loanDepot loans: Personal loans, mortgages and more |

loanDepot loans

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An alternative lender offering mortgages, personal loans and refinancing options.

You may have came across loanDepot when shopping around for a mortgage — it’s the second-largest nontraditional home loan lender in the US. A recent expansion into personal loans means that loanDepot could help you meet financial needs beyond that big home purchase.

Though it still has some kinks, loanDepot heavily invested in streamlining its online application process a couple of years ago. If you feel more comfortable interacting with a person, you can calling loanDepot toll-free or visit one of its branch locations nationwide.

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What types of loans does loanDepot offer?

Homeowners make up more than 80% of loanDepot’s borrowers, reflected in its options designed to meet their wide-ranging needs. Through loanDepot, you can get:

Mortgages. LoanDepot mortgages gives you the option of taking out jumbo, adjustable-rate, fixed-rate and government-backed mortgages to cover the cost of your new home. And if you’re affiliated with the military, you might be able to qualify for a VA home loan.

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Personal loans. With a few restrictions, loanDepot’s personal loans can help you pay off big expenses or consolidate your debt.

Read our review

Home builders loans. Finally getting around to building that deck — or your dream house? These loans can help you manage the costs.

Home equity loans. Use your home equity to pay for anything from your child’s college tuition to that lake house you’ve always wanted.

Home refinance. You may be able to save money by trading in your old mortgage for a better deal. Refinancing with loanDepot comes with a lifetime guarantee, meaning you won’t pay lender or appraisal fees.

What should I consider when taking out a loan with loanDepot?

  • Loyalty is rewarded. loanDepot’s “Lifetime Guarantee” means that you only have to pay lender and appraisal fees once if you decide to refinance your mortgage with loanDepot in the future.
  • No collateral required for personal loans. All personal loans are unsecured, meaning that you don’t need to put anything on the line to get your funds. But you could end up with higher rates — unsecured loans are seen as higher-risk to lenders.
  • You can take out multiple personal loans at once. Need more funds before your loan is fully repaid? You can still get approved for a loan.
  • No cosigners on personal loans. loanDepot only issues personal loans to individuals, though you can have a cosigner on your mortgage or mortgage refinancing loan.

How much does it cost to borrow with loanDepot?

Costs can vary depending on things like your credit score and the type of loan you’re interested in. If you’re taking out a mortgage, be prepared to put up a down payment of 10% to 20% of your home’s purchase price. You should also expect to pay appraisal fees, closing fees, prepaid interest on top of home-purchasing costs like property tax and insurance.

Mortgage refinancing comes with similar fees as a mortgage, plus processing and underwriting fees. How much you pay in these fees depends on factors like the cost of your home and your personal credit history.

Personal loans (including home builders loans) are less involved, however. You’ll pay an origination fee equal to 1% to 5% of what you’re borrowing — which is a high compared to loanDepot’s competitors.

Compare loanDepot to other online loan providers

Rates last updated October 19th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
6.99% to 35.97% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16% to 35.89% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.99% to 14.87% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
5.99% to 24.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
5.99%–35.99% (fixed)

Compare up to 4 providers

Is it safe to borrow from loanDepot?

Yes. Your personal and financial information is encrypted, and it isn’t stored on loanDepot’s servers. If you have trouble with your application, you can easily call a hotline for help. It’s easy to find most information you need on its site, especially in the frequently asked questions sections.

In business for more than 20 years, loanDepot is accredited with the Better Business Bureau, meaning that it meets certain transparency standards and has pledged to resolve customer complaints. It gives it an A rating based on customer reviews — lower than many online lenders.

The majority of borrowers are satisfied with its services, though some complain that they were tricked into paying higher fees than expected. As with any loan, make sure you read the fine print before signing a contract.

How do I apply for a loan with loanDepot?

To apply, go to loanDepot’s site or call 888-983-3240 to speak with a licensed loan officer about the type of loan that’s best for you. You can also get a no-risk quote online by providing your basic information.

Once pre-approved, loanDepot guides you through the application process, asking you for documentation specific to your needs. Once you’re approved loanDepot either deposits funds into your account or sets up an appointment to close your loan.

The process can take anywhere between a few days to a few months, depending on what type of loan you’re applying for — mortgages typically take longer than personal loans, for example.

Am I eligible?

Requirements vary by the type of loan you’re interested in and where you live, but you have a better chance of approval if:

  • You’re a US resident.
  • You’re at least 18 years old.
  • You have a credit score of at least 660 for personal loans and 600 for other loan types.
  • You can provide proof of consistent income.

Should I take out a loan through loanDepot?

Whether you apply for a loan through loanDepot ultimately depends on your borrowing needs and preferences. Here are a few key benefits and drawbacks to consider before applying:


  • Easy application. Apply online or visit a brick-and-mortar branch location.
  • Competitive rates. In general, loanDepot’s interest rates are lower than or on par with its competitors.
  • Lifetime guarantee on refinancing. You won’t pay lender or appraisal fees for refinancing with loanDepot.
  • Unsecured personal loans. You won’t have to put up collateral to get a personal loan.


  • High origination fees. The cost of taking out a loan with loanDepot can be much higher than its competitors.
  • Customer service. This lender’s support gets mixed reviews.
  • Mediocre deals for mediocre credit. While you’ll find a few options with a credit score of 600, your options are limited if you don’t break 700.

Bottom line

You’ll get competitive rates for mortgages and personal loans with loanDepot, with a quick and easy application. But if you have less-than-stellar credit, you may want to look elsewhere for cheaper origination fees and rates. You can explore more borrowing options on our site to find the best deal for your personal needs.

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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