LendingPoint Personal Loans Review

LendingPoint offers personal loans for borrowers with fair credit

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Lending Point

Lending Point

Investopedia’s Rating

Our Take

LendingPoint offers instant approval on personal loans, even for borrowers with fair credit, but the interest rates and fees are relatively high. Pre-approval is available without hurting your credit, and loans may be funded as soon as the next business day.

  • Loan Terms
  • Pros & Cons
  • Key Takeaways
  • Company Overview
Loan Terms
  • APR Range 7.99%–35.99%
  • Loan Amounts $2,000–$36,500
  • Loan Terms 24–72 months
  • Recommended Minimum Credit Score Not disclosed
  • Average Origination Fee 0%–8%
  • Late Fee $0
Pros & Cons
  • Application process is quick and easy

  • Next-day funding on some loans

  • Potential interest rate reduction after six months

  • Origination fee on loans as high as 8%

  • Rates are up to 35.99% APR

  • Co-signers and co-applicants not allowed

Key Takeaways
  • LendingPoint offers unsecured personal loans to borrowers in most states.
  • Pre-approval allows you to check your rate and approved amount without hurting your credit score.
  • LendingPoint requires a minimum annual income of $35,000.
  • LendingPoint allows refinancing of its own loans.
Company Overview

LendingPoint was founded in 2015, and offers loans to U.S customers in 48 states and Washington, D.C., excluding Nevada and West Virginia. You can apply for unsecured personal loans online to be used for multiple purposes; pre-approval only takes minutes and doesn’t impact your credit score.

Pros Explained

  • Application process is quick and easy: You can apply for a loan online and pre-approval only takes a few minutes. Completing the application requires you to upload pay stubs, tax docs, and bank statements as attachments through the website or mobile app.
  • Next-day funding on some loans: LendingPoint may fund your loan as soon as the next business day.
  • Potential interest rate reduction after six months: Make on-time payments for six months and LendingPoint will consider reducing your interest rate.

Cons Explained

  • Origination fee on loans as high as 8%: Depending on your income, debt obligations, and other factors, LendingPoint may charge up to 8% of the total value of the loan as an origination fee. For a $10,000 loan, this would tack on an $800 fee.
  • Rates are up to 35.99% APR: APRs on LendingPoint personal loans can reach as high as 35.99%, which would cost borrowers a lot in interest payments over the life of the loan.
  • Co-signers and co-applicants are not allowed: LendingPoint does not allow co-signers or co-applicants on loans, so borrowers will need to qualify on their own.

There are quite a few online personal loan lenders today, some offering much better rates than others. Find our picks for the best personal loans here.

Types of Personal Loans Offered by LendingPoint

LendingPoint’s unsecured personal loans can be used for a variety of applications, including:

  • Home improvements
  • Consolidating debts (such as credit cards)
  • Buying a car
  • Paying for a wedding
  • Paying for braces
  • Taking a vacation

Loans cannot be used in connection with any illegal activities.

Time To Receive Funds

Applications can be completed online within an hour (or less), or you can apply over the phone. While most loans receive an instant decision, you may be asked to provide more information to complete your application. In some cases, approval may take a few business days.

Loan funds may be disbursed as soon as the next business day, but it may take longer, depending on your bank and other factors.

Borrower Requirements

LendingPoint requires the following to be eligible for a personal loan:

  • Must be 18 years or older
  • Must provide a U.S. federal, state, or local government-issued photo ID
  • Must have a Social Security number
  • Required minimum annual income of $35,000
  • Must have a bank account in your name
  • Must reside in a supported U.S. state or Washington, D.C. (Nevada and West Virginia residents are not eligible)

Loans are disbursed using ACH payments, so you must have a bank account open that can receive payments via ACH.

LendingPoint Personal Loan Features

  • Use your loan for anything: Outside of illegal activities (an obvious no-no), LendingPoint lets you use your loan for nearly anything. You can consolidate your debt, pay for a car, or go on an epic vacation. Many other lenders prohibit you from using loan proceeds for education or student loan payments, but LendingPoint has no such exclusion.
  • Potential interest rate reduction: After six months of on-time payments, LendingPoint will review your account and consider reducing your interest rate.

