonus card account.

Discover recently partnered with AllPoint and MoneyPass to increase their in-network ATM locations by 60,000+. While Discover does not charge ATM fees for going out-of-network, they do not reimburse ATM fees incurred by third-party ATMs.

Since Discover Bank is considered an online bank, you must open your account online via their website or by phone. There are no minimum deposit requirements, nor do they require account holders to keep a minimum balance. Once you open your account, you’ll receive your debit card within 10 business days. Discover offers free checks for their CashBack Debit account, although you must request them.

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How Discover Bank’s checking account compares

The Discover CashBack Debit account stacks up against other banks when it comes to offering a no-fee checking account. While they do boast a large ATM network, in part to their partnerships, they still do not reimburse out-of-network ATM fees. When it comes to rewards, their cashback reward is decent.

There are better cashback rewards programs out there, as well as, accounts that don’t require you to spend money to make money. If you spend a significant amount money via your debit card every month, this rewards program might make sense. If not, there are other banks that currently offer better rates on checking accounts for less effort on your end.

Discover Bank’s Money Market Account

Good withdrawal options, but with a high minimum balance requirement and interest rates that don’t stack up.

APY

Minimum Balance Amount

1.95%

Less than $100,000

2.00%

Greater than $100,000

  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: None, but only if you use an ATM within Discover Bank’s network.
  • ATM fee refund: None.
  • Overdraft fee: None.

Opening a money market account with Discover Bank requires a minimum initial deposit of $2,500. They don’t even beat out Discover’s saving account rates.

There are a few account features worth noting, starting with the withdrawal options. Unlike the Discover Online Savings account, account holders will receive checks and a free debit card. Your debit card can be used to withdraw money via ATMs and at stores.

Discover Bank does not charge ATM fees, however if you use an out-of-network ATM they will not reimburse the fee. It’s important to note, that your money market account is subject to the same Federal Reserve regulations limiting transfer and withdrawals to six per month. If you exceed the six transfers or withdrawals more than on an occasional basis, Discover might just close your account. Luckily, this does not apply to withdrawals from ATMs or via official check that is mailed to you. Discover Money Market accounts also give you the ability to sign up for online bill pay, as well as, overdraft protection.

The only eligibility requirements to open a Discover Money Market account is an initial minimum deposit of $2,500. You can open an account either online or by calling one of their Banking Specialists. To fund your account, you have the option of an online transfer, direct deposit or check, which can be mailed or deposited via Discover Bank’s Mobile Check Deposit app.

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How Discover Bank’s money market account compares

Looking at the overall market offerings, Discover Bank Money Market accounts do not stack up. Their competitive account features like a large ATM network, free checks and a debit card are nice, but their rates do not compete.

You can find other banks offering lower deposit requirements, as well as better rates. To see how this account compares, check out MagnifyMoney’s Best Money Market Rates guide.

Discover IRA CD rates

Competitive rates with a higher-than-average minimum deposit for both traditional and Roth options.

Term

APY

3 Months

0.35%

6 Months

0.65%

9 Months

0.70%

12 Months

2.50%

18 Months

2.55%

24 Months

2.60%

30 Months

2.60%

3 Years

2.65%

4 Years

2.75%

5 Years

2.85%

7 Years

3.00%

10 Years

3.05%

  • Minimum opening deposit: $2,500
  • Early withdrawal penalty:
    • For CDs that are less than one year, the penalty will be worth 3 months of simple interest.
    • For 1-3 year CDs, the penalty is 6 months of simple interest.
    • For a 4 year CD, the penalty is 9 months of simple interest.
    • For a 5 year CD, the penalty is 18 months of simple interest.
    • For 7-10 year CDs, the penalty is 24 months of simple interest.

Similar to other Discover Bank CD products, the minimum deposit to open an IRA CD is $2,500. This is also the minimum balance required to earn your interest rate. They offer both Traditional and Roth IRA CD options, with interest rates that vary depending on the CD term you choose. Terms can be as short as 3 months to up to 10 years. Their early withdrawal penalties remain the same for both IRA and non-IRA CDs.

An IRA CD is a worthwhile investment if you aren’t touching your savings and want to earn a higher APY than what’s being offered for your savings account. IRA CDs make the most sense if you’re looking for a long-term investment. While they don’t pay crazy high returns, if you have extra capital, it’s a good investment vehicle to have in your portfolio.

Opening an IRA CD account with Discover Bank can be done by phone or online, and requires an initial minimum deposit of $2,500. Funding your account can be done by phone, via check or via a bank-to-bank transfer from an existing IRA. Discover also allows account holders to initiate a direct or indirect rollover from an existing IRA.

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How Discover Bank’s IRA CD compares

Compared with other IRA CD’s out there, Discover Bank’s rates fall somewhere in the middle. The minimum deposit is higher than other offerings out there and the rates are competitive, but not high enough to be the best on the market.

Overall review of Discover Bank’s deposit products

Discover has created a suite of banking products that can compete in today’s market. Their online and mobile banking has all the necessary features to access and manage your account, and they boast a large ATM network that limits, but does not completely remove, ATM fees from your life.

Compared with the traditional big banks, Discover Bank has them beat when it comes to rates and offerings. However, if you take the entire market into consideration, adding in online banks, community banks and credit unions, Discover banking products fall somewhere in the middle.

