Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
LendingPoint personal loans review
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.
No reviews yet.
Write a review
$36,500
Max. Loan Amount
7.99% to 35.99%
APR
620
Min. credit score
Details
| Min. Loan Amount | $2,000 |
|---|---|
| Loan Amount | $36,500 |
| APR | 7.99% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 620 |
| Origination Fee | 0% to 8% |
| Loan term | 2 to 5 years |
| Turnaround Time | As soon as 1 business day |
Pros
- Fair credit scores of 620+ accepted
- Option to make bimonthly repayments to help you budget
- Reports payments to Experian and TransUnion
Cons
- High origination fee of up to 8%
- Loans capped at $36,500
- Rates start at 7.99% APR
- Loan due date could change every month
Review by
Anna Serio
anna.serio-ali@findercrew.comAnna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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 620 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 8%. 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 7.99% to 35.99% APR. This might include an origination fee, which can range from 0% to 8%. 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 5 years. Use the calculator below to find out how much a loan at different rates and terms might cost you per month.
Monthly repayments calculator
Calculate how much you could expect to pay each month|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare personal loans now
You can expect to pay back
$
per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
How LendingPoint compares to other providers
Here’s a snapshot of how LendingPoint compares to other providers that accept fair credit.
LendingPoint personal loans |
Upgrade personal loans |
Upstart personal loans |
 |
 |
 |
|
★★★★★ |
★★★★★ |
★★★★★ |
|
|
|
|
|
APR 7.99% to 35.99% |
APR 8.49% to 35.99% |
APR 5.20% to 35.99% |
|
Loan term 2 to 5 years |
Loan term 2 to 7 years |
Loan term 3 or 5 years |
|
Loan amount $2,000 to $36,500 |
Loan amount $1,000 to $50,000 |
Loan amount $1,000 to $50,000 |
|
Min. credit score 620 |
Min. credit score 620 |
Min. credit score 300 |
Compare even more personal loans
LendingPoint reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 4.16 out of 5 stars, based on 266 customer reviews |
| Trustpilot Score | 4.9 out of 5 stars, based on 8,017 customer reviews |
| Customer reviews verified as of | 18 March 2023 |
In the past, LendingPoint didn’t have great customer ratings and reviews on its Better Business Bureau (BBB) profile. However, those ratings have drastically improved, and LendingPoint currently holds a 4.16-star rating — one of the highest ratings we’ve seen on a BBB profile for a direct lender.
LendingPoint’s reviews on Trustpilot are stellar as well, with 95% of all ratings being 5-star. Across BBB and Trustpilot, reviews praise LendingPoint’s helpful representatives, often calling out employees by name. Other positive reviews talk about a quick and easy application process, and quick service.
Negative reviews are few and far between, but many of those reviews are users expressing 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, in our opinion, are far outweighed by the thousands of positive reviews.
How to qualify
LendingPoint does not 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 an SSN
- Minimum annual income of $35,000
- Bank account in your name
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 somewhat low credit requirements — 620 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 lenders 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.
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?
f 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.
1 - 6 of 6
Personal loan ratings
★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
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.
