LendingPoint Personal Loans: 2023 Review

Q: Is it hard to get approved by LendingPoint for a loan?

It can be hard to get approved for a LendingPoint loan if your annual income is insufficient. LendingPoint may require applicants to have at least $35,000 in annual income to be eligible for a loan.

Q: What credit score do you need to get a loan from LendingPoint?

LendingPoint looks beyond a consumer’s credit score when making lending decisions. A consumer with bad credit may get approved for a LendingPoint loan if the platform’s tech model finds the consumer to be creditworthy. LendingPoint says it serves consumers with FICO Scores up to 850, which suggests it may offer loans to consumers with good credit, bad credit, or excellent credit.

Q: Is LendingPoint a direct lender?

Yes, LendingPoint LLC has a license in multiple states to engage in the business of making consumer loans or collecting payments for consumer credit transactions. LendingPoint is a fintech company that may fund consumer loans through its lending platform in certain states. LendingPoint also works with other lenders that fund loans on the LendingPoint platform.

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Sulaiman Abdur-RahmanUpdated January 23, 2023

Overview of LendingPoint

LendingPoint offers unsecured personal loans ranging from $2,000 to $36,500 under terms ranging from 24 to 72 months. The annual percentage rate can range from 7.99% to 35.99%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an origination fee of up to 8%.The Takeaway: LendingPoint’s financial technology platform can provide quick personal loans to borrowers with prime or subprime credit scores. LendingPoint personal loans may be right for you if you need to borrow thousands and have fair or poor FICO® Scores below 670.

Pros and Cons of LendingPoint

Pros of LendingPoint

As highlighted in the LendingPoint reviews above, customers generally appreciate the pros of LendingPoint personal loans. Applicants can receive personal loan preapproval within minutes and may receive funds within one business day. LendingPoint loans can be used for a wide variety of purposes, and subprime borrowers with fair or poor credit scores may qualify. Paying the loan off early incurs no prepayment penalty.

Cons of LendingPoint

LendingPoint may charge an origination fee of up to 8%, and your overall APR can be as high as 35.99%. Consumers in Nevada and West Virginia are not eligible for a LendingPoint personal loan, and joint personal loans are not offered to anyone. Only individuals in the 48 eligible states and the District of Columbia may qualify for a LendingPoint loan. LendingPoint does not permit or accept joint applications.

LendingPoint Personal Loan Terms, Rates, and Fees

Loan amounts: $2,000 to $36,500APR range: 7.99% to 35.99%Loan terms: 24 to 72 monthsPrepayment penalty: NoApplication fee: Origination fees can range from 0% to 8% of the loan amountCo-borrowers allowed: NoApproval speed: Preapproval within minutes, funds can be received within one business dayInformation accurate as of Jan. 23, 2023.

Who May a LendingPoint Personal Loan Be Right For?

LendingPoint personal loans may be right for the following demographics:

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

LendingPoint personal loans may not be right for the following demographics:

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

Here are aspects 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

LendingPoint personal loans may have the following 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

Recommended: 5 Typical Personal Loan Requirements

Repayment Options for LendingPoint Personal Loans

Here are some loan repayment options that may be available to LendingPoint customers:

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

As highlighted above, personal loans from LendingPoint have several pros and cons. When you need to borrow money, it can be wise to compare private lenders before submitting any loan applications. Here are some alternatives to LendingPoint personal loans that you may 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

Is it hard to get approved by LendingPoint for a loan?

What credit score do you need to get a loan from LendingPoint?

Is LendingPoint a direct lender?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

Brand names: 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.

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