We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

LoanDepot personal loans review

Last updated:  

Personal loans with fair terms, but watch out for high fees and APRs beyond an advertised 6.67% if you don’t have good credit.

Big life events tend to come with big price tags. Planning an anticipated wedding or covering an unexpected medical bill could require the financial support of a personal loan.


What makes LoanDepot personal loans unique?

LoanDepot is a pioneering online lender with a quicker turnaround time and less strict requirements than your typical bank or credit union.

Its speed comes in part from its automation for some services that can make the borrowing process simpler. Though, it still has a lot of resources for borrowers that may have trouble making repayments.

What’s a LoanDepot personal loan?

LoanDepot personal loans are unsecured fixed-rate term loans that can be used for any legitimate purpose aside from education-related expenses and investments. They’re designed to cover smaller one-time personal expenses like medical bills, home improvements or buying an inexpensive car. You can also use a LoanDepot to consolidate debt.

What are the benefits of LoanDepot personal loans?

This lender prides itself on a quick, easy application that you can complete online or by phone, among other features.

  • Potentially low rates. If you have excellent credit, you could qualify for an APR as low as 6.67%.
  • Unsecured loans. You won’t have to put up your house, car or other assets for collateral.
  • Fast turnaround. You can typically get your funds within three days.
  • No minimum income. If you’re regularly employed, you should easily meet income requirements.

What to watch out for

  • High rates for lower credit credit scores. Low advertised rates are reserved for those with excellent credit. Others could see APRs as high as 29.99%.
  • Origination fee. A 1% to 5% origination fee comes directly out of your loan, so you won’t actually get as much money as you applied for. This means if you apply for a $10,000 loan and pay a 5% origination fee, you could actually get $9,500.
  • Multiple fees. If you opt out of autopay, you’ll pay a $15 processing fee for each payment. And you’ll pay another $15 for any payment that falls through.
  • State-specific eligibility requirements. Connecticut and Vermont residents must qualify for an APR of less than 12% to be approved (for New York it’s 16%). Massachusetts residents can must take out more than $6,000 to qualify — it can get confusing.

Compare LoanDepot to other personal loan providers

Updated October 16th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Varies by lender
Available for all credit scores
Get a connected with a lender — or get debt advice.
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
5.99% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
34% to 155% (Varies by state)
Check eligibility in minutes and get a personalized quote without affecting your credit score.
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
4.99% to 35.99%
Good to excellent credit
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.

Compare up to 4 providers

What does the Internet say about LoanDepot?

Online reviews of LoanDepot are mixed. It’s accredited with the Better Business Bureau (BBB), which primarily means that it meets certain transparency standards. The BBB also gives it an A rating, based on nearly 750 customer reviews. Almost 200 Trustpilot reviewers were more lukewarm, giving it an average 8.5 out of 10 — lower than most other online lenders.

The topic of most reviews is customer service, which appears to be hit or miss. Either customers had a terrific, smooth experience thanks to a particular LoanDepot employee or were left feeling like they had been a victim of a scam. Multiple reviewers complained that they were unaware of the fees that came with their loan or when LoanDepot was going to pull a hard credit check.

Am I eligible?

You’re eligible for a personal loan with LoanDepot if:

  • You’re a US resident. LoanDepot personal loans aren’t available to American expats.
  • You’re at least 18 years old. You must be at least 19 years old if you live in Alabama or Nebraska.
  • You have a credit score of at least 660. The cut-off for other LoanDepot loans is 600.
  • You can provide proof of income. For example, you can provide a W-2 or employer pay stubs.

LoanDepot has additional state-specific requirements:

  • Connecticut. Residents must qualify for an APR of 12% or lower.
  • Massachusetts. Residents must borrow at least $6,001.
  • New Hampshire. Residents applying for a loan of $10,000 or less must qualify for an APR of 10% or lower.
  • New York. Residents must qualify for an APR of 16% or lower.
  • Ohio. Residents must borrow at least $5,001.
  • Vermont. Residents must qualify for an APR of 12% or lower.

How do I apply?

You can apply for a LoanDepot personal loan online or by phone by calling 888-983-3240. To apply online:

  1. Go to LoanDepot’s website and select “Personal Loans” under the “Loans” dropdown menu.
  2. Select a loan amount, purpose and your residence type before clicking Check Your Offers.
  3. Fill out your personal information, read and agree to the E-Sign Authorization, Terms of Use and Credit Report authorization and click Check Your Offers. This step will not impact your credit score.
  4. Review the rates you qualify for after LoanDepot pulls a soft credit check. If you’re not pre-approved, loandDepot provides you with a link telling you why.
  5. Follow LoanDepot’s instructions to apply for your loan, uploading all required documents. LoanDepot pulls a hard credit check, which causes your credit score to dip, after you submit your application.
  6. Two to five days after you’re officially approved, LoanDepot will deposit funds into your bank account.

More about LoanDepot personal loans

What documents do I need to apply?

Applying online or by phone is simple, especially if you gather all the information and documents you’ll need ahead of time.

Be ready to submit at least:

  • Your full name and contact information.
  • Your Social Security number and date of birth.
  • Personal bank statements.
  • Employment details or verification of income if you’re self-employed.

I got my LoanDepot personal loan. Now what?

  • Set up autopay. To avoid a $15 fee per payment, set up automatic repayments from your bank account.
  • Customer service. If you have questions about your loan or repayments, get phone support at 877-420-4526 or email customerservice@loandepot.com. You can also complete a secure online form. It’s especially important to contact LoanDepot if you have trouble making repayments. It has lots of resources for borrowers struggling to make repayments.

Bottom line

LoanDepot’s rates, terms and fees are comparable to other non-bank lenders. But reasonable advertised rates can increase considerably if you don’t have good credit. The quality of customer service is a point of disagreement among customers. Be sure to look out for state eligibility requirements before applying.

Take advantage of the instant rate quote feature on its website to see what you qualify for. Haven’t looked around much? Use finder.com to compare more personal loan options and find the best deal for your needs.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.


  1. Default Gravatar
    February 20, 2018

    can I repay the home depot loan off early with out penalties.

    • AvatarStaff
      February 21, 2018

      Hi Tamiko,

      Thanks for your question! The lender this article reviews, LoanDepot, doesn’t charge prepayment penalties on their loans — so you can pay it off early without any fees. If you’re interested in a home improvement loan from Home Depot, you also won’t have to pay a prepayment penalty. However, though you might want to consider looking at Home Depot loan reviews to get a better idea of rates and terms. If you’re interested in taking out a home improvement loan, you might want to also check out our guide to home improvements loans to get a better idea of what to look for.



Go to site