LendingPoint Personal Loan Review 2022
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Best for borrowers with a fair credit
|Fixed APR||9.99 - 35.99%|
|Loan Amounts||$2,000 - $25,000|
|Repayment||24 to 48 months|
|Fees||Origination fee as high as 6%, a late fee as high as $30|
|Time to fund||Funds available the day after loan approval|
|Min. Credit Score||585|
- Available in all states other than West Virginia.
- Refinancing to a lower rate may be possible after 6-9 loan payments.
- 15 day grace period to make a late payment and avoid a late fee.
- An origination fee of up to 6%.
- No co-signers allowed.
- The maximum repayment term is only 4 years.
LendingPoint: Top loan features
LendingPoint offers personal loans for credit-challenged borrowers who are underserved by traditional lenders. LendingPoint looks beyond the credit scores analyzing the information on a credit report, plus answers to questions about income, employment, and financial history.
Short repayment term: The repayment options on a loan are from 2 to 4 years. This is a smaller window than most lenders. Short term loans will have a high monthly payment.
Low Loan limits: LendingPoint offers loans small loans starting from $1,500. However, their maximum loan is also relatively small at $20,000.
High rates: LendingPoint offers fixed-rate unsecured personal loans with interest rates from 15.49% - 35.49% APR. The high-end rates are in the same range as other lenders who take borrowers with low credit scores. Their lowest rate is higher than some of the other "bad credit lenders."
High fees: LendingPoint charges an origination fee of up to 6%. State law can cap the fee, depending on the state. $30 late fee if payment is 15 days late.
No co-signer: LendingPoint doesn’t accept joint applications or co-signers.
Fast Pre-approval: Using high tech data analysis, LendingPoint delivers a lightning-fast initial lending decision in just seconds, without affecting the borrower’s credit.
Wide availability: They offer loans in all states except West Virginia). There are no restrictions on how you may use the money.
Don't report to all credit bureaus: LendingPoint has confusing information about reporting payments to a credit bureau. They don’t report to Equifax. In one place, they say, “Because we know that building and maintaining a healthy credit score is important in many ways, we help you by reporting to Experian and TransUnion.” On the same page, further down, they say, “we typically report your loan activity and history to one or more credit bureaus.”
Qualifying for a LendingPoint loan
The minimum score to qualify for a loan is 585. LendingPoint looks at more than your score, but your credit score remains very important.
They don’t publish a debt-to-income ratio but state you must have a minimum gross income of $35,000 per year. It is possible to qualify with a recent bankruptcy. Your bankruptcy must have been discharged at least 12 months for your application to be accepted for review. Whether your loan is approved depends on your current finances.
How to apply for a LendingPoint loan
To meet LendingPoint’s basic requirements for applying, you must:
- Be at least 18 years old.
- Provide a U.S. federal, state, or local government-issued photo ID.
- Have a social security number.
- Have a minimum annual income, before taxes of $35,000
- Have a verifiable personal bank account
- Live in any state in the US other than West Virginia.
If you meet all these requirements, it takes only a few minutes to fill out the one-page form that asks you how much you want to borrow, the purpose for the money you wish to borrow, your contact info, your gross income, and its source.
LendingPoint requires you to create a free account. You can hit the "check your options" button, which permits LendingPoint to pull your credit.
Loan approval and getting money from LendingPoint
An initial loan decision arrives almost immediately, with no impact on your credit score. If LendingPoint views you as qualified for a loan, at this point, they will present some loan options for you to consider, with the loan amount, different length of repayment periods, and required monthly payment.
If you see an offer you like you will review your application and provide any documents needed to verify the information on your application. To avoid delay, you should have the following documents ready to submit, as they are commonly requested:
- Proof of employment and income.
- Every page of your most recent bank statement
- Valid government-issued picture ID
If your information checks out, your submitted loan is usually funded by the next business day, the money deposited into your bank account.
LendingPoint: Customer service and customer satisfaction
LendingPoint has customer service that you can reach by phone, chat, and email.
You will be given access to the Customer Portal, where you can manage your account. Contact customer service if you need to change a payment day, reach out to them at least five days in advance of the change.
LendingPoint is an accredited business with the BBB and has an A+ rating.