LendingPoint Personal Loans 2024: What You Should Know

If you need cash quickly and have fair credit, a LendingPoint personal loan might be an option to consider. However, you may be charged an origination fee depending on where you live, and interest rates might be higher than you’d find with other lenders.

LendingPoint Personal Loans

LendingPoint Personal Loans Review

LendingPoint offers personal loans to clients with credit scores as low as 585, in contrast to certain other lenders in the online market who only concentrate on borrowers with great credit.

Although unsecured loans from LendingPoint can be used for any purpose, a lot of their clients utilize the money to pay off high-interest debt.

How Does LendingPoint Work?

LendingPoint Personal Loans

Loans from LendingPoint can be utilized for almost any personal purpose, including vacations, house upgrades, auto repairs, and debt reduction.

As fixed-rate installment loans, applicants might have as low as a 600 credit score.

After filling out the application, applicants receive a response shortly after finishing the process, which takes only a few minutes.

Usually, within a day of filing the loan application, the borrower receives the funds directly into their bank account once they are authorized.

If you apply on a Friday or Saturday, you might have to wait longer because transfers don’t happen on the weekends.

Verifying your rates won’t have an impact on your credit score because LendingPoint doesn’t run a hard credit check when you apply for a loan.

Like most lenders, LendingPoint will run a hard credit check on you if you take the loan, which could lower your credit score.

Pros and Cons of LendingPoint


1. Fast turnaround times: The application process is simple and quick. Many borrowers receive approvals, and before the end of the following business day, funds are in their accounts.

2. Soft Pull Inquiry – LendingPoint allows for an initial soft pull inquiry online so the borrower can get an idea of the options for which they may qualify. A soft pull does not affect your credit.

3. Good for borrowers with poor credit – LendingPoint targets borrowers without perfect credit. Many other providers will not service borrowers with poor credit.

4. Flexible repayments – You can customize your repayments. You can choose a payment due date and schedule your payments every other week, every 28 days, or monthly.

5. No Prepayment Penalty – LendingPoint does not have a prepayment penalty.


1. Origination Fee – LendingPoint deducts a one-time origination fee of 0% to 6% of your loan amount directly from your loan funds.

2. Smaller max amount – The LendingPoint maximum amount is smaller than many other personal loan providers. If you need more, you will have to go to another provider.

3. Not Available in All States – LendingPoint is available in 40 states.

4. Large late payment fee – LendingPoint has a late fee of $30, which is higher than most other providers.

5. High rates – LendingPoint has high rates. If you have a good credit history there are more competitive rates in the market.

Where Lending Point Personal Loans Stand Out

1. Fast Funding

LendingPoint says it needs minutes to complete an application, and the lender can make an approval decision in seconds.

If you’re approved before noon Eastern time, LendingPoint may dispatch funds the same day; otherwise, funding is the next day.

Same-day allocation is as good as it gets on a personal loan. Next- or two-day funding is expected, but same-day is rare.

2. Mobile App and Credit-Building Features

Borrowers can pre-qualify and collect personal loan payments on LendingPoint’s mobile app.

The lender also delivers credit score monitoring and budgeting assistance. These features are relatively common, but not guaranteed, with other lenders.

3. Soft Credit Check with Pre-Qualification

Like most internet lenders, LendingPoint lets borrowers pre-qualify to see their loan offers, including potential loan amount and annual percentage rate, before applying.

This process doesn’t impact your credit score, so it’s a low-risk way to shop for a personal loan.

4. Option to Change Your Payment Date

LendingPoint doesn’t allow borrowers to pick their payment due date before signing a loan agreement.

However, its customers can change it after closing the loan, then once per year after that.

Payment flexibility is beneficial if you have a change in income and expenses, such as a new job with a different payday.

5. Ability to Refinance

Borrowers can utilize a LendingPoint loan to refinance a loan from LendingPoint or another lender.

This feature comes in handy if you increase your credit so much that you qualify for a lower rate with LendingPoint or another lender.

6. Hardship Plan

LendingPoint says it has a customer service unit dedicated to helping borrowers through hardships.

The lender also presents programs including reduced payments over time, a lowered rate, or extended repayment terms.

Most lenders are vague about their hardship programs and tell borrowers to call for assistance.


Where Lending Point Personal Loans Fall Short

LendingPoint Personal Loans

1. Charges an Origination Fee

LendingPoint might charge an origination fee of up to 10%.

Lenders normally deduct this fee from your loan proceeds, effectively shrinking your loan by a few hundred or thousand dollars.

LendingPoint allows borrowers to increase their loan size to include the fee or to reduce the loan amount and take the fee out upfront.

This fee is fairly common with lenders that target fair- and bad-credit borrowers (credit scores below 690).

If your loan amount is lowered, be sure it is enough to cover your expenses.

