MoneyGeek’s Take: LendingPoint Personal Loan Review

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%.

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.

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.

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.

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.

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.