LendingPoint Personal Loan Reviews

If you have bad credit and need a personal loan quickly, LendingPoint may be a great option. This online lending company offers unsecured loans between $1,000 and $36,500 without charging high interest rates.

The service has a simple application process and can transfer money into your bank account within one business day. Still, it also sets some strict income requirements and is not available in some states. We’ve made a full company overview to help you find out whether LendingPoint loans suit your needs.

Pros and Cons of LendingPoint Loans

Let’s take a closer look at the company’s strong and weak points.

Pros:

• Convenient loan amounts for mid-size needs;
• Flexible repayment terms;
• Reasonable interest rates;
• The ability to pre-qualify without affecting your credit;
• Money funding on the next business day;
• Credit-building opportunities;
• No fees for early repayment;
• Loans are available with less-than-perfect credit.

Cons:

• No co-signed loan options;
• High minimum loan amounts in Georgia, Colorado, and Hawaii;
• Origination fees may apply in some states;
• A minimum annual income requirement of $35,000;
• Hard credit checks are performed;
• Not available in Nevada and West Virginia.

Overview of LendingPoint Personal Loans

LendingPoint personal loans can be used for a variety of needs, including medical expenses, vacation financing, home improvements, and debt consolidation. Here are the company’s loan terms at a glance:

LendingPoint Reviews

Customer opinions regarding LendingPoint differ depending on the platform they use to leave their reviews. The company has a 4.8 out of 5 rating on TrustPilot based on 8,467 reviews. 95% of clients say they had a great borrowing experience with the service and got their money fast.

At the same time, LendingPoint reviews on the BBB website show that borrowers don’t recommend dealing with the company. Many clients mention they faced problems after fully repaying their loans. Although the payment receipt was confirmed by the company’s representatives, customers saw their accounts had an outstanding balance that was still accruing interest. Some borrowers also say they have faced additional deductions from their bank accounts after their loans were properly closed. As a result, their accounts went into overdraft.

Some customer reviews on Wallethub and BBB show that the company (or someone acting on its behalf) makes borrowers believe they have transferred the loan amount to their account and asks them to transfer it back to complete the verification process. This is how scammers can deceive clients by acting like the company’s representatives.

LendingPoint Customer Support

According to the reviews left by former borrowers, clients have mixed opinions about the LendingPoint customer support team. While some people mention exceptional service, others say they are very disappointed in the way the company’s customer support team works. Many people say the company’s staff is very unsympathetic, gives no options, and can’t help clients solve their problems or explain how their own plans work.

Am I Eligible?

To be eligible for a LendingPoint loan, you need to meet the following requirements:

• Be at least 18 years old;
• Provide a valid government-issued photo ID;
• Have a Social Security number;
• Have a minimum annual income of $35,000 (self-employment, retirement, or some other source may qualify);
• Have an active banking account in your name;
• Not reside in Nevada or West Virginia;

Before You Apply

Here are a few more steps you should take before you start an application process with LendingPoint:

1. Check your credit. Although LendingPoint states it doesn’t use your credit rating as a determining factor, a higher FICO score will result in a lower interest rate. Knowing your rating will help you understand what APR you can expect to get;
2. Determine how much you can afford to pay. Deduct your mandatory expenses from your monthly income to understand how much you can afford to pay for your loan on a monthly basis;
3. Make calculations. A personal loan calculator will help you determine a comfortable repayment period and the highest possible APR you can agree to in order to keep your monthly payment within your means;
4. Gather all the documents. Customers typically need to provide a few supporting documents during the approval process. They may include a driver’s license, pay stubs, bank statements, and employment verification. Preparing them in advance will make the entire process faster;
5. Plan for repayment. Make sure you put your loan payments on the list of your mandatory monthly expenses so as not to overlook them.

