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LendingPoint Personal Loans: 2024 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 2, 2024

Overview of LendingPoint

LendingPoint offers unsecured personal loans ranging from $[LDC_PL_lendingpoint_minAmount] to $[LDC_PL_lendingpoint_maxAmount]. The annual percentage rate (APR) can range from [LDC_PL_lendingpoint_minApr]% to [LDC_PL_lendingpoint_maxApr]%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an origination fee of up to 10%.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

ProsCons
• Same-day approvals and next-day deposits available• Subprime borrowers may qualify for funding• No prepayment penalties• Loans can be used for any legal personal expense• Origination fee can be up to 10%• No joint applicants• Residents of Nevada and West Virginia not eligible• APRs can be high

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 10%, and your overall APR can be as high as [LDC_PL_lendingpoint_maxApr]%. 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 accept joint applications.

LendingPoint Personal Loan Terms, Rates, and Fees

Loan amounts: $[LDC_PL_lendingpoint_minAmount] to $[LDC_PL_lendingpoint_maxAmount]APR range: [LDC_PL_lendingpoint_minApr]% to [LDC_PL_lendingpoint_maxApr]%Loan terms: 24 to 72 monthsPrepayment penalty: NoApplication fee: May charge origination fees up to 10% of the loan amountCo-borrowers allowed: NoApproval speed: Preapproval within minutes, funds can be received within one business dayInformation accurate as of Jan. 2, 2024.

Who May a LendingPoint Personal Loan Be Right For?

LendingPoint personal loans may be right for the following demographics:

Who LendingPoint May Not Be Right For

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

What to Watch Out for With LendingPoint Personal Loans

Here are aspects to watch out for with LendingPoint personal loans:

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

  1. Apply online. Get started by answering basic questions on a digital platform, including your loan purpose and how much you would like to borrow. This allows you to check whether you 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.
  2. 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.
  3. Accept the loan. Approved applicants can 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

LendingPoint personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
LendingPoint$[LDC_PL_lendingpoint_minAmount] to $[LDC_PL_lendingpoint_maxAmount][LDC_PL_lendingpoint_minApr]% to [LDC_PL_lendingpoint_maxApr]%[LDC_PL_lendingpoint_term]
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 months
(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders, including LendingPoint, all in one place. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.

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-Rahman
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 served 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 namesNo 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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