2020 LendingPoint Personal Loans Review

3 / 5

• Low credit score requirement: 585
• Low income requirement: $20,000
• Approval/funding in 1 – 2 business days
• No prepayment fees

• Relatively high APRs: 15.49% – 34.99%
• 0% – 6% origination fee
• $30 monthly late fee
• No joint applications
• If built into APR range, wouldn’t include
• It’s not. CS confirmed

LendingPoint Review Summary: LendingPoint personal loans are on the smaller side, ranging from $2,000 to $25,000 and lasting for 24 to 48 months. LendingPoint also has one of the lowest minimum credit score requirements around: 585. The company not only provides an opportunity for people with bad credit to get an unsecured loan, but they also offer decent rates. The minimum LendingPoint personal loan APR is 15.49%, and their maximum is 34.99%. That’s on par with other lenders who cater to people with bad credit, but there are far better rates elsewhere for people with good or excellent credit.

LendingPoint lends to people in 49 states and the District of Columbia. The sole exception is West Virginia. They also offer very quick financing, with a decision usually within hours and funding as soon as the next business day after they receive all your documents. Keep reading to learn even more about LendingPoint’s terms and see what other lenders offer in comparison.

LendingPoint Personal Loan Terms

APRs	15.49% – 34.99%
Loan Amount	$2,000 – $25,000
Loan Term	24, 36 or 48 months
Origination Fee	0% – 6 %
Prepayment Fee	$0
Credit Score Requirement	Bad*
Minimum Income	$2,000
Loan Purpose	Debt Consolidation, Refinance, Home Improvement
How long does it take to receive the funds?	1 business day
Other Requirements	N/A
*According to multiple third-party sources

*According to multiple third-party sources

LendingPoint Rates & Fees

LendingPoint’s rates range from 15.49% to 34.99%. Many lenders have minimum APRs lower than that, starting as low as 6% in some cases. LendingPoint’s maximum APR is on the high end as well. People with high credit scores will likely want to look elsewhere as a result. However, people with low scores may find LendingPoint to be worthwhile. LendingPoint has fixed interest rates, so the rate you get at the beginning will be the rate you have for the entire payoff period.

You may owe an origination fee with LendingPoint, depending on the state you live in. The fee can range from 0% to 6% of the loan amount. It will depend on your credit, income and loan size, among other factors. LendingPoint has no prepayment penalty, so you can pay the loan off as early as you’d like. Lastly, if you are 15 days late on your loan payment, you will owe a fee of $30.

LendingPoint Requirements & Application Info

LendingPoint’s website says their personal loans are for people with credit scores of 585 or higher. That’s a lot lower than what most lenders with personal loans require (660+). LendingPoint’s minimum income requirement is $20,000, which is about $10,000 less than what most people make, according to data from the Federal Reserve Bank of St. Louis.

Like with all personal loan providers, you will need to be at least 18 years of age to borrow from LendingPoint. LendingPoint will also ask for your Social Security number, though you can be either a U.S. citizen or permanent resident to apply. In addition, you will need to show proof of a U.S. bank account.

LendingPoint has a tool to check for pre-qualification, which will show you what kind of loan offers are available to you. This will not affect your credit in any way. But choosing one of the offers and applying for it will then lead to LendingPoint doing a hard pull of your credit, which will likely cause your score to drop slightly. You can apply for a LendingPoint personal loan online or by calling (888) 969-0959. Unfortunately, LendingPoint does not allow joint applications.

LendingPoint Reviews & Transparency

• Better Business Bureau: LendingPoint, LLC became accredited with the agency in 2014 and currently has an A+ rating.
• Consumer Financial Protection Bureau: There are 24 complaints about LendingPoint’s personal loans within the CFPB database. Some recent concerns include customers having trouble accessing their online account and LendingPoint inaccurately reporting payments as late. LendingPoint has given a “timely” reply to all but one of the complaints, the most recent of which is from January 2019.
• WalletHub: WalletHub awards LendingPoint personal loans 3 out of 5 stars.

LendingPoint is very upfront about their personal loan rates and fees, and makes them easy to find online. Plus, their pre-qualification tool allows you to see your options without affecting your credit. In addition, LendingPoint specifies both minimum credit score and minimum income requirements, which is fairly uncommon among personal loan providers.

LendingPoint Personal Loans vs. the Competition

	LendingPoint	Avant	FreedomPlus
Reviews
APR	15.49% – 34.99%	9.95% – 35.99%	5.99% – 29.99%
Loan Amounts	$2,000 – $25,000	$2,000 – $100,000	$10,000 – $40,000
Loan Term	24, 36 or 48 months	24, 36, 48 or 60 months	24, 36, 48 or 60 months
Credit Score Required	Bad	Bad	Good
Winner	FreedomPlus

Methodology

WalletHub used nearly two dozen metrics when evaluating LendingPoint personal loans. We looked at a number of overall categories from loan amounts and APRs to customer satisfaction and transparency.

• Loan amounts: We checked on the minimum and maximum loan amounts and the longest and shortest timeframes for payoff.
• Requirements: WalletHub read up on how to qualify for a LendingPoint personal loan, such as the minimum credit score, the minimum income, whether you need a SSN, and whether you must be a U.S. citizen.
• APR: We examined the lowest and highest interest rates and found out if they were variable or fixed.
• Fees: Our editors looked into what LendingPoint charges for origination fees, late fees, and prepayment fees.
• Transparency: Our editors determined how clearly LendingPoint discloses how to get a loan and what terms to expect from their loans.
• Application process: WalletHub researched the application process, from pre-qualification to submitting an application. We checked if it’s possible to submit a joint application, and learned how long it takes to get approved and receive funds.
• Customer satisfaction: To find out if customers are satisfied, we looked at WalletHub user reviews, complaints in the Consumer Financial Protection Bureau database, and LendingPoint’s Better Business Bureau page.