LendingPoint Personal Loan Review

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Updated on Monday, July 1, 2019



Credit Req.


Minimum Credit Score


24 to 60


Origination Fee

0.00% - 6.00%


on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $36,500.... Read More

LendingPoint personal loan details

Fees and penalties

  • Terms: 24 to 60 months
  • APR range: 9.99% to 35.99%
  • Loan amounts: $2,000 to $36,500
  • Time to funding: After the final approval, funds can be transferred as quickly as the next business day.
  • Hard pull/soft pull: LendingPoint conducts a soft pull when you first apply for a personal loan quote. After you review the loan offer(s) and select one, a hard pull will then be done to move forward with the final loan approval process.
  • Origination fee: 0.00% - 6.00%, depending on your state of residence and credit history.
  • Prepayment fee: None
  • Late payment fee: Not specified

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 cover an upcoming home renovation, fund a car purchase or pay off a medical bill your insurance won’t cover, a personal loan from LendingPoint can help. These personal loans can also be used to help consolidate your debt and refinance your credit cards.

Eligibility requirements

  • 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: Not specified.

All borrowers must be at least 18 years old and reside in one of LendingPoint’s 49 designated states (as stated above, LendingPoint doesn’t operate in West Virginia) or the District of Columbia. Borrowers are encouraged to show consistent employment history for at least the past 12 months and must have a bank account.

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 that can generate one or more loan offers in 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.

Pros and cons of a LendingPoint personal loan



  • No prepayment penalty. If you decide to pay off your loan before your term is up, LendingPoint will not charge you a prepayment penalty.
  • Fast approval and funding. Many borrowers are pre-approved for a personal loan within a few minutes and approved for the actual loan within hours. Borrowers can receive funds in their bank account as soon as the next business day, upon approval and receipt of additional documents.
  • Works with borrowers with various different credit scores. LendingPoint provides personal loans to borrowers with a range of credit scores, even those with poor credit.
  • Bankruptcy is not grounds for automatic disqualification. Borrowers with a discharged bankruptcy of 12 months or more can still apply for a personal loan with LendingPoint. Your credit history, income and discharged bankruptcy timeframe will all be determining factors.
  • No joint or cosigner loans. Some lenders allow you to have a cosigner with a higher credit score in order to qualify for a better personal loan rate. That is not the case with LendingPoint’s personal loans, as they are based only on your individual credit history.
  • Fluctuating payment schedule. Your monthly due date may change because LendingPoint usually uses a 28-day payment cycle.
  • Higher interest rates. LendingPoint may work with borrowers with fair credit, but that can mean higher interest rates when compared with other lenders.
  • Origination fee. Many lenders don’t charge an origination fee for personal loans, which is why LendingPoint’s possible charge of up to 6.00% can be off-putting.

Who’s the best fit for a LendingPoint personal loan

If you have low to 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.

Still, 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 that’s ideal for your financial needs, while also keeping an eye out for any fees associated with a loan, 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.

LendingPoint consumer reviews

A company’s rating on the Better Business Bureau is a good indicator on the way it handles its overall business. A major plus for LendingPoint is its A+ rating on the BBB. It has also been accredited with the BBB since 2014.

LendingPoint also flourishes on LendingTree’s website (Disclaimer: MagnifyMoney is owned by LendingTree), boasting an average of 4.5 stars from its 68 reviews. Customer service and responsiveness have both scored 5-star ratings, and 90% of customers would recommend LendingPoint to others.

In general, the reviews for LendingPoint on LendingTree praise the company’s customer service, noting the “personable” and knowledgeable” representatives and that the overall experience was a “fast” and “easy” process.

“The costumer service is top notch!” said reviewer Christopher from Oldsmar, Fla. “Fast, easy, just be on your computer when you’re talking with you rep and they just walk you right through everything!” Fellow Floridian Anna from Saint Augustine thanked LendingPoint and said that she “appreciated the quick, personal and no hassle process.”

Customers also appreciated how “fast” and “convenient” it was to receive their funds from a LendingPoint loan. Several other customers said they would or already have recommended LendingPoint’s services to a friend, as well.

See all LendingPoint customer reviews on LendingTree here.

LendingPoint FAQ

LendingPoint offers personal loans to borrowers who need financial help to pay for a major purchase, such as a new home appliance or wedding, or to help consolidate debt. LendingPoint’s personal loans can reach up to $36,500 with terms of 24 to 60 months.

You can use your personal loan for many financial reasons, anything from home improvement tasks to debt consolidation, medical bills and even vacations.

You may be able to change your due date by contacting the lender directly five business days before your bill is due.

Yes, you are allowed to make an extra payment on your loan if you choose to. You can also pay off your loan early without any penalty fees.

You must have an annual income equal to at least $20,000 which can include funds from your job or elsewhere, such as retirement.

In order to qualify for a personal loan with LendingPoint your credit score can be anywhere from 585 all the way to 850.

No. LendingPoint doesn’t charge a fee to use its online application.

Yes, you can set up AutoPay so your payments are automatically deducted from your checking or savings account each month.

Alternative personal loan options


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,check processing fees and unsuccessful payment fees, all of which can range around $15 each.




Credit Req.

Not specified


36 or 60


Origination Fee

3.00% - 6.00%


on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.

Peer-to-peer lender 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 3.00% - 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 7.04% to 35.89%.

OneMain Financial



Credit Req.

Not specified


24 to 60


Origination Fee

1.00% - 10.00%


on LendingTree’s secure website

Lender Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More

Not all applicants will be approved. 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). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. 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. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; 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. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. 

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $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 $20,000 with an APR range of 18.00% 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.