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Since 2015, LendingPoint has provided over $9 billion in funding to individuals and businesses. While traditional personal loan companies only lend to prime and super-prime borrowers, LendingPoint set out to unlock credit for consumers across the credit spectrum. Our LendingPoint personal loan review will show you the key benefits and drawbacks of applying.
Soft credit check: Once you provide LendingPoint with basic personal and financial information, it runs a soft credit check. A soft credit check will not hurt your credit score.
Low minimum credit score: Loans are available for borrowers with FICO? Scores as low as 620. Rather than require a high credit score, LendingPoint says it looks for a "responsible banking and financial track record."
Available loan amounts: Loans are available in amounts from $2,000 to $36,500. While other lenders offer larger loans, it's less common to see loans as small as $2,000, which you can get with LendingPoint.
No prepayment penalty: Whether you plan to pay the loan off early from the outset or just come into some extra cash, there is no penalty for doing so.
Funding time: In most cases, funds from your LendingPoint loan will be deposited in your account in one business day.
Instant approval: No need to wait to learn if you qualify.
APR range: Loans have a wide range of possible APRs. The low end makes sense if you're consolidating high-interest debt through LendingPoint, but the upper end is among the highest in the industry.
Origination fee: Depending on your credit rating, LendingPoint's origination fees can be up to 10% of the loan amount. Let's say you're offered an acceptable interest rate on a $20,000 loan, but your origination fee is 10%. LendingPoint will take $2,000 off the top (10%), and deposit the remaining $18,000 in your bank account. However, the amount you're expected to repay remains $20,000, plus interest.
You'll generally need the following to qualify for a LendingPoint personal loan:
You can apply for a LendingPoint personal loan on its secure website. Once you've filled out some basic information, you'll be able to see what interest rate and terms you should qualify for. If you decide to move forward as a borrower, you'll be asked to provide proof of income and employment, your most recent bank statements, a voided check, and current driver's license or government-issued ID.
The next step is to choose the loan offer that best suits your needs and formally apply. A hard credit inquiry will be conducted, and if approved, your LendingPoint loan will be deposited into your account (generally by the next business day).
Whether you are someone with great credit, or you're seeking a debt consolidation loan and have bad credit, do yourself the favor of checking loan offers from several lenders. You may find yourself surprised by the wide range of interest rates available on personal loans. Here are a few examples of other loans worthy of your attention:
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Still on the fence about whether LendingPoint is a good fit for you? If all the statements below apply to you, you'll want to include LendingPoint as you rate shop.
Lenders save their lowest rates for highly-qualified borrowers. Typically, that means a borrower with an exceptional credit score (800 or higher). However, if you have a high credit score, there are other lenders with lower interest rates.
Typically, funds hit a borrower's bank account within one business day.
Our Loans Expert
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