Despite the higher rates, Lending Point can be a Competitive option for those with fair credit.
APR
7.99% – 35.99%
Loan Amount
$2,000 – $36,500
Term
24 to 48 months
Min score
580
Despite the higher rates, Lending Point can be a Competitive option for those with fair credit.
On Credible Website
APR
7.99% – 35.99%
Loan Amount
$2,000 – $36,500
Term
24 to 48 months
Min score
580
LendingPoint is an online personal loan provider, established in 2014 out of Atlanta, GA. LendingPoint focuses on “near prime” borrowers, or borrowers with average to poor credit who struggle to get a loan. While large banks focused mainly on prime borrowers, LendingPoint has issued almost 70,000 loans, totaling nearly $500 million in consumer loans.
Their turnaround time is really quick and most borrowers will see funds in their bank account within 24 hours. Lending Point has a flexible repayment system and doesn’t charge any type of penalty fee for prepayment.
As a popular choice for debt consolidation, Lending Point is a good option but it’s always important to look at the negatives before jumping on board. For example, they have higher interest rates than other companies, they give out a smaller max amount than others, and they charge a hefty late fee if you’re late on your payment too.
- Quick turnaround times
- Soft Pull Inquiry
- Good for borrowers with poor credit
- Flexible repayments
- No Prepayment Penalty
- Origination Fee
- Smaller max amount
- Not Available in All States
- Large late payment fee
- High rates
Can I add a cosigner to a LendingPoint personal loan?
Unfortunately, LendingPoint does not allow joint or cosigned loans. If you want to add a cosigner to your loan, LendingPoint is not the right lender for you and you are better to look elsewhere.
However, the lower credit score requirements and flexible lending requirements may mean that you can qualify for a loan without needing a cosigner.
Can I get a LendingPoint loan with a 600 credit score?
LendingPoint does offer loan solutions for those who have less than ideal credit, so with a fair credit score of 600, you shouldn’t experience a credit score barrier.
However, you may not be able to access the lowest advertised rates, which are typically reserved for those with good or excellent credit.
Do LendingPoint personal loans offer prequalification?
LendingPoint does allow potential customers to prequalify for a loan to streamline the application process and enable comparison shopping.
You can check the available personal loan offers without triggering a hard credit check. The online application is easy and you simply need to submit your name.
Is LendingPoint good for debt consolidation?
LendingPoint is a decent option if you’re looking for a debt consolidation loan. You can borrow $2,000 – $36,500
. While direct creditor payments are not offered, LendingPoint does offer quick access to the loan funds. You may have the money in your account the following business day after approval, so you can quickly initiate payments to your creditors.
However, you do need to bear in mind that there may be an origination fee of 0% to 6% which is billed upfront from your loan funds.
In this Review..
Requirements & Repayment Options
The goal of Lending Point is to create frictionless access to money when and where their customers want and need it. For those with a poor credit score, Lending Point is another solid option to look at.
They offer loans to anyone with a credit score of at least 580 and require a minimum income of $20,000/year. Also, LendingPoint requires its applicants to have a debt-to-income (DTI) ratio of no more than 50%.
LendingPoint allows you to change your repayment due date. You can also choose whether to pay every two weeks, every 28 days, or once a month. LendingPoint does not allow you to send payments directly to your creditors, and no autopay discount is available. Finally, there are no penalties for making early payments.
LendingPoint Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
- Quick turnaround times
LendingPoint has a quick process and an easy application. Many borrowers are approved with money in their account by the end of the next business day.
- Soft Pull Inquiry
LendingPoint allows for an initial soft pull inquiry online so the borrower can get an idea of the options for which they may qualify. A soft pull does not affect your credit.
- Good for borrowers with poor credit
LendingPoint targets borrowers without perfect credit. Many other providers will not service borrowers with poor credit.
- Flexible repayments
You can customize your repayments. You can choose a payment due date and schedule your payments every other week, every 28 days, or monthly. You can also request one loan modification during the term of your loan.
- No Prepayment Penalty
LendingPoint does not have a prepayment penalty.
- Origination Fee
LendingPoint deducts a one-time origination fee of 0% to 6% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.
- Smaller max amount
The LendingPoint maximum amount is smaller than many other personal loan providers. If you need more, you will have to go to another provider.
- Not Available in All States
LendingPoint is available in 40 states. See the list here.
- Large late payment fee
LendingPoint has a late fee of $30, which is higher than most other providers.
- High rates
LendingPoint has high rates. If you have a good credit history there are more competitive rates in the market.
