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.
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.
No, LendingPoint does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.
Yes, a LendingPoint personal loan does affect your credit score, both when you get funded and during the entire time that you are paying the loan off. Initially, a LendingPoint personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a LendingPoint Personal Loan Affects Your Credit Score
Hard pull: Before you get funded for a LendingPoint personal loan, LendingPoint will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a LendingPoint personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a LendingPoint personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a LendingPoint personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a LendingPoint personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
You can get LendingPoint personal loan pre-approval through WalletHub's free personal loan pre-approval tool. This will allow you to see your odds of approval for a personal loan with LendingPoint, as well as your potential interest rates, and the process will have no impact on your credit score.
Enter your desired loan amount and select the reason for borrowing.
Click "Get Started."
Select your employment status, then enter your annual income.
Select whether you rent or own your home and click "Continue."
Create a WalletHub account if you haven't already.
Receive your pre-approval status.
It's important to note that WalletHub's personal loan pre-approval tool doesn't just check for pre-approval with LendingPoint. It also checks with multiple other personal loan providers at the same time, so you can see your options.
To check for pre-approval directly with LendingPoint, go to its website and click on Apply Now. Then, enter the loan amount, loan purpose, your name, home address, email, and phone number, individual pre-tax annual income, income source and Social Security number. After that, click Check My Options, and receive your pre-approval status after a few moments.
Keep in mind that if you are pre-approved for a personal loan, you're not guaranteed to be approved when you submit an application. Your approval odds will be very high, though.
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