2. Reports Payments to Two of Three Credit Bureaus

LendingPoint registers payments to Experian and TransUnion, but not Equifax.

This indicates that if you pay off your LendingPoint loan and apply for credit with a lender that checks Equifax, that lender may not reward good payment behavior with a lower rate.

Most lenders document payments to all three credit bureaus.

3. No Joint or Co-Signed Loans

Borrowers can’t obtain a co-signed loan with LendingPoint, nor can they include a co-borrower to apply for a joint personal loan.

Either option provides a lender more information to consider on a loan application.

Adding somebody with better credit and income may help you qualify or get a lower rate.

4. No Secured Loans

LendingPoint doesn’t present secured personal loans, which can be easier to qualify for or have lower rates.

Some internet lenders let borrowers use a vehicle to secure a personal loan, while banks and credit unions offer savings-secured loans.

5. No Large Loans

LendingPoint loan amounts are up to $36,500, while rivals offer loans up to $50,000 or even $100,000.

Smaller loan amounts signify that LendingPoint isn’t ideal for a large home improvement project or purchase like a boat or RV.

How to Apply for a Personal Loan with LendingPoint

To qualify for a personal loan from LendingPoint, you must meet the following requirements:

1. Be at least 18 years of age.

2. Be able to provide a government-issued photo ID.

3. Have a valid Social Security number.

4. Earn at least $20,000 per year from employment, retirement, or another source.

5. Have a verifiable bank account in your own name.

6. Live in a state LendingPoint operates in.

If you meet the minimum requirements for a LendingPoint loan, you can start the process by getting pre-qualified for one of their loans.

To check which offers you may qualify for, all you need to provide is your desired loan amount, your name, your birth date, your email, your address, your income, and the last four digits of your Social Security number.

Let’s assume you like the offers you’re matched with.

In that case, you can move forward with a full loan application by submitting your full Social Security number, driver’s license, bank account information, a voided check, pay stubs, or proof of income.

Based on the information you submit, your credit score, and your income, LendingPoint may be able to approve your loan within a few minutes.

After all loan documentation is verified, it’s possible you could have your loan funds deposited in your bank account as soon as the next business day.

LendingPoint Fees and Penalties

LendingPoint charges an origination fee of 0% to 6% of the loan amount.

If you like, you can have this upfront fee deducted from your loan disbursement instead of paying it out of pocket.

If you choose this option, though, you may need to borrow money more than you need to make sure you don’t end up with a shortfall.

The lender doesn’t charge an application fee, and also won’t penalize you if you choose to pay off your loan early.


How Lending Point Personal Loans Compare with Rivals

Fees and Penalties

LendingPoint vs. Upgrade

For borrowers seeking coverage for a small expense, Upgrade is another strong contender to consider.

Though the two lenders have a similar minimum credit score, Upgrade carries an even lower minimum amount of $1,000. 

Another standout element is the ability to receive funding as soon as the day you apply, a benefit not offered by LendingPoint.

On top of this, Upgrade delivers direct payments to creditors — ideal for those securing a debt consolidation loan.

LendingPoint vs. Avant

Avant maintains an even lower minimum credit requirement than LendingPoint at 580.

However, its APR range begins higher than LendingPoint, so well-qualified borrowers may be able to get a better deal with LendingPoint.

Both lenders have simplified websites and mobile apps, so borrowers can access and maintain their accounts.

What Can a LendingPoint Personal Loan be Used for?

Explore some of the things you would do with LendingPoint personal loan;

1. Debt Consolidation

Since LendingPoint focuses on borrowers with average or poor credit, it is a good provider for those wanting to pay down their debts.

2. Vacation

LendingPoint offers a way to get money for your vacation without having to deal with credit cards or worry about every dime during your travel.

3. Moving Expenses

LendingPoint loans can be used to help with moving expenses. For example, a LendingPoint loan could help you take the risk of moving across the country for a new job.

4. Medical Expenses

Medical expenses can be a significant financial burden for many people, especially if they are unexpected.

Fortunately, LendingPoint offers personalized loan options to help you manage these expenses.

Whether it’s an unexpected medical emergency, a planned procedure, or ongoing treatment costs, LendingPoint can help ease the financial strain.

5. Home Improvement

LendingPoint loans can be used for home repairs or renovations.

The advantage of using a personal loan for home improvement is the promptness of receiving the funds.

Typically, it takes a month or more to get an equity line of credit on your home.

6. Car or Car Repairs

LendingPoint allows their personal loans to be used for car purchases without using the car as collateral.

Many times car loans are cheaper but if you are unable to get credit, LendingPoint may be a good option.

LendingPoint Personal Loans is a great option for borrowers with poor credit who need money fast.

They service an underserved market that many of the big banks do not.

It is great for borrowers who have high amounts of debt and want to consolidate and simplify life.

However, if you need credit fast, LendingPoint is a good option but you should keep your options open and shop around for a better rate.

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