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LoanDepot personal loans review

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

  • Best for borrowers who need funds fast.
  • Pick something else if your credit isn't up to snuff.


Max. Loan Amount

6.67% to 29.99%



Min. Credit Score


Product NameloanDepot Personal Loan
Min. Loan Amount$5,000
Max. Loan Amount$35,000
APR6.67% to 29.99%
Interest Rate TypeFixed
Min. Credit Score660
Maximum Loan Term3 years

First, am I eligible?

To be eligible for a personal loan, you need to meet four basic requirements:

  • 660+ credit score
  • Steady source of income
  • US citizen or permanent resident
  • At least 18 years old


  • 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.


  • 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 other personal loan providers

Updated December 13th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 17.88%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers 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.

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.

How do repayments work with LoanDepot?

    • 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.

Haven’t looked around much? Read our personal loans guide to compare your options and find the best deal for your needs.

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  1. Default Gravatar
    February 20, 2018

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

    • Avatarfinder Customer Care
      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.



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