LendingPoint Personal Loans Review 2022 | News

Getting a loan when you have poor credit is not an easy task. You may face astronomical interest rates – or outright rejection.

LendingPoint is a personal loan company that provides loans to people with credit scores as low as 580. In this LendingPoint review, we have taken the time to research and analyze the company’s offerings and compare everything to competition.

From the interest rate band to the minimum credit score needed to get a LendingPoint personal loan, we’ll help you determine if this online lender is the right option for your particular financial situation. After all, you might need a little extra cash, but you don’t want to be stuck in a high APR loan with a terrible repayment schedule and unfairly high fees.

Advantages and disadvantages of LendingPoint


  • Approval for borrowers with credit scores as low as 580.
  • Funds deposited the next business day.
  • Pre-approval with only a soft credit check to avoid affecting your credit score.

The inconvenients

  • Interest rates are a bit higher than the competition, even those who specialize in bad credit loans
  • Co-signed and joint loans are not available
  • Does not fall under Equifax, which prevents the lending institution

What are LendingPoint Personal Loans?

LendingPoint is a financial technology (fintech) company that provides affordable personal loans to people with lower credit scores. The company emphasizes the evaluation of external factors FICO scoreslooking overall debt to income ratios and payment-to-income ratios, making it a solid choice for those with fair credit.

LendingPoint requires a minimum credit score of 580 and provides financing from $2,000 to $36,500. Interest rates start at 9.99%, which is a bit high compared to other lendersand can go up to 35.99%.

A plus point is its fast next-day funding once you’ve been approved – a strong contender if you need cash immediately for an emergency.

Overall, LendingPoint is a relatively new company, which launched in the United States in 2014 and issued its first consumer loan in 2015. It has strong support from equity investment firms and industry executives. large companies, including American Express, have joined his team.

Things to Know About LendingPoint Personal Loans

Companies like LendingPoint that accept people with lower credit scores can be solid solutions if you run into an unexpected emergency. However, its high interest rates can make it a poor choice for everyday purchases.

Here are some important factors to consider when choosing LendingPoint as your personal loan provider.


Personal loans for fair credit

Main characteristics

  • Approval for credit scores as low as 580
  • Funds deposited next business day
  • Loan pre-approval with only a soft credit check

Borrowers with sub-optimal credit can take out a personal loan with LendingPoint and get their money in as little as one business day. But as with all loans deemed risky, interest rates can be high.

Interest rate range


Minimum credit score


Loan amounts

$2,000 to $36,500

Loan conditions

2 to 5 years

Loan conditions

LendingPoint personal loans start at $2,000 and can be extended up to $36,500 with approval. Initial approval only involves a soft credit checkso you won’t have to worry about the impact on your credit score.

Once approved, LendingPoint offers personal loan terms from 24 months to 60 months (2 to 5 years). It is generally better to choose a shorter loan term, due to the generally lower interest rates. Although longer personal loans may provide lower monthly payments, you’ll pay more in the end.

Interest rate

LendingPoint interest rates range from 9.99 to 35.99%. The exact interest rate you receive will be based on factors such as your credit score, your overall debt-to-income ratio, and your payment-to-income ratio.

LendingPoint’s base interest rate is a bit high compared to the competition.

Fees and Penalties

A personal loan from LendingPoint may include an origination fee of up to 6% – the exact percentage depends on your state of residence.

This origination fee is a one-time fee that loan companies charge to cover processing fees and other administrative costs; it is within a reasonable percentage for origination fees compared to other lenders.

Once your loan is in progress, be sure to make payments on time. If you miss a payment, you may face late fees of up to $30, and late payments may be reported to credit bureaus.

Pro tip

LendingPoint only reports to two of the three major credit bureaus, Experian and TransUnion, but not Equifax.

Finally, LendingPoint does not charge penalties for prepaying your personal loans or for making additional payments.


LendingPoint is widely available in the United States. The only two states that LendingPoint does not currently service are Nevada and West Virginia.

