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


  • LendingPoint
    • 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

    on LendingPoint Website

OUR REVIEW - A DEEPER DIVE INTO LENDINGPOINT

MoneyGeek Breakdown - LendingPoint Personal Loan Details

  • APR

    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.

  • Income Requirements

    You need to have a minimum annual income of $20,000 to be eligible.

  • Loan Amounts

    The company offers personal loans of between $2,000 to $36,500.

  • Loan Terms

    Repayment terms are between 24 and 60 months.

  • Permitted Uses

    Personal loans can be used for most expenses and purchases, including house remodeling, debt consolidation, medical bill payments, vehicle finance and vacation funding.

  • Prohibited Uses

    The company doesn’t impose any specific restrictions on the use of its personal loans.

  • Time to Receive Funds

    Once approved, the loan funds are disbursed the next day.

  • Origination Fees

    An origination fee of up to 6% of the loan amount applies to all personal loans.

  • Late Fees

    For late payments, a fee of $30 may be applied.

  • Prepayment Penalty Fees

    The company doesn’t impose a prepayment penalty for paying off loans early.

  • Co-signers and Co-applicants

    The lender does not allow co-signers or joint loans.

  • Perks

    The company requires a moderate credit score and low ($20,000) minimum salary. It processes funds in one day and does not penalize early repayment.

  • Mobile Application

    The company offers a mobile app that allows you to manage your loan account on the go.

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.

1

Prequalify

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.

2

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.

3

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.

4

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.

5

Sign Loan Agreement

You can sign the loan agreement once you've read and understood it.

6

Receive or Direct Funds

LendingPoint usually funds their loans on the next business day after approval.

7

Make Payments

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.

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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. Learn more about our editorial policies and expert editorial team.