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LendingPoint Personal Loans Overview

LendingPoint provides customized financial solutions through unsecured personal loans that cater to a diverse range of borrowers, including those with fair credit. Loan amounts range from $2,000 to $36,500, covering various financial needs such as debt consolidation, home improvements, and wedding expenses. The application process is quick and straightforward, with the potential for same-day approval and next-day funding, making it convenient for those seeking immediate financial assistance.

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Disclaimer

LendingPoint Personal Loans Disclaimer

 

* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

Lending Point Personal Loans

DirectLendersList is not a review site; instead, it provides a comprehensive overview of financial products and services and incorporates the Web Rating feature to assist users in making informed decisions.

 

Web Ratings are important to consider when deciding on financial products or services. These ratings provide insights into the customer experience and serve as a helpful metric for assessing the quality of specific lenders, loan marketplaces, banks, or credit card issuers.

 

At DirectLendersList, our internal team takes the initiative to prepare web ratings for various financial products and services. These ratings are compiled using multiple channels to gather data from across the web, including customer feedback, ratings from reputable customer review sites, industry reputation, and other relevant data sources. Utilizing these diverse sources of information aims to provide users with a comprehensive and well-rounded assessment of the financial product or service.

 

The collected data is then utilized to calculate an average web rating, typically on a scale of 1 to 5, reflecting the overall customer satisfaction and experience associated with the specific offering. It is important to emphasize that these ratings are independently prepared by the DirectLendersList internal team and have not been influenced or approved by advertisers. This ensures the ratings remain objective and unbiased, providing users with reliable information to aid their decision-making process.

Web Rating: -
★★★★★ 4.3/5

Features

  • LendingPoint specializes in unsecured personal loans for those with fair credit.
  • Loan amounts from $2,000 to $36,500, catering to diverse financial needs.
  • Streamlined online experience, allowing quick prequalification without affecting credit scores.
  • Technology-driven loan approval process.
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LendingPoint: Comprehensive Overview

LendingPoint is a financial technology company and lender headquartered in Kennesaw, Georgia, founded in 2014. It was co-founded by Tom Burnside and Franck Fatras, who serve as CEO and CRO, respectively. The company utilizes proprietary AI-driven technology to assess creditworthiness and offers unsecured personal loans ranging from $2,000 to $36,500.

With a mission to provide frictionless access to credit, LendingPoint has expanded its services to 48 states and Washington, D.C., and has provided over $9 billion in loans. The technology-driven approach enables quick decisions, and the company is known for its commitment to innovation and customer service, as well as for evolving to meet the changing needs of its diverse customer base. Despite its broad geographic reach, loans are unavailable to residents of Nevada and West Virginia.

Key aspects of LendingPoint personal loans include:

Inclusive Credit Consideration: LendingPoint caters to individuals with fair credit scores, setting a minimum requirement of 600 on the FICO scale. This inclusive approach enables those with less-than-perfect credit to access personal loans.

Soft Credit Inquiry for Pre-qualification: LendingPoint provides a simplified application process. Potential borrowers can prequalify online. The initial application, which involves a soft credit inquiry, enables individuals to review loan offers without worrying about damaging their credit score.

Technology-Driven Approval Process & Quick Funding: LendingPoint stands out for its efficient approval process, powered by proprietary AI-driven technology. This technology enables a comprehensive assessment of creditworthiness by analyzing various data points beyond traditional credit scores. 

Qualified borrowers can receive approval on the same day, and once final documents are verified and approved, funds can be disbursed as early as the next business day after approval. This rapid turnaround time is particularly beneficial for those with urgent financial needs.

Fixed Interest Rates: LendingPoint provides personal loans with fixed interest rates. Fixed rates offer predictability in monthly payments, making it easier for borrowers to budget and plan to repay their loans.

No Prepayment Penalties: One of the things that sets LendingPoint apart from other lenders is that they do not impose any penalties for paying off your loan early. Borrowers can settle their loans before schedule without incurring additional fees.

Financial Education Resources: LendingPoint goes beyond lending by offering educational resources. These resources aim to empower borrowers with financial knowledge, helping them make informed decisions about managing their finances, improving credit scores, and navigating unexpected expenses.

Community Engagement and Partnerships: By forming partnerships with merchants, entrepreneurs, and marketplaces, LendingPoint actively engages with the community to extend the reach of financial solutions and create opportunities for a diverse range of customers.

$9 Billion+

in funded loans

Customer satisfaction Rate
0 /5
Trustpilot
A+ Rating

Better Business Bureau

Pros & Cons of LendingPoint Personal Loans

Pros
  • Options for borrowers with fair credit.
  • Quick and easy application process with online pre-approval.
  • Potential for next-day funding.
  • No prepayment penalties.
  • Consideration for interest rate reduction after six months.
Cons
  • Limits maximum loan amount to $36,500.
  • Charges an origination fee.
  • Co-signers or co-applicants are not allowed.
  • Not available to residents of Nevada and West Virginia.

