LendingPoint personal loans review
- Max. Loan Amount
- $36,500
- APR
- 7.99% to 35.99%
- Min. credit score
- Not stated
Our verdict
A direct lender accepting fair credit borrowers, but high rates and fees could apply.
LendingPoint is ideal for fair credit borrowers looking to take out a small personal loan. You can check loan offers by filling out a simple online application without dinging your credit score and get funds as soon as the next business day after approval. However, borrowers should watch for high APRs and loan origination fees.
Best for: Fair credit borrowers who need cash fast but can’t qualify with other lenders.
Pros
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Open to fair credit borrowers
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Prequalify without affecting your credit score
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No prepayment penalties
Cons
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Potentially high rates
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Charges an origination fee
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Low maximum loan amount
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 10%. 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
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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 personal loans |
Upgrade personal loans |
Upstart personal loans |
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 |
 |
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★★★★★ |
★★★★★ |
★★★★★ |
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APR 7.99% to 35.99% |
APR 7.99% to 35.99% |
APR 6.7% to 35.99% |
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Loan term 2 to 5 years |
Loan term 2 to 7 years |
Loan term 36 or 60 months |
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Loan amount $2,000 to $36,500 |
Loan amount $1,000 to $50,000 |
Loan amount $1,000 to $50,000 |
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Min. credit score Not stated |
Min. credit score 580 |
Min. credit score 300 |
Compare even more personal loans
LendingPoint reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.6 out of 5 stars, based on 228 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 8,465 customer reviews. |
| Customer reviews verified as of | 22 August 2024 |
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 3.6-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.
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Use this table to compare more personal loan providers that you might qualify with.
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The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
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