Pros
- Low credit score requirement: 620
- Low income requirement: $35,000
- Approval/funding in as soon as next business day
- No prepayment fees
Cons
- 0% - 10% (varies by state) origination fee
- Up to $35 late fee (varies by state)
- No joint applications
LendingPoint Personal Loans Review Summary
LendingPoint personal loans are good for people with credit scores as low as 620 who need a small loan quickly. LendingPoint offers loans of $2,000 - $36,500, with repayment required in 24 - 72 months, and they usually decide on applications within hours, then fund the loan as soon as the next business day. The minimum LendingPoint personal loan APR is 7.99%, and the maximum is 35.99%. That’s on par with or better than many other lenders who cater to people with bad credit, but there are far better rates elsewhere for people with good or excellent credit.
LendingPoint lends to people in 48 states and the District of Columbia. The only exceptions are West Virginia and Nevada. Keep reading to learn more about how LendingPoint scores in WalletHub’s three main review categories: Terms, Requirements & Application, and Reviews & Transparency.
LendingPoint Personal Loan Terms
 | |
| APRs | 7.99% - 35.99% |
| Loan Amount | $2,000 - $36,500 |
| Loan Terms | 24 - 72 months |
| Origination Fee | 0% - 10% (varies by state) |
| Prepayment Fee | $0 |
| Late Fee | Up to $35 (varies by state) |
| Minimum Credit Score | Fair* |
| Minimum Income | $35,000 |
| Loan Purpose | Debt Consolidation, Refinance, Home Improvement |
| Time to Receive Loan Money | As soon as the next business day |
| Other Requirements |
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LendingPoint Rates, Fees & Other Terms
Category Rating: 66% (3.3 out of 5)
- Overall APR range: LendingPoint offers fixed-rate personal loans with an APR range of 7.99% - 35.99%. Although plenty of lenders have lower APR ranges for people with high credit scores, borrowers with low scores may find LendingPoint to be worthwhile.
- How rates are determined: The actual rate you will get depends on your credit history and income, among other factors.
- Fees: LendingPoint may charge an origination fee of 0% - 10% (varies by state) of the loan amount, depending on your state of residence.
- Loan amounts & timelines: LendingPoint offers personal loans of $2,000 - $36,500. Their loan repayment terms range from 24 - 72 months.
LendingPoint Requirements & Application Info
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: LendingPoint requires a minimum credit score of 620 for their personal loans, according to customer service representatives.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number and government-issued photo ID.
- Pre-qualification: LendingPoint allows you to check your potential rates before submitting your application. This process will have no impact on your credit score.
- Ways to apply: You can apply for a LendingPoint personal loan online or by calling (888) 969 0959.
- No joint applications: LendingPoint does not allow joint loans; they only accept individual applications.
LendingPoint Reviews & Transparency
Category Rating: 86% (4.3 out of 5)
- Better Business Bureau: LendingPoint, LLC became accredited with the agency in 2014 and currently has an A+ rating.
- Consumer Financial Protection Bureau: There are around 96 complaints about LendingPoint’s personal loans within the CFPB database. Some concerns include customers having trouble accessing their online account and LendingPoint inaccurately reporting payments as late. LendingPoint has given a “timely” reply to nearly all of the complaints.
- WalletHub: LendingPoint has a user rating of 4.2/5 across nearly 650 reviews.
- Transparency: LendingPoint is very upfront about their personal loan rates and fees, and makes them easy to find online. Plus, their pre-qualification tool allows you to see your options without affecting your credit. In addition, LendingPoint specifies both minimum credit score and minimum income requirements, which is fairly uncommon among personal loan providers.
LendingPoint scores very well in this category. They are extremely transparent about not only their loan terms but also their requirements. In addition, they have a good reputation with watchdog agencies.
Summary: LendingPoint Scores by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 3.3/5 |
| Requirements & Application Info | 3.8/5 |
| Reviews & Transparency | 4.3/5 |
| OVERALL | 11.4/15 |
Other Key Things to Know
- Age: You must be at least 18 years old.
- Bank Verification: You must have a verifiable personal banking account in your name.
- Late Fee: There is a Up to $35 (varies by state) fee for payments that are more than 15-days overdue.
- Minimum Income: You must have an annual income of at least $35,000.
- Prepayment Fee: LendingPoint does not charge any prepayment penalties.
LendingPoint vs. Popular Competitors
| Info | LendingPoint | Avant | Achieve Personal Loans |
|---|---|---|---|
| Reviews | |||
| APRs | 7.99% - 35.99% | 9.95% - 35.99% | 8.99% - 35.99% |
| Loan Amounts | $2,000 - $36,500 | $2,000 - $35,000 | $5,000 - $50,000 |
| Loan Terms | 24 - 72 months | 24 - 60 months | 24 - 60 months |
| Minimum Credit Score | Fair* | Bad* | Bad* |
Methodology
In order to provide the most accurate LendingPoint review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. LendingPoint terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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