LendingPoint Personal Loans: 2024 Review

LendingPoint customer resources

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 3,000 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.

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 prequaification process won’t affect your credit score and isn't an official application.
• 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.

Methodology

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 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.

What customers think

What people across the web are saying about LendingPoint

LendingPoint gets a high amount of praise from its users — 95 percent of the over 8,400 Trustpilot reviews give it a 4.8 star out of 5 star rating as of June 12, 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. 

"This is my second time receiving a personal loan from LendingPoint. After paying off my last loan in 2021, we needed somewhat urgent home repair for our roof and siding. We applied and received an email to upload some documents. Within a few business hours of those documents uploaded we were approved and the funding hit our account the next day!"

— Trustpilot User

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.