Co-Signers and Co-Applicants

LendingPoint does not support co-signers or co-applicants at this time. Individuals must qualify for a personal loan on their own.

Can You Refinance a Personal Loan With LendingPoint?

LendingPoint does allow refinancing of personal loans, including loans from LendingPoint itself. This is helpful for borrowers who improve their credit enough to qualify for a lower rate.

Customer Service

LendingPoint offers support by email (info@lendingpoint.com) and phone (1 (888) 969-0959). Business hours are:

  • Monday to Friday, 8:00 a.m. to midnight Eastern Time
  • Saturdays from 10:00 a.m. to 9:00 p.m. ET
  • Sundays from 10:00 a.m. to 4:00 p.m. ET

Customer Satisfaction

LendingPoint is on the lower end of the 2022 J.D. Power Consumer Lender Satisfaction Study, with a score of 668 of out 1,000. That put it in 20th place, out of 22 lenders. 

But reviewers on Trustpilot give LendingPoint 4.9 out of 5 stars, with over 7,800 reviews posted as of February 2023. Reviewers praise the customer service team and loan team for assistance with loan applications.

Applying for a LendingPoint Personal Loan 

You can apply for a LendingPoint loan online, with a simple four-step process to complete your application.

1. Pre-Qualification

LendingPoint allows you to pre-qualify for your loan with an easy online application, and you can get an immediate decision within seconds. You will need to provide the following information:

  • Loan amount and purpose
  • Full name
  • Current address
  • Income information
  • Date of birth

2. Loan Selection

LendingPoint may show you several loan options, as well as an estimated interest rate for each. Select your loan amount, repayment terms, and rate. Loan repayment terms vary from 24 months up to 72 months.

3. Submit Application

Once you select a loan option, you can complete the application. This requires additional documentation, which may include:

  • Driver's license
  • Pay stubs
  • Bank statements
  • Tax forms

LendingPoint will also perform a hard credit pull before final approval, which may impact your credit score.

4. Receive Funding

After submitting the completed application, LendingPoint will usually provide an instant decision. If approved, funds may be available as soon as the next business day.

Alternative Personal Loan Lenders

  LendingPoint Upstart   Rocket Loans
APR Range  7.99%–35.99% 6.7%–35.99% 9.12%–29.99%
Loan Amount  $2,000–$36,500  $1,000–$50,000  $2,000–$45,000 
Loan Terms  24–72 months  3 or 5 years  36–60 months 
Recommended Minimum Credit Score  Not disclosed  No credit history needed  Not disclosed 
Origination Fee  0%–8% 0%–10%  1%–7% 
Time to Receive Loan  1 business day  1 business day  Same day 

Final Verdict

LendingPoint is a good personal loan company that offers up to $36,500 in funding for applicants with fair credit. The application process is simple and quick, and funding is available as soon as the next business day.

LendingPoint may charge a relatively high origination fee, however. And the interest rates on the loans are high as well, so if you have good credit, you may want to apply elsewhere. Overall, LendingPoint is a decent option for borrowers with lower credit scores, but they may end up paying more in the long run.

If you don’t have the best credit, qualifying for a loan can be a struggle. Find the right lender for you with our picks for the best personal loans for bad credit.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.

Article Sources
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  1. LendingPoint. "Frequently Asked Questions." 

  2. LendingPoint. "About."

  3. LendingPoint. "Terms of Use." 

  4. LendingPoint. "Loans From LendingPoint."

  5. J.D. Power. "Personal Loans Emerge as Critical Financial Lifeline in Challenging Economy, J.D. Power Finds," Page 3.

  6. Trustpilot. "LendingPoint." 

  7. LendingPoint. "Online Personal Loans: Check Your Rate Today."

  8. LendingPoint. "Unlock the Possibilities With Financing Made Simple."