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 has over 130 retail branch locations. 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 $40 billion in loans.

How Does LoanDepot Work?

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.

What Are LoanDepot's Interest Rates?

Interest rates for LoanDepot's personal loans range from 6.17% to 29.99% APR (as of August 2015) depending on the terms of the loan and the creditworthiness of the borrower. For instance, the 6.17% rate is only available for borrowers with a credit score of at least 790 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.

How Much Money Can I Borrow from LoanDepot?

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% rate 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.

Which States Does LoanDepot Operate In?

LoanDepot operates in all 50 states and has dual headquarters in Foothill Ranch, California and Plano, Texas.

What Is LoanDepot's Application Process Like?

Borrowers can apply for a loan with LoanDepot online or over the phone. Applicants may check their interest 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, a regular source of income, and a credit score of at least 640.

How Is LoanDepot Better Than Other Lenders?

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.

  • Interest APR
    6.17% - 29.99%
  • Loan Amount
    $5000 - $35000
  • Max Loan Term (Months)
  • Lend to military?
  • Institution Type
    Direct Lender Other
  • Approval Speed (Hours)
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

No reviews found.

Be the first to write a review for this company!

Write a Review

New Review for loanDepot

In category:  

Rate it:

Login with social


Other Personal Loans companies