2023 LendingPoint Personal Loan Review
LendingPoint offers personal loans ranging from $2,000 to $36,500 to people with credit scores as low as 620. LendingPoint considers other factors besides credit history to determine approval, such as income and employment.
- Fast funding: After they sign their loan agreement, LendingPoint customers could receive funding as quickly as one business day.
- Clear eligibility requirements: LendingPoint is transparent about which boxes consumers will need to check in order to qualify for a personal loan, including minimum credit score, income requirements and which geographical areas the company serves.
- Loans not offered in all 50 states: LendingPoint does not serve residents of Nevada or West Virginia.
- Charges an origination fee: Depending on your state of residence, you may have to pay an origination fee ranging from 0.00% - 8.00%.
- No joint applications: LendingPoint does not offer consumers the option to apply for a personal loan with a co-borrower or a cosigner.
- Best for small loans: Since LendingPoint’s maximum borrowing amount is only $36,500, this lender may be best for borrowers seeking smaller loan sizes. LendingPoint is also best for those looking for fast funding since customers typically receive funds within one business day.
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LendingPoint pros and cons
Before applying for a LendingPoint personal loan, it may be wise to consider this lender’s highlights as well as its downsides. Here’s what you need to know:
May receive funds in one business day
Low credit score requirements
Considers more than credit scores
May charge an origination fee (0.00% - 8.00%)
No option for co-applicants
High maximum APR (35.99%)
LendingPoint has some of the fastest funding on the market; consumers may receive their loan funds within one business day of signing their loan agreement. Those with low credit scores may especially appreciate LendingPoint’s personal loan criteria, as this lender has a credit score requirement of just 580 and considers more than just your score when evaluating your personal loan application.
However, depending on where you live, you may be stuck paying an origination fee, which can get as high as 8% in some parts of the country. LendingPoint also has a high maximum annual percentage rate (APR) of 35.99%, so you may want to compare rates among several different lenders before committing.
Aside from being at least 18 years old, you’ll need to meet the following criteria in order to receive a LendingPoint personal loan offer:
|Minimum credit score||580|
|Minimum credit score||580|
|Residency||No loans offered in Nevada or West Virginia|
|Required documentation|| |
If LendingPoint’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
Best personal loan options for:
How to get a loan with LendingPoint
The LendingPoint personal loan application process is straightforward and fairly simple to navigate. Here’s what you may expect when you submit an application:
LendingPoint allows users to prequalify for a personal loan, meaning they can submit an initial application without seeing their credit score dip. This is also known as a soft-credit inquiry. During this process, you’ll need to supply LendingPoint with your basic information, income, how much you want to borrow and what you intend to use the funds for.
Once you submit this information, you’ll be able to see what kind of rates, amounts and terms you may qualify for. If you decide to proceed with LendingPoint, you’ll need to submit documents verifying the information you provided. This may include pay stubs, W-2s and a government-issued form of identification.
After LendingPoint verifies your information, the company will run a hard-credit inquiry on you which may cause your credit score to dip by a few points. This impact, however, is temporary.
Sign the loan contract
If you pass a hard-credit inquiry, LendingPoint will then send you your loan agreement which you’ll need to sign. After you’ve signed, you may receive your loans funds within one business day.
If you’re turned down for a personal loan or worried you may not qualify, consider improving your chances of getting approved by working on your credit score and beefing up your credit profile.
How LendingPoint compares to other personal loan companies
Even if you believe LendingPoint aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how LendingPoint stacks up against similar personal loan lenders.
|Minimum credit score||620||580||600|
|APRs||7.99% - 35.99%||9.95% - 35.99%||8.05% - 36.00%|
|Loan amount||$2,000 - $36,500||$2,000 - $35,000||$1,000 - $40,000|
|Repayment term||24 to 72 months||12 to 60 months||36 to 60 months|
|Origination fee||0.00% - 8.00%||Up to 4.75%||2.00% - 6.00%|
|Funding timeline||Receive funds as soon as one business day||Receive funds as soon as one business day||Receive funds within one or more business days|
|Bottom line||With low credit requirements and a quick funding timeline, LendingPoint may make for an enticing option for borrowers whose credit profiles are less than perfect.||Avant may have slightly higher APR than LendingPoint, but it also has a much lower maximum origination fee as well as quick funding to match. This lender may be best for small loans.||It may take LendingClub customers a bit longer to receive their loan funds than they would with LendingPoint. However, LendingClub offers higher loan amounts.|
How we rated LendingPoint
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Yes — LendingPoint is a legitimate lender that offers loans ranging from $2,000 to $36,500 with APRs ranging from 7.99% to 35.99%. LendingPoint reports to two out of the three credit bureaus: Experian and TransUnion.
Finding out whether you prequalify for a LendingPoint personal loan may take only a few minutes. However, LendingPoint does not specify how long it takes to receive official approval for a loan. With many lenders, this process can take a few days. Once you receive your loan agreement, however, it only takes one business day to receive your loan funds.
LendingPoint may be a viable option for those looking for bad credit loans as this lender has a minimum credit requirement of 580. Unfortunately, this lender does not offer joint applications, which could make it easier for some poor-credit borrowers to qualify for a loan.