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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 to $5,000 to $100,000
APR range: 8.99% to 25.81%
Loan terms: 3 to 7 years
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 to $2,000 to $35,000
APR range: 9.95% to 35.99%
Loan terms: 1 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: 9.116% 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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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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can I repay the home depot loan off early with out penalties.
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