MoneyGeek’s Take: LendingPoint Personal Loan Review
LendingPoint is a privately held company offering unsecured personal loans ranging from $2,000 to $36,500. Funds are available within one business day of your loan application approval. You must be 18 years old, have a fair credit score and earn $20,000 or more annually to qualify for a personal loan from LendingPoint.
With LendingPoint, you can apply for a personal loan for purposes like debt consolidation, funding medical expenses, weddings or home remodeling without having to worry about your credit score being impacted. The company’s loans have terms ranging from two to five years, with APRs between 9.99% and 35.99%.
At a Glance: LendingPoint Personal Loans
- 9.99% to 35.99%APR Range
- 590Minimum Credit Score
- $2,000 to $36,500Loan Amount Range
- 24 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek Breakdown - LendingPoint Personal Loan Details
Depending on your creditworthiness, the APR varies from 9.99% to 35.99%.
Credit Score Requirements
To qualify, you must have a minimum credit score of 590.
You need to have a minimum annual income of $20,000 to be eligible.
The company offers personal loans of between $2,000 to $36,500.
Repayment terms are between 24 and 60 months.
Is LendingPoint Right for You?
Personal loan lenders have varying qualifying requirements. As a result, selecting a loan entails several factors. MoneyGeek's LendingPoint personal loan review will help you determine whether the lender is a good fit for you.
Who LendingPoint Is Perfect For
LendingPoint may be perfect for you if you’re seeking a loan of up to $36,500 and have a minimum credit score of 590. You don’t have to be concerned about the company's credit report check lowering your credit score as it uses a soft query. A higher credit score increases your chances of being approved and obtaining a lower annual percentage rate (APR).
Its gross income requirement of $20,000 per year can also benefit you if your annual income is somewhat low. Additionally, the firm is ideal if you’re looking to pay off your loan early as it doesn't penalize prepayments.
Who Should Not Choose LendingPoint
LendingPoint does charge an origination fee, which can deter applicants. That fee can be as high as 6% of your loan amount. You may also wish to consider another lender if you want more than the $36,500 maximum loan amount offered by LendingPoint.
If you have no credit, or just started building your credit history, you should probably look for another lender. Additionally, LendingPoint does not allow co-signers or joint loans and does not provide discounts for automatic payments or competitive rate matching.
How to Apply for a LendingPoint Personal Loan
We've put together a checklist of the most important steps in the application process for your LendingPoint personal loan. You'll start by filling out the application and then sign the loan agreement once you're approved. At that point, you’ll receive your loan funds.
By visiting the LendingPoint website and completing an application form, you can assess your loan eligibility. Remember that you’ll need a minimum credit score of 590, an annual salary of $20,000 and a verifiable personal bank account in your name. You also have to be 18 years old and can’t live in Nevada or West Virginia.
Fill Out Application Form
The application will ask for your name, address, financial information, the loan amount required and the loan's purpose in order to evaluate your eligibility. Other required documents might include a driver’s license, pay stubs, bank statements or employment verification. This procedure involves a soft credit check that will not affect your credit score.
Wait for Approval
Approval time can often take just seconds to a few hours, which allows you to receive the loan from LendingPoint as early as the next day. However, the company may ask for additional documents and information, which can delay approval somewhat.
Review Loan Agreement
Look at the fine print and terms and conditions of the loan you've been approved for. Take your time and pay attention to even the most inconsequential aspects. This will help you learn of any hidden costs or charges associated with the loan.
Sign Loan Agreement
You can sign the loan agreement once you've read and understood it.
Receive or Direct Funds
LendingPoint usually funds their loans on the next business day after approval.
You can sign up on the company website to create an account and make your loan payments. Once you accept an offer and sign the agreement, you will learn more about the payment alternatives accessible to you.
What to Do if You Are Rejected by LendingPoint
Don’t be discouraged if your application for a personal loan is rejected. There are a lot of lenders available that may have lower minimum requirements and less stringent eligibility criteria.
Some of the common reasons lenders may reject your loan application are a poor credit score, not meeting minimum income requirements, higher debt-to-income ratio or missing or incorrect documentation.
To find out why your application was rejected and to receive guidance on how to increase your chances of being approved in the future, get in touch with LendingPoint. Once you’ve identified and corrected the problem, you can re-apply with LendingPoint or another lender.
Frequently Asked Questions About LendingPoint Personal Loans
To help you find the best lender for you, we've created a list of frequently asked questions concerning LendingPoint personal loans. While LendingPoint has its advantages and disadvantages, it's up to you to decide if it's the best option for your financial situation.
Read More on Personal Loans
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.