LendingPoint specializes in personal loans of up to $25,000 with affordable rates for fair credit score customers.
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If you have fair credit with a score of 600 or more, LendingPoint can offer personal loans with repayment terms between 24 and 48 months. This online lender offers affordability with twice monthly payments that can help you better manage your budget.If your application is approved, LendingPoint puts together options based on what you can afford, including your maximum loan amount and interest rate. You can also make additional repayments without risking a penalty fee.
| Product Name | LendingPoint Personal Loans |
|---|---|
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $25,000 |
| APR | 15.49%–34.99% |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 4 years |
| Requirements | Must have a fair credit score of 600 or better and a minimum annual income of $20,000. Must live in a state where LendingPoint services. |
- A valid driver’s license
- Must provide proof of income
- Must reside in a state where LendingPoint operates
- Minimum annual income of $20,000
Do you qualify?
To qualify for a personal loan from LendingPoint, you must meet the following eligibility criteria:
- Credit score of 600 or higher
- No bankruptcies, charge-offs or liens in the past 12 months
- Annual income of $40,000 or higher
- At least one year of consistent employment
- Live in an eligible state
Eligible states
At this time, LendingPoint provides loans to residents of the following states:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Delaware
- Washington, DC
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Washington
If you don’t live in one of these states, you’ll need to consider other providers for a personal loan.
What is LendingPoint?
LendingPoint is an online lender that offers loans for people with fair credit scores of 600 and up. It’s a fast an easy source of modest-sized personal loans, with loan amounts ranging from $2,000 to $25,000.
You can take between 2 and 4 years to pay back your loan a rate in the range of 15.49%–34.99%.
What are the benefits of LendingPoint personal loans?
- 100% online process. Submit application online, upload documents electronically and receive funds in your account upon approval.
- Online calculator. Find out how much you’ll repay, and work out repayments based on the amount you’d like to borrow and the loan term.
- Tailored solutions. LendingPoint calculates interest rates, maximum loan amounts and repayment terms based on your financial situation.
- Quick deposits. Once approved, your loan amount can be deposited as soon as the next business day.
- Qualify with fair credit. If your credit score is 600 or higher, LendingPoint’s loan options can be a worthwhile alternative to those offered by traditional banks.
- Flexible repayments. Choose twice-monthly repayments with the option of additional repayments without penalty. Payment options include AutoPay, online transfers and certified funds via check or money order.
- Check your offer without affecting your credit score. When you apply, LendingPoint uses a “soft pull” of your credit history that will not affect your credit score. Once you choose one of the loan options, LendingPoint proceeds with a hard check to verify the information you provided.
LendingPoint now accepts debit cards
LendingPoint announced on April 10, 2018 that it now allows borrowers to have funds disbursed on a debit card as well as make monthly payments via a debit card. In addition to providing a way for the lender to asses debit card activity when underwriting a loan, this new feature allows borrowers to receive funds as soon as the same day rather than the next business day with bank account deposits. You still need a valid bank account to be eligible.
What to watch out for
- Origination fees. LendingPoint might charge you an origination fee of 0% to 6%, depending on your state of residence and loan amount.
- Small loan amounts. You can only borrow up to $25,000, so this lender isn’t great for covering large costs like a big wedding.
- High rates. Any loan you qualify for with a less-than-stellar credit score is going to have high rates compared, and LendingPoint’s loans are no exception. Expect an interest rate around 15.49%–34.99%%.
- Bi-monthly repayments. Keep this in mind when you’re budgeting for repayments — you have to make them twice a month.
How much does a LendingPoint personal loan cost?
Actual repayment amounts, terms and APRs will vary based on LendingPoint’s proprietary scoring and underwriting system. To calculate your specific terms, LendingPoint will review your creditworthiness and other financial factors against the information you provide.
Depending on your state, you may pay additional fees that can include:
- Origination fee. LendingPoint ‘s origination fee ranges from 0% to 6% and is meant to cover the cost of setting up the loan. You can pay it upfront or spread across the loan period.