How to get started with LendingPoint

To apply for a personal loan, go to LendingPoint website. To qualify for a personal loan, applicants must meet the following six conditions:

  • Be at least 18 years old
  • Provide a photo ID issued by the US federal, state, or local government
  • Have a social security number
  • Have a minimum annual income of $20,000 (from employment, retirement or other sources)
  • Have a verifiable personal bank account in your name
  • Live in one of the states where LendingPoint does business

A soft check or soft credit check is done when you apply for a loan, which allows the company to determine the amount you qualify for. It does not affect your credit score. If you decide to proceed with the application for final approval, a thorough investigation will be carried out, which may reduce your credit score by a few points.

During the approval process, you may need to provide documents such as a driver’s license, pay stubs, bank statements, or proof of employment. It is important to note that LendingPoint currently only offers individual loans. Joint and co-signed loans are not an option.

Once you’ve selected your loan terms and signed your loan agreement, LendingPoint notes that they “will provide a decision as soon as possible.” Once approved, money can be delivered the next business day. If you opt for a debt consolidation loan, LendingPoint does not offer an option to pay creditors directly, so you will have to pay each balance manually.

Should I get a loan with LendingPoint?

In general, we recommend that you review personal loans from other companies before proceeding with LendingPoint. Although the company lends money to people who might otherwise struggle to get loans, there are other alternatives with lower interest rates.

If you have fair or bad credit, you should still shop around for the best personal loan with the best conditions.

LendingPoint Personal Loan Alternatives

If you are looking for other options beyond LendingPoint, many companies have the same low credit goal. Here are a few personal lenders you might want to consider as alternatives to LendingPoint.

Other personal lenders

Other lenders offer loans to people with a fair credit score. Compare products before signing for a loan.

Our best installment loans The guide features lenders who approve credit scores as low as 300 (and people with no credit score at all) on your credit report.

Secured loans

Although LendingPoint offers unsecured personal loans, there are also secured loan options. Secured loans are solid options for people with a lower credit score, who have collateral that they are willing to provide.

Because these loans use collateral, there is generally less risk for the lender, resulting in lower interest rates. Of course, if you miss your payments, you risk losing what you have put up as collateral.

Balance Transfer Cards

If you want to consolidate an existing debt, a balance transfer card can be a solution. Balance transfer cards are similar to traditional credit cards, except they allow you to transfer existing lines of credit to them.

A balance transfer card might offer a lower APR than what you are currently paying.

Buy now, pay later

If you’re looking to get cash for a small purchase, a personal loan may be much needed. Instead, a Buy Now, Pay Later service could let you pay for something big with small payments. We’ve reviewed a few of these services and recommend you check out To affirm or Klarna.

Frequently Asked Questions (FAQ)

Is LendingPoint a good company to borrow from?

LendingPoint is a solid option for getting a personal loan, especially if you have a lower credit score. The company approves loans for people with scores as low as 580.

We’ve found that LendingPoint’s interest rates are a bit high compared to the competition, so you may want to research a better interest rate before signing up. LendingPoint also charges an origination fee, which is comparable to the fees of other lenders.

What credit score do I need for LendingPoint?

You only need a credit score of 580, and LendingPoint considers other factors for approval, including your overall debt-to-income ratio.

How long does LendingPoint take to make a decision?

While most applicants will be approved almost immediately, LendingPoint says they “provide a decision as soon as possible,” so the experience may be different for you. Once approved, you can receive funding the next business day.

Does LendingPoint verify income?

As one of LendingPoint’s eligibility requirements, they can verify your income through a bank statement, pay stubs, or direct employment verification request. In short, yes, LendingPoint will verify your earnings in one way or another.

Michael Archambault is a senior technology writer for The Penny Hoarder.

This was originally posted on The Penny Hoardera personal finance website that empowers millions of readers across the country to make smart decisions with their money with practical, inspirational advice and resources on how to earn, save and manage the money.

Kayleen C. Rice