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Bankrate's take: Well-qualified borrowers may be able to take advantage of LendingPoint's low minimum rate, which can make for a low monthly payment.
$1,000-$36,500
7.99%-35.99%
24-72 months
600
As soon as one business day
Qualified borrowers may get a rate as low as 7.99 percent, which is among the lowest minimum rates of the lenders we surveyed, and well below the current national average. You can also choose a term as short as 24 months or as long as 72 months. This gives LendingPoint customers more options to pay their balance off quickly, or spread the payment out longer to make the monthly payment more affordable in the short term.
Funds from a LendingPoint loan can be used for nearly any legitimate purpose, ranging from debt consolidation to remodeling a kitchen or paying for a large car repair expense. The low starting rates and long terms also make LendingPoint a good choice for larger ticket items, like a boat or RV purchase.
These are unsecured loans, so you don’t need collateral to qualify for the lowest rates. You may even be eligible for a lower rate after six months of on-time payments, which is a feature very few personal loan lenders offer.
LendingPoint has customer service hours Monday through Friday from 8 a.m. to 9 p.m. ET and Saturdays from 10 a.m. to 4 p.m. ET. It is closed on Sundays.
Applications are only processed Monday through Friday, which means if you apply on the weekend, you won’t get an answer until Monday. Applications submitted after 5 p.m. on a business day won’t be reviewed for approval until the next business day.
LendingPoint offers a digital app with an average rating of 4.8 out of 5 stars based on over 3,000 App Store ratings. For Google Play, it receives a 4.0 out 5.0 star rating based on almost 1,200 reviews. Negative reviews received a personalized response from a LendingPoint representative.
The LendingPoint website features a knowledge center with helpful articles explaining how personal loans work, as well as a variety of personal finance topics for consumers that want to learn about other money management principles.
Both lenders offer personal loans for fair credit, but LendingPoint’s minimum rate is lower than Upgrade’s, which may make it a better option for borrowers with excellent credit. LendingPoint customers may also be eligible for a lower rate after making six payments on schedule, which is something Upgrade doesn’t offer.
Upgrade borrowers may be eligible for a loan amount of up to $50,000, which gives you $13,500 more in borrowing power than LendingPoint’s $36,500 loan maximum. You can also spread your payment out over seven years at Upgrade, giving you a slightly lower payment than LendingPoint’s six-year maximum term allows.
With LendingPoint, you may be eligible for a significantly lower minimum rate of 7.99 percent, compared to Avant’s minimum rate of 9.95 percent. You can also choose a longer maximum repayment term of 72 months, whereas Avant doesn’t offer terms longer than 60 months.
Borrowers with credit scores below LendingPoint’s 600 minimum may be eligible for an Avant loan since its minimum credit score is set at 550. And while Avant offers terms as short as 12 months, LendingPoint doesn't charge a repayment penalty — so you could choose a 24-month term and still pay it off within a year, just like with Avant.
LendingPoint requires you to prove your income and meet its minimum credit requirements for a personal loan. To qualify, you’ll typically need:
| Overall Score | 4.4 | Explanation |
|---|---|---|
| Availability | 5.0 | Online application with quick approval and funding. |
| Affordability | 4.4 | Lower starting rates than other lenders with more repayment terms than many lenders, but several fees. |
| Customer Experience | 4.7 | Highly rated app, website knowledge center and six-day per week customer service. |
| Transparency | 3.8 | Some rates, fees and requirements are listed on the website. |
48
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
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.
