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LoanDepot Personal Loans Review: A Borrower’s Guide

This LoanDepot personal loans review is all you need if you want to know more about what the company has to offer and how you can possibly apply for a loan.

LoanDepot Personal Loans Review

According to a report published by the United States Chamber of Commerce, one of the main reasons why personal loans are becoming popular these days is the fact that it’s very flexible. Borrowers can use it basically for anything and everything under the sun. Needless to say, it is often unsecured, which means a borrower does not need collateral in order to get a loan.

Having said that, it is not surprising that currently, there are 21.1 million outstanding personal loans in the country, with a total outstanding personal debt of $143 billion.

Meanwhile, in a report published by Reuters online, it says that according to New York Fed, in the last quarter of 2019, mortgage balances in the U.S. rose by $120 billion to $9.56 trillion


Furthermore, in a report published by CNBC, it says that according to Northwestern Mutual’s 2018 Planning & Progress Study, an average American has about $38,000 in personal debt and that it does not include home mortgages yet.

The report says that in the U.S., credit cards and mortgages have become two of the leading sources of debt among Americans.

You see, both personal loans and mortgages are indeed growing in numbers, and the rise is not surprising. In fact, experts believe they will continue to increase in the coming years.

Well, given the current situation not just in the country but in the world, the numbers will surely continue to go up. Way higher than expected even.

Anyway, if you are one of those looking for a place to borrow money from – whether it be for personal loan or mortgage – the good news is, there are so many financial institutions and lending companies out there where you can apply for a loan from.

In fact, they’re too many it can get overwhelming. One of the companies providing personal loans as well as a mortgage is LoanDepot, which is the very reason why we are doing this review.

As mentioned earlier, we hope to provide you with all the essential information you need about the company, and how to actually apply for a loan from them.

To be specific, let below list of points be your guide as we discuss all LoanDepot:

  • Who is LoanDepot?
  • What are the services provided by LoanDepot?
  • What do you need to know about personal loans at LoanDepot?
  • Who qualifies for a personal loan at LoanDepot?
  • How to apply for a personal loan at LoanDepot?
  • What are the pros and cons of LoanDepot personal loans?


Founded in 2010 by Anthony Hsieh, LoanDepot is ranked as the fifth-largest mortgage lender in the country today. The company offers conventionally fixed- and adjustable-rate mortgages, as well as HARP, FHA, VA, Jumbo, and home equity loans.

LoanDepot offers competitive interest rates and allows borrowers to choose among its available loan terms, which varies from 10- to 30-year terms.

LoanDepot also offers refinancing options, in case you are looking for a company to help you pay off an existing loan. 

Particularly on its mortgage service, LoanDepot offers a one-of-a-kind lifetime guarantee, which waives any future lenders and appraisal fee should you have already refinanced once with the company.

But apart from mortgage products, this Foothill Ranch, California-based company also offers non-mortgage lending products such as personal loans.

LoanDepot’s personal loan though is not your typical kind of personal loan as it only caters to loans of at least $5,000. So if you are borrowing money lesser than $5,000, this company may not be an option for you.

Anyway, as we discuss further, we’ll tell you more about LoanDepot’s products/services.


As mentioned, this LoanDepot personal loans review aims to provide you all the information you need to know about LoanDepot. While the review is specific to LoanDepot’s personal loans, we thought it is also important that you are knowledgeable about the other products/services, rather the variety of products or services that this lending company provides.

Who knows, you might just need to apply for one in the future, right?

Anyway, for your information, below are the different types of loan services that LoanDepot offers and is known for:

  • Personal Loans
  • Home Mortgages
  • Home Loan Refinancing

Personal Loans

Generally speaking, personal loans pertain to a type of loan that is probably the most versatile and easiest to qualify.

In most cases, personal loans are unsecured loans, which means no need for any collateral. Needless to say, it is the most accessible type of loan. In fact, some lenders get to provide the loan as soon as within the same day of approval of the personal loan.

Also called as a signature loan (because all you need to apply for is a signature), this type of loan does not usually require a traditional credit check, which also makes it an ideal choice for people who have poor or do not have a credit history.

Now, with regards to LoanDepot’s personal loan offering, as earlier mentioned, the company only caters to loans amounting to at least $5,000, while the maximum loan amount is $35,000.

