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LendingPoint personal loans review

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Fair credit accepted — but with higher-than-average rates and fees.

finder.com’s rating: 3.48 / 5.0

★★★★★

Bottom line: LendingPoint’s relatively low credit requirements make it an affordable alternative to other types of financing. But you can find lower rates and higher loan amounts elsewhere.

$36,500

Max. Loan Amount

9.99% to 35.99%

APR

585

Min. Credit Score

Details

Product NameLendingPoint personal loans
Min. Loan Amount$2,000
Max. Loan Amount$36,500
APR9.99% to 35.99%
Interest Rate TypeFixed
Min. Credit Score585
Origination FeeUp to 6%
Loan Term2 to 4 years
Turnaround TimeAs soon as 1 business day
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Pros

  • Fair credit scores of 585+ accepted
  • Option to make bimonthly repayments to help you budget
  • Reports payments to Experian and TransUnion

Cons

  • High origination fee of up to 6%
  • Loans capped at $36,500
  • Rates start at 9.99% APR
  • Loan due date could change every month

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

LendingPoint is ideal for fair-credit borrowers who are looking to take out a small personal loan. You only need to have a minimum credit score of 585 to qualify, and it’s possible to get your funds as soon as the next business day after approval. It also allows you to sign up for bimonthly repayments to help you better manage your budget each month.

But you’ll need to be at your current job for at least a year to qualify. And you may be on the hook for an origination fee of up to 6%. Plus, loan amounts are capped at $36,500, and you could see rates as high as 35.99% — though this isn’t uncommon with a lender that has such lenient credit requirements.

Not sure LendingPoint is right for you? Compare your other options below.

LendingPoint rates, fees and terms

LendingPoint personal loans rates run from 9.99% to 35.99% APR. This might include an origination fee, which can range from 0% to 6%. If your loan comes with a fee, you can choose to either have the origination fee added or deducted from the loan amount.

You can borrow between $2,000 and $36,500 with terms from 2 years to 4 years. Use the calculator below to find out how much a loan at different rates and terms might cost you per month.

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How LendingPoint compares to other providers

Here’s a snapshot of how LendingPoint compares to other providers that accept fair credit.

LendingPoint reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.37 out of 5 stars, based on 27 customer reviews
Trustpilot score4.9 out of 5 stars, based on 3,667 customer reviews
Customer reviews verified as of27 May 2020

LendingPoint receives relatively positive reviews on TrustPilot, with many borrowers mentioning helpful customer service representatives by name. However, borrowers have left complaints on the BBB website about LendingPoint’s high costs and some negative remarks about customer service.

How to qualify

There are a few minimum requirements you need to meet in order to get a personal loan from LendingPoint.

  • Credit score of 585 or higher
  • Annual income of $20,000 or higher
  • No bankruptcies in the past 12 months
  • Bank account in your name
  • Be at least 18 years old
  • Live in any state except West Virginia
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How the application works

LendingPoint’s application process is completely online and should only take a few minutes. After you submit the online form, LendingPoint will underwrite your application electronically. Depending on when you apply, you may receive an approval decision on the same day.

You may be required to submit additional information. Once you receive and sign your loan documents, LendingPoint will disburse your funds to your bank account, usually by the next business day.

You can choose between traditional monthly repayments or making payments twice a month. Payment options include autopay, debit cards, online transfers or certified funds via a check or money order.

LendingPoint loans are often due every 28 days

Most of LendingPoint’s loans are written with a 28-day payment schedule, meaning your loan’s due date will likely change every month. This could make keeping track of your payments difficult.

If you don’t make a repayment on time, LendingPoint may charge a late fee of $30. To avoid this, sign up for automatic payments and keep track of your due dates. Reach out to LendingPoint if you think you may not be able to make a repayment on time.

What sets it apart

LendingPoint’s fast turnaround and low credit requirements — only 585 for a minimum credit score — make it an easy option for borrowers who can’t qualify for a loan with lower interest rates. But if you have a credit score above 670 — what most lender consider to be good credit — you can likely find a better deal with another provider.

Is LendingPoint legit?

Yes, LendingPoint is a legitimate lender. It displays licenses for all states where it offers loans online, when required. And it’s registered with the Nationwide Multistate Licensing System (NMLS) under number 1424139.

It also uses SSL encryption to protect any data you enter on its site. And while many 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.

Scam alert: Lendingpoint USA

Some people have tried to apply for a loan with a company called Lendingpoint USA, assuming it was a division of LendingPoint. It isn’t. Lendingpoint USA has been accused of engaging in several shady practices, including asking people to purchase gift cards from stores in order to get a loan — an enormous red flag. Stay away from this lender.

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See how LendingPoint stacks up to the competition with our guide to other lenders similar to LendingPoint — they may be able to offer you a better deal.

Frequently asked questions

Get answers to some common questions about LendingPoint personal loans.

I didn’t get the loan. What can I do?

If you’re not sure why your application was rejected, reach out to LendingPoint to find out why. It might be as simple as an inconsistency on your application.

If you were rejected over your personal credit, you might want to take steps to up your credit score before applying for a loan with LendingPoint — or any other lender. Other ways to improve your chances next time around include paying off some of your debt or finding a second job to improve your debt-to-income ratio.

Need funding now? Our guide to fair credit personal loans.

How does LendingPoint keep my personal and banking information safe?

LendingPoint safeguards your information through robust industry procedures and encryption. If you have any questions about safety, you can contact LendingPoint via email.

Can I apply for a LendingPoint personal loan with a cosigner?

Currently, no. LendingPoint only takes your personal information into account when you apply for a loan, even if you file jointly with your spouse.

See other personal loan options

Use this table to compare more personal loan providers that you might qualify with.

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 18.85%
680
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upgrade personal loans
5.94% to 35.97%
600
$1,000 – $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
7.68% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
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Personal loan ratings

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★★★★★ Average
★★★★★ Subpar
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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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