Based on the fact that all of the reviewed products above do not have monthly maintenance fees attached to them and pay some form of interest or cash back, means you aren’t going to be wrong by opening an account. However, if you’re looking for the best of the best, Discover Bank is not quite there yet.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jackson Wise
Jackson Wise |

Jackson Wise is a writer at MagnifyMoney. You can email Jackson here

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Reviews

WebBank Review: Savings and CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1997
Total Assets$0.8B
LEARN MORE WebBank’s secure websiteMember FDIC

If you’ve ever taken out a personal loan or have refinanced a loan with popular online lenders, you may have noticed a line in the fine print that refers to “WebBank” as the originating bank. While the Salt Lake City-based WebBank indeed does a large part of its business supplying the funds for these loans, you might not know that it also offers deposit accounts to consumers. Its repertoire is somewhat limited – just a high-interest savings account and a handful of CDs that it refers to as “time deposits.”

This bank has been around since the early days of internet commerce, established in 1997. Just like its name promises, it’s an internet-only bank. There are no branches you can visit to make transactions and you can’t even deposit paper checks or cash. All deposits into these accounts must be made either by wire transfer or ACH transfer. If you’re curious to learn more about this bank and whether it might work for you, read on.

WebBank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

2.50%

Savings

WebBank Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.80%

CD Rates

WebBank 1 Year CD

2.60%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.10%

CD Rates

WebBank 5 Year CD

2.90%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

WebBank’s savings account option

Savings

This is a great savings account, as long as you don’t mind managing it entirely online and can keep at least $1,000 in it at all times.

APY

Minimum Balance to Earn APY

2.50%

$1,000

  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

WebBank’s savings account is a great choice for savers looking to stash their money in a separate bank in order to earn a high rate. This bank doesn’t offer a checking account, so your money is somewhat isolated. This can be a good thing, however, especially if you’re often tempted to dip into savings for everyday spending.

Access to your money is more limited than with many other savings accounts. There are only two ways to add money to a WebBank savings account: by ACH transfer or wire transfer. Similarly, there is no access to ATMs, checks, or branches in order to make withdrawals. It does adhere to the six withdrawal monthly limit imposed by Regulation D. If you go over this limit, this bank can deny those extra withdrawals and even close your account.

Secondly, you’ll need to deposit — and maintain — at least $1,000 in the account in order to keep it open and earn interest. This isn’t a huge amount of money, but the account isn’t for those who are just beginning to save. If your balance ever drops below $1,000, the bank will close your account and return your funds “in a manner deemed appropriate by us.”

How to get WebBank’s Savings account

As long as you meet the following simple criteria, you can easily open up a savings account with this bank today:

  • Be at least 18 years old
  • Have a Social Security Number or other taxpayer ID
  • Have a physical address inside the U.S.

In addition, you’ll need to make your first deposit with an ACH transfer. The bank does use wire transfers, but you’ll need to wait for the account to be opened first before you can use this option.

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How WebBank’s savings account compares

Good news for those looking to max out their savings account interest rate: this bank currently offers one of the highest interest rates of any savings account available today. It also falls a bit in the “Goldilocks” zone for the minimum deposit: Some banks offering similar rates require a higher minimum deposit, while some offer less.

If you’re still shopping around, it’d be worthwhile to take a look at the best online savings accounts to compare other similar banks based on factors that may be important to you as well, such as the ability to use ATMs, or banks that also offers a checking account.

WebBank’s CD rates

Time Deposits

These CDs offer great rates, if you can afford to plunk down at least $2,500.

Term

APY

6 months

2.50%

1 year

2.80%

2 years

2.90%

3 years

3.00%

5 years

3.10%

  • Minimum opening deposit: $2,500
  • Minimum balance amount to earn APY: $2,500
  • Early withdrawal penalty: This depends on your CD’s term length:
    • For the 6-month CD, you’ll pay three months’ worth of interest
    • For the 1-year and 2-year CD, you’ll pay six months’ worth of interest
    • For the 3-year CD, you’ll pay nine months’ worth of interest
    • For the 5-year CD, you’ll pay one years’ worth of interest

CDs are pretty well insulated from spending temptations by their nature, since they come with early withdrawal penalties. But if you’d like another layer of removal from your checking account or if you’d like to transfer money from an existing savings account at this bank, opening a CD with this bank is a great choice because it offers high APYs.

The downside is that it only offers four different term lengths. Still, the most useful terms — short-term six-month CDs and long-term, five-year CDs — are represented here.

Once you deposit the money into one of these CDs you generally won’t be able to get it out again until it matures without paying a penalty. Once the CD does mature, you’ll have a 10-day grace period to decide what to do with it. Lest you forget, this bank will also send you a notice in advance. If you don’t do anything with the CD, such as add more money or withdraw it, the bank will automatically roll over the funds into a new CD and you won’t be able to access the money again until it matures.

How to get WebBank’s CDs

It’s very easy to open one of WebBank’s CDs. Again, you’ll need to be at least 18 years old, have a physical address within the U.S., and have a Social Security Number or other taxpayer ID. You’ll need to make your opening deposit with an ACH transfer from your current WebBank savings account or from another bank.

Learn more Secured

on WebBank’s secure website

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How WebBank’s CD rates compare

WebBank’s CD rates are very competitive, and rank near the top of the highest-paying CDs nationwide for every one of its term lengths. If you’re looking for a higher APY, you can find better rates in some cases but not by much. The only downside is that this bank doesn’t offer a four-year term, so if you won’t be able to do a staggered set of one-year CDs as per a standard CD ladder. But if any of these term lengths fit, they’d be good options.

Overall review of WebBank’s banking products

Since it doesn’t offer a checking account, WebBank isn’t a bank for your everyday needs. But if you’re just looking for a place to stash your cash and earn some of the best rates possible, this bank is a fantastic choice. It may have made a name for itself as the originating bank for many online lenders, but it’s more than that. It can help you grow your own wealth, too.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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