Although LoanDepot’s personal loans are open for borrowers with either good or not-so-good credit standing, those with excellent credit scores can take advantage of rates as low as 6.17% APR.

Meanwhile, those with closer to the 600 FICO score minimum could be charged rates of as high as 29.99%.

Compared to its competitors though, what LoanDepot offers is still a bargain.

If you want to know more about LoanDepot mortgage, we recommend checking out the video below by The Smart Investor. You’ll surely get ample information you need about this service provided by LoanDepot.

Home Mortgages

Personal loans are not LoanDepot’s primary service or product. In fact, the company is actually known for home mortgages.

It is the company’s bread and butter — if we may say. It is LoanDepot’s primary lending service offered to borrowers — specifically to those who are looking at buying or building a new home.

Being the country’s fifth-largest mortgage lender, LoanDepot is known for providing conventional fixed- and adjustable-rate mortgages plus HARP, Jumbo, FHA, VA, and home equity loans as earlier mentioned.

Furthermore, the company provides competitive interest rates, as well as options when it comes to loan terms. Currently, you can choose between 10- and 30- years, which makes their mortgage really competitive in the market.

LoanDepot is ideal for those who need money for home mortgages. The company can lend as much as over $100,000.

Home Loan Refinancing

Regardless if you have your mortgage with LoanDepot or not, you can still apply for refinancing your loan through the company and enjoy a lower interest rate.

By doing so, you can enjoy tens if not hundreds of thousands of dollars over the life span of your mortgage.

Apart from refinancing, LoanDepot also offers VA, FHA, and HARP loans, which gives you a lot of options really.

More so, with LoanDepot, you can consolidate all your debts or you can opt to take out a home equity loan when you refinance.


As a borrower, it is important to be fully aware not just about what the company offers, but also the more important details like the amount you can borrow, the terms. etc.

By knowing these will also help you compare one lending company to another to be able to arrive in an informed decision.

Having said that, this LoanDepot personal loans review will not be complete if we will not look into the following vital aspects:

  • Loan Amount
  • Rates
  • Loan Terms
  • Collateral
  • Fees
  • Customer Service and Technical Support

Before, we discuss each item, here’s what you can expect first with a LoanDepot personal loan:

Loan Amount $5K – $35K
Loan Terms Available 3 – 5 years
Interest Rate 5.67% – 24.98%
Annual Percentage Rate (APR) Range 6.67% – 29.98% (fixed)
Collateral None
Approval Time ~1 Business Day
Loan Deposit Time 2 – 3 Business Days
Origination Fee 1-5%
Late Fees Yes
Insufficient Funds Fees Yes
Ideal For People with good or excellent credit
Not For People who will only borrow a small amount of money
Overall Standout Features of LoanDepot Lifetime guarantee Offers most major mortgage types 150 branch locations nationwide

Now, let’s discuss deeper each of the following items –

Loan Amount

As mentioned, LoanDepot personal loans are ideal for people who need to borrow a large amount of money. So, if you are looking at loaning money amounting to $5,000 below, this lending company may not be a good choice for you.

LoanDepot specifically caters to borrowers who need to borrow at least $5,000 or at most, $35,000.

If you need money within that range, then, LoanDepot may just be the best choice for you.


When it comes to interest rates, according to LoanDepot, a borrower’s personal loan interest rate will be determined using various factors, which include the borrower’s credit profile, payment history, as well as the ratio of debt to income.

If you want to qualify for the lowest rates, you must have an excellent credit history.

Loan Terms

While LoanDepot has long terms when it comes to mortgages, they only offer 3 to 5 years term length options for personal loans.

Compared to other lending companies offering personal loans, it’s reasonable enough.


As mentioned, generally, personal loans are unsecured loans, which means no need for a borrower to present collateral. The same goes for LoanDepot personal loans. It does not require any collateral to be able to borrow money from them.


Unfortunately for borrowers, unlike other lending companies, LoanDepot charges an origination fee of between 1% and 5% — depending on loan grade.

LoanDepot further explains that the fee is deducted from the loan proceeds, which means, a borrower need not pay anything out of pocket. In addition, the company states that if a borrower will use the loan proceeds for a specific purchase, he or she has to ensure that the borrowed money is enough to cover both the purchase as well as the origination fee.

Moreover, LoanDepot may also charge borrowers for late payments, as well as insufficient funds.

