LendingPoint Review

Adam McCann, Financial WriterMar 6, 2023

WALLETHUB’S RATING: 3.5 / 5

Adam McCann, Financial WriterMar 6, 2023

WalletHub’s Rating

3.5 out of 5 rating 3.5 / 5

Bottom Line: LendingPoint personal loans are good for people with bad credit who need a small loan quickly. However, LendingPoint has expensive APRs and a minimum income requirement.

This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.

Pros

Low credit score requirement: 620
Low income requirement: $35,000
Approval/funding in 1 - 2 business days
No prepayment fees

Cons

0% - 8% (varies by state) origination fee
$30 monthly late fee
No joint applications

LendingPoint Review Summary

LendingPoint personal loans are good for people with credit scores as low as 620 who need a small loan quickly. LendingPoint offers loans of $2,000 - $36,500, with repayment required in 24 - 72 months, and they usually decide on applications within hours, then fund the loan as soon as the next business day. The minimum LendingPoint personal loan APR is 7.99%, and the maximum is 35.99%. That’s on par with or better than many 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 48 states and the District of Columbia. The only exceptions are West Virginia and Nevada. Keep reading to learn more about how LendingPoint scores in WalletHub’s three main review categories: Terms, Requirements & Application, and Reviews & Transparency.

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LendingPoint Personal Loan Terms


APRs	7.99% - 35.99%
Loan Amount	$2,000 - $36,500
Loan Terms	24 - 72 months
Origination Fee	0% - 8% (varies by state)
Prepayment Fee	$0
Late Fee	Up to $30 (varies by state)
Minimum Credit Score	Bad^*
Minimum Income	$45,000
Loan Purpose	Debt Consolidation, Refinance, Home Improvement
Time to Receive Loan Money	As soon as the next business day
Other Requirements	18+ years old; U.S. citizen or permanent resident; SSN; U.S. bank account.
According to multiple third-party sources Check My Rate

According to multiple third-party sources

LendingPoint Rates, Fees & Other Terms

Category Rating: 3.1/5

Overall APR range: LendingPoint offers fixed-rate personal loans with an APR range of 7.99% - 35.99%. Although plenty of lenders have lower APR ranges for people with high credit scores, borrowers with low scores may find LendingPoint to be worthwhile.
How rates are determined: The actual rate you will get depends on your credit history and income, among other factors.
Fees: LendingPoint may charge an origination fee of 0% - 8% (varies by state) of the loan amount, depending on your state of residence. In addition, there is a Up to $30 (varies by state) fee for payments that are more than 15-days overdue. LendingPoint does not charge any prepayment penalties.
Loan amounts & timelines: LendingPoint offers personal loans of $2,000 - $36,500. Their loan repayment terms range from 24 - 72 months.

LendingPoint Requirements & Application Info

Category Rating: 3.8/5

Minimum credit score: LendingPoint requires a minimum credit score of 620 for their personal loans, according to customer service representatives.
Minimum income: You must have an annual income of at least $35,000.
Age: You must be at least 18 years old.
Citizenship: You must be a U.S. citizen or permanent resident.
Identification: You must have a Social Security number and government-issued photo ID.
Bank account: You must have a verifiable bank account in your name.
Pre-qualification: LendingPoint allows you to check your potential rates before submitting your application. This process will have no impact on your credit score.
Ways to apply: You can apply for a LendingPoint personal loan online or by calling (888) 969 0959.
No joint applications: LendingPoint does not allow joint loans; they only accept individual applications.

LendingPoint Reviews & Transparency

Category Rating: 4.7/5

Better Business Bureau: LendingPoint, LLC became accredited with the agency in 2014 and currently has an A+ rating.

Consumer Financial Protection Bureau: There are around 30 complaints about LendingPoint’s personal loans within the CFPB database. Some concerns include customers having trouble accessing their online account and LendingPoint inaccurately reporting payments as late. LendingPoint has given a “timely” reply to nearly all of the complaints.

WalletHub: LendingPoint has a user rating of 4.3/5 across nearly 600 reviews.

Transparency: 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 scores very well in this category. They are extremely transparent about not only their loan terms but also their requirements. In addition, they have a good reputation with watchdog agencies.

Summary: LendingPoint Scores by Review Category

Category	Score
Rates, Fees & Other Terms	3.1/5
Requirements & Application Info	3.8/5
Reviews & Transparency	4.7/5
OVERALL	11.6/15

LendingPoint vs. Popular Competitors


Reviews	*****	*****	*****
APRs	7.99% - 35.99%	9.95% - 35.99%	7.99% - 29.99%
Loan Amounts	$2,000 - $36,500	$2,000 - $35,000	$5,000 - $50,000
Loan Terms	24 - 72 months	24 - 60 months	24 - 60 months
Minimum Credit Score	Bad^*	Bad^*	Bad^*

According to multiple third-party sources

Methodology

In order to provide the most accurate LendingPoint review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. LendingPoint terms do not fluctuate significantly by state, however.
The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

LendingPoint Review FAQ(49 questions)

Is LendingPoint legit?