How to Apply for a Personal Loan from LendingPoint

The application process via LendingPoint can be completed online and is usually quite simple. Here’s what you need to do:

Fill out a form

Specify the needed amount and the loan purpose on the company’s website and click the “Check Your Rate” button. Then, you will be redirected to the pre-qualification form page, where you need to provide your basic personal details. Alternatively, you can call the company’s representatives at (888) 969-0959.

Pre-qualify

Once you submit a form, you will get several loan offers. Review your options and choose the one with the lowest APR, a convenient loan period, and a suitable monthly payment. At this stage, you can typically customize your repayment term and loan amount.

Complete the final application

After you choose the best offer, you need to continue your application by providing your bank details and uploading all the required documents. Please note that a hard credit check will be performed once you decide to submit the final application form.

Receive the funds

If approved, review your final loan terms, as they can differ from the preliminary ones. If everything is fine, e-sign the loan agreement. The money will then be transferred into your bank account as soon as the next business day.

Is a LendingPoint Personal Loan Right for Me?

LendingPoint personal loans may suit borrowers with stable incomes who need money fast, have less-than-perfect credit, and want to get a reasonable interest rate. The company’s products can be used for various personal needs and are also good for financial emergencies.

Still, borrowers with good and excellent credit may find cheaper options, while those with poor or no credit may not qualify and have no ability to provide a co-signer. LendingPoint loans also won’t work for people who need more significant amounts for major purchases.

LendingPoint vs Other Lenders

Check out how LendingPoint compares to other lenders before making a final decision. Some of the options below may better suit your unique situation.

LendingPoint vs Lending Club

Lending Club allows you to borrow up to $40,000. Besides personal loans, the company also offers banking services and business solutions, including SBA loans. The service will charge a one-time fee of 3.00% to 8.00% of your loan amount based on your credit rating. It also has a higher minimum APR of 8.98% and shorter repayment periods of up to 60 months.

Funding may take up to 48 hours. Still, the company is loved by its clients and has an average rating of 4.5 out of 5 among all customer review platforms. Additionally, its loans are available in all 50 states and Washington DC.

LendingPoint vs Upstart

Upstart offers loans to people with bad and poor credit scores and has a lower minimum income requirement of $12,000 per annum. The company charges fair interest rates of 7.8% to 35.99%. With its help, you can request up to $50,000 for 12 to 60 months. The funding can be made on the next business day. However, a potential origination fee is higher compared to LendingPoint and can reach 12%.

Upstart loans have limited availability. They are not offered in American Samoa, Connecticut, District of Columbia, Guam, Hawaii, Iowa, Maine, Maryland, New York, Nevada, Northern Mariana Islands, Oklahoma, Oregon, Puerto Rico, US Virgin Islands, Vermont and West Virginia.

LendingPoint vs BestEgg

BestEgg offers personal loans between $2,000 and $50,000 with the repayment terms of up to 60 months. It can be a great option if you need money for debt consolidation since the company offers reduced fees and faster transfers for a direct deposit to creditors. BestEgg APRs range from 7.99% to 35.99%. Additionally, the company offers secured loans, making it easier to qualify with bad credit or get more favorable rates.

However, the service doesn’t have a mobile app to help you manage your loan. It may also apply origination fees between 0.99% and 9.99% of the loan amount. BestEgg loans are not available to residents of Iowa, Vermont, West Virginia, and Washington DC.

LendingPoint vs LendingTree

LendingTree is an online loan marketplace that allows borrowers to compare offers and choose the best interest rates and terms. The company works with multiple direct lenders and offers loans of up to $50,000. This makes it easier to find a suitable loan offer by filling out just one application form.

The borrowing terms vary widely depending on the lender you deal with, so you don’t know what to expect before you pre-qualify. Some loan options may come with high interest rates of over 36%. Additionally, LendingTree may share your personal details with its partner loan providers.

Best Alternatives to LendingPoint Loans

Here are a few more alternative options to consider before settling on the LendingPoint loan.

