LendingPoint personal loans are available to people with excellent credit, bad credit, and everything in between. However, they are much more beneficial for applicants toward the bad-credit side of the spectrum. LendingPoint’s minimum credit score requirement is only 580, which is one of the absolute lowest among major lenders that offer unsecured personal loans.
The higher your credit score, the less beneficial getting a personal loan from LendingPoint becomes, relative to other lenders. LendingPoint’s APRs range from 9.99% to 35.99%. People with excellent credit can get rates as low as 4% to 6% from other major lenders, so LendingPoint’s starting rates are high in comparison. However, the maximum of 35.99%, which people with bad credit are much more likely to get, is a lot better than the rates available from most lenders that specialize in bad credit.
LendingPoint is an online lender and a WalletHub partner. If you’re interested in applying for a personal loan from LendingPoint, you can check for pre-qualification on LendingPoint’s website. You can also use WalletHub’s free pre-qualification tool to check which other lenders have a high chance of approving you, too.
LendingPoint Review Highlights
- LendingPoint APRs: 9.99% to 35.99%
- Origination fee: 0% to 6% of the loan amount.
- Late fee: $30 late fee, but only if you are 15 days late on paying.
- Loan sizes: $2,000 to $36,500.
- Repayment periods: 24 to 60 months.
- Credit score requirement: 580
- Minimum income requirement: $20,000
- Other LendingPoint requirements: Have a Social Security number and be at least 18 years old. Be either a U.S. citizen or permanent resident, and have an open U.S. bank account.
- Funding timeline: Minutes to apply. Approval as fast as 5 seconds. Money as soon as next business day.
- Joint applications: Not allowed.
While LendingPoint is great for people with bad credit, its high starting rates make it not the best choice for people with higher credit scores. Below, you can see how WalletHub rates LendingPoint in our three major personal loan review categories: Terms, Requirements & Application, and Reviews & Transparency.
LendingPoint Ratings by Category
Terms: 3.1 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 4.7 / 5
Overall Score: 3.5 / 5
These 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.