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LendingPoint Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
What is LendingPoint?
Founded in 2014, LendingPoint is an online peer-to-peer lender headquartered in Kennesaw, Ga., outside Atlanta; the company also has offices in both New York City and San Diego. It began by offering personal loans only in Georgia, but has since expanded to 49 states — it doesn’t operate in West Virginia — and Washington D.C.
LendingPoint touts that it has originated more than $1 billion in loans through its website and loans made through merchants known as point-of-sale loans. The company lends to those with varying credit, including those with low credit scores who may not be able to attain a personal loan through more traditional financial lenders.
LendingPoint personal loan highlights
- Caters to borrowers with varying credit: LendingPoint’s website states it works with borrowers “across the credit spectrum” which can range from 585 to the high side of 850.
- Quick decisions and distribution of funds: Borrowers may apply online, see an offer within minutes and can possibly receive money as soon as the next business day.
- Soft Pull: LendingPoint conducts a soft pull to provide a rate quote that will not impact your credit score.
- High rates: LendingPoint’s rates are high compared with other lenders who cater to borrowers with fair credit. Read our roundup of personal loans for those with less-than-perfect credit.
APR
15.49%
To
35.99%
Credit Req.
585
Minimum Credit Score
Terms
24 to 48
months
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 $25,000.... Read More
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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.
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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.
However, one major complaint from several reviewers is LendingPoint running credit checks without proper authorization from the customer: “Ran my credit without my authorization. Just received an email about a loan application that i did not apply for,” wrote Sophia from Allentown, Pa.
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 $25,000 with terms of 24 to 48 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
APR
5.99%
To
29.99%
Credit Req.
600
Minimum Credit Score
Terms
36 or 60
months
Origination Fee
1.00% - 5.00%
on LendingTree’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,check processing fees and unsuccessful payment fees, all of which can range around $15 each.
LendingClub
APR
6.95%
To
35.89%
Credit Req.
Not Specified
Terms
36 or 60
months
Origination Fee
1.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 0.... Read More
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 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%.
OneMain Financial
APR
18.00%
To
35.99%
Credit Req.
Not specified
Terms
24 to 60
months
Origination Fee
Varies by state
OneMain Financial offers quick turnaround times and you may get your money the same day... 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 $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.
