LoanDepot Personal Loans Review: Get Your Cash Within a Week

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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LoanDepot is not accepting personal loan applications at this time.

If you have good credit and need cash, you have plenty of personal loan options from which to choose. Instead of jumping on the first offer you get, though, it’s important to shop around and compare rates and terms from several lenders.

LoanDepot personal loans offer competitive interest rates and an easy online application process. Plus, you can get your money in less than a week if you do it right.

To learn more about loanDepot and determine if its personal loans are right for you, read our full review.

LoanDepot review

LoanDepot started out in 2010, led by online lending industry veteran Anthony Hsieh. The lender’s main business is mortgage-related loans, including:

  • Home purchase loans
  • Mortgage refinance loans
  • Home equity loans
  • Builder loans
  • Joint venture loans

According to its website, loanDepot is the fifth-largest retail mortgage originator in the nation. It’s also the second-largest nonbank consumer lender in the country.

The lender began offering personal loans in 2015, although the loans are actually funded by Cross River Bank. In addition to offering loans online, loanDepot has more than 180 branches nationwide where you can apply.

LoanDepot personal loans review

LoanDepot offers unsecured personal loans from N/A up to N/A with repayment terms of N/A months. If you live in Massachusetts or Ohio, the minimum loan amount is $6,001 and $5,001, respectively.

For the most part, you can use loanDepot personal loans for anything you want. The lender does have some restrictions, however. It disallows the use of loan funds for investments, illegal activity, and postsecondary education costs, including:

  • Tuition and fees
  • Books and supplies
  • Room and board
  • Personal expenses

LoanDepot personal loans interest rates and fees

For the most part, loanDepot’s interest rates and fees are competitive. But you’ll need to go through the process of a rate check to see what you’ll qualify for.

Interest rates

LoanDepot doesn’t list its interest rates on its website and declined to share them over the phone when I called. But based on other online loanDepot reviews, the lender’s rates are comparable to what many of the other top personal loan companies offer.

LoanDepot allows you to check some rate offers before you officially apply for a loan. This is a great feature because it allows you to get an idea of what to expect without undergoing a hard credit check, which can hurt your credit score.

If you don’t qualify for loanDepot’s lowest interest rates, however, you’re out of luck. The lender doesn’t allow cosigners or co-borrowers, which might otherwise give you a chance of getting a low-interest personal loan.

Fees

LoanDepot personal loans come with an origination fee of N/A to N/A of the loan amount. That might not sound like a lot, but it could get expensive if you borrow a lot.

For example, if you need the maximum loan amount of $35,000, your origination fee could be anywhere between $350 and $1,750.

You don’t need to worry about forking over any cash, though. Instead, loanDepot deducts the fee from the disbursement amount. So, you’ll only need to make sure to borrow enough to cover both the fee and the amount you need.

LoanDepot offers a 15-day grace period on monthly payments. But if you’re still late on the 16th day, the lender will assess a late fee of $15. The same fee amount applies if your payment fails.

LoanDepot personal loans eligibility requirements

To be able to apply for loanDepot personal loans, you must be a U.S. citizen or documented permanent resident and at least 18 years old (19 if you’re an Alabama or Nebraska resident). You’re also required to have a bank account, verifiable income, and a Social Security number.

As with any other lender, loanDepot will run a credit check when you apply, and your offer will be based on your:

  • Credit score (minimum of 660)
  • Requested loan amount
  • Requested loan term
  • Credit usage
  • Credit history

There are no minimum income requirements, but there are some state eligibility restrictions to note, including:

  • Loans aren’t available to residents of West Virginia.
  • New Hampshire residents borrowing $10,000 or less need to qualify for an APR of 10% or less to get approved.
  • Connecticut and Vermont residents need to qualify for an APR below 12% to get approved.
  • New York residents need to qualify for an APR below 16% to get approved.

LoanDepot reviews

One of the best ways to determine whether you’ll have a good experience with a lender is to see what other consumers are saying about it. Since loanDepot’s main business consists of home-related loans, we couldn’t find any loanDepot reviews for the lender’s personal loan product.

But based on the way it treats its mortgage loan customers, you’re more likely to have a good experience than a bad one. As of April 17, 2018, loanDepot reviews on the Better Business Bureau are 70% positive, 29% negative, and 1% neutral.

Positive loanDepot reviews

For many customers, loanDepot’s loan process has gone off without a hitch:

“We recently refinanced with loanDepot and had only wonderful service they were patient and always willing to help! Got back to us immediately with any questions and if they did not know the answer right away they would check with their team and get back to us … Our closing was effortless and they came to us to sign the final papers … Would highly recommend them and I feel bad for the folks that had a bad experience! Thanks again to all that helped us.”

“The people at loanDepot that I dealt with were just great, very professional, everything on time. We started the process in late January and they had us funded by the end of February, that’s fast for a re-fi.”

Negative loanDepot reviews

On the flip side, some customers have complained about not getting timely responses when they need one:

“Just lost our dream home because they do not return phone calls, I have been calling since Thursday, today is Monday to get my approval letter that Shila Loan Agent stated she had for me. But after numerous call, text msg, voice mails she never called back and the seller accepted some one else offer.”

“Steer clear from loanDepot. Sure they can stream line a sales process to sell their loan, but try talking to someone in customer service. All you hear is that someone will call you back in 24 hours and do not provide you a definite time for the call back. There are plenty of other lenders out there with better customer service and a call center that works. If you can ensure that you are next to your phone as they call, then sure I don’t see a problem. But if not, you’ll spend weeks trying to get a hold of someone that refuses to give your their number and will not commit to a time for a call back.”

How to apply for loanDepot personal loans

If you’re interested in applying for loanDepot personal loans, you can do so online or by calling the lender at N/A. To get through the application process, you’ll need the following information:

  • Name
  • Date of birth
  • Address
  • Email address
  • Social Security number
  • Bank account details
  • Employment information

The lender might request some documentation to prove your income and other details, such as a government-issued ID, bank statements, pay stubs, or a W2. If you’re self-employed, loanDepot might ask for more income verification documents. Typically, this might include copies of your bank statements and recent tax returns.

You’ll start the application process by entering some basic information to see what rates you might qualify for. Offers will include different loan amounts and repayment terms.

LoanDepot review

Image credit: LoanDepot

After you select a loan offer, you’ll move on to the official application. Once you submit your application, loanDepot takes two to three business days to verify your information before making a decision.

Once loanDepot approves your application, it’ll transfer the money to your bank account within two to three business days. To speed up the application process, find out what documentation you need to submit and do so quickly.

Are loanDepot personal loans right for you?

There’s no one best personal loan out there for everyone. As a result, we recommend shopping around and comparing top personal loans before making a decision. Based on what we’ve seen from other loanDepot reviews, the lender’s interest rates are comparable to competitor rates, but it doesn’t offer the lowest rates possible.

Also, there are a few personal loan companies out there that don’t charge origination fees, which can save you hundreds of dollars upfront. If you’re unsure what your costs will look like in the long term, use a personal loan calculator.

Take some time to check rates with multiple lenders, as well as other terms, to ensure you get the best deal. If you do so, you’ll get the cash you need without overpaying for it.

Note: Student Loan Hero has independently collected the above information related to loanDepot personal loans. LoanDepot has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 17.88%1 $5,000 to $100,000
5.69% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.


Published in Loans, Personal Finance, Review

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