Minimum Credit Score
24 to 48
0.00% - 6.00%
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More
Fees and penalties
Many lenders are strict about how many loans you can have at one time, sometimes maxing out at one per borrower. However, LendingPoint may allow you to take out two loans at once, depending on your current loan’s standing and your overall credit history. Being able to take out another personal loan can be helpful if a new financial issue comes up, such as an unexpected home repair, where you need more funds than your current loan can’t cover.
LendingPoint’s personal loans may be used for many different financial reasons. Whether you need to pay for an upcoming home renovation, you need funds to buy a car or need help paying off a medical bill your insurance won’t cover, a personal loan with LendingPoint can help. These personal loans can also be used to help consolidate your debt and refinance your credit cards.
- Minimum credit score: 585
- Minimum credit history: LendingPoint looks at your overall financial potential to help determine whether you’re a good candidate for a personal loan, but it will only consider those who can show income of at least $20,000 a year.
- Maximum debt-to-income ratio: 35%
All borrowers must be at least 18 years old and reside in one of LendingPoint’s 34 designated states or Washington, D.C. Borrowers are encouraged to show consistent employment history for at least the past 12 months and must have a bank account.
LendingPoint does not offer loans in:
- New York
- North Dakota
- Rhode Island
- South Carolina
- West Virginia
Applying for a personal loan from LendingPoint
To begin the application process with LendingPoint, you’ll first need to provide basic background information, such as your name, date of birth, Social Security number, and annual income. This is the pre-approval process which will generate one or more loan offers in just a few minutes.
If you choose one of the offers and agree with the terms and rates, you will then need to provide any additional information and documents LendingPoint may request, including your driver’s license, bank statements (with voided check) and proof of income. Once all documents have been received and reviewed, a final loan approval can happen in a few hours, and your funds can possibly be distributed to your bank account within the next business day.
Who’s the best fit for a LendingPoint personal loan
If you have fair credit and meet the income requirements, LendingPoint could be a good option, especially if you need funds fast. The lack of a prepayment penalty is a plus, but other lenders offer lower rates, even for those with less than ideal credit.
It’s always a good idea to search and compare personal loans before making a final decision. Shop around to find the best personal loans with a rate and term ideal for your financial needs while also keeping an eye out for any fees associated with the loans, including origination fees. LendingPoint may be the best fit for you, but you should take some time to compare with others to know for sure.
Alternative personal loan options
Minimum Credit Score
36 or 60
1.00% - 5.00%
on Peerform’s secure website
Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More
Peerform offers lower fixed rates ranging from 5.99% to 29.99% with loan amounts starting at $4,000 and maxing out at $25,000; terms are between 36 or 60 months. Similar to LendingPoint, there are no prepayment penalties should you want to pay off your loan in advance, but there may be an origination fee that varies from 1.00% - 5.00%. There are other fees to consider with Peerform as well — these include late fees, unsuccessful payment fees, and check processing fees, all of which can range around $15 each.
Minimum Credit Score
36 or 60
1.00% - 6.00%
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More
While LendingPoint allows borrowers to take up to $25,000, LendingClub offers loans up to $40,000 which is good for those looking to borrow more money. However, you will likely have to wait a little longer to receive the funds — LendingClub’s earliest distribution is within 7 business days. There are no prepayment penalties, but LendingClub charges an origination fee of anywhere from 1.00% - 6.00%, and you could also be charged a check processing fee or late payment fee. Credit history, the loan amount and any other outstanding debt are some of the factors used to determine the APR, which usually ranges from 6.95% to 35.89%.
Minimum Credit Score
24 to 60
If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
OneMain Financial has issued loans for more than 100 years and, similar to LendingPoint, can have money in your hands within the next business day after final approval. Loan amounts are from $1,500 to $30,000 with an APR range of 16.05% to 35.99%. Borrowers are eligible for terms of 24 to 60 months, depending on your credit and financial history and any other debts you may have. Credit score requirements vary and all personal loans have fixed rates and payments without any prepayment penalties. You may be able to get a loan offer within minutes when you apply online but will need to meet with a loan specialist in person for final approval.