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LoanDepot Personal Loans: 2018 Review

June 7, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

3.5 stars out of 5

NerdWallet rating: 3.5 / 5.0
Good for: Good credit

LoanDepot 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.
  • Have a debt-to-income ratio of 40% or below, excluding a mortgage. The lender says it has no minimum income requirement, but borrowers typically have an average annual income of $98,436.
  • Are homeowners. More than 80% of its personal loan borrowers own a home, according to the company.

LoanDepot rates and terms

Loan amounts$5,000 - $35,000
Typical APR7.18% - 29.98%
Origination fee1.0% - 5.0%
Time to funding2-3 days
RepaymentsMonthly for 3 or 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score of 660
  • No minimum income requirement
  • Debt-to-income ratio of 40% or lower, excluding mortgage
Best forBorrowers with good credit, debt consolidation
Click Compare Rates to see estimated rates from multiple lenders on NerdWallet.

» MORE: Personal loans for good credit borrowers

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. Personal loans are funded through Cross River Bank in New Jersey.

Most borrowers use the loans to consolidate debt or pay for home improvement projects, the company says. The most common loan amounts range from $17,000 to $20,000. The typical borrower is a homeowner between 35 and 50.

LoanDepot uses an internal grading system to determine a customer’s origination fee, which can range from 1% to 5%. The company allows a 15-day grace period before charging a late fee of $15, but there are no penalties for repaying your loan early. Payment activity is reported to Equifax and TransUnion.

Loan example: For a borrower with good credit, a $17,000 personal loan with a repayment term of 36 months and 18% annual percentage rate would carry monthly payments of $615, according to NerdWallet’s personal loan calculator.

How loanDepot compares



7.18% - 29.98%

Min credit credit score


Best for

Debt consolidation; home improvements


6.99% - 24.99%

Min credit score


Best for

Debt consolidation


5% - 15%

Min credit score


Best for

New credit borrowers

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

APRs start at a competitive 7.18% but can range up to 29.98%. Borrowers with fair credit, whose scores may push them to the higher end of the range, should explore online lenders with lower APR caps, like SoFi, which maxes out at 15%.

Lenders with comparable offerings include Discover and Wells Fargo. They also come with added benefits — neither charges origination fees, they both offer access to FICO scores, and debt consolidation borrowers have the option to pay off creditors directly.

How to apply for a loanDepot loan

You can fill out an application on loanDepot’s website. The lender conducts a soft credit check, which means you’ll be able to see your rates and terms without impacting your credit score. If you decide to accept the loan, you’ll need to submit additional information like Social Security number and employment details. It’s possible you’ll also be asked for verification documents like paystubs or W2s.

NerdWallet recommends comparing loans to find the best rate for you — especially if you have good credit, since you’ll have more options. Click the button below to see estimated rates from multiple lenders on NerdWallet.


Before you shop for a personal loan:


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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