LendingPoint Personal Loans: 2023 ReviewCheck 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.
Overview of LendingPoint
Pros and Cons of LendingPoint
Pros of LendingPoint
Cons of LendingPoint
LendingPoint Personal Loan Terms, Rates, and Fees
Who May a LendingPoint Personal Loan Be Right For?
Consumers with poor credit who need subprime personal loan funding Consumers looking for quick $4k loans Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark Consumers who need to borrow a small $2,000 personal loan
Who LendingPoint May Not Be Right For
Consumers who need to borrow large personal loans of up to $100K Couples or partners who prefer joint personal loans Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan Consumers who prefer open-end credit vs. closed-end credit
What to Watch Out for With LendingPoint Personal Loans
These quick personal loans may charge APRs as high as 35.99% Minimum loan amounts in some states may exceed $3,000 Failing to pay and defaulting on a personal loan can have a major impact on your credit score
LendingPoint Personal Loan Eligibility Requirements
At least 18 years of age Have proof of identity Have a Social Security number Have a minimum annual income of $35,000 Have a verifiable personal banking account in your name Not reside in Nevada or West Virginia
Repayment Options for LendingPoint Personal Loans
Enrolling in autopay Making one-time payments via LendingPoint’s mobile app or your customer portal Mailing a money order, cashier’s check, or certified check payment
How to Apply for a LendingPoint Personal Loan
Apply online. Applicants can get started by answering basic questions on a digital platform, including your loan purpose and how much you would like to borrow. Applicants can check to see if they have any prequalified loan options from LendingPoint. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points. Verify information. LendingPoint may request that you provide supporting documents for verification purposes, such as proof of income. Pay stubs, bank statements, or W-2s may serve as proof of income. LendingPoint may also request proof of identity. Accept the loan. Approved applicants may sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within one business day. You can check your bank account to confirm receipt of the proceeds.
Alternatives to LendingPoint Personal Loans to Consider
Happy Money’s Payoff Loan: The Payoff Loan™ is an unsecured personal loan that may help borrowers consolidate credit card debt balances. Powered by the fintech company Happy Money, Payoff Loans range from $5,000 to $40,000 and may include annual percentage rates between 7.99% and 29.99%. Terms can range from 24 to 60 months, but one drawback is that Payoff personal loans may deduct an origination fee from your loan amount. LightStream: LightStream offers personal loans ranging from $5,000 to $100,000 with no fees or penalties. Loan terms can range from 24 to 144 months depending on the purpose of the consumer loan, and the annual percentage rate may range from 5.99% to 24.49%. Applicants may receive funding within hours of applying, but one drawback with LightStream personal loans is the funds cannot be used to buy stocks or bonds. Best Egg: Best Egg offers unsecured and secured personal loans ranging from $2,000 to $50,000. Best Egg personal loans have APRs ranging from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%. Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options without any impact to your credit score.
Frequently Asked Questions
About the Author
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.