LendingPoint personal loans review

LendingPoint specializes in personal loans of up to $25,000 with affordable rates for fair credit score customers.

If you have fair credit with a score of 600 or more, LendingPoint can offer personal loans with repayment terms between 24 and 48 months. This online lender offers affordability 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. You can also make additional repayments without risking a penalty fee.

Product NameLendingPoint Personal Loans
Min Loan Amount$3,500
Max. Loan Amount$25,000
Min APR From 15.49%
Minimum Loan Term2 years
Maximum Loan Term4 years
RequirementsMust have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
  • A valid driver’s license.
  • Must provide proof of income.
  • Must reside in a state where LendingPoint operates.

Do you qualify?

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

  • FICO score of 600 or higher
  • No bankruptcies, charge-offs or liens in the past 12 months
  • Annual income of $40,000 or higher
  • At least 1 year of consistent employment

What is LendingPoint?

LendingPoint is an online lender that offers loans for people with fair credit scores of 600 and up. Terms range from 24 to 48 months.

At this time, LendingPoint provides loans to residents of the following 33 states only: AL, AK, AR, AZ, CA, DE, FL, GA, HI, IL, IN, KS, KY, MI, MN, MS, MO, MT, NE, NJ, NM, NC, OH, OK, OR, PA, SD, TN, TX, UT, VA, WA, and DC.

What are the benefits of LendingPoint personal loans?

  • 100% online process. Submit application online, upload documents electronically and receive funds in your account upon approval.
  • 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.
  • Tailored solutions. LendingPoint calculates interest rates, maximum loan amounts and repayment terms based on your financial situation.
  • Quick deposits. Once approved, your loan amount can be deposited as soon as the next business day.
  • 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.
  • Flexible repayments. Choose twice-monthly repayments with the option of additional repayments without penalty. Payment options include AutoPay, online transfers and certified funds via check or money order.
  • Check your offer without affecting your credit score. When you apply, LendingPoint uses a “soft pull” of your credit history that will not affect your credit score. Once you choose one of the loan options, LendingPoint proceeds with a hard check to verify the information you provided.

What to watch out for

  • As with any personal loan, you’ll want to make sure the repayment terms are within your budget. Missing payments can damage your creditworthiness, costing you much more in the long run.

Is it safe to borrow from LendingPoint?

It is. LendingPoint uses SSL encryption to protect any data you enter on its site. It also shares your information less than most online lenders. Many share your information with third parties for marketing purposes, but LendingPoint doesn’t, only using it for internal everyday and marketing purposes.

How’s LendingPoint’s online reputation?

Fairly good. LendingPoint has been accredited with the Better Business Bureau (BBB) since 2014, meaning that it meets certain transparency standards. The BBB an A+ rating based on factors like how many customer complaints it’s had and how it’s responded to them. It only has two customer reviews on the site, one positive and one negative.

You can get a better idea of how customers feel about LendingPoint by looking to Trustpilot. Nearly 690 reviewers gave it a 9.6 out of 10, with 87% of those rating it as “Excellent.” Customers were especially pleased with the quality of customer service and how straightforward the application process was. 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 Lendinpoint USA, assuming it was a division of LendingPoint. It is not. Lendingpoint USA been accused of engaging in several shady practices, such as asking people to purchase gift cards from stores in order to get a loan — an enormous red flag. Stay away from this lender.

How much does a LendingPoint personal loan cost?

Actual repayment amounts, terms and APRs will vary based on LendingPoint’s proprietary scoring and underwriting system. To calculate your specific terms, LendingPoint will review your creditworthiness and other financial factors against the information you provide.

Depending on your state, you may pay additional fees that can include:

  • Origination fee. This fee is charged to cover the cost of setting up the loan. It could be charged as a percentage of the loan amount and paid upfront or spread across the loan period.
  • Late repayment fee. You’ll be charged up to $30 for late payments.

How do I apply for a personal loan with LendingPoint?

You can apply for a personal loan with LendingPoint completely online.

  1. Click the “Go to site” button on this page to be directed to LendingPoint’s application form.
  2. Complete the application, specifying how much you’d like to borrow, the purpose of your loan and some other pertinent details.
  3. You could possibly receive an approval decision as soon as the same day, depending on when you apply.
    LendingPoint personal loan screenshot

Am I eligible for a LendingPoint personal loan?

You’re eligible for a LendingPoint loan if you meet the following criteria:

  • FICO score of 600 or higher
  • No bankruptcies, charge-offs or liens in the past 12 months
  • Annual income of $40,000 or higher
  • At least 1 year of consistent employment
  • You’re able to provide valid government-issued ID
  • You have a valid Social Security number
  • You have an open bank account in your name

What information do I need to apply?

You can expedite the application and approval process by having the following documentation on hand:

  • Your current driver’s license or government-issued ID
  • Your most recent bank statements and a voided check or direct deposit form
  • Proof of employment and income

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.

5 repayment hacks to save money on interest

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 repayment 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 fit for you.

Frequently asked questions about LendingPoint personal loans

LendingPoint safeguards your information through robust industry procedures and encryption. If you have any questions about safety, you can contact LendingPoint via email.

LendingPoint’s personal loans range from $3,500 to $25,000, depending on your individual creditworthiness and information provided during the application process. LendingPoint’s website offers a personal loan calculator that will allow you to explore loan amounts and payments that may fit your budget.

Yes. LendingPoint reports your payment history and loan activity to Experian and TransUnion.

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