LendingPoint Personal Loans: Review for 2024

LendingPoint Personal Loans: Review for 2024


7 Min Read

LendingPoint offers personal loans for small and midsize expenses to borrowers with fair and good credit. Although it provides fast funding, origination fees of up to 8% may be charged.

LendingPoint is a legit and safe online platform with flexible loan options for midsize personal needs. The service allows you to borrow between $2,000 and $36,500 for 24 to 72 months. LendingPoint personal loans may suit people with fair and good credit who seek fast financing at reasonable terms. However, there are a few features to know about before requesting a loan.

Full LendingPoint Review

LendingPoint is an online lending company that is based in Atlanta. It has an A+ rating from the Better Business Bureau and numerous five-star reviews on TrustPilot. The company serves residents of 48 states and Washington, D.C. and offers flexible loan options between $2,000 and $36,500. One of the best things about LendingPoint personal loans is that they can be transferred to you as soon as the next business day.

The platform allows you to pre-qualify and check your potential loan rate before making a final decision. This process comes with a soft credit check only and doesn’t affect your credit history. All these make LendingPoint a great alternative to both payday lenders and traditional financial institutions. The service combines their best features and offers a golden mean available to borrowers with fair to good credit.

Pros and Cons of LendingPoint Personal Loan Options

Let’s take a look at where LendingPoint personal loan options stand out and what drawbacks they have.


  • Flexible repayment terms between 24 and 72 months;
  • Available to borrowers with fair credit;
  • Next-day funding;
  • The ability to pre-qualify without any impact on your credit score.


  • Origination fees of up to 8%;
  • No secured and co-sign options;
  • Minimum annual income requirements of at least $35,000.

Things to Know About LendingPoint Loans

Here are the main features of LendingPoint loans. Consider them carefully to make sure you’re fine with them.

Fair Credit Is Accepted

Although the service doesn’t disclose its minimum credit score requirements, people with less-than-perfect credit can still qualify. LendingPoint believes that their borrowers are more than their credit scores. Therefore, the company uses data and technology that look beyond your credit rating. It evaluates other factors when making a loan decision. This allows the service to see a more complete picture of your real creditworthiness and gives a chance of getting approved to fair credit borrowers.

Next-Day Funding

If you are approved for a LendingPoint loan, you can get the funds by the end of the next day. This is much faster than funding terms offered by most other lenders, making the company’s products suitable for emergencies.

Interest Rates and Fees May Be High

LendingPoint offers personal loans with “biting” prices compared to many other personal loan lenders. An interest rate may be as high as 35.99% APR. Plus, the platform charges an origination fee of up to 8%.

No Prepayment Penalties

LendingPoint allows you to save money on interest if you can pay off your loan early. Feel free to pay off the borrowed amount at any moment without being charged extra fees.

Credit-Building Options

When you borrow money from LendingPoint, your monthly payments are reported to two major credit bureaus. Thanks to this, you can build strong credit by repaying your loan timely. On the other hand, even one late or missed monthly payment can lead to negative credit implications.

Refinancing Options

You can use LendingPoint loans to refinance the debt you owe from the company or other lenders. It can be a good option for borrowers who boost their credit scores and can qualify for better loan terms over some time.

The Ability to Change Your Payment Date

LendingPoint allows you to adjust your payment date to your paycheck before signing a loan agreement. Additionally, you can change this date once a year after getting a loan. It can be handy if you unexpectedly change a job and a payroll schedule.

Hardship Plans Are Available

LendingPoint claims it’s committed to helping borrowers overcome financial difficulties. Therefore, the company provides programs and plans aimed at reducing payments, lowering interest rates, or extending repayment terms over time.

No Joint or Secured Personal Loans

Joint personal loans are also not represented. This means that you can’t provide an extra guarantee to negotiate lower interest rates or better loan terms. Plus, this minimizes the chances of getting a loan for borrowers with bad credit.

Limited Loans Amounts

With LendingPoint, you can borrow from $2,000 to $36,500 within your solvency. Other minimum loan amounts apply in Georgia and Colorado. Although it can be quite enough to cover some regular needs, overcome emergencies, or complete large home improvement projects, it won’t suit many major purchases and life events.

apply for a personal loan with LendingPoint

Who Can Qualify for a LendingPoint Loan?

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

  • Be over the age of 18;
  • Have a verifiable personal bank account;
  • Minimal annual income of $35,000;
  • Have a valid government-issued ID.

Additionally, you need to provide some personal and financial details, such as your full name, residential address, cell phone number, email, Social Security number, and employment status.

How to Apply for a Personal Loan with LendingPoint?

The application process starts with pre-qualification. To complete the process, you need to fill out a simple form on the LendingPoint website. Then, you’ll get up to 12 offers from reputable direct lenders. This will help you assess potential loan terms for a desired loan amount and make a final decision.

If you decide to accept an offer, a lender will perform a hard credit check that can drop your credit score by a few points. If approved, you will be asked to e-sign a loan agreement. Once signed, the loan funds will be transferred into your bank account by the end of the next business day.

When LendingPoint Is the Best Option?

A LendingPoint personal loan can be your best option if you have at least fair credit and don’t want to resort to payday loans. It can also be a good alternative to traditional personal loans for borrowers who need money faster.

As LendingPoint reports your loan payments to two out of three major credit bureaus, it can also be a great credit-building tool. Just pay attention to origination fees, as they may eat into your loan value. Also, it’s probably not the best solution for borrowers with credit issues. The service has a minimum credit score requirement of 600 and offers no co-applicant or secured loan options.


When reviewing a lending company, we evaluate key parameters, such as:

  • Interest rates and fees;
  • Repayment options;
  • Loan accessibility;
  • Minimum credit score and income requirements;
  • Loan term transparency.

Each criterion is carefully considered by double-checking a lender’s website and following the pre-qualification procedure. Based on the information received, we provide a comprehensive and independent review that takes into account the company’s specific features.


Is LendingPoint Legit?

Yes, LendingPoint is a legit lending company that provides reasonable alternatives to traditional loan options. However, interest rates can be higher than average, so keep track of lender’s fees.

Does Applying for a LendingPoint Personal Loan Affect My Credit Score?

When you pre-qualify for a loan, a lender performs only a soft credit check that doesn’t impact your credit. If you decide to get a loan and complete the final application form, a lender will perform a hard inquiry. This pull can lower your credit score by a few points.

Is LendingPoint Available in All States?

LendingPoint is available in all states except for Nevada and West Virginia.

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Kerry Vetter

Written by Kerry Vetter

Written by Kerry Vetter

Kerry is a finance expert thanks to her Boston College education during the 1990s. Today she shares this valuable knowledge through the pen and online from her home in Chestnut Hill, Massachusetts. The years of experience results in relevant, practical and wise advice.

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