Borrowing money can be a confusing process. If you’ve applied for a loan in the past, there’s a good chance you used a traditional lender – such as a bank or credit union. This process can be a total pain – you might end up waiting weeks to get the money you need. In addition, the application process can be a nightmare and include a lot of documentation. But recent years have seen developments in finance – there are now hundreds of online lenders that provide you with the money you need to fund your expenses.
LoanDepot Personal Loan Reviews

Instead of heading into a traditional bank, you can head online and apply for a personal loan. It’s the best way to get the money you need quickly and easily – it doesn’t require as much documentation. This has made the personal loan industry much more accessible for people around the country. If you think that a personal loan might be what you’re looking for, you’ll also be pleased to know that you have plenty of options.

In this LoanDepot personal loan review, we’re going to take at LoanDepot to decide if they are the best company to work with for your next personal loan. When it comes to finance, it’s always important to understand the company you’re working with. That’s why we’ve created a comprehensive guide to LoanDepot. If you think LoanDepot is a company you might want to work with, make sure to check it out!

LoanDepot: The Company

LoanDepot is a lending company that provides a range of different loans and services. While they are very popular for personal loans, they also provide auto-loans, mortgages, and other types of finance. The company has aimed to breakdown technological barriers to assess borrowers and provide hassle-free financing. The company has provided over $120b in funding across its various loan types. They currently have over 6,500 employees in the United States. Their head office is located in Southern California. They also have loan officers that can help you throughout the process.

LoanDepot Personal Loan Features

If you’re trying to decide if LoanDepot is right for you, it’s important to ensure that you understand what features are included with your loan. In this section of our review, we’ll take a deeper look at the personal loan from LoanDepot and what features are included. Check it out below:

LoanDepot Personal Loan APR: 7.18% to 29.98%

Minimum Loan Amount: $3,000

Maximum Loan Amount: $35,000

All LoanDepot personal loans are unsecured personal loans.

Minimum Credit Score: 660


LoanDepot is an online service that allows you to apply for finance directly from your home. If you’re looking to avoid having to go into a traditional lender to apply for financing, this is a good option. The application will only take a number of minutes if you have all of your information handy.

Loan Officers

While LoanDepot offers online services, they also have loan officers in place to help you out if you run into trouble. It can be annoying applying for online loans when you can’t get assistance from an agent. This helps improve the customer service you receive from LoanDepot.

Resources and Calculators

LoanDepot has plenty of great resources and calculators on their site that can help you better understand the financing process as well as get estimates on loans according to certain variables.

Quick Funding

While LoanDepot doesn’t have the best turnaround times in terms of receiving funds, they do have relatively quick funding opportunities for people who need money quickly. You can typically receive funds within 2-3 days of your application being approved.

Flexible Terms

Some lenders only provide you with a single set term time. While this may work for some people, it puts other people in a bad situation if it doesn’t work with their repayment goals. At LoanDepot, you can choose between a three and five-year payment plan – this give you greater flexibility with your repayments.

Origination Fees

If you’re looking for a loan with extra fees, you might be disappointed to know that there are origination fees included with loans from LoanDepot. These range from around 1-6%.

Flexible Income Requirements

Many lenders will have minimum income requirements for people who are looking to obtain loans. At LoanDepot, there are no minimum income requirements, so as long as you have a decent credit score you have a chance of being approved for one of their personal loans.

What is a Personal Loan?

If you’ve never applied for a personal loan in the past, you might not fully understand what they are. Personal loans are a specific form of finance that don’t require you to purchase a particular good or service. If you obtain a mortgage, the bank is only issuing you with funds to purchase a home. Whereas with a personal loan, you’re able to purchase anything that you want. The bank has no control over what the funds are used for. This gives you plenty of flexibility.

The other key component of a personal loan is whether it is secured or unsecured. Secured loan are tied to an asset that off up as collateral. On the other hand, unsecured loans are loans that have no collateral tied to them. If you want to ensure that you get a lower interest rate, a secured loan is typically your best option. This being said, most lenders only provide unsecured loans as they are easier to facilitate.

Uses for Personal Loans

If you’re looking to obtain a personal loan, you might be wondering what other people use their funds for. If you have never applied for a personal loan, it can be hard to decide what it is appropriate for. The reality is that you can use a personal loan for any purpose, but there are a few different reasons that people tend to use personal loans for. In this section of our article, we’ll take a look at some of the most common uses for personal loans.

