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: 4.99% to 19.63%
- 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.
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.
Best for a potentially fast turnaround: Rocket Loans
- Loan amounts: $2,000 to $45,000
- APR range: 5.97% 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.
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
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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