No, LendingPoint does not offer credit-builder loans, but the company does offer personal loans. LendingPoint personal loans are available to applicants that have a limited credit history, which will help you build credit if you use the loan responsibly.
If you're set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
To apply for a LendingPoint personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a LendingPoint personal loan. It doesn't hurt your credit. You can check for pre-qualification on the LendingPoint website or WalletHub's pre-qualification tool.
Decide which way to apply. You can apply for a LendingPoint personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. LendingPoint requires the following personal information on the application: your full name, date of birth, address, phone number, email, and the last 4 digits of your SSN.
Enter your financial information on the application. LendingPoint requires the following financial information on the application: your annual pre-tax income and the sources of that income.
Double check the application for accuracy. To ensure that your LendingPoint personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. LendingPoint will typically provide a decision on your application within 1 business day.
If you are approved for a LendingPoint personal loan, you will generally receive the funds within 1 business day after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, LendingPoint does a hard inquiry when funding your loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
LendingPoint's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether LendingPoint does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when they fund the loan.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans and Integra Credit.
Yes, LendingPoint will verify your income when you apply for a personal loan. LendingPoint requires a minimum annual income of $20,000 to ensure that you can make your monthly payments, and if you don't meet the minimum income requirement, you likely won't get approved.
Unfortunately, LendingPoint does not disclose what documents are needed to verify income. Simply meeting the income requirement does not guarantee approval for a loan, either. There are other LendingPoint personal loan requirements, as well.… read full answer
LendingPoint Personal Loan Requirements
$20,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number and government-issued ID
Have a credit score of 580 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
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