Many or all companies we feature compensate us. Compensation and editorial
research influence how products appear on a page.
Personal Loans

LoanDepot Personal Loans Review

Updated Mar 28, 2024   |   4-min read

LoanDepot is no longer offering personal loans according to their website. You can compare additional options through our Best Personal Loans page.

LoanDepot is an online financing resource that connects borrowers with various forms of credit including home refinancing, home equity loans, purchase loans, and personal loans. LoanDepot has funded more than $125 billion in loans since emerging on the consumer lending scene. The company is headquartered in Southern California.

While LoanDepot is known largely for funding mortgages, the company does provide unsecured personal loans to borrowers who meet certain requirements. Of course, unsecured means no collateral, so the primary consideration for approval is the credit score of the applicant. Like any other, LoanDepot personal loans usually function as an installment loan, with fixed repayment terms and interest rates.

Getting a LoanDepot Personal Loan

Applicants can submit an online application with LoanDepot and check interest rates without the risk of a hard credit inquiry affecting their report. Borrowers need to be at least 18 (or 19 if they live in Nebraska or Alabama), and they must be a U.S. citizen or documented U.S. permanent resident.

Other requirements include a verifiable bank account and income as well as a valid email address. Cosigners are not allowed on personal loans through LoanDepot. While the minimum credit requirement is 660, the average applicants’ approved credit score ranges between 705 and 715. Borrowers will likely need to have a debt-to-income ratio of 40 percent or lower, but LoanDepot doesn’t highlight a specific income-debt requirement.

LoanDepot personal loans are available to borrowers in every state except West Virginia. The maximum APR also varies depending on the state of residence.

Basic Information: Rates, Terms, Fees, & Limits

The interest rates on LoanDepot personal loans are based on credit profile, the ratio of debt to income, and payment history. Personal loan interest rates generally range from 6.67 to 29.98 percent, with the highest qualified borrowers receiving the lowest rates.

Personal loan amounts range from $5,000 to $35,000. Once someone is approved, the funds are usually deposited into the bank account within 2 to 3 business days.

Personal loan terms typically range from three to five years.

LoanDepot origination fees range from 1 to 5 percent of the original loan amount, and keep in mind that the fee comes out of the loan proceeds. There is no prepayment fee, and the late fee is $15 after missing a 15-day grace period.

The Benefits

There are a few things about a LoanDepot personal loan that people might find advantageous. First, getting quotes on rates is without risk because it doesn’t require a hard credit inquiry. LoanDepot offers fixed rates on its personal loans. Of course, collateral isn’t required, and if someone is approved, the funding for the loan is deposited directly into their account within days.

The people who will likely benefit most from getting a personal loan through LoanDepot are individuals with high credit scores and high income. For people with good credit histories and a strong overall credit profile, the rates can be very competitive, fees are relatively low, and the process can be simple and efficient.

Since LoanDepot does have pretty stringent lending requirements for personal loans, even the higher-end interest rates tend to be comparatively low. Some personal loan companies have interest rates that are 36 percent or more, which is significantly higher than the upper end rates from LoanDepot.

The Downsides

LoanDepot personal loans probably aren’t the right choice for someone who doesn’t have a strong credit history. In fact, the minimum credit requirement to even be considered for a personal loan is 660, but even meeting the minimum standards will mean significantly higher interest rates for most borrowers.

Also, while LoanDepot will give a general APR estimates, it doesn’t provide specific APR disclosures online. Applicants have to call the company or get a quote estimate.

Also, if you need to use a cosigner, LoanDepot isn’t the right choice for you on a personal loan.

Bottom Line

LoanDepot is ideally suited to borrowers with an excellent credit history seeking personal loans. The following are some key considerations with personal loans issued by this company.

  • The minimum credit score is 660 for personal loans, but some lenders have lower requirements than LoanDepot
  • ​You can’t apply for a LoanDepot personal loan with a cosigner
  • ​LoanDepot interest rates do tend to be competitive for people with good credit
  • ​Repayment terms are three or five years
  • Personal loans can vary from $5,000 to $35,000