loanDepot Announces New Round of Donations to Support People Who Are Struggling From the Pandemic

By Thomas Price Thursday, December 24, 2020

The COVID-19 pandemic has caused a lot of strife to many different people and industries. With so many people struggling to stay afloat, especially during the holiday season, the need for financial relief and assistance has never been higher. As a result, many different businesses and individual donors have been trying to provide relief where they can in order to alleviate at least some of the financial hardship that many are experiencing. One of those businesses is loanDepot, a lending and technology company.

loanDepot’s Recent Donations

loanDepot recently announced a new wave of donations this holiday season totaling $2 million. The donation will be going directly to families who are most in need and charitable organizations. This new $2 million donation will not be the first for loanDepot in 2020. Back in April, the company gave away $1 million toward COVID-19 relief efforts for a total contribution of $3 million this year.

Specifically, a total of $1.5 million will be distributed amongst 3,000 different individuals and families who have been affected by the pandemic in the form of unemployment, furlough, or other major losses of income. The money will be distributed in the form of $500 emergency payment cards that can be spent freely on basic necessities and other major needs that they may have. These payment cards will be disbursed through loanDepot’s vast network of organizations to better ensure the expediency of their delivery.

The remaining $500,000 will be split into $100,000 donations that will be contributed to five different charities. The five charities that will be receiving these funds will be War Heroes on Water, United Cerebral Palsy of Orange County, Boys and Girls Club of Central Orange Coast, Second Harvest Food Bank, and Free Wheelchair Mission. The money will be used to support ongoing initiatives and goals that the organizations are currently working toward. On top of the $2 million being donated by loanDepot, all employees of the company will also be able to add to that by personally donating to the pot as well. Founder and CEO of loanDepot, Anthony Hsieh, said in a statement that, “Our company wants to help bring relief to those impacted by COVID-19, as well as support the necessary and important efforts of a variety of charities, which have also been affected by this year's challenging conditions.”

Those comments were further elaborated on by Hsieh when he went on to say, “The holiday season is meant to be celebrated with the ones we hold dear, and those celebrations will look much different this year. We hope that this donation can help provide some joy and bring welcome relief to those who are in the greatest need. That is our holiday wish for the country and for every community.”

The lending company’s statements certainly reflect the $3 million worth of action that loanDepot has put forward in 2020. The company’s sentiment is also seen through the previous millions of dollars donated toward different charitable organizations over the years on top of the many volunteer hours employees have put in through loanDepot as well.

Final Conclusions

loanDepot has made several commitments to different philanthropic efforts over the years; however, in 2020, the direct financial relief provided to individuals and families in need may be the most significant. Especially around the holiday season in a year so gripped by the COVID-19 pandemic, the $2 million in donations offered by loanDepot will go far in ensuring that people will be able to afford basic necessities that may have otherwise been out of reach.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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