A personal loan from LendingPoint is not hard to get approved for if you have a credit score of 600+, enough income to afford the loan, and a valid bank account. Approval by LendingPoint is never guaranteed, though, even if you meet all the requirements.
Requirements to Get Approved by LendingPoint
Credit Score: 620
Income: $35,000 annually
Citizenship: U.S. citizen or permanent resident
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states except Nevada and West Virginia
Applicants need a minimum credit score of 620 to get a personal loan from LendingPoint, according to the company. That means the LendingPoint personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 600 and 700.… read full answer
Keep in mind that just having a 620 credit score is not enough to qualify you for a LendingPoint personal loan. LendingPoint will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from LendingPoint with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a LendingPoint personal loan online to gauge your chances of getting approved with your current credit score.
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.
Yes, you can pay off a LendingPoint personal loan early, and it's actually a good idea to do that. You will save money by paying it off early because you will owe less interest. LendingPoint, like most reputable lenders, does not charge a fee for paying your loan off early.
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