Our Take
LendingPoint funds loans as quickly as the next business day, but take note that borrowers might pay a high origination fee.
PROS โ
- Receive loan funds as soon as the next business day after approval.
- Prequalify with a soft credit inquiry that wonโt harm credit.
- Use the LendingPoint app to manage your loan, track your credit score, and more.
CONS ๐
- The lender does not allow co-signers or co-borrowers.
- Borrowers pay an origination fee of up to 10% of the loan amount.
- The lender may not report payments to all three of the major credit bureaus.
Company Overview
LendingPoint offers personal and business loans in 48 states and Washington, D.C.; loans are not available in Nevada and West Virginia. The Georgia-based lender provides unsecured personal loans from $2,000 to $36,500, using data and technology to get a complete picture of your creditworthiness. Borrowers may receive funds as soon as the next business day after approval.
LendingPoint Is Best For:
- Borrowers with fair credit.
- Consumers who need relatively small loans.
- People who plan to pay off the loan quickly to avoid high interest charges.
An Alternative Lender to Consider
How to Qualify
Borrowers need to check that they meet these basic eligibility requirements. If you want to apply, you must be at least 18 and:
- Provide a valid photo ID.
- Have a Social Security number.
- Earn a minimum annual income of $25,000.
- Have a verifiable personal bank account in your name.
- Live somewhere that LendingPoint does business โ anywhere in the U.S. except Nevada or West Virginia.
You can apply if you have a discharged bankruptcy at least 12 months ago, but your credit, income, employment and other factors may determine whether you will receive a loan offer.
The lender prequalifies borrowers using a soft pull, which does not affect credit, to check odds of approval and loan offers. Loan amounts and terms will depend on the borrower’s credit, income, job history and other information provided during the application process. If you choose an offer, the lender will perform a hard credit inquiry to verify the information on your application.
The lender does not allow co-signers or co-borrowers.
What Credit Score Do You Need?
Borrowers need a minimum credit score of 580 to qualify for a personal loan through LendingPoint.
Where Does LendingPoint Operate?
LendingPoint services all states except Nevada and West Virginia.
How to Apply?
If you live where LendingPoint does business and meet the other basic eligibility criteria to apply, you can begin by prequalifying for a personal loan. You will provide some basic information โ name, birthdate, income โ to check your loan offers. The lender uses a soft credit inquiry, which won’t hurt your credit score, to provide preliminary offers.
LendingPoint’s personal loans range from $2,000 to $36,500, but the loan amount you may be approved for will depend on your credit and other information in your application.
If you accept an offer, you will need to provide the lender additional information and documentation. Have ready your most recent bank statements and a voided check, your driver’s license or a government-issued ID, plus proof of income and employment.
The loan application will trigger a hard credit inquiry, which can ding your credit score by a few points in the short term. Hard inquiries drop off your credit report after two years.
Funds may be available as soon as the next business day after the lender approves the loan and receives all documents.
Is LendingPoint Reputable?
LendingPoint is accredited with the Better Business Bureau and has an A+ rating. The lender has a Trustpilot score of 4.8 out of 5 stars based on more than 5,000 reviews, which is an excellent rating.
The Consumer Financial Protection Bureau received 24 complaints in 2020 about personal loans from LendingPoint. The main issues were problems when making payments, unexpected fees or interest charges, and struggles to pay loans, and the company provided a timely response to all but one complaint.
In U.S. News’ ratings of personal loan lenders, LendingPoint received 4.1 out of 5 stars overall, 3.9 for affordability, 4.0 for eligibility and 4.3 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.