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LoanDepot Personal Loans Review: $5,000 To $35,000 Loan Amounts

Diana Mason by Diana Mason
June 16, 2022 3:25 pm CDT
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This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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*LoanDepot is no longer offering personal loans as of the Fall of 2018.

Cali-based loanDepot was founded in 2010 and has quickly grown to one of the largest online lenders in the United States with over $800 million in personal loans funded. It offers rates as low as 7.18% for loans up to $35,000. Want to see if loanDepot is a good fit for you? Read on for the good, the bad and my breakdown of personal loans with loanDepot.

About LoanDepot

Borrower Averages

Credit Score 705 – 715
Annual Income $98,436
Home Owner 80%

The Good

  • No collateral required. Don’t own a house? It’s not going to be an issue here.
  • Simple application process. Just head over to loanDepot’s website and apply online.
  • Soft credit check. The initial credit check won’t affect your credit score, but if your loan is approved, a hard inquiry will show up on your report.
  • Quick funding. After approval, you’ll get your funds between two to three days.
  • Flexible fund use. A personal loan through loanDepot can be used for debt consolidation, medical expenses, home improvement, special occasions and more.
  • Competitive fixed rate. With excellent credit, your APR could be as low as 7.18%, and that won’t budge for the entire duration of your loan term.
  • No prepayment penalty. So you can pay that loan of yours back as quickly as possible!
  • Rebuild your credit. LoanDepot reports your payments to Equifax and TransUnion, so you can rebuild your credit by making on-time payments.

The Bad

  • Only two fixed term lengths. You’re limited between either a three-year term or a five-year term.
  • Late payment fee. If your monthly payment is  more than 15 days late, you will have to pay a $15 fee.
  • Unsuccessful payment fee. If your payment is rejected, you will incur a fee of $15 per unsuccessful transaction.

Eligibility Requirements

Applicants must have a minimum credit score of 660 and a maximum debt-to-income ratio of 40%, excluding mortgage. There is no minimum income requirement.

LoanDepot Terms & Fees

Loan Amounts $5,000 – $35,000
Loan Terms 3 or 5 years
Repayment Options Monthly
Origination Fee 1% – 5%
Funding Time 2-3 days
Soft Credit Check? Yes
APR 7.18% – 29.98%
How To Qualify
  • Minimum credit score of 660
  • No minimum income requirement
  • Debt-to-income ratio of 40% or lower, excluding mortgage
Prepayment Fee None
Late Payment Fee $15
NSF Payment Fee $15
Check Processing Fee None

The Breakdown

Applying for a personal loan with loanDepot is quick and easy with a simple online form, no collateral required and a soft credit check. You can use your funds for just about anything, and your rates could be as low as 7.18%. There’s no penalty for paying back the loan early, and it’s a great opportunity for you to rebuild your credit.

Sample Loan

Loan Size $20,000
Loan Term 60 months
Origination Fee (2.5%) $500
Funds Received $19,500
APR 18.0%
Total Interest $10,472.11
Monthly Payment $507.87

However, if you’ve got less than stellar credit, your rates can be upwards to 29.98%. You have only two term lengths to choose from, three or five years. Plus, you have to watch out for those late payment and insufficient funds fees.

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Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

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