LoanDepot personal loan alternatives April 2021 | finder.com

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LoanDepot personal loan alternatives

Compare 3 providers with similar financing options.

Why doesn’t LoanDepot offer personal loans?

LoanDepot shifted its focus to solely offer home loans and refinancing. While it will still continue to service any outstanding loans, you’ll need to look elsewhere for a new personal loan.

3 alternatives to LoanDepot personal loans

LoanDepot had relatively competitive rates for borrowers with fair credit. These alternatives pick up where LoanDepot left off so you can find a close match for your next loan.

Best for low starting rates: SoFi

  • Loan amounts: $5,000 to $100,000
  • APR range: 5.99% to 18.85%
  • Loan terms: 24 to 84 months
  • Eligibility requirements: Ages 18+, US citizen or permanent resident

SoFi is known for its low starting rates and lack of fees, which sets it apart from LoanDepot. You’ll also be able to take advantage of a longer term if you need it — up to seven years. In addition, SoFi has a number of programs and events to help younger borrowers network. But the minimum credit score requirement is slightly higher than LoanDepot’s was.

Read our review of SoFi

Best for borrowers with less-than-perfect credit: Avant

  • Loan amounts: $2,000 to $35,000
  • APR range: 9.95% to 35.99%
  • Loan terms: 2 to 5 years
  • Eligibility requirements: 580+ credit score, proof of steady income, valid bank account, US citizen or permanent resident, age of majority in your state

Avant works with borrowers with credit scores as low as 580 — LoanDepot’s credit requirements started at 660. However, like with LoanDepot, you’ll want to watch out for the high fees that come with borrowing a personal loan from Avant. Still, it’s a good choice if you don’t have the best credit and are looking for terms as short as two years.

Read our review of Avant

Best for a potentially fast turnaround: Rocket Loans

  • Loan amounts: $2,000 to $45,000
  • APR range: 7.16% to 29.99%
  • Loan terms: 3 years to 5 years
  • Eligibility requirements: 2+ years of credit history, credit score of 640+, annual income of $24,000+, US citizen or permanent resident ,valid bank account, ages 18+

Rocket Loans’s rate are on par with what LoanDepot offered, but what sets it apart is the potential to get your loan funded the same day you apply. You can also borrow up to $45,000 — more than you could with LoanDepot. And while there are some fees, Rocket Loans is transparent about what you’ll have to pay.

Read our review of Rocket Loans

Does LoanDepot offer similar loans?

No. LoanDepot only offers home loan options, including mortgages and refinancing. You can compare more lenders below to find more alternatives to LoanDepot’s personal loan options.

Compare more personal loan providers

Data updated regularly
Name Product Filter Values APR Min. Credit Score Loan amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
Upstart personal loans
7.86% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
LendingPoint personal loans
9.99% to 35.99%
585
$2,000 – $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
PenFed Credit Union personal loans
6.49% to 17.99%
650
$600 – $35,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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Compare up to 4 providers

Bottom line

LoanDepot may no longer offer personal loans, but that doesn’t mean you’re out of luck. These three alternative lenders are just the tip of the iceberg. Read our guide to personal loans to explore even more options available to you.

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2 Responses

    Default Gravatar
    tamikoFebruary 20, 2018

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

      Avatarfinder Customer Care
      AnnaFebruary 21, 2018Staff

      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.

      Best,

      Anna

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