LendingPoint Review – Going Beyond Your Credit Score
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If you’re in a financial pinch and need quick funds, LendingPoint may be a good option for you.
8/10
Cost
6/10
Features
8/10
Ease of use
8.5/10
Services
8/10
Finding a personal loan at an affordable rate can be difficult if you have bad or even fair credit. This is especially true for individuals with unconventional occupations (e.g., independent contractors, 1099 workers, etc.).
To help you narrow your options, here’s everything you need to know about LendingPoint, an online lender that employs data and technology to assess your creditworthiness.
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What is LendingPoint?
LendingPoint is an online lender that offers business financing options and unsecured personal loans of up to $36,500 at rates ranging from 7.99% to 35.99% annual percentage rate (APR), with repayment terms from 24 to 72 months.
From the beginning, this Atlanta-based lender has been on a mission to provide funds to individuals who need it most—even if they have fair credit. To do this, the company used AI and data models to reinvent the “broken” FICO-based model of evaluating a person’s creditworthiness.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does LendingPointwork?
Applying for a LendingPoint personal loan is simple, but there are a few restrictions.
To qualify for a loan with LendingPoint, you need to:
- Live in a state where the lender is licensed (Nevada and West Virginia residents are not eligible to apply for a loan with LendingPoint.)
- Have a minimum annual income of $35,000
- Be a U.S. citizen or permanent resident who is 18 years old or older
- Have a Social Security number
- Have a personal bank account
To get started, visit www.lendingpoint.com and enter the loan amount you’d like to apply for in the text box above the “Check Your Rate” button.
You’ll also be asked to select the purpose of your loan.
LendingPoint lists the following loan purposes:
- unexpected urgent expense
- debt consolidation/credit card consolidation
- medical/dental
- home improvement
- travel
- taxes
- wedding
- personal financial reasons
Once you enter your desired loan amount and select your purpose, click “Check Your Rate.” The site will then load a new screen with a more detailed form; this form requires applicants to fill out their first and last name, date of birth, phone number, email address, mailing address, annual income, and the last four digits of their Social Security number.
This isn’t the loan application—it’s just a way for LendingPoint to configure a set of personal loan offers based on your information and financial profile, which won’t impact your credit score.
Click “Check My Options,” and LendingPoint will generate a set of loan options based on the information you have entered—it’s as easy as that! Just look through the options and choose the one best suited for you and your financial situation.
The screen will then walk you through the application process, including a hard credit inquiry and additional information (e.g., proof of income, bank statements, and driver’s license). Applicants who complete and sign their loan agreement on the same day may be able to receive their money as soon as the next business day!
How much does LendingPoint cost?
Potential borrowers can check their rates via the LendingPoint website at no cost.
However, there are a few fees and other terms to consider, including:
- APR range. LendingPoint offers fixed-rate personal loans with an APR range between 7.99% and 35.99%.
- Origination fee. LendingPoint charges an origination fee of up to 10% of the total loan amount.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
LendingPoint features
Pre-qualification
LendingPoint allows potential borrowers to pre-qualify on the company website. This process involves filling out a simple form and undergoing a soft credit check, which won’t impact your credit score.
No prepayment penalty
LendingPoint doesn’t charge borrowers a prepayment penalty for making additional payments or paying off their entire loan amount early.
Modern take on creditworthiness
Credit scores range between 300 and 850. The higher your credit score, the more likely you will take out a loan at favorable terms. But LendingPoint looks beyond your credit score to see a more complete financial picture and your true creditworthiness.
Who is LendingPoint best for?
Potential borrowers with fair credit. LendingPoint is ideal for potential borrowers with fair or bad credit who need funds quickly. If you’re having trouble getting approved elsewhere or don’t have much credit, applying for a loan through LendingPoint may be a good option.
Who shouldn’t use LendingPoint?
