LendingPoint Personal Loans: 2021 Review

Q: Is LendingPoint legit?

Yes. LendingPoint has $2 billion of platform originations and more than 3,000 small business and e-commerce partnerships, and has helped many individuals with fair credit find financing.

Q: Is LendingPoint a direct lender?

Depending on the state you live in, LendingPoint may be the direct lender. They also work with partner banks.

Q: Does LendingPoint report to credit bureaus?

Yes, your loan activity will be reported to one or more credit bureaus.

Q: Is it better to pay off loans fast or slow?

Typically, the faster you pay off a loan, the less interest you will pay overall. LendingPoint does not charge a prepayment penalty fee.

Q: What is the easiest loan to get approved for?

LendingPoint exclusively offers unsecured personal loans, between $2,000 and $25,000.

Q: Can you get a personal loan from LendingPoint with a credit score of 550?

While the reported minimum credit score for a loan with LendingPoint is 590, the company considers other personal financial factors in addition to credit score, such as employment history, financial history, and income.

Check Your Rate

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Susan Guillory

Updated June 4, 2021

Overview of LendingPoint

LendingPoint takes a unique approach to personal finance: leveraging algorithms, big data, and machine learning, the lender provides loans to people who don’t have an extensive or solid credit history as well as self-employed entrepreneurs.

Pros and cons

Pros

Same-day approvals and next-day deposits available
Credit score is just a part of the decision process, making these loans an option for borrowers with fair credit.

Cons

Origination fee can be as high as 6%
No joint applicants

LendingPoint Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000-$25,000APR range: 9.99% to 35.99% (Updated as of 6/21/2021.)Origination fee: 0%-6% of loan value (varies by state of residence)Minimum credit score: 590Time to funding: Next-business-day funds availableCo-borrower needed: LendingPoint does not accept joint applications(Updated as of 4/9/2021.)

LendingPoint Personal Loans: Overall Rating

LendingPoint consumer reviews generally rate affordability and customer service high. See what customers have to say.

Other Lenders

Before deciding on a lender, it is usually helpful to compare personal loan rates from other lenders. Below are a few other lenders that might be worth looking into.

LightStream

Reading LendingPoint loan reviews like the ones below could help you understand how quickly and adeptly the company responds to customer service inquiries. Reviews from customers could also provide valuable insight as you decide whether it’s the right lender for you.

What Types of Loans Does LendingPoint Offer?

LendingPoint provides unsecured personal loans to individuals with less than stellar credit or little credit history. These loans can be used for things like debt consolidation, remodels, weddings, vehicles, moving, or even vacations.

Important to Keep in Mind

While LendingPoint has lower requirements in terms of credit score than some other lenders, if you are still unable to qualify for a loan on your own, be aware that there are no joint applications, meaning you can’t add a co-borrower to help you qualify.Also, keep in mind that, while APRs are generally on the low end (9.99%), APRs can go as high as 35.99%, and those with worse credit or qualifications may be offered a loan with an interest rate at the higher end of that spectrum.

Applying for a LendingPoint Personal Loan

Applying for a LendingPoint personal loan is generally quick and easy, and applicants can get approved the day they apply.

Qualifications for a LendingPoint Loan

To potentially qualify for a loan with LendingPoint, you must be 18 years or older and have a government-issued photo ID and a Social Security number.You must have an income of at least $35,000 and a verifiable personal bank account in your name, and you must live in one of the states where LendingPoint does business. LendingPoint would like to see that you have been working for the same employer for at least 12 months, you have responsible financial records, and you have “positive recent and current credit behavior.” Once a potential borrower receives an offer for a LendingPoint loan, they may be required to submit additional documentation to complete the approval process.

The Application

Applicants will be asked some general questions about contact details, income, and Social Security number to see loan options. Potential borrowers may also be asked to upload documents to verify the information provided on the application, such as:

Copy of photo ID
Proof of employment and income
Recent bank statements
Voided check

After an applicant has been approved, it’s possible to receive funding as soon as the next business day.

The Bottom Line

For those with fair credit history or a lower credit score than many lenders consider, finding affordable lending options can be a challenge, but LendingPoint may be an option for consumers within this niche. If you don’t qualify for other types of personal loans or for personal loans from other lenders, LendingPoint is a possible avenue to explore.Looking for more personal loan options? With Lantern's help, you can find the right one for you.

Frequently Asked Questions

Is LendingPoint legit?

Is LendingPoint a direct lender?

Does LendingPoint report to credit bureaus?

Is it better to pay off loans fast or slow?

What is the easiest loan to get approved for?

Can you get a personal loan from LendingPoint with a credit score of 550?

About the Author

Susan Guillory

Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.

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