LendingPoint Personal Loan Review
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
7.99% - 35.99%
24 to 72 months
$1,000 - $36,500
660
LendingPoint offers personal loans ranging from $1,000 to $36,500 to people with credit scores as low as 660. LendingPoint considers other factors besides credit history to determine approval, such as income and employment.
- Fast funding: After you sign your loan agreement, you could get your money as quickly as the next business day.
- Clear eligibility requirements: LendingPoint is transparent about what you need 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 what state you live in, you may have to pay an upfront origination fee (Up to 10.00%).
- No joint applications: LendingPoint does not allow you to apply for a personal loan with a co-borrower or a cosigner.
- Best for small loans: Since you can only borrow up to $36,500 with LendingPoint, this lender is best for borrowers who need a small loan. LendingPoint is also best for those looking for fast funding since customers typically receive funds the next business day.
LendingPoint pros and cons
Before applying for a LendingPoint personal loan, consider this lender’s highlights as well as its downsides. Here’s what you need to know:
| Pros | Cons |
|---|---|
May get money in one business day Can qualify with fair or good credit Considers more than credit scores | May charge an origination fee (Up to 10.00%) No option for co-applicants High maximum APR (35.99%) |
LendingPoint has some of the quickest loans on the market. You’ll get your money as soon as one business day after signing your 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 660 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 10% in some parts of the country. LendingPoint also has a high maximum annual percentage rate (APR) of 35.99%, so compare rates from several different lenders before committing.
LendingPoint requirements
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 | 660 |
| Residency | No loans offered in Nevada or West Virginia |
| Minimum income | $35,000 |
| Required documentation |
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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.
How to get a personal loan with LendingPoint
The LendingPoint personal loan application process is straightforward and fairly simple to navigate. Here’s what to expect when you submit an application:
Prequalify
LendingPoint allows you to prequalify for a personal loan, meaning you can submit an initial application without seeing your 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.
Review offers
Once you submit this information, you’ll be able to see your potential rates, amounts and terms. 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.
Get approved
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 a loan agreement to sign. After you’ve signed, you’ll get your money as soon as the next 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.
| LendingPoint | Avant | LendingClub | |
|---|---|---|---|
| LendingTree’s rating | 4.1/5 | 3.8/5 | 3.9/5 |
| Minimum credit score | 660 | 550 | 600 |
| APRs | 7.99% - 35.99% | 9.95% - 35.99% | 7.90% - 35.99% |
| Loan amount | $1,000 - $36,500 | $2,000 - $35,000 | $1,000 - $40,000 |
| Repayment term | 24 to 72 months | 24 to 60 months | 24 to 72 months |
| Origination fee | Up to 10.00% | Up to 9.99% | 0.00% - 8.00% |
| Funding timeline | Receive funds as soon as one business day | Receive funds as soon as one business day | Receive funds as soon as one day |
| Bottom line | With low credit requirements and a quick funding timeline, LendingPoint is a good option for borrowers whose credit profiles are less than perfect. | Avant may have higher starting APR than LendingPoint, but it also has a much lower minimum credit score as well as quick funding to match. This lender may be best for small loans. | LendingClub's loan terms are similar to LendingPoint’s, but LendingClub offers loans to borrowers with lower credit scores. That said, LendingPoint offers longer repayment terms and lower starting rates for borrowers with excellent credit. |
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 $1,000 to $36,500 with APRs ranging from 7.99% to 35.99%. LendingPoint gets 4.9 out of 5 stars from LendingTree users, who recommend LendingPoint 99% of the time. You can read LendingPoint personal loan reviews from real LendingTree customers.
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 takes as little as 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 660. Unfortunately, this lender does not offer joint applications, which could make it easier for some poor-credit borrowers to qualify for a loan.