Rick Bormin, Personal Loans Moderator
@rhandoo2020
Applicants need a credit score as low as 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.
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.
People also ask
Where can I get a small loan for bad credit?
You can get small loans for bad credit from lenders such as Avant, LendingPoint and Upstart. But depending on how bad your credit is, you may have to get a secured personal loan instead of an unsecured one. Major lenders offering secured personal loans that people with poor credit can get include Wells Fargo and TD Bank.
With a secured loan, you must put up some kind of collateral that the lender can take possession of...
read full answerWhat personal loans can I get with a credit score under 600?
You can get a personal loan with a credit score under 600 from LendingPoint, if your score is at least 585. In addition, if your score is just on the border of 600, it might be possible to qualify for a loan from Avant or LendingClub, though it's probably best not to try your luck. You may have an easier time with local credit unions, which may be more receptive to lower credit scores.
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read full answerAre there any personal loans with guaranteed instant approval?
There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender...
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