LendingPoint: An overview
LendingPoint requires a credit score of 620 for them to approve your application for an unsecured loan ranging from $2,000 up to $36,500. The company uses technology and data to measure your creditworthiness during the application process to decide if they’ll approve you and for how much.
The application process and approval or denial decision are relatively fast as well. If they approve you, you can use the loans for various things, including home improvement projects, debt consolidation, and unexpected bills and expenses.
- Loan options for lower credit scores
- Fast funding
- No prepayment penalties
- Ability to refinance
- Origination fee can go up to 8%
- Higher maximum APR
- Can’t use a cosigner or get a joint loan
How does LendingPoint work?
This company works just like any other loan company. First, you can prequalify on the website and go through the application process. Then, they’ll do a soft credit check to see if you meet the minimum credit score requirements and creditworthiness. If you do, LendingPoint will offer you a personal, unsecured loan product ranging from $2,000 to $36,500.
If you accept their offer, you must upload documentation and additional information. You’ll want to have your most recent bank statements or check stubs ready, a government-issued ID or driver’s license, and proof of employment and income. This part of the loan application process will include a hard credit inquiry, which can cause your score to drop a few points. Funds may be in your account the next business day after you upload the required documentation and sign the loan contract. Then, you make repayments until you pay the loan back, plus interest and fees.
LendingPoint’s loan products and features
LendingPoint offers unsecured, fixed-rate personal loans that range from $2,000 to $36,500. You can use these loans for a variety of things, including:
- Home improvement projects
- Debt consolidation
- Personal expenses
LendingPoint’s interest rates and fees
As with any company that works with borrowers with bad or fair credit, any loan they issue will have fees and an interest rate to consider.
- Fixed Interest Rates – 9.99% to 35.99%
- Origination Fee – Up to 8%
LendingPoint requirements
Below are the requirements needed to qualify for an unsecured loan through LendingPoint. Remember that they will do a credit check, which can take up to one business day to verify your supporting documents. To qualify, you’ll need:
- Age – 18 years or older with a valid social security number
- Identification – Provide a U.S. state, federal, or local government-issued photo ID
- Bank Account – Personal banking accounts in your name that are verifiable
- Annual Income – Minimum annual income amount of $35,000
- Residency – Not reside in West Virginia or Nevada
Is LendingPoint legit?
Yes, LendingPoint is a legit online lending platform that offers unsecured personal loans in varying amounts. They’ve been around since 2014 and have decent scores on several reputable websites.
LendingPoint reviews
If you do a quick Google search, you can easily find reviews for LendingPoint that help validate the company. A few to consider include:
- TrustPilot – 4.9 out of 5 stars for an Excellent rating with 8,076 reviews.
- BBB – 4.2 out of 5 stars and an A rating with 269 reviews and 221 complaints closed in the past three years.
- Reddit – Fair to good overall general rating, but recurring concerns about the interest rates.
What makes LendingPoint stand out
LendingPoint stands out for several reasons, including:
- Straightforward and fast application
- Loan approval happens in as little as one day
- Flexible repayment plans are available
Why you’ll want to look elsewhere
- APR – If you’re on the higher end of the APR range, looking elsewhere may be a good idea.
- Joint Loan or Cosigner – If you need a cosigner, you won’t get that with LendingPoint.
Sites Like LendingPoint
Several online loan companies work like LendingPoint, and they all have benefits and drawbacks. A few to consider include:
- Upgrade – Founded in 2016, Upgrade offers loans ranging from $1,000 to $50,000 for borrowers with credit scores of 560 and up. You can read more about Upgade it here.
- SoFi – SoFi offers loan amounts between $5,000 and $100,000 with a fast application and funding process.
- BestEgg – BestEgg’s loan amounts range from $2,000 to $50,000, and they offer funding in as little as one business day.
How to apply for a loan online with LendingPoint
The application is relatively straightforward, and it starts with a prequalification process. Here, you’ll input:
- Desired loan amount and purpose
- Birthday
- Email address and phone
- Social security number’s last four digits
- Income information
Click the “Check My Options” button, and LendingPoint will run a soft credit check. They’ll generate a few offers for you to choose from. When you pick one, they’ll prompt you to provide more information for loan approval, including proof of income, driver’s license, and a voided check or bank statement. Next, LendingPoint will run a hard credit check, have you sign a loan contract, and then deposit the funds into your account.
Wrapping up
If you need a legitimate online lending platform to give you fast funding for an unexpected expense or emergency, LendingPoint is a viable option. They’re a well-known company that accepts applicants with fair credit, and you get flexible repayment plans that fit your budget
