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 $5,000 up to $35,000 with repayment terms of 36 and 60 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 1% to 5% 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 888-983-3393. 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.
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.
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