LendingPoint Personal Loans Review

Our take on LendingPoint

We rated LendingPoint 3.9 out of 5 stars and primarily recommend it for those with good or almost good credit. The lender offers low starting rates and an opportunity for a rate reduction after six months of on-time payments. But origination fees can run high and loan amounts low relative to other lenders. 

Who is LendingPoint best for?

• Good for credit-builders: Because LendingPoint considers more than your credit score — and may approve borrowers with fair credit — a personal loan through LendingPoint can be a way to improve your credit. Use the loan proceeds to consolidate credit card debt and you could see swift credit score gains. Plus, on-time payments could lead to a rate reduction after 6 months, along with improving your credit. 
• Good if you need money (relatively) fast: You can potentially get approved and funded within one business day. Next business day funding is not uncommon among personal loan lenders, but some may take two days or more.

What is LendingPoint not best for?

• Large loans: The largest personal loan available through LendingPoint is $36,500 (and there’s no guarantee you’ll be approved for that much). If you need more to cover home renovations, debt consolidation, medical fees, or any other big expense, limit your search to lenders offering $50,000 or $100,000 personal loans, or consider other loan types, like a home equity loan or HELOC.
• Customer satisfaction: LendingPoint received a below-average rating in J.D. Power’s 2025 consumer lending satisfaction study. While many other lenders serving fair credit also did, one exception is Lending Club — which was the only fair-credit lender to beat the average in the study (we rate it highly as well).

Pros and cons

LendingPoint’s personal loans are helpful if you need money quickly or are actively working to improve your credit score, but there are some drawbacks to consider before applying.

Details on the pros

• Rate review after 6 months: The 6-month rate review is one reason we recommend LendingPoint loans to active credit-builders. If you can make on-time payments for the first 6 months — the most important thing you can do to improve your credit score — LendingPoint will review and potentially lower your rate for the remainder of the loan term.
• Mobile app: LendingPoint offers a mobile app that you can use to apply for and manage your loan, as well as monitor your credit. Note that LendingPoint maintains a 4.8 rating on the Apple App Store. But its score is only 3.6 stars on the Google Play Store. If you’re an Android user, consider a different lender if you plan to manage your loan on the go.
• $1,000 loans available: If you need a $1,000 personal loan, LendingPoint is one of only 12 lenders we reviewed that offer them. Most lenders offer loans that start at $2,000 or higher. (In select states, minimum borrowing amounts are higher; the minimum is $2,000 if applying through Credible.)
• 6-year repayment terms available: Paying off your loan over an extended period can reduce your monthly payments. With LendingPoint, you can get a repayment term as long as 6 years, while many other lenders cap repayment terms at 5 years. (If applying through Credible, the maximum loan term is 5 years.)

Details on the cons

• Small maximum loan amount: LendingPoint offers personal loans only up to $36,500 (up to $25,000 through Credible). The maximum for many other lenders is $50,000.
• Potentially high origination fees: LendingPoint's origination fees vary by state, with charges of up to 10% of your loan amount.
• Minimum loan requirements in some states: LendingPoint requires higher minimum loan amounts in states including Georgia ($3,500), Colorado ($3,001), and Hawaii ($2,000).
• Not available nationwide: You won’t qualify for a LendingPoint personal loan if you live in Connecticut, Iowa, Maryland, Maine, Nebraska, Nevada, Vermont, West Virginia, or Washington, D.C.

How to qualify for a personal loan with LendingPoint

You can provide some basic information to see if you qualify for a LendingPoint personal loan, either on LendingPoint’s website or via Credible; this only results in a soft credit inquiry, which does not impact your credit score. However, if you move forward with an application on LendingPoint’s website, expect a hard credit inquiry as part of the approval process.

Here’s what you need to qualify for a personal loan with LendingPoint:

• Minimum credit score: While LendingPoint doesn’t disclose a minimum credit score, you should have a 660 score or better when applying through Credible.
• Minimum income: LendingPoint requires a minimum income of $39,500 a year (if applying through Credible). Income can be from employment, retirement, or another legitimate source. LendingPoint may require documentation such as pay stubs, bank statements, or employment verification to confirm your income.
• Minimum age: You must be at least 18 to apply for a LendingPoint personal loan.
• Identification: You must have a U.S. federal, state, or local government-issued photo ID, as well as a Social Security number.

LendingPoint personal loan purposes

You can use a LendingPoint personal loan for almost any purpose. But there are a few (typical) exceptions:

LendingPoint fees and penalties

• Origination fees: LendingPoint may charge an origination fee as high as 10%, which could come out of your loan upfront, reducing the amount you receive. You can avoid this by limiting your search to personal loans without origination fees.
• Late fees: LendingPoint does not disclose late fees on its site, but we verified a late fee of $30 (if you are 15 days late) with a customer service agent. 

LendingPoint vs. other lenders

LendingPoint is a decent personal loan option if you have good or fair credit, but some of its competitors may make more sense depending on your needs. Let’s take a look at how LendingPoint stacks up against Avant and Prosper.

Avant has the lowest credit score requirements of the three, but a much higher starting APR than LendingPoint; Avant also requires you to borrow at least $2,000. Prosper’s credit score requirement is also lower than LendingPoint’s, but again, the minimum APR is higher, and you’ll need to borrow at least $2,000—though Prosper lets you borrow up to $50,000 (more than you can get through LendingPoint).

LendingPoint company details and history

LendingPoint was founded in 2014 as a financial technology (fintech) company specializing in lending products, including personal loans. The company uses AI-powered algorithms and credit models designed to expand access for borrowers who might typically be denied by other lenders. LendingPoint is headquartered in Kennesaw, Georgia, and is accredited by the Better Business Bureau (BBB). The lender currently maintains an A+ rating with the BBB.

If your application is approved, your loan may be funded by one of several lenders, including:

• FinWise Bank
• Coastal Community Bank
• LendingPoint

FinWise and Coastal Community banks are FDIC members, while LendingPoint LLC is a limited liability company.

Contact information

You can contact LendingPoint over the phone or by email:

• Phone: (888) 969-0959
• Email: [email protected]

Current customers can also manage their accounts via their online portal (desktop) or mobile app (phone or tablet).

Methodology

Credible evaluated 32 lenders across 1,216 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.