Traditional Loans from a Bank

A traditional loan can be a good way to finance your needs if you establish a good relationship with the financial institution. Banks are likely to offer reasonable rates to borrowers in good standing, even if they have less-than-perfect scores. However, you may be asked to provide collateral or add a co-signer to qualify.

Peer-to-Peer Loans

P2P loans are offered via online platforms that connect borrowers with individual investors who lend money to other people, bypassing financial institutions. Such loans often come with flexible repayment terms, reasonable rates, and low or no minimum credit score requirements as investors set their own levels of risk. Just note that a platform may charge extra fees for its service.

Borrowing from Family or Friends

Family loans can help you save money on interest and avoid any impact on your credit score. Additionally, you may get more repayment flexibility. Ask your loved ones to lend you money politely and set a clear repayment term. Then, stick to the agreement so as not to ruin your relationship.

Our Thoughts

LendingPoint is a well-recognized lending company that has been operating across the US since 2014. It offers fast and accessible personal loans with flexible repayment terms and convenient loan amounts. The company’s loans are available to borrowers with fair credit who have a stable annual income of at least $35,000.

However, there are some considerations regarding its customer service. Some clients also mentioned they had faced problems after closing their loans as this information was not displayed in the company’s databases. Thus, LendingPoint loans may suit people with less-than-perfect credit who are not new to borrowing and need money fast

Methodology

At 1F Cash Advance, we analyze 20+ factors to have a complete picture of the lender’s reliability. Here are the key parameters we pay attention to:

• Credit requirements. We pay special attention to a lender’s minimum credit score requirements to better understand whom its loans will be good for;
• Interest rates. Companies that offer lower interest rates are more likely to be rated higher since it results in less overpayment for a borrower;
• Fees. Besides an interest rate, we also look at extra fees and penalties to have a better understanding of the total borrowing cost;
• Loan amounts. We want to ensure the lender offers amounts suitable for borrowers with both small and large needs;
• Repayment flexibility. When reviewing lenders, we want to ensure customers can choose the repayment option that corresponds to their current situation;
• Availability. We look at the lender’s requirements to ensure they correspond to the loan terms offered. When a lender charges high interest rates, we expect it to apply easy-to-meet eligibility criteria;
• Customer satisfaction. This category covers whether the company’s clients are satisfied with the overall borrowing experience and customer support. This is determined based on the customer reviews;
• Transparency. Our experts pre-qualify via the lender’s website to analyze offers and ensure the company fully discloses all the loan terms in the agreement.

FAQ

Is LendingPoint legit?

LendingPoint is a legit, Atlanta-based lending company that offers online loans across the nation except for Nevada and West Virginia. You can check out the list of its state licenses right on the lender’s website.

Does LendingPoint set minimum credit score requirements?

LendingPoint has no minimum credit score requirements. The company uses its unique data assessment model and analyzes your overall financial situation to have a complete picture of your true creditworthiness.

How long does it take for LendingPoint to approve a loan?

Once you pre-qualify for a loan, you will receive your potential loan offers in just a few seconds. After you choose a suitable option and complete your application, it may take you from 15 minutes to 1 hour to get approved.

What are LendingPoint interest rates on loans?

LendingPoint interest rates range from 7.99% to 35.99%, with good credit borrowers being eligible for lower APRs.

Does LendingPoint report to credit bureaus?

LendingPoint reports payments to Experian and TransUnion, but not Equifax. This means that your Equifax credit score won’t improve if you make your loan payments on time.

How long does LendingPoint take to deposit money into my account?

The service makes money transfers as soon as the next business day of approval. However, it may take longer for your funds to be available in your account, depending on your bank’s cut-off times.

How will I repay my LendingPoint personal loan?

LendingPoint allows borrowers to set up autopay anytime through your customer portal or the LendingPoint app. This way, the funds will be automatically deducted from your bank account on the due date. You can also repay your loan via a money order, cashier’s check, or certified check.

Check the Rates for the Quick Loan You NeedApply