- Loans as high as $36,500
- APRs as low as 9.99%
- Few complaints
- No prepayment fees
- Funding on the next business day upon approval
- Accepts long-term visas
- APRs as high as 35.99%
- Origination fee up to 6%
- Late fee - 5% of payment (min. $15)
LendingPoint Review Summary
LendingPoint personal loans are good for people with credit scores as low as 580 who need a small loan quickly. LendingPoint offers loans of $2,000 to $36,500, with repayment required in 24 to 60 months, and they usually decide on applications within seconds, then fund the loan as soon as the next business day. The minimum LendingPoint personal loan APR is 9.99%, 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 Nevada and West Virginia. Keep reading to learn more about how LendingPoint scores in WalletHub’s three main review categories: Terms, Requirements & Application, and Reviews & Transparency.
LendingPoint Personal Loan Terms
|APRs||9.99% - 35.99%|
|Loan Amount||$2,000 - $36,500|
|Loan Terms||24 - 60 months|
|Origination Fee||0% - 6% (varies by state)|
|Late Fee||$30 (after 15 days late)|
|Minimum Credit Score||Bad*|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||1 - 2 business days|
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 9.99% - 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 up to 6% of the loan amount, depending on your state of residence. In addition, there is a $30 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 to $36,500. Their loan repayment terms range from 24 to 60 months.
LendingPoint Requirements & Application Info
Category Rating: 3.8/5
- Minimum credit score: LendingPoint requires a credit score of 580 or higher for their personal loans, according to customer service representatives.
- Minimum income: You must have an annual income of at least $20,000.
- 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 an average user rating of 4.3/5 across more than 450 user 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
|Rates, Fees & Other Terms||3.1/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||4.7/5|
LendingPoint vs. Popular Competitors
|APRs||9.99% - 35.99%||9.95% - 35.99%||7.99% - 29.99%|
|Loan Amounts||$2,000 - $36,500||$2,000 - $35,000||$7,500 - $50,000|
|Loan Terms||24 - 60 months||24 - 60 months||24 - 60 months|
|Minimum Credit Score||Bad*||Bad*||Fair*|
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.