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Find the Best Personal Loan for Your Needs

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 loans direct lenders offer 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 a personal loan calculator 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 loan 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!


Introduction to Loan Depot

If you need to get a personal loan, Loan Depot is one of your options when it comes to loan providers online. Before you send in your application, you can find the answers to common questions you might find yourself asking about this company and its products.

What is Loan Depot?

Loan Depot is a California-based company that specializes in mortgage and non-mortgage loan products. It is known as the second largest non-bank provider of consumer loans in the US. Some consider it to have the best website for personal loans.

Who owns Loan Depot?

Loan Depot is owned by Anthony Hsieh. He is an entrepreneur and CEO of Loan Depot, who is also an innovator and national mortgage industry expert.

Where is Loan Depot located?

Loan Depot is located in various branches all over the US. The company itself is based in California, though. You can visit their website to determine if there is a branch near you. You can also search places to get a loan near me and that should pull up some options.

Who endorses a check for Loan Depot?

If it involves your mortgage loan, your mortgage company can assist you with endorsing your check for Loan Depot.

How does Loan Depot work?

Loan depot employs its proprietary technology in order to provide unsecured loans for its borrowers. The rates offered at Loan Depot are considerably lower than those you will find from traditional credit cards or loan companies. So for example if you're trying to do a home rennovation or above ground pool financing then they may offer more favorable rates than installment loan type companies.

What company owns Loan Depot?

Loan Depot is a privately-owned company by a sole proprietor, Anthony Hsieh. This company is based in Foothill Ranch, California.

Why Loan Depot?

Loan Depot is a great choice for those looking for mortgage and non-mortgage loan products as they are the second largest provider of direct-to-consumer loans in the US (not affiliated with banks). For comparison sake check out Loanme reviews as well.

How is Loan Depot doing financially?

Loan Depot is the second highest non-bank consumer lender company in the US. As of 2015, they have managed to fund up to $100 Billion worth of personal and mortgage loans. By 2016, they have increased their funding by 33%.

Who is the current CEO of Loan Depot?

Anthony Hsieh, the founder of Loan Depot, is also its current Chief Executive Officer (CEO).

How does Loan Depot fund itself?

All personal loans at Loan Depot are funded by Cross River Bank, which is a federally-insured commercial bank in New Jersey.

How safe is Loan Depot?

Loan Depot is a reputable online lender. Therefore, you can be safe and assured that they are a legitimate company. Also check out Best Egg loan reviews as they are a comparable and legit company too.

How many employees does Loan Depot have?

Loan Depot has license in all 50 states and they employ over 6,000 people.

Where is Loan Depot call center located?

Loan Depot is licensed in all 50 states. It has many call center locations all over the US.

How long has Loan Depot been in business?

Loan Depot was founded in 2010 by entrepreneur Anthony Hsieh. Therefore, the company has been in business for nearly a decade.

What bank does Loan Depot use?

Loan Depot is affiliated with Cross River Bank, which is a New Jersey-based and federally-insured bank.

When did Loan Depot acquire iMortgage?

Loan Depot acquired imortgage on the fourth quarter of 2013. The combined entity now has 50 state license footprint and up to 60 branches nationwide.

Does Loan Depot do home equity loans?

Yes. It is also known as second mortgage. You can access up to 90% of the loan-to-value equity of your home.

How to Apply for Loan Depot Personal Loan

Do you want to apply for a Loan Depot Personal Loan? This section will provide a detailed guide on the information you need to know in order to qualify.

Which credit agency does Loan Depot use?

Loan Depot uses information from all three major credit agencies: Equifax, Experian, and TransUnion. It is important to maintain good credit standing with all three agencies to get approved for a loan not just in Loan Depot, but all loan providers.

How long does it take for final approval of Loan Depot loan?

If you have submitted the required documentation, you can get feedback on loan approval within a few days to a week. It can take longer if you are asked to supply other documents. Once approved, the funds can be deposited into your account in 1 to 2 days. While you wait you may want to take a look at Rise loans too.

How to fill out an address verification form for Loan Depot?

An address verification form might be required when you apply for a loan at Loan Depot to ensure that you are indeed occupying the address provided. This is required when the name, address, and social security number of the application (and co-borrower) did not match in the credit report.

What are today’s VA rates at Loan Depot?

There is no fixed rate for VA loans taken out via Loan Depot. They use a number of factors such as amount of loan, loan entitlement, and credit score. You can ask for a quote to get an idea on your VA loan rates via phone or online.

How does Loan Depot calculate self-employed income?

Computing the income for self-employed individuals can be tricky, which is why loan providers like Loan Depot tends to be stricter when enforcing income requirements prior to approval. Loan companies do not divulge the actual formula they use when evaluating self-employed income. But to boost your chances of approval, it is best to have a separate account for your business to make it easier to calculate your income.

How long to get approved for a Loan Depot personal loan?

The approval can take a few days to a week, depending on your qualification and the submitted documents (and if you complied with them). Check out more loans easy to get approved for.

How long does it take to get a Loan Depot loan?

Once you receive notice of final approval on your Loan Depot loan, you will get the funds in 1 to 2 days. If you need something faster or you credit is too low then you can look at short term loans online bad credit options.

How to get 1098 form from Loan Depot?