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Customer Experience
One of the drawbacks of using LendingPoint is that it only reports payment to two of the three major credit bureaus. The help center is very well managed, and it provides you with access to a large collection of personal finance resources.
LendingPoint's mobile app allows you to manage all aspects of your loan, which is ideal. The lender is also rated A+ by the Better Business Bureau.
LendingPoint | |
|---|---|
iOS App Score | 4 |
Android App Score | N/A |
TrustPilot | 4.9 |
BBB Rating | A+ |
WalletHub Rating | 4.3 |
Contact Options | phone/mail |
Availability | N/A |
What Can a LendingPoint Personal Loan Be Used For?
- LendingPoint loans can be used to pay for debt consolidation or credit card refinancing, moving expenses, vacations, medical expenses, wedding expenses, car purchase or repair, or home improvements.
- Home Improvement – LendingPoint loans can be used for home repairs or renovations. The advantage of using a personal loan for home improvement is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home.
- Debt Consolidation – Since LendingPoint focuses on borrowers with average or poor credit, it is a good provider for those wanting to pay down their debts.
- Vacation – LendingPoint offers a way to get money for your vacation without having to deal with credit cards, or worry about every dime during your travel.
- Wedding Expenses – LendingPoint loans can be used for wedding expenses like engagement rings, and reception and honeymoon costs.
- Moving Expenses – LendingPoint loans can be used to help with moving expenses. For example, a LendingPoint loan could help you take the risk of moving across the country for a new job.
How to Apply For a Personal Loan With LendingPoint
- 1.
The LendingPoint application process only takes a few minutes.
- 2.
You will fill out a short form with some basic questions about yourself, including your full name, contact information, date of birth, employment status, and income.
- 3.
The minimum requirements for applying are a minimum credit score of 600 with no bankruptcy, charge-offs, or liens in the past 12 months. The borrower needs one year of consistent employment with a minimum annual income of $20,000.
- 4.
LendingPoint will usually let you know if you are approved very quickly and have the money in your account in one day. Sometimes the borrower may need to provide verification information such as picture ID, social security card, bank statements, pay stubs, or tax returns.
LendingPoint FAQs
Is LendingPoint a good place to get a loan?
Lending Point is a good option to get a loan if you need to borrow a small amount and intend to repay the loan in less than four years. It is also a good choice for borrowers looking to receive funds as soon as possible. Approval can take a day or two, and you’ll receive your funds the next business day.
Does LendingPoint ask for proof of income?
In order to qualify for a LendingPoint loan, you need a minimum income of $25,000 per year. This can be from employment, retirement or another source.
While you can receive a loan offer in seconds, once you select a preferred loan option, LendingPoint does require additional documentation and information, including proof of employment and income.
Compared to similar lenders, the Lending Point minimum score is average. For instance, Lending Club required score is 600 while Upgrade minimum score is 620 .
Is LendingPoint better than Avant?
LendingPoint is remarkably similar to Avant. Both offer access to loans with similar rates and similar credit scores to qualify. However, LendingPoint has a far lower maximum loan. So, if you’re looking for a larger loan, Avant has the edge over LendingPoint. Read more on Avant review.
Another key difference is that Avant allows you to pay your credits with the loan proceeds directly, but this is not an option with LendingPoint. You need to receive the funds and distribute them from your designated bank account.
Is LendingPoint better than Onemain?
If you cannot meet the credit score minimums of LendingPoint, Onemain loan may be an option. This provider works with all credit profiles, but this does come at a cost – OMF rates are higher. So, if you do have a credit score of 585 or more, LendingPoint is the better choice.
However, Onemain does allow you to use collateral to back your loan and help you to qualify for a lower rate. But, there is an origination fee of up to 10% that you’ll need to consider.
Alternative Personal Loans For Bad Credit
 |  | | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 9.95% – 35.99%
| 18.00% – 35.99%
| 7.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24-60 Months
| 24-60 months
| 24 to 48 months
|
Loan Amount | $2,000 – $35,000
| $1,500 -$20,000
| $2,000 – $36,500
|
Minimum Score | 580
| No Minimum
| 580
|
Funding Time | N/A
| As soon as same day
| Typically 1 day
|
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LendingPoint vs Upstart vs LendingClub
Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.
Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.
Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?
LendingPoint vs Freedom vs Avant
FreedomPlus is an online lender that only works with relatively large loan amounts and also provides joint loans. Avant caters to people with low credit scores and focuses on providing quick access to funds.
Finally, LendingPoint is a similar option to Avant in many ways, such as its acceptance of lower credit scores and quick application process.
Read Full Comparison: LendingPoint vs Freedom vs Avant: Which Personal Loan Is Better?