LendingPoint Personal Loan Details

Safety
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Lender Type
Direct Lender
BBB Rating
A+ Rating, BBB-accredited since 2014
APR
7.99% to 35.99%*
Credit Score
600+
Loan Amount
$2,000 – $36,500*
Loan Term
24 – 72 months
Origination Fees
Up to 10%
Time to Receive Funds
1 to 2 business days after approval*

Eligibility Requirements for a LendingPoint Personal Loan

LendingPoint has established qualifying criteria for personal loans that accommodate a broad range of borrowers. Here’s a detailed outline of the requirements.

Age and Residency

Minimum Age: Applicants must be at least 18 years old. This requirement is standard across the financial industry, ensuring that borrowers are legally adults and can enter a binding contract.

Residency: Borrowers must be residents of the United States. However, LendingPoint does not operate in all states, with Nevada and West Virginia notable exclusions.

Identification and Social Security Number

Government-Issued Photo ID: Applicants must provide a valid photo ID issued by a U.S. federal, state, or local government. This is a crucial step in verifying the identity of the borrower.

Social Security Number: A valid Social Security number is required to aid in identity verification and plays a role in the credit check process.

Income Requirements

Minimum Annual Income: LendingPoint requires a minimum annual income of $35,000. This income can come from various sources, including employment, retirement benefits, or other reliable income streams. The income threshold ensures borrowers have a steady and sufficient income to manage loan repayments.

Banking Requirements

Banking Account: Applicants must have a verifiable personal banking account in their name. This requirement is essential for the deposit of loan funds and the setup of automatic repayments.

State-Specific Restrictions

State Limitations: As mentioned, Nevada and West Virginia residents are not eligible for LendingPoint loans. This could be due to state-specific regulations or business considerations of LendingPoint.

Credit Score and History

Minimum Credit Score: LendingPoint caters to a range of credit scores, typically focusing on those with fair to good credit. While they do not strictly adhere to a minimum credit score policy, a score in the region of 600 to 700 is generally considered favorable.

Credit History: LendingPoint evaluates creditworthiness based on factors beyond credit score, such as payment history, credit utilization, length of credit history, and types of credit in use. They also consider any past bankruptcies or delinquencies.

Debt-to-Income Ratio (DTI): The applicant’s debt-to-income ratio is an essential factor in the evaluation process. This metric helps LendingPoint assess whether the borrower can comfortably manage additional debt.

Nationwide direct lenders

DirectLendersList is not a review site; instead, it provides a comprehensive overview of financial products and services and incorporates the Web Rating feature to assist users in making informed decisions.

 

Web Ratings are important to consider when deciding on financial products or services. These ratings provide insights into the customer experience and serve as a helpful metric for assessing the quality of specific lenders, loan marketplaces, banks, or credit card issuers.

 

At DirectLendersList, our internal team takes the initiative to prepare web ratings for various financial products and services. These ratings are compiled using multiple channels to gather data from across the web, including customer feedback, ratings from reputable customer review sites, industry reputation, and other relevant data sources. Utilizing these diverse sources of information aims to provide users with a comprehensive and well-rounded assessment of the financial product or service.

 

The collected data is then utilized to calculate an average web rating, typically on a scale of 1 to 5, reflecting the overall customer satisfaction and experience associated with the specific offering. It is important to emphasize that these ratings are independently prepared by the DirectLendersList internal team and have not been influenced or approved by advertisers. This ensures the ratings remain objective and unbiased, providing users with reliable information to aid their decision-making process.

Web Rating: -
★★★★★ 3.5/5
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  • Loans starting from $100 – $5,000.
  • Apply now and get the money you need fast.
  • Online network of direct lenders.
  • Online form is quick and can be completed in under 5 minutes.
  • Fast funding as soon as the next business day.

How to Apply for an LendingPoint Personal Loan

To apply for a LendingPoint Personal Loan, follow these steps:

01
Verify Your Eligibility
Before applying, confirm you meet LendingPoint's eligibility criteria. This includes being 18 years old, residing in a state where LendingPoint is operational, earning a minimum annual income of $35,000, having a personal bank account, possessing a valid photo ID, and holding a credit score of at least 600.
02
Initiate the Prequalification Process
Start your loan application at LendingPoint's website. Provide your basic information, including your name, address, income, and the desired loan amount. A soft credit check will be performed at this stage, but your credit score won't be affected.
03
Review and Select a Loan Offer
If you prequalify, LendingPoint will present various loan options. Review these offers carefully, and pay attention to the interest rates, loan amounts, and repayment terms. Choose the offer that best suits your financial needs.
04
Complete the Full Loan Application
If you come across an offer that meets your requirements, proceed with the loan application process. Fill out the detailed form and be prepared to submit additional documents such as bank statements, a voided check, government-issued ID, and proof of income. Remember that this step involves a hard credit inquiry, which might slightly impact your credit score. However, it is a standard part of the loan approval process.
05
Await Approval and Receive Funds
After submitting your application and documents, LendingPoint will review them, often providing a decision on the same day. Upon approval and verification, the loan amount, minus any origination fee, will be deposited into your bank account, possibly as soon as the next business day.
06
Manage Your Loan Repayments
Set up a repayment plan through LendingPoint's app or website. Make sure to plan your finances accordingly to meet the repayment schedule. LendingPoint allows borrowers to pay off loans early without incurring penalties.

