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
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LendingPoint personal loans review
Last updated:
Fair credit accepted — but only for loans up to $25,000.
finder.com’s rating: 3.5 / 5.0
★★★★★
- Best for borrowers who don't have the best credit.
- Pick something else if you need to borrow more than $25,000.
$25,000
Max. Loan Amount
15.49% to 35.99%
APR
600
Min. Credit Score
Details
| 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 |
Expert review
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs 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 600 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.
First, am I eligible?
- 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
- Resident of an eligible state
Pros
- 100% online process
- Fair credit scores of 600+ accepted
- Option to make bimonthly repayments to help you budget
- Reports payments to Experian and TransUnion
Cons
- High origination fees of 0% to 6%
- Loans capped at $25,000
- Potentially high rates
- Loan due date could change every month
Compare other personal loan providers
Updated January 17th, 2020
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What do customers say about LendingPoint?
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2 out of 5 stars, based on 12 customer reviews |
| Trustpilot score | 4.9 out of 5, based on 2 customer reviews |
| Customer reviews verified as of | 12 December 2019 |
LendingPoint recieves 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.
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.
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.
How do I apply?
LendingPoint’s application process is completely online and should only take a few minutes to fill out.
What information do I need to apply?
You’ll likely need to have the following documents and information ready when you apply:
- Government-issued ID
- Social Security number
- Bank account information
- Recent bank statements
- Voided check or direct deposit form
- Recent pay stubs, W-2 forms, tax returns or other proof of employment
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.
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 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.
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, 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.
See how LendingPoint stacks up to the competition with our guide to personal loans. Or check out these other lenders similar to LendingPoint that may be able to offer a better deal.
Frequently asked questions
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