LoanDepot Personal Loans Review: Get Your Cash Within a Week

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.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

loandepot personal loans

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

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.


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?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 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 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% 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. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. 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.
  6. 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. (

2 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.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through 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.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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.

5.75% – 16.24%1$5,000 - $100,000

Visit SoFi

7.69% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

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.

You're on your way...

We'll take you to where you'll be able to fill out one form to get multiple personal loan offers.