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LendingPoint is an online lender that offers personal loans to people with fair credit or better. It's a lender worth considering if you're a borrower with credit in the fair range, but you may have better options if your credit is good or excellent.
Here's everything you need to know about LendingPoint before you apply for a loan.
Recommended FICO® Score*
Available loan amounts: $2,000 to $35,000
Est. monthly payment: $90 to $2,048
Grace period: 0 days
Application fee: $0
- Loans from $2,000 to $36,500 and no prepayment penalties
- Rates from 7.99% to 35.99% APR
- Check your rate without impacting your credit score
- Simple online application
- Funds available as soon as the next business day upon approval
- LendingPoint's innovative technology allows them to understand the individual creditworthiness of every applicant
- Terms from 24 - 60 months
- Fixed monthly payment and simple interest
- LendingPoint has thousands of five-star reviews on Trustpilot
- LendingPoint has an A+ rating from the Better Business Bureau
|Accessibility for fair-credit borrowers||May charge an origination fee, which can be high|
|Quick loan funding||Only reports payments to two of the three credit bureaus|
|Prequalification with no hard credit check||No cosigners allowed|
LendingPoint offers personal loans ranging from $2,000 to $36,500, with flexible repayment terms from 24 to 72 months.
The lender's online personal loans can be an excellent choice if you have fair credit and few alternatives. LendingPoint offers reasonable interest rates to borrowers in that credit range, and its loans have wide availability across the country, albeit with some exceptions.
The free online prequalification process is commitment-free and helps determine your eligibility and available loan options. If you're approved, which can happen instantly, you'll receive the cash as soon as the next business day.
Before you apply, however, there are a few things to consider. You may be on the hook for an upfront fee, and borrowers with good or excellent credit may find lower interest rates with another lender. Also, the lender doesn't report to all three credit bureaus, so keep this in mind if building credit is a priority for you.
You Could Receive a Loan of Up to $36,500
LendingPoint's personal loans range from $2,000 to $36,500, which isn't as much as some other lenders offer, but it can still be enough for most needs. Note, however, that some states may have different minimum loan amounts.
Your loan will depend on your creditworthiness, income and other factors that LendingPoint will consider when underwriting your application.
If you're approved, your loan may be funded by LendingPoint or one of its partners, which include FinWise Bank, Coastal Community Bank and Midland States Bank.
You'll Get Fixed Rates and a Fixed Monthly Payment
LendingPoint only offers fixed interest rates, which remain the same for the life of the loan. Some other lenders may offer personal loans with variable interest rates, which can fluctuate over time.
While variable rates can start off lower than fixed rates, they can increase over time, and if you opt for a longer repayment term, it could end up costing you a lot more. Because LendingPoint offers terms as long as 72 months, a fixed rate can be better because it provides more certainty.
Keep in mind, though, that your annual percentage rate (APR) will be influenced by LendingPoint's origination fee, which can range from 0% to 8% of your loan amount. The fee will be added to your loan amount.
Repayment Terms Are Flexible
LendingPoint offers repayment terms ranging from 24 to 72 months, giving you a lot of flexibility with your monthly payment. Just keep in mind that longer repayment terms will result in more interest charges over the life of your loan.
Also, your repayment options may be limited based on your creditworthiness, income and other factors.
How to Qualify for a LendingPoint Personal Loan
LendingPoint offers personal loans in 48 states and the District of Columbia. If you're a resident of Nevada or West Virginia, you'll need to apply elsewhere.
LendingPoint considers several factors during the application and underwriting process. Requirements include:
- You must be 18 years or older.
- You must have a Social Security number and be able to provide a U.S. federal, state or local government-issued photo ID.
- Your annual income must be at least $35,000.
- You must have a personal bank account in your name.
The lender does not publicly disclose a minimum credit score. Unfortunately, LendingPoint does not allow cosigners, so if you can't get approved on your own, you may need to apply with another lender that allows someone to apply with you.
Borrowers can use their funds for anything as long as it's legal. Some other lenders may restrict certain uses, prohibiting you from using your proceeds for educational expenses, business expenses, investing or buying cryptocurrency.
Note, however, that LendingPoint may not report your payments to all three credit bureaus, which could impact your ability to build credit. While LendingPoint does report to Experian, most major lenders report to all three credit bureaus.
LendingPoint Personal Loan Fees
As you compare your personal loan options, it's important to watch out for fees, especially ones that you can't avoid. Here's what you can expect from LendingPoint:
- Origination fee: 0% to 8% of the loan amount, added to your loan balance
- Application fee: None
- Prepayment penalty: None
- Late fee: Not disclosed
How to Apply for a LendingPoint Personal Loan
Before you apply for a loan with LendingPoint, it's important to get prequalified, then compare your offer with quotes from other lenders. Fortunately, LendingPoint's prequalification process only requires a soft credit check, which won't impact your credit score.
To get started, you'll provide the following information:
- Desired loan amount
- Loan purpose
- Full name
- Date of birth
- Email address and phone number
- Physical address
- Income details
- Last four numbers of your Social Security number (note that some may need to provide the full number)
If you're eligible, LendingPoint will provide you with a few options in seconds, which you can compare with other lender offers. If you decide to move forward with LendingPoint, select the loan option and repayment term that works best for you and sign your loan agreement.
In some cases, you may need to upload some documents, such as your driver's license, a pay stub, bank statements or employment information, to verify some of the information you've shared. If additional documentation is required, you'll get a decision within one to three business days.
Once you're approved and you sign the loan agreement, you can receive the funds as soon as the next business day.
|Loan amount: $2,000 – $36,500||Origination fee: 0% – 8%|
|Estimated APR: 7.99% – 35.99%||Late fee: Not disclosed|
|Loan terms: 24 – 72 months||Prepayment fee: None|
|Funds received: As soon as the next business day after approval|
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†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.
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Shop Around if You Have Good or Excellent Credit
It can be challenging to get approved for a personal loan with fair credit, especially one with an affordable rate. Compared with other short-term financing options, LendingPoint personal loans can be a less expensive alternative.
However, if you have good or excellent credit, you may be able to get a loan with a lower interest rate and no origination fee through another lender. Also, if your hope is to use a personal loan to build your credit history, LendingPoint may not report your on-time payments to all the credit bureaus.
As with any financial product, it's important to take some time to shop around and compare rates, repayment terms and other features from multiple lenders before settling on one. If you want to save some time, use Experian CreditMatchSM to get matched with personalized loan offers based on your credit profile.