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LendingPoint personal loans review

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Fair credit accepted — but with higher-than-average rates and fees.’s rating: 3.48 / 5.0


  • Best for borrowers who don't have the best credit.
  • Pick something else if you need to borrow more than $25,000.


Max. Loan Amount

9.99% to 35.99%



Min. Credit Score


Product NameLendingPoint personal loans
Min. Loan Amount$2,000
Max. Loan Amount$25,000
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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Expert review

Aliyyah Camp

Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

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 $25,000, 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.

How much will this loan cost me?

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 $25,000 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.

How it works

LendingPoint might specialize in fair credit loans. But you likely won’t be able to qualify for that 9.99% APR or $25,000 loan if you just meet the 585 credit score cutoff.

Generally, the lowest rates and highest amounts go to borrowers with credit scores around 760 or higher, with enough cash flow to easily afford monthly repayments.

What do I need 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

What information do I need to apply?

Have the following information on hand when you get started on your application:

  • Social Security number
  • Valid photo ID issued by local, state or federal government
  • Bank account information
  • Recent bank statements
  • Voided check or direct deposit form
  • Recent pay stubs, W-2 forms, tax returns or other proof of income

Pros and cons

LendingPoint specializes in serving fair credit borrowers. But even if you have fair credit, it might not always be a good fit.


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


  • High origination fee of up to 6%
  • Loans capped at $25,000
  • Rates start at 9.99% APR
  • Loan due date could change every month
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See other personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

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.

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 do I apply?

LendingPoint’s application process is completely online and should only take a few minutes to fill out.

  1. Click the Check my rate or Go to site button on this page to be directed to LendingPoint’s application form.
  2. Fill in the required personal information and loan details.
  3. Read the terms and policies before submitting an application.
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What happens after I apply?

LendingPoint will process 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.

How do repayments work with LendingPoint?

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 loan without a prepayment penalty.

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

But because most of LendingPoint’s loans are written with a 28-day payment schedule, 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.

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

Personal loan ratings

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★★★★★ — 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.

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