Loans » Personal Loan Lender Reviews » LendingPoint Personal Loan Review 2021
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LendingPoint Personal Loan Review 2021

LendingPoint is a great option for borrowers with poor credit that need money fast. Read our review of LendingPoint Personal Loans - how do they work, what can a personal loan be used for, LendingPoint application Process and LendingPoint loan pros & cons.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

Lending Point is based in Kennesaw, Georgia. This online lender offers a competitive option for those with fair credit.  Lending Point personal loans have a fixed interest rate of 15.49% to 35.99%. You can borrow $2,000 to $25,000 with a term of 24 to 48 months. 

Where Lending Point stands apart from many lenders is that you can qualify for a loan if your credit score is 585 or above. The company will also consider other factors to establish your eligibility including:

  • Income
  • Financial history
  • Job history
  • Overall credit behavior. 

Lending Point does not have prepayment fees, but there is a potentially costly origination fee. This can be zero to 6% depending on your location. There is also a $30 late payment fee, applied after a 15 day grace period. 

Despite the higher rates, Lending Point can be a Competitive option for those with fair credit.

APR

15.49% – 35.99%

Loan Amount

$2,000 – $25,000

Term

24 to 48 months

Min score

600

LendingPoint is an online personal loan provider, established in 2014 out of Atlanta, GA. LendingPoint focuses on “near prime” borrowers, or borrowers with average to poor credit. The founders of the company noticed this underserved market after the market crash.
At the time, large banks focused mainly on prime borrowers. LendingPoint has issued almost 70,000 loans, totaling nearly $500 million in consumer loans.

“LendingPoint built a proprietary credit risk model which allows it to offer more loans to consumers with FICO scores between 580-700. Using hundreds of data points, LendingPoint looks at a person’s complete financial picture, taking into consideration credit history, employment history, earning potential and other data to determine creditworthiness.”

LendingPoint Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

What Can a LendingPoint Personal Loan Be Used For?

LendingPoint loans can be used to pay for debt consolidation or credit card refinancing, moving expenses, vacations, medical expenses, wedding expenses, car purchase or repair, or home improvements.

LendingPoint loans can be used for home repairs or renovations. The advantage of using a personal loan for home improvement is the promptness of receiving the funds. Typically, it takes a month or more to get an equity line of credit on your home.
LendingPoint offers a way to get money for your vacation without having to deal with credit cards, or worry about every dime during your travel.
Since LendingPoint focuses on borrowers with average or poor credit, it is a good provider for those wanting to pay down their debts.

LendingPoint loans can be used for wedding expenses like engagement rings, and reception and honeymoon costs.

LendingPoint loans can be used to help with moving expenses. For example, a LendingPoint loan could help you take the risk of moving across the country for a new job.

LendingPoint Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 4.9/5 on Trustpilot ( 3900 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power: We considered J.D. Power’s lending consumers satisfaction study. .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. Lending Point wasn't rated in the 2020 research.

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

Application Process

The LendingPoint application process only takes a few minutes.

LendingPoint Personal Loan

 You will fill out a short form with some basic questions about yourself, including your full name, contact information, date of birth, employment status, and income.

LendingPoint Personal Loan

The minimum requirements for applying are a minimum credit score of 600 with no bankruptcy, charge-offs, or liens in the past 12 months. The borrower needs one year of consistent employment with a minimum annual income of $20,000.

LendingPoint Personal Loan

LendingPoint will usually let you know if you are approved very quickly and have the money in your account in one day. Sometimes the borrower may need to provide verification information such as picture ID, social security card, bank statements, pay stubs, or tax returns.

LendingPoint Personal Loan

Despite the higher rates, Lending Point can be a Competitive option for those with fair credit.

APR

15.49% – 35.99%

Loan Amount

$2,000 – $25,000

Term

24 to 48 months

Min score

600

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to LendingPoint personal loan: 

Prosper is the first peer-to-peer lending marketplace, a platform that matches lenders with borrowers.

Prosper marketplace is a great place to start in your personal loan search. Prosper focuses on the mass market of borrowers and their personal loans can be used for a wide range of reasons. They also have a lending arm for medical costs, Prosper Healthcare Lending. They offer personal loans for a wide variety of purposes and to a large market of borrowers. 

They do have a high origination fee while other providers do not have one. The process will take longer than with other platforms, so if you need funds quickly Prosper may not be the right place to start your search.

SoFi has moved away from that business model and moved to a “non-traditional underwriting approach focused on lending to financially responsible individuals. SoFi uses an underwriting model that examines free cash flow, professional history and education in addition to a history of responsible bill payment to evaluate its borrowers.”
SoFi personal loans have no origination or late fees. They also do not have a prepayment penalty so the loan can be paid off early without additional costs. SoFi gives borrowers flexibility in payments and allow you to change payment due dates and do not charge late fees.

This is a unique lender created in 2012 by a group of former Google executives. They are the first lending platform to use artificial intelligence with an automated lending process. The company aims to go the extra mile for its customers.

Most lenders primarily focus on a FICO score to approve a loan. However, Upstart uses its advanced technologies to look beyond this and explore the risk of your loan. These calculations are used to assess your ability to repay your loan.

The company has a strong belief that if lenders would use its intuitive credit model, they would probably be approving more loans.

For borrowers, this means that Upstart can offer high quality loans at low interest rates. With fair terms for borrowers with bad credit, this company has a strong reputation with excellent reviews on Trustpilot and other sites.

LendingPoint Personal Loan is Best for..

LendingPoint is a great option for borrowers with poor credit that need money fast. They service an underserved market that many of the big banks do not. 

LendingPoint is great for borrowers who have high amounts of debt and want to consolidate and simplify life.

If you need credit fast, LendingPoint is a good option but you should keep your options open and shop around for a better rate.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.