LendingPoint Personal Loans Review: Potentially High Rates
- Max. Loan Amount
- $36,500
- APR
- 7.99% to 35.99%
- Min. credit score
- Not stated
Our verdict
A direct lender accepting fair credit borrowers, but high rates and fees could apply.
LendingPoint is ideal for fair credit borrowers looking to take out a small personal loan. You can check loan offers by filling out a simple online application without dinging your credit score and get funds as soon as the next business day after approval. However, borrowers should watch for high APRs and loan origination fees.
Best for: Fair credit borrowers who need cash fast but can’t qualify with other lenders.
Pros
-
Open to fair credit borrowers
-
Prequalify without affecting your credit score
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No prepayment penalties
Cons
-
Potentially high rates
-
Charges an origination fee
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Low maximum loan amount
Is LendingPoint legit?
LendingPoint is a legitimate lender. When required, it displays licenses for all states where it offers loans online. It’s also registered with the Nationwide Multistate Licensing System (NMLS) under number 1424139.
It uses SSL encryption to protect any data you enter on its site. While many lenders share your information with third parties for marketing purposes, LendingPoint only uses your information for internal marketing purposes. You can read a full description of the information it collects and shares on its privacy policy.
What makes LendingPoint shine?
With a simple application process and fast turnaround time, LendingPoint is a great option if you need a fast personal loan, especially if you don’t have a solid credit history. Though a minimum credit score requirement isn’t published on its website, LendingPoint has a reputation for working with borrowers with less-than-stellar credit. You can check if you qualify by filling out an application online without harming your credit.
If you get into financial trouble after taking out a loan with LendingPoint, the company works with you to help reduce payments while you recover. LendingPoint also doesn’t charge any kind of prepayment penalty, which allows you to pay your loan off early and save on interest.
Where LendingPoint falls short
Despite its benefits, LendingPoint has a few drawbacks, including potentially high APRs and loan origination fees.
Though APRs start at a reasonable 7.99%, borrowers with lower credit scores likely only qualify for higher rates, which can reach up to 35.99%. LendingPoint may also charge a loan origination fee of up to 10%.
The maximum loan amount allowed by LendingPoint is also quite low. Customers who need to borrow more than $36,500 may want to find another top lender.
While LendingPoint is licensed to operate in most states, it is not available to residents in Nevada or West Virginia.
LendingPoint loan details
| Loan amount | $2,000 to $36,500 |
| APR | 7.99% to 35.99% |
| Interest rate type | Fixed |
| Minimum credit score | Not stated |
| Origination fee | 0% to 10% |
| Loan term | 2 to 5 years |
| Turnaround Time | As soon as 1 business day |
| Additional fees | No prepayment fee No penalty for extra payments Late and NSF fees not disclosed |
| Availability | Not available in: Nevada, West Virginia |
LendingPoint contact information
| Phone number | 888-969-0959 |
| info@lendingpoint.com | |
| X (formerlyTwitter) | @LendingPoint |
| @LendingPoint1 | |
| @LendingPoint |
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How to qualify for LendingPoint
LendingPoint doesn’t offer cosigned or joint personal loans, so you’ll apply alone. LendingPoint lists its eligibility criteria for personal loans clearly on its site, which are:
- Be 18 or older
- Government-issued ID
- Have a Social Security number
- Minimum annual income of $35,000
- Bank account in your name
- Cannot reside in Nevada or West Virginia
How to apply
LendingPoint’s application process is completely online and should only take a few minutes. Here’s what’s involved:
- Visit LendingPoint’s website and select the Apply button.
- Fill out the form to prequalify, providing your personal details, income information, how much you need to borrow and the purpose of the loan.
- View your loan offers and choose the one that best meets your needs.
- Complete the remainder of the application and provide any necessary documentation.
How LendingPoint compares to other lenders
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
LendingPoint reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.6 out of 5 stars, based on 228 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 8,465 customer reviews. |
| Customer reviews verified as of | 22 August 2024 |
LendingPoint’s reviews on Trustpilot are excellent, with 95% of all ratings being 5-star. Across the Better Business Bureau (BBB) and Trustpilot, reviews praise LendingPoint’s helpful representatives, often calling out employees by name. Other positive reviews talk about the easy application process and fast service.
Negative reviews on Trustpilot are rare. Those who complain express disappointment that they weren’t approved, didn’t receive the amount they needed or got a higher interest rate than they would have liked. But these grievances are pretty standard for a loan provider and are outweighed by the thousands of positive reviews.
As a place where customers go to have complaints resolved, LendingPoint receives a lot more negative feedback on the BBB website. There are repeated complaints about the company’s online platform being down, which makes it difficult for customers to access loan information or make payments. Borrowers also accuse the lender of unauthorized withdrawals, unreasonable late fees, high APRs and failure to recognize when loans are paid off.
What do people on Reddit say?
Conversations about LendingPoint on Reddit are mostly negative. A few people complained that they took out LendingPoint loans to rebuild their credit, but the company doesn’t consistently report to credit bureaus.
Others talked about struggling to keep up with payments, prequalifying but being denied later and larger payments deducted than expected, leading to overdrafts.
Frequently asked questions
Is LendingPoint a reputable loan company?
Yes, LendingPoint is a reputable loan company that has been in business for nearly a decade. However, some people report representatives claiming to be from LendingPoint attempted to scam them out of money.
LendingPoint will never contact you asking for payment through a gift card, money transfer app, prepaid card or wire transfer. Be cautious and only apply or make payments through the official LendingPoint website.
What credit score do you need for LendingPoint?
There’s no minimum credit score listed on the LendingPoint website, but the company claims to work with borrowers of various credit profiles. This lenders may offer personal loans for people with less-than-stellar credit. You can check whether you qualify without harming your credit through the LendingPoint website.
How long does LendingPoint take to approve?
Prequalification takes just a few minutes. You’ll receive potential loan offers as soon as you provide your basic contact, financial and residence information. Final approval depends on how quickly you complete the full application and supply supporting documents.
Does LendingPoint do a hard pull?
During the prequalification process, LendingPoint only does a soft credit check. However, once you complete the full application, a hard credit check is performed, so you may see a temporary dip in your credit score.
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