LendingPoint Personal Loans Review

LendingPoint is a fast-growing direct lender that makes personal loans of up to $36,500 as soon as the next business day.

LendingPoint interest rates and loan details

LendingPoint can approve loan offers for just about any purpose, including home improvement projects, medical bills, car repairs, moving, or getting married. Because LendingPoint primarily serves borrowers with fair credit, its rates make credit card refinancing and other forms of debt consolidation worthwhile.

LendingPoint personal loans review

LendingPoint specializes in lending to "near prime" borrowers with fair credit scores. If your credit score is in this range, you might qualify for a LendingPoint loan.

Even if you have excellent credit, you may want to prequalify to compare potential rate offers with other lenders. This is because LendingPoint's low-end APR is lower than many of its competitors, which means you could qualify for a better rate.

If you’re looking to borrow $36,500 or less, LendingPoint could be a good option for you. But if you need more than LendingPoint’s loan limit, some lenders offer personal loans up to $100,000 and more.

Also, keep an eye out for fees like fees, like late fees for making a payment late and origination fees for processing the loan. Like many lenders, LendingPoint charges an origination fee anywhere from 0% to 10% of the loan balance, depending on your credit report and state of residence.

If you want to repay your entire loan balance all at once, LendingPoint will let you do that without charging you a prepayment penalty.

How to qualify

You’ll need to meet four major criteria to qualify for a personal loan with LendingPoint:

• Credit score: LendingPoint makes loans to borrowers with credit scores as low as 660, which means you could still be approved for a loan even if your credit isn’t in great shape.
• Employment: If you've been at your current job for at least 12 months, LendingPoint considers that a "plus." If you’re retired or self-employed you can still qualify for a loan, as long as you have verifiable income.
• Annual income: The minimum annual income to get approved for a loan is $35,000. However, the more you make (and the lower your current level of debt) the more you'll be able to borrow. Having a "responsible banking and financial track record" will also score points with this lender.
• Residency: You need to have a Social Security number and a bank account in your name. You also can’t live in Nevada or West Virginia, since LendingPoint loans aren’t available in those states.

You’ll also need to be at least 18 years of age or older to apply for a LendingPoint personal loan.

Fast loan approval

Once you've submitted all the required documents, LendingPoint says it can often provide a final review and loan approval in just a few hours, allowing you to get your funds as soon as the next day.

Although its loans aren’t available in Nevada or West Virginia, LendingPoint operates in all other 48 states and Washington, D.C.

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

• FinWise Bank
• First Electronic Bank
• LendingPoint LLC

FinWise and First Electronic banks are FDIC members chartered in Utah, while LendingPoint LLC is a limited liability company headquartered in Kennesaw, Georgia.

Repayment

LendingPoint offers personal loan repayment terms ranging from two to six years, which can give you some flexibility with the amount of time you have to pay back your loan. Keep in mind that while longer loan terms come with a lower monthly payment, you’ll end up paying more interest over the life of the loan.

You can make your loan payments online or by mail, but LendingPoint says most customers set up autopay and have payments taken directly out of their bank account. You can make bi-weekly or monthly payments, but most LendingPoint customers use a 28-day payment schedule that syncs with their paycheck.

How LendingPoint compares to other lenders

Here's how LendingPoint compares to other lenders who specialize in serving borrowers with fair to good credit.

How LendingPoint compares to more lenders: The best personal loans

How to take out a personal loan with LendingPoint

To take out a LendingPoint personal loan, you can apply on the lender’s website. You’ll provide some basic personal information to see your loan options. If you select a loan, you’ll complete a full application.

You’ll typically be expected to provide some documentation when you apply, including:

• Driver’s license or other government-issued photo I.D.
• Bank statements
• Pay stubs
• Employment verification

When taking out a personal loan, it's wise to compare rates you may qualify for with multiple lenders to find the best personal loan for your needs. In addition to the interest rate, look for a repayment term and monthly payment that works for you.

Credible allows you to compare prequalified personal loan rates from multiple online lenders who offer personal loan options — including LendingPoint.

What to consider before applying for a LendingPoint personal loan

With its fast funding, wide range of loan uses, and lower minimum credit score requirement, a LendingPoint personal loan can be a solid option when you need to borrow money. But there are a couple things to consider before you apply:

• Somewhat limited loan amounts: LendingPoint provides loans of up to $36,500, which may not be enough if you need to fund a large home improvement project or other large expense. Other lenders offer loans of $50,000 or more.
• Charges an origination fee: Like many lenders, LendingPoint charges an origination fee on its loans. With this fee going as high as 10%, that can eat into the total loan funds you’ll receive. It’s possible to find lenders that don’t charge an origination fee, especially if you have good credit.