Consolidating Debt

If you’re looking to consolidate debt, then a personal loan can be a great option. In fact, personal loans tend to be the finance of choice when it comes to debt consolidation. If you want to be certain you get the right loan for your debt consolidation, make sure the interest rate is lower than your current interest rates. Once you obtain the funds, you use the money to pay off your current debts and then pay back the loan over the term that you’ve agreed upon.

Paying Costs During Emergencies

Emergency costs can pop up at any time. If you want to be certain that you can cover costs, a personal loan can often be a good option. This can also be beneficial because you can get funds quickly and often at lower interest rates than credit cards.

Home Repairs or Improvements

If you need to repair your home or make improvements, a personal loan can also be a good option. Plenty of people use personal loans to help spread out the cost of their home improvements. Just make sure that you can afford the payments if you do decide to take out the money. While a personal loan does offset the cost over a longer period of time, you still need to ensure it is factored into your budget.

Pros and Cons of LoanDepot Personal Loans

If you’re going to apply for a loan at LoanDepot, it’s important that you understand the pros and cons of the loan. Any good loan decision will include a comprehensive look at the advantages and disadvantages of each loan that you’re considering. How you rank these pros and cons will depend on your personal situation and credit score. Check out our top advantages and disadvantages below:

LoanDepot Advantages

  • Quick – LoanDepot loans are fairly quick when compare to traditional lenders. You can typically get money in 2-3 working days.
  • Decent Interest Rates for Good Credit – If you have a good credit score, you’ll be able to take advantage of interest rates that are much lower than your typical credit score.
  • Flexible Terms – With LoanDepot, you can get both three and five year terms. This helps you organize the way you want to repay your loan.
  • No Minimum Income – One of the best advantages is their lack of income requirements. This helps you ensure you don’t get disqualified from a loan if you have a low income.

LoanDepot Disadvantages

  • Origination Fees – Origination fees at LoanDepot drive up the price of the loan, which is slightly annoying if you’re looking to minimize the cost of the loan. This being said, most lenders have origination fees.
  • Low Maximum Loan – If you’re looking to borrow a large amount of money, this probably isn’t the right lender. Their max loan amount is $35,000.

Preparing Your Application for LoanDepot

If you’re going to apply for a personal loan, it’s crucial that you ensure your credit score is the best that it can be. While your credit score can take years to build up, there are a few things you can do to ensure that you have the best score possible when you apply. Applying with a bad score can result in a rejection which can further damage your credit score in the long run.

Pay Off Credit Card Debt
If you have a large amount of revolving credit debt – such as credit cards or lines of credit – you can improve your score quickly by paying down the debt. A lot of your credit score is determined by how much credit card debt you have in comparison to how large your credit lines are. Using less of your credit line ensures you have a better credit score. This can improve your credit score quickly – most credit card companies send updated balances every month.

Look for Mistakes on Your Report

While many people check their credit score, most people don’t check their credit reports. You can actually get a free credit report from credit reporting bodies every year – so you won’t have to pay if you want to check it. Many people have mistakes on their credit report, so it’s important to fix this if you have any errors. You can request that errors be removed yourself, but if you don’t have luck with this you can also use a credit repair company.

Consumer Reputation

If you’re looking to work with a company that has a good reputation, you need to ensure you do your research. Consumer reputation is one of the most important things to consider when you choose a lender to work with. If past customers have no enjoyed the services of the company you’re working with, there’s a high chance that you won’t either! Consumer watchdog groups provide ratings for companies to help consumers decide who to work with. Check out their ratings below!

Better Business Bureau (BBB) – LoanDepot Reviews BBB

The BBB is a consumer watchdog group that allows consumers to rate companies – they also do their own research to determine how trustable a company is. They have given LoanDepot an A rating – their second highest rating available. In addition, the majority of reviews on BBB from consumers are positive. This is a good sign – many lending companies have bad reviews. You can find LoanDepot reviews on the BBB website.

Credit Karma

Credit Karma is a site that allows customers to review lending companies. They don’t provide their own ratings – it is entirely consumer driven. Credit Karma reviewers give LoanDepot a 1.9/5 – this isn’t a good rating but it hasn’t been edited to avoid bias. You can find reviews on LoanDepot on their website.


At the end of the day, LoanDepot is a great option when compared to many of the other lenders on the market. They have relatively good consumer feedback from watchdog groups. They also have no minimum income requirement and offer competitive interest rates. They have plenty of experience providing funding to a range of different people.

If you still think you’d like to look at other lenders that provide personal loans, make sure to check out some of the other reviews on our site. We have a wealth of information on the personal loan industry!

Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.