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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 credit.
Here's everything you need to know about LendingPoint before you apply for a loan.
on LendingPoint's website
Recommended FICO® Score*
Available loan amounts: $2,000 to $25,000
Est. monthly payment: $95 to $1,437
Grace period: 0 days
Application fee: $0
- Personal loans from $2,000 to $25,000
- Rates from 15.49% to 35.99% APR with no prepayment penalties
- Check your rate for free without impacting your credit score
- Qualified customers receive offers in three simple steps, and funds in as little as 24 hours if approved
- Simple and Secure - quick online application
- LendingPoint's customer success representatives are available online or by phone 24/7, just call 888-969-0959
- Terms from 24 - 60 months
|Accessibility for fair-credit borrowers||High starting APR|
|Quick loan funding||May not report to all three credit bureaus|
|No-commitment prequalification||No cosigners allowed|
|LendingPoint Customer Service|
1201 Roberts Blvd, Suite 200
LendingPoint personal loans can be an excellent choice if you have fair credit and few alternatives. The lender offers reasonable interest rates to borrowers in that credit range and its loans have wide availability across 49 states and the District of Columbia.
The free online prequalification process is commitment-free and helps determine your eligibility and available loan options—it won't trigger a hard credit inquiry unless you apply for the loan. If you're approved, which can happen instantly, you'll receive the cash as soon as the next business day.
If you have fair credit, it may be easier to qualify with LendingPoint than similar lenders. What's more, you may be able to score a lower interest rate compared with other financing options, such as credit cards and short-term loans.
Before you apply, 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 states it reports to one or more credit bureaus instead of guaranteeing to report to all three, so keep this in mind if building credit is a priority for you.
You Could Receive a Loan Up to $25,000
LendingPoint offers personal loans from $2,000 to $25,000, and you can use the loan funds for just about anything you want. Repayment terms range from 24 to 60 months, and there's an origination fee of 0% to 6% of the loan amount.
One of the more popular ways to use a personal loan is for debt consolidation. For example, let's say you have a $10,000 balance on a credit card with a 21% annual percentage rate (APR). If you were to qualify for a $10,000 personal loan with a 48-month repayment term and a 12% interest rate and a 0% origination fee, you'd pay about $263 per month and be debt-free after four years. Your total interest charges would be about $2,640.
But if you were to apply that same payment amount to your credit card, it'd take you more than five years to pay off the balance, and you'd end up paying $6,597 in interest.
Just keep in mind that if you're assessed an origination fee, that amount will be deducted from your loan disbursement. So you may need to borrow more than you actually need to account for that upfront fee.
What You'll Need to Apply for a LendingPoint Personal Loan
LendingPoint offers personal loans to people with credit scores in the fair range or better. You also need to have at least $35,000 in annual income, whether that's from your job, retirement or other sources. You'll also need to:
- Be at least 18 years old
- Have a Social Security number and a government-issued ID
- Live in a state where LendingPoint operates (only West Virginia is excluded)
- Have a personal bank account in your name
If you have a bankruptcy on your credit report, it won't necessarily keep you from getting approved as long as it was discharged at least 12 months ago.
One of the primary drawbacks of LendingPoint personal loans is that there's no option to get a cosigner if you can't qualify on your own. Many other lenders allow a second person to be a loan signatory if a borrower doesn't qualify on their own.
Once you're approved, your APR is determined by several factors, including your credit history, income, loan amount and repayment term. It can also vary based on the state you live in.
Qualifying for a LendingPoint Personal Loan
LendingPoint considers several factors during the application and underwriting process. In addition to your credit behavior, the lender also reviews your:
- Job history (12 months or more at the same job is an advantage)
- Verifiable income (pay stubs, bank statements or tax forms)
- Money management using bank records
Make sure to have this information ready when you apply to speed up the application and approval process.
How Prequalifying for LendingPoint Works
Prequalifying for a LendingPoint personal loan is quick and easy. You'll just need to share how much you want to borrow and the loan's purpose—examples include unexpected urgent expenses, debt consolidation, home improvement and more—along with some basic information about yourself, including your:
- Date of birth
- Address and contact information
- Annual income and its source
- The last four digits of your Social Security number
You'll also need to create a user account, which you can use to save your offers if you want to think about them and return later.
The one-page form can be filled out in just a few minutes, and you'll be able to view your offers immediately.
If you don't qualify, LendingPoint may ask if you'd like to share your information with one of their partners to see if there are other options available to you.
Paying Off Your LendingPoint Personal Loan
LendingPoint offers repayment terms ranging from 24 to 48 months, and won't assess a prepayment penalty if you pay off the debt sooner.
The lender allows you to choose your payment plan, which includes a 28-day payment schedule to accommodate payroll schedules. If you're struggling to make your monthly payment, contact the lender to learn about your options.
Making your payments on time every month can help you build and improve your credit score. Keep in mind, though, that LendingPoint doesn't guarantee reporting to all three credit bureaus. Instead, it promises to report to one or more credit bureaus. If getting credit for on-time payments with each bureau is a make-or-break for you, it may be wise to consider other lenders who consistently report to all three.
|Loan Amount: $2,000 - $25,000||Origination fee: 0% - 6%|
|Estimated APR: 15.49% - 35.99% (fixed)||Late fee: None|
|Loan Terms: 24 - 60 months||Prepayment fee: None|
|Funds received: As soon as the business day after your 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.
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 personal loans, LendingPoint personal loans are an inexpensive 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.