LendingPoint is an online personal loan lender. Based in Kennesaw, Georgia, it runs $100 million originations per month through its platform using data algorithms and technology.
LendingPoint personal loans may be a competitive option for borrowers with fair credit, who are looking for up to $25,000 and quick funding options. Our LendingPoint personal loan review covers everything you need to know before applying.
Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn't affect how we rate, review, and rank them.
Qualify with a less-than-perfect credit score
Pre-qualify with a soft credit check
Quick access to funds
Flexible payment options
Possible origination fee
Not available in all states
No joint or co-signed loans
High maximum interest rate
- Qualify with a less-than-perfect credit score: You may qualify for a personal loan with a minimum credit score of 585, according to a representative.
- Pre-qualify with a soft credit check: You can check personal loan offers without a hard inquiry on your credit reports. Soft credit checks do not impact your credit score.
- Quick access to funds: LendingPoint may transfer the money as early as the following business day after approval.
- Flexible payment options: While most people choose a 28-day payment schedule, LendingPoint offers more choices. You may opt for bi-weekly payments. There’s also an option to temporarily or permanently change your payment due date.
- Possible origination fee: Depending on where you live, LendingPoint may charge an upfront origination fee of 0% to 6% of the total loan.
- Not available in all states: LendingPoint doesn’t offer personal loans in every state. You can see a complete list of states where the lender does business on its website.
- No joint or cosigned loans: If you want to apply for a personal loan with someone else, you need to look elsewhere. LendingPoint doesn’t allow joint or co-signed personal loans.
- High maximum interest rate: LendingPoint’s highest annual percentage rate (APR) is 35.99%, which may be offered to the least creditworthy borrowers. This high APR will add a lot to your monthly payments.
Types of Personal Loans Offered by LendingPoint
LendingPoint personal loans range from $2,000 to $25,000.
LendingPoint offers fixed interest rates for its personal loans, but variable rate loans are not available.
|Fixed Rate APR Range||15.49% to 35.99%|
|Variable Rate APR Range||N/A|
Repayment terms range from 24 to 48 months.
Credit Score Requirements
You may qualify for a personal loan with a credit score as low as 585. The company also considers these factors to determine your eligibility:
- Financial history
- Job history
- Overall credit behavior
Although LendingPoint doesn’t have a prepayment fee, there are a couple of others to watch for. The origination fee may be costly, depending on how much you borrow.
- Origination fee: 0% to 6%, based on where you live
- Late payment fee: Up to $30 after a 15-day grace period, according to a representative.
Time to Receive Funds
LendingPoint can initiate a transfer as soon as the next business day after receiving the necessary paperwork and approving your loan.
LendingPoint Personal Loan Features
- Fast application and approval process
- Considers more than your credit score
- Bankruptcy won’t disqualify your application
- Use the money for any personal expense
- No prepayment penalties
Apply For a LendingPoint Personal Loan
You must meet these six requirements to qualify for a LendingPoint personal loan:
- You must be at least 18 years old.
- You must provide a government-issued photo ID.
- You must have a Social Security number.
- Your income (employment, retirement, or another source) must be at least $35,000 per year.
- You must have a bank account in your name.
- You must live in a state where LendingPoint does business.
LendingPoint offers an easy, online application process. You can prequalify for personal loan offers by submitting your name, address, date of birth, Social Security number, and annual income.
The lender provides offers with a soft pull, which won’t hurt your credit score. After picking one of LendingPoint’s personal loan offers, a hard pull on your credit will be applied which will temporarily lower your score.
Once you apply, LendingPoint may ask for more information—which may include—but isn’t limited to:
- Your driver’s license
- Bank statements
- Voided check to show proof of income
If you need assistance during any part of the application process, you can contact the customer support team by phone at 888-969-0959 or email the company at firstname.lastname@example.org.
Can I Refinance a Personal Loan with LendingPoint?
If you’re looking for a better interest rate, you will have the opportunity to refinance with a new LendingPoint personal loan after seven to nine on-time payments, according to a representative.
LendingPoint may be a good option if you have fair credit and an income of at least $35,000 per year. The easy application process and quick funding are competitive among other lenders that cater to fair credit borrowers. If you make on-time payments, the company reports to credit bureaus Experian and TransUnion which may improve your credit score over time.
You may find better interest rates elsewhere, though. If you’re itching to pay off high-interest credit card debt, LendingPoint’s highest APRs may be more than you’re already paying. Before applying for any personal loan, it’s always a smart idea to shop around and see what options may be available.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.
LendingPoint. "LendingPoint No. 9 Fastest Growing Company in North America on Deloitte’s 2019 Technology Fast 500." Accessed May 8, 2020.
LendingPoint. "FAQ." Accessed May 8, 2020.
LendingPoint. "FAQ." Accessed May 8, 2020.
LendingPoint. "Find LendingPoint from Coast to Coast." Accessed May 8, 2020.
LendingPoint. "Apply." Accessed May 8, 2020.
LendingPoint. "Better Loans." Accessed May 8, 2020.
LendingPoint. "Contact Us." Accessed May 8, 2020.