You can get the 1098 form from Loan Depot upon application. You can request it online or over the phone.

How does Loan Depot accept second mortgage?

A second mortgage, also known as home equity loan, is available at Loan Depot. To qualify you need to prove equity in the home and you must have a solid credit score. Your income will also be evaluated.

What credit score does Loan Depot use?

To qualify for a Loan Depot loan, you must have a credit score of at least 600. If you have a lower score, you might still qualify but you have to pay higher interest rate. If you need to build credit then getting a secured loan somewhere else may be a better option. To find a place close by just do a simple search for secured loans near me.

How long to refinance Loan Depot?

Depending on the complexity of the loan, the entire process of refinancing your loan at Loan Depot can take anywhere from 45 to 60 days.

How to deliver an appraisal to Loan Depot?

Make sure you hire a licensed and experienced appraisal to evaluate the value of your home to ensure that you can get the closest appraisal to the actual market value. Once you get the appraisal report, you must provide that to Loan Depot.

Other Loan Depot Specifics

Are you considering getting a personal loan from Loan Depot? Use this guide to provide the information you need to know about personal loans available from this loan provider.

What is the average lender fee for Loan Depot?

The average origination fees for every personal loan taken out from Loan Depot is anywhere from 1% to 5% of the total loan amount. The actual fee will depend on the loan grade.

How to pay mortgage online at Loan Depot?

You can set up your account at Loan Depot’s website. Once you have the account, you can log into the system and make payments online from your account.

How does Loan Depot compare to Lending Tree?

Loan Depot and a Lending Tree loan are pretty much similar when it comes to the type of loan products offered. Use your own discretion to learn more about each company and decide where to get your loan from.

Why can’t I access my Loan Depot mortgage online?

If you have trouble accessing your Loan Depot mortgage online, you can reach out to their customer service hotline or send an email detailing the problems you are having with your online account.

How to make Loan Depot payment?

There are several options to paying your Loan Depot loans. One of the most convenient options is through their online portal wherein you can pay your bills via the internet. You can also make payments by mail.

How do I make online payments for my Loan Depot mortgage?

To make payments online, you need to set up your online account first. You need to link your bank account or credit card in order to access the funds you need to complete your mortgage payment.

What are borrower paid fees Loan Depot?

In order to qualify for a Loan Depot loan, you must pay down payment and origination fee (1-5% of the loan amount). Other than that, no other information are available on the website so make sure to ask your loan officers about any other fees.

How to maximize Loan Depot refinance?

When you want to refinance your Loan Depot loan, you must review the balance and current terms of your loan first. Then, check your credit score and make sure you do not obtain any new credit while paying off your existing one. It is also recommended that you shop around refinancing lenders.

Quicken loans vs. Loan Depot: which one is better?

Loan Depot offers fixed-rate mortgage, which means qualifying is easier. On the other hand, Quicken Loans are adjustable rate mortgages. It is important to evaluate your own financial needs when deciding between these two companies as there are pro’s and con’s for each. Check out more options for online cash advance loans if that's what you're looking for.

Who does Loan Depot use for health insurance?

Glassdoor is the primary health insurance company that Loan Depot is tied up with.

Where is underwriting done for Loan Depot?

Most of the underwriting is done manually but majority of them are subject to automated underwriting system. This means that your data is entered into a software program that uses an algorithm to calculate your loan application and determine if you are a risky borrower or not.

What to expect from Loan Depot IPO?

The IPO of Loan Depot states that they are experiencing a growth spurt with a year-on-year growth rate of 125%. Their net revenue grow from $244 million in 2014 to $490 million in 2015. Since then, there has been a steady growth making it the second largest consumer lending company in the US.

How to login for the first time with Loan Depot?

Before you can log into your online account for Loan Depot, you must first setup the account. Go to the company website and click on Service Portal so you can follow the steps to set up an online account.

What people think about Loan Depot?

Loan Depot is one of the reputable loan providers in the market. It consistently receives great reviews from its consumers.

How do I post a review on Loan Depot?

You can post a review on Loan Depot’s website or third-party review websites to ensure that your objective review is posted.

How effective is Loan Depot with personal loans?

Loan Depot offers unsecured personal loans with fixed rates. Thus, they are relatively easy to apply for and you can use them for a variety of applications to suit your needs. However if your credit is lower and you need money now then you may want to look at quick cash loans online.

What are the current mortgage interest rates for 30 year fixed from Loan Depot?

The interest rate for a fixed 30-year mortgage is considerably higher as compared to a short term (say, 15 years). The average APR for 30-year mortgage is at 5.4% or more (depending on your credit score and the amount of the loan). Read more about lowest interest rate loans in our other article.

How to speak to someone Loan Depot?

If you have any questions or want to speak to someone at Loan Depot, you can call them at (866) 258-6572 from Mondays to Fridays.

How fast does Loan Depot deposit money?

It takes about 1-2 days for your money to be deposited to your account once you get final approval on your application.

How to set up automatic payment at Loan Depot?

You need to create your online account first and then set up automatic payment. You can draft your monthly mortgage payment and it will be automatically debited from your account when your payment is due.

What are "borrower paid fees" at Loan Depot?

Some of the borrower fees incurred when applying for a loan at Loan Depot are the origination fees and the down payment. There may be other fees included so make sure to ask your loan officer.

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.