Business

loanDepot Personal Loan Review

Posted July 16, 2018 1:25 p.m. EDT
Updated July 17, 2018 6:00 p.m. EDT

What is loanDepot?

loanDepot is a national non-bank lender that’s headquartered in Southern California. Launched in 2010, loanDepot has funded over $125 billion in personal loans, mortgages and home equity loans.

The loanDepot business model focuses on customer service and transparency. The chairman and CEO of loanDepot, Anthony Hsieh, has quite a bit of experience in the financial industry having played a major role in the development of LoansDirect.com, E*TRADE Mortgage, and LendingTree. (Disclosure: MagnifyMoney is owned by LendingTree.)

Personal loans through loanDepot are unsecured, meaning they require no collateral, and come with fixed interest rates. You can use loans for financial needs like car purchases, debt consolidation, home improvement, medical bills and special occasions.

In this review, we’ll dig into the loanDepot product including the costs and who this loan will benefit.

loanDepot personal loan highlights

  • Substantial origination fee: The fee to borrow from loanDepot is 1.00% - 5.00%. This fee is deducted from loan proceeds so be sure to consider the fee when choosing a loan amount.
  • Competitive rates: loanDepot offers rates from 6.17% to 29.00%, which is very competitive in the online lending space. We will cover some other competitor interest rates in the comparison section below.
  • Soft Pull available for rate quote: You can get a rate quote with just a soft pull that doesn’t affect your credit score.
  • Funding can take a week or more: The application process alone can take two to three days. After getting approved, funding could take an additional two to three days.
APR6.17%To29.00%Credit Req.640

Minimum Credit Score

Terms36 or 60

months

Fees1.00% - 5.00%

APPLY NOW Secured

on loanDepot’s secure website

loanDepot offers personal loans that carry no prepayment penalty and a 15-day grace period. They offer some of the lowest APRs available on personal loans that can go up to $35,000. While these loans and rates are available for most areas, there is a lot of fine print and you may find that loans are not available in your location based on the rate that you receive.

loanDepot personal loan details

[LoandepotPersonalLoanDetails]

Fees and penalties

  • Terms: 36 or 60 months
  • APR Range: 6.17% to 29.00%
  • Loan amounts: $5,000 to $35,000
  • Time to Funding: Once approved it can take 2 to 3 business days to get money.
  • Hard pull/soft pull: A soft pull is required to do a preapproval.
  • Origination fee: There’s an origination fee of 1.00% - 5.00%, and it’s deducted from the loan funds before you get the money.
  • Prepayment fee: None
  • Late payment fee: There’s a $15 fee for late or failed payments. However, loanDepot does give you a 15-day grace period. You get charged the late fee on the 16th day of your payment being late.
[/LoandepotPersonalLoanDetails]

loanDepot benefits

loanDepot has a