• Loan Amounts: $2,000 - $25,000
  • Funding Time: 1 business day
  • Loan Terms: Between 24 and 48 months
  • Fees: Origination and late payment fees
  • Income Threshold : $35,000
  • APR Range: 9.99%-35.99%

LendingPoint Reviews You Can Trust in 2021 [+Alternatives]

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  • Loan Amounts: $2,000 - $25,000
  • Funding Time: 1 business day
  • Loan Terms: Between 24 and 48 months
  • Fees: Origination and late payment fees
  • Income Threshold : $35,000
  • APR Range: 9.99%-35.99%

Best For

Those Looking For Low Eligibility Requirements

STRENGTHS

  • No commitment pre-qualification with soft credit check
  • Will consider borrowers with credit scores below “good”
  • APR starts at a relatively low rate
  • Flexible payment schedules with the option to change dates

WEAKNESSES

  • No unsecured or co-signed loans
  • Not guaranteed to report to all 3 credit bureaus
  • Maximum APR could be very high for some borrowers

LendingPoint is a direct lender and financial technology platform founded in 2014. Their focus is on providing personal loans with generous terms and relatively low eligibility requirements.

Credit borrowers with FICO scores as low as 585 will be considered for a loan and you can expect to be approved and funded within 1 business day. LendingPoint reviews usually point out the ease of doing business with the company as well as its outstanding customer service.

In this review, we’ll cover:

  • What you need to know
  • Eligibility requirements
  • How to apply
  • Pros & cons
  • Alternatives
  • FAQs

What Do You Need To Know About LendingPoint?

Here are the most important facts to be aware of that we identified in our LendingPoint personal loans review:

  • Expected Loan Amount: Between $2,000 and $25,000. Although this is a decent range, you can find both smaller loans (as low as $100) and larger loans (up to $35,000) elsewhere.
  • APR: Anywhere from 9.99% to 35.99%, depending on your credit score and financial information. Rates start relatively low, but you’re more likely to qualify for a loan with high rates if you don’t have good credit.
  • Monthly Payment: You can choose from monthly, 28-day, or bi-weekly payment schedules with equally distributed loan payments.
  • Loan Term: Terms vary between 24 and 48 months. This can be slightly restrictive, as other lenders offer much shorter repayment terms.
  • Fees and Penalties:
  • Origination fee: Up to 6%, depending on your individual loan as well as the state.
  • Prepayment penalty: No fees.
  • Late payment penalty: A $30 fee applies if you are more than 15 days late with your payment.
  • Returned payment: No fees.
  • Unsecured or Secured: LendingPoint only offers unsecured loans. LendingPoint also doesn’t allow co-signed loans at this point.
  • Fine Print: Make sure you read carefully through the entire Terms of Use, including fine print so that you know exactly what to expect.
  • Personal loan features: LendingPoint offers an online portal to access your loan information. You can also contact LendingPoint customer support via email ([email protected] / [email protected]) or phone (888-969-0959).
  • Typical approval time: A couple of minutes to receive your initial loan offer and a few hours to complete the entire application process.
  • Typical funding time: You’ll typically receive the loan funds within 1 business day

What Are LendingPoint’s Eligibility Criteria?

Like any credit lender, LendingPoint has certain requirements you need to fulfill to be eligible for a loan. There are relatively few “hard” requirements, however, all available information will be considered when you apply for a loan:

  • Years of age: 18 years or older.
  • Citizenship: Must be a US citizen with a government-issued photo ID.
  • Minimum Credit score: Although LendingPoint doesn’t mention a definite credit score requirement, a representative we asked responded that they consider scores as low as 585 according to the FICO credit scoring model. This falls in the upper “poor” range.
  • Income threshold: You need to have an annual income of at least $35,000 to be considered for a personal loan. This is a fairly high threshold compared with other lenders as pointed out in reviews concerning LendingPoint.
  • Minimum length of credit history: There is no minimum length of credit history.
  • Bankruptcy: If you have a discharged bankruptcy, it must be more than 12 months ago to qualify for a loan.

You must also have a Social Security number as well as a verifiable bank account in your name.

How To Apply For A Personal Loan With LendingPoint?

