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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a LoanCare's loan


How to apply

Since LoanCare is not a lending institution, you need to apply for a mortgage using one of the lending institutions they have partnered with, like TIAA bank.


You must be eligible to apply for a mortgage servicing using LoanCare. So, what do you need to gain access to the platform?

  • You must be a resident in one of the 50 states.

  • You must have a loan number issued by one of the lending institutions with which LoanCare has partnered.

  • You must have a tax ID, social security number, or ID number.

  • You must provide information about your earnings, expenses, and other assets, such as cash in the bank.

  • You must specify whether you are a service member with a permanent change of station (PCS) orders

Application details

Considering LoanCare is not a lender, you must first get a mortgage from your bank before you can use LoanCare services. However, if you require a mortgage forbearance, LoanCare will begin processing your application and respond within five business days.

How to apply for a mortgage forbearance

A mortgage forbearance allows you to temporarily suspend or lower your mortgage payments. When you can resume paying the prescribed rates, you must make up for any missing or reduced charges. To request a forbearance, follow these steps:

  1. Go to the LoanCare website and select Forbearance under Morgage Assistance section

  2. On the left, click the Apply for Forbearance button

  3. If you already have an account, sign in

  4. If you are a new customer, click Get details on scheduling payments

  5. Fill out the Mortgage Assistance Application form

  6. Attach the necessary documentation

  7. Click Submit

LoanCare will contact you within five business days to acknowledge receipt and let you know if more information or documents are required.


How long does it take to get approved by LoanCare?

A mortgage forbearance takes five business days to get approved by LoanCare.

How trustworthy is LoanCare?

LoanCare has been in business for over 31 years and is one of the three largest sub-servicers in the market. However, it has a low Better Business Bureau® rating of 1.05/5 according to 661 reviews.

Does LoanCare verify income?

As LoanCare is not a lender, it does not verify income. Instead, they examine the information you supply on your loan application and base their judgment on it.

Does LoanCare hurt your credit score?

Since LoanCare is not a lender, they will examine your credit score when you ask for repayment relief, and this will not harm your credit score.

What to focus on before applying for a loan with LoanCare

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between LoanCare and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All LoanCare’s reviews by October 2022
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