Where is LendingPoint available?
LendingPoint provides loans to residents of all states except:
- New York
- West Virginia
finder.com’s rating: 3.8 / 5.0
LendingPoint offers affordable loans 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. But if you’re on the lower end of its credit criteria, you may receive an APR close to 36%.
Max. Loan Amount
15.49% to 35.99%
Min. Credit Score
|Product Name||LendingPoint Personal Loans|
|Min. Loan Amount||$2,000|
|Max. Loan Amount||$25,000|
|APR||15.49% to 35.99%|
|Interest Rate Type||Fixed|
|Min. Credit Score||600|
|Minimum Loan Term||2 years|
|Maximum Loan Term||4 years|
|Turnaround Time||Next business day after approval and document verification|
To qualify for a personal loan from LendingPoint, you must meet the following eligibility criteria:
LendingPoint provides loans to residents of all states except:
LendingPoint is an online lender that offers loans for people with credit scores of 600 and up. It gives borrowers who may not be able to qualify for a bank loan access to modestly sized personal loans of $2,000 to $25,000. Terms last anywhere from 24 to 48 months.
But it comes at a cost: Your APR will be higher than if you’d gone with a bank. Rates range from 15.49% to 35.99% , and there will be an origination fee of 0% to 6% on any amount you borrow. However, actual repayment amounts, terms and APR will vary based on LendingPoint’s scoring and underwriting system. To calculate your specific terms, LendingPoint will review your credit and other financial factors with the information you provide.
On April 10, 2018, LendingPoint announced 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 assess 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.
LendingPoint has been accredited by the Better Business Bureau (BBB) since 2014 and has an A+ rating based on factors like how how it responds to customer complaints and its overall business practices. However, it only has 10 customer reviews on the site: One positive and nine negative.
You can get a better idea of how customers feel about LendingPoint by looking at Trustpilot. Over 1,200 reviewers gave it a 9.7 out of 10, with 91% of those rating it as Excellent. Customers were especially pleased with the quality of customer service and how straightforward the application process is. The few negative reviews involved mixups with repayments.
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.
To be eligible for a LendingPoint personal loan, you must:
LendingPoint’s application process is completely online and should only take a few minutes to fill out.
You’ll likely need to have the following documents and information ready when you apply:
Once you’ve received your LendingPoint loan, keep on top of your payments to avoid paying fees that could quickly add up.
You can choose between traditional monthly repayments or making payments twice a month. You can also make additional repayments at any time without paying a penalty fee. Payment options include autopay, debit cards, online transfers or certified funds via a check or money order.
If you don’t make a repayment on time, LendingPoint may charge a late fee of $30. To avoid this, keep track of your due dates and reach out to LendingPoint if you think you may not be able to make a repayment on time.
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.
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.” Its loans have two functions: To help people with fair credit get funding for personal expenses while also building their credit scores. It’s been widely recognized, winning Best Consumer Lending Product from FinTech Breakthrough and making the US News and World Report’s list of Best Personal Loans in 2017.
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 payment 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 loan for you. There are also multiple lenders like LendingPoint that may be able to offer a similar deal.
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