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LoanDepot Personal Loans: 2018 Review

Loans, Personal Loans, Personal Loans Reviews
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3.5 stars out of 5

NerdWallet rating: 3.5 / 5.0
Good for: Good credit


LoanDepot, best known for its mortgages, also makes unsecured personal loans to good-credit borrowers that can be used for anything, such as consolidating debt or home improvements.

LoanDepot is a good fit for people who:

  • Have good credit scores. The minimum requirement is 660, but its borrowers’ average score is between 705 and 715, the company says. If you don’t have good credit, you might be better off considering these bad-credit loan options.
  • Have a debt-to-income ratio of 40% or below, excluding a mortgage. The lender says it has no minimum income requirement, and it didn’t provide information about the average income of its borrowers.
  • Are homeowners. More than 80% of its personal loan borrowers own a home, according to the company.

LoanDepot at a glance

Typical APR6.67% – 29.98%
Loan amounts$5,000 - $35,000
Time to fundingThree business days
Origination fee1% - 5%
Soft credit check with application?Yes

Click “Compare Rates” to see estimated rates from multiple lenders on NerdWallet.


LoanDepot personal loan review

To review loanDepot, NerdWallet collected more than 30 data points from the lender, interviewed company executives, viewed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

California-based loanDepot is one of the largest online lenders in the country. It was founded in 2010, and offers mortgages as well as personal loans.

Most borrowers use the loans to consolidate debt or pay for home improvement projects, the company says. The most common loan amounts range from $12,000 to $15,630. The typical borrower is a homeowner between 35 and 50.

How loanDepot compares

LoanDepot has rates, fees and loan terms comparable with those at most other online lenders. The lender assigns borrowers an internal grade to determine an origination fee. All personal loan borrowers, regardless of your credit score, should shop around to get the lowest rate. This is especially true if you have good credit — you’ll have more options.

Lenders with comparable offerings include Discover, FreedomPlus and Wells Fargo. Unlike loanDepot, however, all three give debt consolidation borrowers the option to pay off their creditors directly. Discover and Wells Fargo don’t charge origination fees and give borrowers free access to their FICO credit scores.

How to apply for a loanDepot loan

You can fill out an application on loanDepot’s website. The lender conducts a soft credit check with credit bureau Equifax to see if you qualify for a loan, and reports payments only to Equifax.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

Details about loanDepot personal loans

LoanDepot loan requirements

  • Credit score: 660, but borrowers’ average is between 705 and 715
  • Gross income: No minimum
  • Credit history: None
  • Debt-to-income ratio: No higher than 40%, excluding mortgage

LoanDepot lending terms

  • Annual percentage rate range: 6.67% to 29.98%
  • Minimum loan amount: $5,000
  • Maximum loan amount: $35,000
  • Loan duration: Three or five years
  • Time to receive funds: Three days

LoanDepot fees and penalties

  • Origination fee: 1% to 5% of loan amount, depending on borrower’s loan grade
  • Prepayment fee: None
  • Late fee: $15 after 15-day grace period
  • Personal-check processing fee: None
  • Other fees: $15 returned payment fee
Before you shop for a personal loan

Updated Jan. 2, 2018.

Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

5 stars out of 5— Among the very best for consumer-friendly features

4.5 stars out of 5— Excellent; offers most consumer-friendly features

4 stars out of 5— Very good; offers many consumer-friendly features

3.5 stars out of 5— Good; may not offer something important to you

3 stars out of 5— Fair; missing important consumer-friendly features

2.5 stars out of 5— Poor; proceed with great caution

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