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LendingPoint personal loans review

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You may qualify for a personal loan up to $25,000.

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 NameLendingPoint Personal Loans
Min. Loan Amount$2,000
Max. Loan Amount$25,000
APR15.49% to 35.99%
Interest Rate TypeFixed
Min. Credit Score600
Minimum Loan Term2 years
Maximum Loan Term4 years
Turnaround TimeNext business day after approval and document verification
Go to LendingPoint's website

First, do I qualify?

To qualify for a personal loan from LendingPoint, you must meet the following eligibility criteria:

  • Credit score of 600 or higher
  • Annual income of $20,000 or higher
  • At least one year of consistent employment
  • No bankruptcies, charge-offs or liens in the past 12 months
  • Live in an eligible state

Where is LendingPoint available?

LendingPoint provides loans to residents of all states except:

  • Colorado
  • Connecticut
  • Maine
  • Maryland
  • Massachusetts
  • Nevada
  • New York
  • Vermont
  • West Virginia
  • Wisconsin
  • Wyoming

What is LendingPoint?

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.

LendingPoint now accepts debit cards

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.

What are the benefits of LendingPoint personal loans?

  • 100% online process. Submit your application online, upload documents electronically and receive funds directly into your bank account if you’re approved.
  • 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.
  • Check your offer without affecting your credit score. When you apply, LendingPoint uses a “soft pull” of your credit history that won’t affect your credit score. Once you choose one of the loan options, LendingPoint proceeds with a hard check to verify the information you provided.
  • 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.

What to watch out for

  • High origination fees. LendingPoint might charge you an origination fee of 0% to 6%, depending on your state of residence and the loan amount.
  • Small loan amounts. You can only borrow up to $25,000. If you need to cover larger a large cost like a big wedding, LendingPoint may not be the best choice.
  • High rates. Any loan you qualify for with a less-than-stellar credit score is going to have higher rates, and LendingPoint’s loans are no exception. Expect an interest rate around 15.49% to 35.99% .
  • Loan due date could change every month. 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.
Go to LendingPoint's site

Compare LendingPoint to other personal loan providers

Updated November 19th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

Is it safe to borrow from LendingPoint?

Yes. LendingPoint 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 using your information for internal marketing purposes. You can read a full description of the information it collects and shares on its privacy policy.

What does the Internet say about LendingPoint?

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.

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.

Am I eligible?

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 $20,000 per year. You’ll need to show that you can afford your loan’s payments when they come due.
  • 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 to see if you live in one of LendingPoint’s serviced states.

How do I apply?

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

Depending on when you apply, you may receive an approval decision on the same day.

What documents will I need?

You’ll likely need to have the following documents and information ready when you apply:

  • Your government-issued ID
  • Your 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
Go to LendingPoint's site

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.

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.

I didn’t get the loan. What can I do?

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.

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.” 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.

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 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.

Frequently asked questions

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