Upvotes

Adam McCann, Financial Writer

Yes, LendingPoint personal loans are legit because the lender is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why LendingPoint personal loans are legit and real is that LendingPoint is accredited with the Better Business Bureau and has an A+ rating.

Why LendingPoint Personal Loans Are Legit

LendingPoint is registered as a business in the states it services.
LendingPoint has a Better Business Bureau rating of A+.
LendingPoint has been around since 2014.
LendingPoint has an average user rating of 4.3/5 on WalletHub.
LendingPoint personal loans have a rating of 3.5/5 from WalletHub's editors.
LendingPoint has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While LendingPoint personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of LendingPoint personal loans against your other options before submitting an application.

What credit score do you need for a LendingPoint personal loan?

Upvotes

Rick Bormin, Personal Loans Moderator

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.

Is LendingPoint a secured loan provider?

Upvote

Gino Rodriguez, Writer

No, LendingPoint does not offer secured loans. LendingPoint only offers unsecured loans, which do not require you to put something up as collateral, such as a car, home or money in a savings account. Since unsecured loans are riskier for LendingPoint, rates tend to be higher compared to secured loans.

The upside to an unsecured loan is that you don't run the risk of losing an asset if you fail to make the payments. However, LendingPoint reports payment information to the major credit bureaus every month, so if you fail to pay the bills on time, it can damage your credit score.

For more information, visit WalletHub's LendingPoint personal loan review page.

Does a LendingPoint personal loan affect your credit score?

Upvotes

Rick Bormin, Personal Loans Moderator

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.

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.

Is it difficult to get a LendingPoint personal loan?

Upvote

Grace Enfield, Content Writer

It is not difficult to get a personal loan from LendingPoint because they offer personal loans for people with credit scores as low as 620+. Other LendingPoint personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.

LendingPoint Personal Loan Requirements

Minimum Credit Score: 620+ credit score
Minimum Income: $20,000 per year minimum income
Age: 18+ years old
Residency: U.S. citizen or permanent resident
Identification Type: SSN and government-issued ID

Once you make sure you've met all the requirements for a LendingPoint personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.

You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.

Is LendingPoint hard to get approved for?

Upvotes

Grace Enfield, Content Writer

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
Age: 18+
Citizenship: U.S. citizen or permanent resident
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states except Nevada and West Virginia

For more information, check out the full LendingPoint personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

Is LendingPoint a direct lender for personal loans?

Upvotes

Grace Enfield, Content Writer

Yes, LendingPoint is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it's more secure, and they make the loan process faster by removing middlemen.

In the end, your loan comes directly from LendingPoint, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.

What are LendingPoint's requirements for borrowers?

Upvotes

Grace Enfield, Content Writer

LendingPoint's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a credit score of at least 620. You will also need to have a verifiable bank account to qualify for a LendingPoint personal loan.

LendingPoint Requirements for Borrowers

Credit Score: 620
Income: $35,000 p/y
Age: 18+
Citizenship: U.S. citizen or permanent resident
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states except Nevada and West Virginia

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

What are my LendingPoint approval odds?

Upvotes

Grace Enfield, Content Writer

Your LendingPoint approval odds are good if you have a low debt-to-income ratio and meet LendingPoint's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having a credit score of 620. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.

What You Need for Good LendingPoint Approval Odds

Credit Score Requirement: 620
Age: 18+
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states except Iowa and U.S. territories
Citizenship: U.S. citizen or permanent resident
Income: $35,000 p/y

Before applying for any personal loan, it's a good idea to check to see if you pre-qualify in order to estimate your approval odds. You can use WalletHub's free pre-qualification tool to check with multiple lenders at once.

Does LendingPoint approve everyone?

Upvotes

Grace Enfield, Content Writer

No, LendingPoint does not approve everyone. To qualify for a LendingPoint personal loan, you need to be at least 18 years old, have a credit score of 600 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

LendingPoint Personal Loan Requirements

Age Requirement: 18+
Credit Score Requirement: 600
Income Requirement: $35,000 p/y
Citizenship Requirement: U.S. citizen or permanent resident
Bank Account Requirement: Verifiable bank account
Identification Requirement: Social Security number
Residency Requirement: All states except Nevada and West Virginia

For more information, check out the full LendingPoint personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.

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