Fortunately, though, LoanDepot does not charge any prepayment fees. So, if you wish to end the loan earlier than scheduled, you may do so without incurring any type of penalty.

Customer Service and Technical Support

If you have questions, clarifications, or you want to know more about the products and services offered by LoanDepot particularly on their personal loan option, you may reach them through email or via phone.

LoanDepot’s phone support is available from Monday until Friday from 5 am to 7 pm PST and Saturdays from 8 am to 3 pm PST.

Unfortunately, the company does not have live support yet. But, we will see, maybe it is already in the works.


Although it is not clearly stated on their website, LoanDepot is ideal for people who have excellent or at least 600 (FICO) credit score to qualify for personal loans.

Furthermore, to qualify for a LoanDepot personal loan, you must be at least 18 years old (19 if you’re an Alabama or Nebraska resident), must hold a U.S. citizenship or a permanent resident cardholder, have a verifiable income, a confirmable bank account, a valid email address, and you must meet LoanDepot’s credit criteria requirements.

In addition, you must be able to provide the following requirements:

  • Government Issued ID
  • Social Security Card
  • Proof of Residence
  • Proof of Income (Most recent pay stubs)


At this point in our LoanDepot personal loans review, let’s talk about the application process.

Of course, once you have gathered all the requirements, and you have self-assessed and you think you do qualify for a personal loan at LoanDepot, the next step is to apply for a personal loan.

LoanDepot’s personal loan application process is very standard by industry standards except for the fact that you will have to designate what you are going to use the money you are going to borrow for.

The application process is conducted online. All you have to do is go to LoanDepot’s personal loans page, and then, as mentioned, fill in your desired loan amount.

You will then be automatically directed to a page wherein you will be asked to state the purpose of the loan. After, you will be asked to enter your personal as well as financial information, and then, formally apply for LoanDepot’s personal loan.

Just please take note that the company has a few restrictions. Thus, make sure to take time to review before you apply as the company can and will close your account should they feel like you have violated their terms of service.

Once you are done with the whole personal loan application process, you will then have to wait for 1 to 3 business days to know the status of your application.

If approved, expect to receive the funds through your bank account within 2 to 3 business days.

By the way, apart from an online application, you may also apply for LoanDepot’s personal loan via phone.


We are almost done with our LoanDepot personal loans review, but of course, similar to other reviews we made, we are also giving you some of the pros and cons we found.

By sharing with you some of the benefits and downsides of LoanDepot, we hope this helps you come up with a decision – whether it is the right lending company for you or not.


  • The personal loan amount is up to $35,000. Compared to other lending companies, this is pretty big for a personal loan, which is why LoanDepot is an ideal choice if you are looking at borrowing a large amount of money.
  • It offers competitive rates. LoanDepot provides reasonable and competitive interest rates especially for those who have good and excellent credit history.
  • It does not charge a prepayment fee. Unlike other lending companies, with LoanDepot, you can end your loan anytime you want less worrying about getting charged for a penalty.
  • There are no hidden fees. Apart from origination fee, you won’t have to worry about getting charged down the road — unless of course you pay late or you have an insufficient fund in your account (which are given already).
  • You get to receive funds in two to three banking days. Once your loan application is approved, the funds are deposited into your bank account within two to three business days, which is reasonably fast as compared to its competitors.


  • It has a strict credit score requirement. As mentioned earlier, while anyone can apply for a personal loan at LoanDepot, the more likely you are to get approved if you have an excellent credit score or at least a 600 FICO credit score.
  • Charges an origination fee that ranges from 1-5%. This may be one factor that will turn borrowers away because compared there are a lot of other lenders out there that do not charge an origination fee.


To sum it all up, although LoanDepot is well-known for its mortgages and refinancing home equity services, it has eventually ventured providing personal loans to borrowers.

It’s nice knowing that the company is able to cope up, and compete among other personal loan lenders. With being transparent with fees, they surely will be the next thing when it comes to personal loans.

Of course, similar to other lenders, it does have its share of good and bad, but we’d like to think they have more good than not-so-good ones.

So, how do you find LoanDepot personal loans so far? Do you think it’s the right lender for you?

We hope that this LoanDepot personal loans review was able to provide you no just essential information about the company and what it offers, but we hope it helped you come up with an informed decision.

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