LendingPoint Personal Loan Review 2020

3.5 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

LendingPoint – About The Lender

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.”

Loan Specifications

Here are the basic specifications & requirements of LendingPoint Personal Loan :

FeatureLendingPoint Personal Loan
Loan Amount Range$2,000 – $25,000
Interest Rate Range15.49% – 35.99%
Term24 to 48 months
Origination fee0%-6%
Late Payment Fee$30
Prepayment feeNone
Minimum Credit Score600
Minimum Income$20,000 annually
FundingTypically 1 day
Documents To Provide
  • Pay stubs
  • Bank statements
  • Tax Returns
  • Social security card/State ID

LendingPoint Loan Pros & Cons

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


  • Quick turnaround times – LendingPoint has a quick process and an easy application. Many borrowers are approved with money in their account by the end of the next business day.
  • Soft Pull Inquiry – LendingPoint allows for an initial soft pull inquiry online so the borrower can get an idea of the options for which they may qualify. A soft pull does not affect your credit.
  • Good for borrowers with poor credit – LendingPoint targets borrowers without perfect credit. Many other providers will not service borrowers with poor credit.
  • Flexible repayments – You can customize your repayments. You can choose a payment due date and schedule your payments every other week, every 28 days, or monthly. You can also request one loan modification during the term of your loan.
  • No Prepayment Penalty –LendingPoint does not have a prepayment penalty.


  • Origination Fee – LendingPoint deducts a one-time origination fee of 0% to 6% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.​
  • Smaller max amount –The LendingPoint maximum amount is smaller than many other personal loan providers. If you need more, you will have to go to another provider.
  • Not Available in All States – LendingPoint is available in 40 states. See the list here.
  • Large late payment fee –LendingPoint has a late fee of $30, which is higher than most other providers.
  • High rates –LendingPoint has high rates. If you have a good credit history there are more competitive rates in the market.

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.

  • Debt Consolidation

Since LendingPoint focuses on borrowers with average or poor credit, it is a good provider for those wanting to pay down their debts.

  • Vacation

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.

  • Wedding Expenses

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

  • Moving Expenses

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.

  • Medical Expenses

Medical expenses can be unexpected but LendingPoint can help with that burden.

  • Home Improvement

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.

  • Car or Car Repairs

LendingPoint allows their personal loans to be used for car purchases without using the car as collateral. Many times car loans are cheaper but if you are unable to get credit, LendingPoint may be a good option.

  • LendingPoint Application Process

The LendingPoint application process only takes a few minutes. 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.

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 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 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.