Individuals with good or excellent credit. Although LendingPoint is a good option for borrowers with bad credit, the potentially high interest rates and origination fees may not be the best choice for people with good or excellent credit as they ’d most likely be able to find a lower rate elsewhere. If you’re interested in consolidating credit card debt or need a large loan amount, you may want to shop around.
Pros and cons
Pros
- Pre-qualification is easy. LendingPoint allows potential borrowers to get pre-qualified with a soft credit inquiry via the LendingPoint website.
- Quick application process. Applying for a loan through LendingPoint is quick and easy. Most borrowers are approved within minutes.
- Ideal for people with low credit scores. LendingPoint takes more than a person’s credit report and credit history into account when it comes to approval. The company also considers a person’s employment status, overall financial history, and annual income, among other factors.
- Next-day funding. LendingPoint offers next-day funding for applicants who agree, complete, and sign their loan agreement by the end of the business day.
- No prepayment penalty. LendingPoint doesn’t charge prepayment penalties for people who want to make additional payments or pay off their loans early.
- A+ BBB rating. LendingPoint has been accredited with the Better Business Bureau (BBB) and boasts an A+ rating.
Cons
- No co-signers. LendingPoint doesn’t allow applicants to apply with a co-signer or co-borrower.
- High origination fees. LendingPoint charges borrowers an origination fee of up to 10% of the loan amount.
- High interest rates. LendingPoint offers APRs between 7.99% and 35.99% – that’s quite a bit for someone with good or excellent credit.
- Limited loan terms. LendingPoint offers loan terms of 24 to 72 months.
- May not report to all three credit bureaus. LendingPoint doesn’t guarantee reporting to all three major credit bureaus. (This may be a deal-breaker for borrowers trying to build or restore their credit.)
- No auto-pay discount. Some lenders offer a rate discount to borrowers who pay via auto-pay. LendingPoint doesn’t provide this option.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
LendingPoint vs. Avant vs. Rocket Loans
Lender | APR | Loan amount | Loan term | Origination fee | Late fee |
LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 | 24 to 72 months | Up to 10% | N/A |
Avant | 9.95% to 35.99% | $2,000 to $35,000 | 12 to 60 months | Up to 9.99% administration fee | $25 |
Rocket Loans | 9.12% to 29.99% | $2,000 to $45,000 | 36 or 60 months | Up to 9% | $15 |
Avant
Avant offers personal loans from $2,000 to $35,000 with APRs ranging from 9.95%-35.99% and loan lengths from 12 to 60 months. However, Avant charges high APRs and requires borrowers to pay an administration fee of up to 9.99% of the loan amount.
Rocket Loans
Rocket Loans offers potential borrowers unsecured personal loans up to $45,000 with APRs between 9.12% with autopay discount and 22.99%. Rocket Loans may be a good option for someone looking for emergency cash or a small personal loan. Still, the origination fee is pretty hefty (up to 9% of the loan amount), so potential borrowers with good credit may want to look elsewhere.
FAQs
What credit score do you need for LendingPoint?
LendingPoint doesn't explicitly say what credit score is required to secure a loan.
Can you pay off LendingPoint early?
Yes! LendingPoint doesn’t charge a prepayment penalty for additional payments or paying off a loan early.
Does LendingPoint offer joint or cosigned loans?
No. According to the LendingPoint website, the company does not offer joint loans.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Is LendingPoint legit?
If you’re in a financial pinch and need quick funds, LendingPoint may be a good option. This is especially true for individuals with bad credit. That said, it’s always a good idea to shop around first.
If you have good or excellent credit, you may be able to get a better loan with a lower interest rate through another lender. What’s more? Some lenders don’t charge an origination fee! So, research before committing—with a few clicks, you could find a better deal elsewhere!
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Writer
Tabitha Britt is a New York-based freelance writer and editor whose work has appeared on INSIDER, the Huffington Post, and Taste of Home. When she's not glued to her computer screen, she can be found walking her beloved pooch, Biscuit.
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