LoanDepot is a national, nonbank lender that was founded in 2010 and does business under the brand names of LoanDepot.com, imortgage, Mortgage Master and LDWholesale. As well as its websites, LoanDepot operates over 150 loan storefronts. Apart from personal loans, LoanDepot also offers mortgages and home refinance loans. Its headquarters are located in Foothill Ranch, California, and it has an A+ rating with the BBB. Since it was launched, LoanDepot has funded over $60 billion in loans.
LoanDepot uses its own proprietary underwriting technology to assess eligibility and uses an online application process. Applicants can obtain a no-risk rate quote without a credit check. Loans can be used for practically any purpose except investing and illegal activities. Borrowers don't have to provide a security or collateral for the loan, but there is an origination fee to consider.
Rates for LoanDepot's personal loans range from 6.17% APR to 29.52% APR depending on the terms of the loan and the creditworthiness of the borrower. For instance, the 6.17% APR is only available for borrowers with a high credit score and a loan term of 36 months. There is also a 1.00% to 5.00% origination fee to consider, which is deducted from the loan amount. For instance, if you borrow $10,000 and you have a 1% origination fee, you will only receive $9,900 in your bank account.
LoanDepot provides loans ranging from $5,000 to $35,000. The maximum loan term is 36 months. To illustrate the cost of a LoanDepot loan, a $10,000 loan with a 36-month term and a 6.17% APR would cost $304.99 a month. This doesn't include the origination fee, which is deducted from the loan balance. If you need a specific amount of cash, make sure you add the origination fee to the loan amount you request.
LoanDepot is licensed in all 50 states, but loans are currently not available to residents of West Virginia. The lender has dual headquarters in Foothill Ranch, California and Plano, Texas.
Borrowers can apply for a loan with LoanDepot online or over the phone. Applicants may check their rate without affecting their credit score or risking a loan denial. To qualify borrowers you must be at least 18 years old, have an active bank account and a regular source of income.
LoanDepot provides competitive rates, a transparent application process and has flexible eligibility requirements. There is a 1.00% to 5.00% origination fee to keep in mind when comparing rates with other lenders, but there are no hidden fees and loans can be completed entirely online.
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