Additional Tips for a Smooth Application Process

• Ensure all your information is accurate to avoid delays.

• Have all necessary documents readily available.

• Understand the full terms of the loan, including APR and fees.

• Assess your financial capability to repay the loan.

Who is LendingPoint Personal Loans Best For?

LendingPoint loans are well-suited for specific types of borrowers due to their unique features and accessibility. Here’s a breakdown of who LendingPoint is best for:

Borrowers with Fair Credit: LendingPoint is an excellent choice for people who have fair credit. The minimum credit score required is only 600, which is lower than what some other personal loan lenders usually ask for. This means that people with credit scores in the fair range have a higher chance of getting approved for a loan from LendingPoint.

Those in Need of Quick Funding: LendingPoint is an excellent option to consider if you need quick access to funds. This lender is known for its speedy application process, often providing a decision on your loan application within a few minutes. Additionally, once LendingPoint has received and processed all the necessary supporting documents, you may receive the loan funds as quickly as the next business day. This rapid disbursement can be crucial for covering urgent expenses or taking advantage of time-sensitive opportunities.

Borrowers Seeking Flexibility: LendingPoint personal loans offer flexibility in terms of usage. Borrowers can use the funds for a wide range of legal personal expenses.

⇒ Debt Consolidation: Consolidating several debts with high interest rates into a single loan with more manageable payments.

⇒ Home Renovation: Financing home improvement or renovation projects.

⇒ Medical Bills: Covering unexpected or high medical expenses.

⇒ Vacation: Funding dream vacations or travel experiences.

⇒ Special Purchases: Buying furniture, appliances, electronics, or other significant items.

 

States Serviced by SoFi

The state’s serviced may change without prior notice; visit the lender’s website for up-to-date information.

LendingPoint: Customer Service and Reputation

Customer Service Availability

LendingPoint offers customer support through both phone and email. They strive to assist customers promptly during their designated business hours, which are as follows: Monday through Friday from 8:00 a.m. to midnight EST, Saturday from 10:00 a.m. to 9:00 p.m. EST, and Sunday from 10:00 a.m. to 4:00 p.m. EST. This schedule ensures that application and loan processing are conducted during active business hours, promoting responsiveness to customer inquiries and needs.

Reputation and Rating

LendingPoint maintains an A+ rating with the Better Business Bureau (BBB), demonstrating commitment to ethical business practices. On Trustpilot, a reputable review platform, LendingPoint holds an “Excellent” rating of 4.9 out of 5 stars based on over 8,000 reviews. This positive rating reflects the overall satisfaction of customers.

Customer Feedback

Customer feedback highlights positive interactions with LendingPoint’s staff, particularly during financial difficulties. Reviews often praise the empathy and helpfulness of loan retention staff. While technological challenges have been reported, most customers appreciate the personal touch of customer service and high-quality interactions.

Frequently Asked Questions

Most frequent questions and answers about LendingPoint Personal Loans

LendingPoint operates as a direct lender in certain states, managing the entire loan process from application to funding. However, in some states, they function as a loan facilitator and servicer, where borrower applications may be funded by one of several lenders, including FinWise Bank, a Utah-chartered bank and Member FDIC, Coastal Community Bank, Member FDIC, and Midland States Bank, Member FDIC. This approach ensures a more secure and efficient loan process, as the direct handling of information and reduced intermediaries can expedite the funding.

LendingPoint offers personal loans with fixed interest rates from $2,000 to $36,500, based on individual creditworthiness and financial situation.

Yes, LendingPoint allows prequalification with a soft credit inquiry that won’t harm your credit.

LendingPoint personal loans are versatile and can be used for different purposes, such as debt consolidation, wedding expenses, car repairs, home renovations, and more.

LendingPoint requires applicants to meet specific eligibility criteria, including a minimum credit score requirement. Other factors, such as income and employment history, also play a role in determining eligibility.

LendingPoint may charge an origination fee, which is a one-time fee deducted from your loan proceeds. Review the loan terms and fee structure before accepting the loan offer.

Yes, borrowers can pay off loans early without incurring any prepayment penalties.

Yes, LendingPoint provides a mobile application you can download from the App Store (for iOS devices) and Google Play Store (for Android devices). The app enables you to review your loan rates, apply for loans, monitor your credit scores, and track your finances, including your spending, income, and debt.