LendingPoint features

Here's a breakdown of some of the benefits and drawbacks of LendingPoint personal loans.

Pros

  • Options for people with low credit scores
  • No prepayment penalties
  • Quick funding

Cons

  • No joint loans
  • High maximum APR
  • Origination fee

LendingPoint is based in Atlanta and offers personal loans and business financing options to borrowers in 48 states. With its personal loan product, you can borrow anywhere from $2,000 to $36,500 — even if you have fair credit. Once approved, you can receive funds as quickly as within a day.

While it offers quick funding and relatively low loan amounts, LendingPoint also has an origination fee — something many personal loan lenders don’t charge anymore. LendingPoint is best for borrowers with bad or fair credit, who need a loan right away and don’t want to resort to payday loans.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

LendingPoint is best for fair-credit borrowers and fast funding

LendingPoint requires a 580 credit score, which is on the low end of fair credit. If you don’t have much credit to your name, or you’re having trouble getting approved with other lenders, you might get approved through LendingPoint.

With a quick application and approval process, you could get your money the day after you apply.

If you have great credit, you might want to look elsewhere — especially with a lender that doesn’t charge an origination fee and offers a lower minimum APR for those with the best credit. LendingPoint also does not offer joint loans. So, if you aren’t eligible on your own, you can’t get a cosigner to help you qualify.

LendingPoint snapshot

Loan amount $2,000 – $36,500
APR 9.99% – 35.99%
Minimum credit score 590
Time to receive funds As soon as one business day

Lending terms

LendingPoint offers fixed-rate personal loans ranging from $2,000 to $36,500, with repayment terms from 24 to 60 months. LendingPoint offers loans in 48 states and Washington, D.C. The only states where residents can’t apply are Nevada and West Virginia. Interest rates range from 9.99 percent to 35.99 percent APR, depending on your creditworthiness.

You can use a LendingPoint personal loan for any legal purpose, such as consolidating debt or paying for a wedding. To qualify, you need to have a credit score of at least 580, as well as an annual income of $25,000 or higher. You also need to:

  • Be at least 18 years old.
  • Have a photo ID issued by a federal, state or local government.
  • Have a Social Security number.
  • Have a verifiable personal bank account in your name.

You can even get approved if you have a bankruptcy on your credit report, as long as it was discharged at least 12 months ago. But LendingPoint doesn’t currently allow co-signers. So if you can’t get approved on your own, you’ll need to find a different lender. 

If you get approved for a loan, you can receive the funds as soon as the next business day. This is a great option if you’re experiencing an emergency and need quick access to cash.

Of the three major credit bureaus, LendingPoint only reports to Experian and TransUnion. If improving your credit is your priority, find a lender that will report to all three national credit reporting agencies.

Fees and penalties

LendingPoint charges an origination fee of up to 6 percent of the loan amount. You can have this upfront fee deducted from your loan disbursement instead of paying it out of pocket. If you choose this option, you may have to borrow more than you need to make sure you don’t come up short on your funds.

There’s no application fee, and you won’t get penalized if you choose to pay your loan off early. But it’s not stated on LendingPoint’s website whether there are any late fees or returned check fees, so be sure to fully review your loan agreement before signing.

How to apply for a loan with LendingPoint

To apply for a LendingPoint personal loan, you’ll start with the lender’s prequalification process. During this part, you’ll provide your:

  • Desired loan amount.
  • Purpose for the loan.
  • Date of birth.
  • Email address and phone number.
  • Income information.
  • Last four digits of your Social Security number.

Then click the button that says “Check My Options.” LendingPoint will run a soft credit check and provide a few offers based on the information you provided.

After you choose the offer that best suits your needs, you’ll need to provide some additional information to get approved, including your driver’s license, proof of income, bank statements and a voided check. LendingPoint will then run a hard credit check — which will show up on your credit report — to finalize its offer.

Before you complete this process, take a few minutes to compare the offers LendingPoint provides with other personal loan rates from top lenders you might qualify with.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

How Bankrate rates LendingPoint

Overall Score 4.4 Scoring factors
Availability 4.8 $2,000 minimum loan amount, same-day approval and funding next business day.
Affordability 4.0 9.99% minimum APR.
Customer Experience 4.3 Online application and account access, phone and email support, but unspecified hours.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.