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5 alternatives to LendingPoint personal loans

Compare other providers that work with fair-credit borrowers.

LendingPoint is an online lender that specializes in financing fair credit borrowers. It’s one of a few lenders that accepts credit scores as low as 620 and it allows you to opt for a biweekly pay schedule if that better fits your paycheck. And like many providers, you can apply with a joint applicant.

But payments are due every 28 days, rather than once a month. And it only offers loans from $2,000 to $36,500 with higher-than-average rates from 7.99% to 35.99% APR — including an origination fee of up to 8%. For some borrowers, these alternatives might offer a more favorable deal than you’d find at LendingPoint.

What’s changed?

We removed the peer-to-peer lending platform Peerform from our list of alternatives — it’s no longer accepting applications as of July 2022. We replaced that slot with another peer-to-peer lending site, LendingClub. It has a low credit score requirement of 620, accepts coapplicants and is available in all 50 states.

Our top 5 sites like LendingPoint

These online providers accept fair credit scores and may offer a wide range of loan amounts or lower rates and fees than LendingPoint.

Alternative for lower rates with fair credit

Upstart personal loans

4.2 / 5 ★★★★★

Upstart specializes in funding borrowers who are just building their credit. It accepts credit scores as low as 300. But beyond that, it considers education and career during the underwriting process and accepts fair credit to help you qualify for lower rates than you might elsewhere. Its rates range from 6.4% to 35.99%, which are slightly lower than LendingPoint's. But its origination fees can run as high as 8% — higher than LendingPoint.
  • Not available in: West Virginia
Pros
  • Accepts fair credit
  • Career and education can get you lower rates
  • Starting APR of 6.4%
Cons
  • Potentially high origination fee
  • Considers individual instead of household income
  • Longer turnaround for education-related expenses
Loan amount$1,000 to $50,000
APR6.40% to 35.99%
Interest Rate TypeFixed
Min. credit score300
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term2 years

Alternative for flexible payments

Upgrade personal loans

4 / 5 ★★★★★

Instead of emphasizing your credit score, this online lender focuses on your monthly cash flow when you apply — or income after bills and debt payments. This makes it a good option for people who have a negative mark on their credit report but otherwise healthy personal finances. It's also more flexible than LendingPoint, allowing you to change your payment due date, defer two payments or even make partial payments. But its minimum credit score of 620 is slightly higher than LendingPoint's. And its origination fees run high, from to .
  • Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Pros
  • Payment flexibility
  • Accepts fair credit scores of 620
  • Focus on cash flow instead of credit
Cons
  • High origination fee compared to LendingPoint
  • Requires at least $1,000 in monthly cash flow
Loan amount$1,000 to $50,000
APR8.49% to 35.99%
Interest Rate TypeFixed
Min. credit score620
Turnaround Time1 to 4 business days
Maximum Loan Term7 years
Minimum Loan Term2 years

Alternative for bad credit

OneMain Financial personal loans

3.4 / 5 ★★★★★

If you can't meet LendingPoint's credit score cutoff, OneMain might be a better option. This lender is one of the few personal loan providers that works with all credit types. It also offers the option to back your loan with collateral to help you qualify for lower rates. But avoid OneMain if you can qualify with a fair credit lender. Its rates are high for a personal loan, ranging from 18% to 35.99%, including an origination fee as high as 10%.
  • Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
* OneMain Disclosures:

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Pros
  • Works with all credit types
  • Secured and unsecured loans
  • Same-day funding available
Cons
  • High starting APR of 18%
  • Origination fee up to 10%
  • Property insurance required for collateral
Loan amount$1,500 to $20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. credit scoreVaries
Turnaround TimeAs soon as the same business day
Maximum Loan Term5 years
Minimum Loan Term2 years

Alternative for quickly comparing options

Monevo personal loans

4.4 / 5 ★★★★★

Monevo is an online connection service that can help you quickly compare multiple offers — even if you have bad credit. You can you can find loans as high as $500,000 and rates as low as 5.4% through Monevo, but you likely won't qualify for that amount or rate unless you have near-perfect credit and a high monthly cash flow. But it can speed up the process of searching for the best deal available to you without impacting your credit. And unlike many other connection services, it's upfront about the lenders that it works with so you know where your information is going.
  • Available in all states
Pros
  • Quickly prequalify with multiple providers
  • Options for all credit types
  • Transparent about partners
Cons
  • Options limited to Monevo's partners
  • May receive marketing emails and phone calls
  • Some of its partners manually underwrite loans
Loan amount$500 to $500,000
APR5.40% to 35.99%
Interest Rate TypeFixed
Min. credit score300
Turnaround TimeVaries by lender
Maximum Loan Term12 years
Minimum Loan Term0.5 years

Alternative for a peer-to-peer lending site

LendingClub personal loans

3.6 / 5 ★★★★★

LendingClub is a peer-to-peer lending platform, a solid choice for borrowers with an average or fair credit score. While LendingPoint can accept borrowers with a credit score at 585, rates offered with LendingClub are lower with a starting APR of 9.57%. LendingClub accepts coapplicants if you want to shoot for a better rate and there’s a soft credit check to see your available rates. It advertises a 24-hour approval time, with an average two-day turnaround time. However, it has a rough history — with an FTC complaint in 2018.
  • Available in all states
Pros
  • Accepts fair credit
  • Quick turnaround time
  • Fair rates
  • Coappliants accepted
  • 4.6-star rating on Trustpilot
Cons
  • FTC complaint and charges in 2018
  • Impersonations of LendingClub
Loan amount$1,000 to $40,000
APR9.57% to 35.99%
Interest Rate TypeFixed
Min. credit score600
Turnaround TimeAs soon as 24 hours
Maximum Loan Term5 years
Minimum Loan Term3 years

How does LendingPoint compare?

LendingPoint is known for accepting fair credit scores, with a low minimum credit score requirement of 585. However, downsides include a high origination fee up to 6%, and rates can start at 9%. On a more positive note, it is BBB accredited with an A+ rating, and it’s holding a 4.9-star rating on Trustpilot with nearly 7,000 reviews.

For more detailed information on this lender, read our LendingPoint review.

Pros

Cons

Read our guide to the best personal loans for fair credit to compare more options.

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