- Late repayment fee. You’ll be charged up to $30 for late payments.
Compare LendingPoint to other personal loan providers
Is it safe to borrow from LendingPoint?
It is. LendingPoint uses SSL encryption to protect any data you enter on its site. It also shares your information less than most online lenders. Many share your information with third parties for marketing purposes, but LendingPoint doesn’t, only using it for internal everyday and marketing purposes.
How’s LendingPoint’s online reputation?
Fairly good. LendingPoint has been accredited with the Better Business Bureau (BBB) since 2014, meaning that it meets certain transparency standards. The BBB an A+ rating based on factors like how many customer complaints it’s had and how it’s responded to them. It only has two customer reviews on the site, one positive and one negative.
You can get a better idea of how customers feel about LendingPoint by looking to Trustpilot. Nearly 690 reviewers gave it a 9.6 out of 10, with 87% of those rating it as “Excellent.” Customers were especially pleased with the quality of customer service and how straightforward the application process was. The few negative reviews involved mixups with repayments.
Scam alert: Lendingpoint USA
Some people have tried to apply for a loan with a company called Lendinpoint USA, assuming it was a division of LendingPoint. It is not. Lendingpoint USA been accused of engaging in several shady practices, such as asking people to purchase gift cards from stores in order to get a loan — an enormous red flag. Stay away from this lender.
How do I apply for a personal loan with LendingPoint?
Before you start your application, make sure you meet its basic eligibility requirements and have your documents and information on hand.
Make sure you qualify
To be eligible for a LendingPoint personal loan, you must:
- Have a personal credit score of 600 or higher. You don’t have to have excellent credit to qualify for a loan but you’ll likely qualify for better rates if you have at least fair credit.
- Have no bankruptcies, charge-offs or liens over the past year. While these typically stay on your credit report for around seven years, LendingPoint only cares about your more recent financial situation.
- Make at least $40,000 per year. You’ll also need to show that you can afford your loan’s bi-monthly repayments.
- At least one year of consistent employment. Generally, you’ll need to have a paycheck that’s roughly the same amount each month.
- Live in an eligible state. Jump to our list of eligible states.
Have your documents and information ready
You’ll likely need the following documents and information :
- Your government-issued ID
- You Social Security number
- Your bank account information
- Recent bank statements
- A voided check or direct deposit form
- Recent pay stubs, W-2 forms, tax returns or other proof of employment and income
Start the application
You can apply for a personal loan with LendingPoint completely online.
I got a LendingPoint personal loan. Now what?
Once you’ve received your LendingPoint loan, keep on top of your payments to avoid paying fees that could quickly add up.
- Set up automatic payments. Determine a due date that works best with your monthly budget and cash flow.
- Make extra payments as you can. If your budget allows, pay more toward your repayment without a prepayment penalty.
5 repayment hacks to save money on interest
I didn’t get the loan. What can I do?
If you’re not sure why your application was rejected, first reach out to LendingPoint to find out why. It might be as simple as an inconsistency on your application, at which case you might want to apply again.
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 upping your income to improve your debt-to-income ratio.
More about LendingPoint
Tom Burnside and Franck Fatras founded LendingPoint in 2014 with the intention of providing personal loans that were accessible to near-prime borrowers: People with credit scores between around 600 and 700. It’s one of the few mid-range borrowing options out there, since most lenders either cater to people with excellent or poor credit.LendingPoint’s motto is “Better Loans. Better Lives” and its loans have two functions: to help people with fair get funding for personal expenses while also building their credit scores. It’s been widely recognized, winning the “Best Consumer Lending Product” from FinTech Breakthrough and making the US News and World Report’s list of best personal loans in 2017.
Bottom line
If you don’t have excellent credit but want the flexibility that personal loans can offer, LendingPoint may be worth looking into. It offers flexible repayment terms of up to four years with competitive rates for those with credit scores of 600 or higher.
If you’d like to compare your personal loan options, you can learn more about other online lenders to make sure you’re getting the best fit for you.