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LendingPoint Personal Loans: 2024 Review

Updated on Jan. 1, 2024
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At a glance

Rating: 4.7 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

About Bankrate Score

LendingPoint is based in Atlanta and offers personal loans and business financing options to borrowers in 48 states and Washington, D.C. 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 in as little as one day.

Loan amount $2,000-$36,500
APR from 7.99%-35.99%
Clock Wait
Term lengths 24 to 72 months
Credit Good
Min Credit Score 600
This lender is best for small loans.

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LendingPoint is best for small loans

LendingPoint offers personal loans as low as $2,000, but also has a relatively low cap of $36,500. If you're looking to pay for a small unexpected expense, taking out a personal loan with LendingPoint could be an ideal solution. Qualified applicants can receive funds as soon as the next business day.

LendingPoint pros and cons


  • Checkmark

    Options for people with low credit scores.

  • Checkmark

    No prepayment penalties.

  • Checkmark

    Quick funding.


  • Close X

    No joint loans.

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    High maximum APR.

  • Close X

    Origination fee.

While it offers quick funding and relatively low loan amounts, LendingPoint also has an origination fee of up to 10 percent, which can eat into the overall value of your loan. 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.

Do you qualify?

  • Credit score requirements: 600.
  • Income requirements: $35,000 or higher.
  • Co-signers and co-borrowers: Not permitted.

If you have a light credit history or you’re having trouble getting approved with other lenders, you might get approved through LendingPoint. Its minimum credit score falls in the fair credit range. LendingPoint offers loans in 48 states and Washington, D.C. The only states where residents can’t apply are Nevada and West Virginia.

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.

Of the three major credit bureaus, LendingPoint 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.

What LendingClub doesn't allow loan funds to be used for

You can use a LendingPoint personal loan for any legal purpose, such as consolidating debt or paying for a wedding.

How this lender compares

Rating: 4.7 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 72 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24-84 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

For borrowers looking to cover a small expense, Upgrade is another strong contender to consider. Though the two lenders have the same minimum credit score, Upgrade carries an even lower minimum amount of $1,000. 

Another standout feature is the ability to receive funding as soon as the day you apply, a benefit not offered by LendingPoint. On top of this, Upgrade offers direct payments to creditors — ideal for those securing a debt consolidation loan.

LendingPoint vs. Avant

Avant has an even lower minimum credit requirement than LendingPoint at 580. But its APR range starts higher than LendingPoint, so well-qualified borrowers may be able to get a better deal with LendingPoint. Both lenders have straightforward websites and mobile apps, so borrowers can access and maintain their accounts.  

LendingPoint: In the details

What we like and what we don’t like

LendingPoint offers a few benefits for its borrowers with low credit but charges a high origination fee. 

What we like 

  • Options for people with low credit scores: LendingPoint’s personal loans are accessible to fair credit borrowers — applicants can qualify for a loan with a score as low as 600.
  • No prepayment penalties: LendingPoint doesn’t charge prepayment penalties. This means you can repay your loan early to avoid interest without worrying about paying a fee.
  • Quick funding: If you qualify for a loan, funds can be deposited into your bank account as quickly as the next business day.

What we don’t like

  • No joint loans: If you need to apply for a personal loan with a co-borrower or co-signer, you’ll have to choose another lender.
  • High maximum APR: If you have bad credit and qualify for a LendingPoint loan, you can receive an APR greater than 35 percent — which is relatively high compared to other lenders.
  • Origination fee: LendingPoint charges origination fees as high as 8 percent, depending on what state you live in. This can greatly increase your borrowing costs.

How to contact LendingPoint

You can contact LendingPoint's customer support team by phone at 888-969-0959. Its hours of operation are: 

  • Monday through Friday from 8 a.m. to 12 a.m. ET. 
  • Saturdays from 10 a.m. to 9 p.m. ET.
  • Sundays from 10 a.m to 4 p.m ET.

How to apply for a personal 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.

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.

Features and additional perks

You can manage your loan via LendingPoint’s mobile app and track your credit score for free. Plus, after six months of on-time payments, LendingPoint says it will review your loan to see if it’s possible to lower your rate. This unusual perk could save you the hassle of refinancing your personal loan elsewhere.

Fees and penalties

LendingPoint charges an origination fee of up to 10 percent of the loan amount, depending on your state of residence. 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.

LendingPoint frequently asked questions

How Bankrate rates LendingPoint

Overall Score 4.7 Explanation
Availability 5.0 $2,000 minimum loan amount, same-day approval and funding next business day.
Affordability 4.5 Starting APR is slightly high but there are not many fees.
Customer Experience 5.0 Online application and account access, phone and email support seven days a week.
Transparency 4.2 Prequalification is available and some rates and fees disclosed.


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which 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 took into account 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.