Where does loanDepot do business?
loanDepot is a direct lender based in Foothill Ranch, CA. Founded in 2010, loanDepot offers access to personal loans in 49 states (and Washington, DC).
What personal loan APRs are offered via loanDepot?
loanDepot offers a fixed APR personal loan product that ranges from 6.17% up to 29.52% APR.
Does loanDepot charge an origination fee?
Yes, loanDepot charges a loan origination fee of 1% to 5% of the loan amount. loanDepot deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does loanDepot charge a late fee?
Yes, loanDepot may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.
Does loanDepot charge prepayment fees?
No, loanDepot does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via loanDepot?
Loan amounts start at $5,000 and go up to $35,000.
What can a personal loan from loanDepot be used for?
Personal loans from loanDepot are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
What is the maximum loan term you can get with loanDepot?
loanDepot offers personal loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with loanDepot?
Applicants with a credit score of at least 640 can apply for a loan via loanDepot . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via loanDepot. Their rates fall within the limits of The Military Lending Act.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Proof of citizenship or residence permit
- Recent pay stubs
What is the estimated funding time for a personal loan via loanDepot?
loanDepot will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$15|
|Origination Fee||1% - 5%|
|Credit Score Range||
640 - 750
850 300 640 750
|Immigration Status Considered||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$5K - $35K|
|Loan Term (Months)||12 - 60|
|APR (Fixed APR)||6.17% - 29.52%|