As part of our LendingPoint review, we went through their application process. If you’re wondering what to expect, what documents and information you need to provide, and how long it will take, read on:

  • Go to LendingPoint and click the “Apply” button.
  • First, provide the following information for pre-approval:
    • Your desired loan amount.
    • The purpose of the loan.
    • Personal details, such as name, surname, email, phone number, and D.O.B.
    • Annual income.
    • Social Security number.
    • Account password.
  • It may take a couple of minutes for LendingPoint to make a decision. You can now log in using the details you provided at any time to check on and continue your application or contact LendingPoint customer service.
  • To continue your application, you will need to provide copies of your ID, income slips, banking information, proof of address, and any other documents LendingPoint may require to verify your information.
  • Remember to agree to any T&Cs and disclosures after reading them in full.
  • The final loan underwriting and approval process may take up to a few hours to complete.
  • LendingPoint will notify you if you have been approved and/or if any other documents are required.
  • Once you’re approved and all the documents are submitted, your account will be funded within 1 business day.

Pros & Cons

As a quick summary of LendingPoint reviews from experts and customers, here are the main pros and cons to be aware of:

Pros

  • No commitment pre-qualification with soft credit check
  • Will consider borrowers with credit scores below “good”
  • APR starts at a relatively low rate
  • Flexible payment schedules with the option to change dates

Cons

  • No unsecured or co-signed loans
  • Not guaranteed to report to all 3 credit bureaus
  • Maximum APR could be very high for some borrowers

LendingPoint Customer Reviews

Although expert reviews tend to be a mixed bag, actual LendingPoint customer reviews are very favorable. On Trustpilot, the credit lender has a superb rating of 4.9/5 from 4,000 reviews with most customers highlighting the ease of working with LendingPoint and its good customer service.

LendingPoint has also been a BBB-accredited business since 2014 with an A+ rating. However, LendingPoint reviews on BBB are less favorable with a score of 1.33/5 from 30 customers.

Privacy & Security Policy

While researching for our LendingPoint review, we didn’t flag any suspicious clauses in their Privacy policy. LendingPoint clearly highlights what information they gather and share. This is limited to your personal and transactional information that’s relevant to the financial services they provide. They may use it for internal marketing purposes but don’t share your information with affiliates.

LendingPoint uses the latest industry-leading safeguards and best practices for security. This includes SSL encryption for all the information you provide. There also don’t seem to be any significant security breaches according to LendingPoint personal loan reviews.

Alternatives

Here are some of the main competitors for personal loans that identified in numerous LendingPoint USA reviews:

LendingPoint vs Avant

Avant also offers loans starting at $2,000 but goes all the way up to $35,000. You can also qualify for a longer loan repayment term of up to 60 months. Avant also has similar APR and credit requirements, but it also offers secured loans.

LendingPoint vs OneMain Financial

OneMain’s APR starts at 18%, although it has the same maximum. Loan amounts offered are somewhat lower at between $1,500 and $20,000. OneMain Financial has no minimum credit scores, making them one of the best loans for those with bad credit scores.

Wrap Up

According LendingPoint reviews by customers and our own conclusions, one of the best characteristics of LendingPoint is the ease of applying for a loan with them.

Borrowers also don’t necessarily need to have good credit scores to qualify. That said, good credit scores allow you to qualify for relatively low APR rates. There are no prepayment fees and the payment dates are flexible which are superb bonuses for credit borrowers.

FAQ

Is LendingPoint a direct lender?

Yes, LendingPoint is a direct credit lender operating in the US that offers personal loans to borrowers ranging between $2,000 and $25,000. LendingPoint offers its services in 49 states (only excluding West Virginia). LendingPoint has provided loans totaling over 1.8 billion since its inception.

How long does LendingPoint take to approve?

LendingPoint usually carries out pre-approval of loans almost instantaneously. Final underwriting and approval of loans may take a few hours. Once all your documents have been submitted and you’re approved, it usually only takes 1 business day to fund a loan.

Is LendingPoint a reputable company?

Yes, LendingPoint is a direct lender that offers personal loans to borrowers. LendingPoint reviews are generally favorable including reviews by industry experts, consumers, and consumer protection agencies.

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