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LendingPoint Personal Loans: 2024 Review

Updated on March 27, 2024
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At a glance

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Rating: 4.2 stars out of 5
Bankrate Score
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Rating: 5 stars out of 5
Rating: 4.5 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 4.2 stars out of 5

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Well-qualified borrowers may be able to take advantage of LendingPoint's low minimum rate, which can make for a low monthly payment.

LendingPoint is best for its low minimum rate on a wide range of repayment terms

Qualified borrowers may get a rate as low as 7.99 percent, which is one of 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 than most other lenders. 

LendingPoint personal loan purposes

Funds from a LendingPoint loan can be used for 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. 

The loans are unsecured, 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 few personal loan lenders offer. 

Where LendingPoint stands out

  • Very low minimum APR for eligible borrowers: LendingPoint offers one of the lowest minimum rates of the personal loan companies reviewed. Borrowers with excellent credit may be able to borrow more money at lower rates than other personal loan lenders. 
  • Wider variety of repayment terms: Borrowers have the flexibility to pay off their debt in as little as 24 months, which could save hundreds or even thousands of dollars in interest charges compared to a longer term. Terms as long as 72 months may give you some relief in your budget since they come with a lower monthly payment. 
  • No prepayment penalties: You can pay extra monthly or pay the entire balance off without worrying about any extra charges. 

Where LendingPoint falls short

  • Minimum income requirement: You’ll need to verify you make at least $35,000 per year to qualify for a LendingPoint personal loan. If you make below that, you’ll need to shop for a different personal loan lender. 
  • No co-signers or joint applications allowed: Even if you have a friend or family member willing to help, they can’t be added to an application for a LendingPoint personal loan. 
  • High origination fees: Origination fees of up to 10 percent may be deducted before your loan funds are deposited into your account. 

LendingPoint customer experience

Customer support

LendingPoint offers customer service Monday through Friday from 8 a.m. to 9 p.m. ET and Saturdays from 10 a.m. to 4 p.m. ET. They are 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. 

Digital experience

LendingPoint offers a digital app with an average rating of 4.8 out of 5 stars based on 2,900 App Store ratings. 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.

What people are saying about LendingPoint

95 percent of the over 8,500 Trustpilot reviews give LendingPoint a 4.8 star out of 5 star rating as of March 24, 2024. Many of the reviews refer to the easy process, helpful customer service representatives, and lower rate offerings versus other personal loan lenders they’ve applied to. 

The 2 percent of comments that were negative mostly came from consumers who didn’t understand how the payment schedule worked or were in financial distress.  

How this lender compares

Rating: 4.2 stars out of 5
Bankrate Score
APR from
7.99% to 35.99%
Loan Amount
$2,000 to $36,500
Term Length
24 to 72 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.49% to 35.99%*with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
9.95% to 35.99%
Loan Amount
$2,000 - $35,000
Term Length
12 to 60 months
Min Credit Score

LendingPoint vs. Upgrade

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. 

LendingPoint vs. Avant

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 credit scores below LendingPoint’s 600 minimum may be eligible for an Avant loan since its minimum credit score is set at 550. Avant is also a good choice if you want to pay your loan off in 12 months since LendingPoint doesn’t offer repayment terms less than 24 months. 

Do you qualify for a LendingPoint personal loan? 

LendingPoint requires you prove your income and meet its minimum credit requirements for a personal loan. To qualify you’ll typically need:

  • A credit score of at least 600.
  • Proof that you earn at least $35,000 per year.
  • An address in a state other than Nevada or Virginia where LendingPoint loans are not available.
  • A valid bank account for direct deposit of the loan funds.

How to apply for a personal loan with LendingPoint

  • Get a quote: Use LendingPoint’s app or start your application on the website. The initial prequal won’t affect your credit score. 
  • Add information and finalize your application: Make sure you can prove you make at least $35,000 per year with a paystub or W-2. 
  • Review the loan details: Your final rate and fees will depend on your verified credit score. Choose a longer term for the lowest payment, or shortest term to pay your balance off quickly to save on interest. Funds may be available within one business day.

How Bankrate rates LendingPoint

Overall Score 4.2 Explanation
Availability 5.0 Online application with quick approval and funding.
Affordability 4.5 Lower starting rates than other lenders with more repayment terms than many lenders, but several fees.
Customer Experience 5.0 Highly rated app, website knowledge center and six-day per week customer service.
Transparency 4.2 Some rates, fees and requirements are listed on the website.


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


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:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by 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.