Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who Are LendingPoint Personal Loans Best For?
LendingPoint offers borrowers unsecured personal loans, which are loans that don't require collateral like a house or car. LendingPoint offers loans in 48 states and Washington, DC, but you can't get a loan if you live in Nevada or West Virginia.
LendingPoint allows you to use a personal loan for a variety of reasons, including weddings, and unexpected medical expenses. It's also an option for debt consolidation loans. Check with the company to see if your loan purpose qualifies.
The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval, which earns LendingPoint a spot on our list of the best quick personal loans.
LendingPoint doesn't offer the option for joint or cosigned loans.
Customer support is available from LendingPoint by phone, email, or via physical mail. To manage your loan on the go, download LendingPoint's mobile app from the Apple store.
LendingPoint Personal Loan Features
The interest rates on LendingPoint loans range from 7.99% to 35.99%, which is roughly standard for a personal loan for people with low credit. Upgrade and Upstart have lower starting rates, but you'll probably need an excellent credit score to qualify.
LendingPoint has a minimum credit score requirement of 580. This is the lowest minimum on our list of the best personal loans for bad credit, so LendingPoint could be a great option if you don't have the best credit history. Most credit card companies will provide your credit score for free if you log in to your account online.
LendingPoint will perform a soft credit inquiry when you apply for a loan and determine how much you qualify for, and that inquiry won't impact your credit score.
Before your loan is officially approved, the company will conduct a hard credit inquiry, which will probably impact your credit score. A hard inquiry gives a lender a complete view of your credit history, but might hurt your credit score.
LendingPoint Personal Loan Pros and Cons
How to Apply For a LendingPoint Personal Loan
1. Prequalify. LendingPoint allows you to prequalify for a personal loan, which enables you to get an estimate of the interest rate and terms of personal loans it might offer you if you're approved. Prequalification requires only basic information and does not affect your credit score.
2. Choose a loan offer. If you prequalify, LendingPoint may send you several loan offers with various amounts, interest rates and terms. Choose the one that's right for you.
3. Submit a full application. Once you select a loan option, complete LendingPoint's full loan application. This requires extensive documentation such as a driver's license, pay stubs, bank statements, and tax returns that the lender will use to fully assess your creditworthiness.
4. Receive funding: LendingPoint says it can often approve loans in just a few hours, and you may be able to get your funds as soon as the next day.
LendingPoint Personal Loan Frequently Asked Questions
Yes, LendingPoint is a legitimate online lender, with loans originating from FinWise Bank, member FDIC, and LendingPoint, a licensed lender in certain states.
Yes, you are able to pay off a LendingPoint loan early without facing any prepayment penalties. Paying off your loan early saves you money in interest and decreases the overall cost of your loan.
No, LendingPoint only offers unsecured loans. These are loans that don't require any collateral, such as a house or a car, to receive.
The company you want to take out a loan from determines the maximum amount you are eligible to get. With LendingPoint, you can borrow up to $36,500, but other lenders allow you to borrow more.
Compare LendingPoint Personal Loans
LendingPoint vs. Avant
LendingPoint and Avant have similar interest rate ranges. LendingPoint's APRs range 7.99% to 35.99% and Avant's are 9.95% to 35.99%. The amounts available to borrow from each lender also are close, $2,000 to $36,500 for Lending Point, and $2,000 to $35,000 for Avant.
LendingPoint charges an origination fee of as much as 6%. Avant's origination fee is up to 4.75%.
LendingPoint vs. Upstart
Upstart offers personal loan amounts from $1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100). That could make it a better choice if you need a very small or very large loan amount. LendingPoint's loans range from $2,000 to $36,500. Upstart's APR range of 4.60% to 35.99% compares with LendingPoint's 7.99% to 35.99%, making Upstart a potentially better choice if you have an excellent credit score and can qualify for its lowest interest rate.
Upstart charges an origination fee of as much as 8%, while you might pay as much as 6% with LendingPoint.
Is LendingPoint Trustworthy?
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, gives LendingPoint an A+ rating. LendingPoint is a BBB-accredited business. The BBB evaluates companies by measuring business' replies to consumer complaints, honesty in advertising, and clarity about business practices.
Even though LendingPoint has a stellar BBB rating, you aren't guaranteed to have a good relationship with the company. Make sure you read customer reviews and talk to friends and family about the business.
LendingPoint hasn't been involved in any recent controversies or scandals. As a result of the company's great BBB rating and clean history, you may feel comfortable borrowing from LendingPoint.
Why You Should Trust Us: How We Rated LendingPoint Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our full ratings methodology for personal loans for more details.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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