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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 amount range: $2,000 – $25,000
- Interest rate rage: 15.49% – 35.99%
- Terms: 24 to 48 months
- Origination fee: 0%-6%
- Late payment fee: $30
- Prepayment fee: None
- Minimum credit score: 600
- Minimum income: $20,000 annually
- Funding: Typically 1 day
- Pay stubs
- Bank statements
- Tax Returns
- Social security card/State ID
LendingPoint Loan Pros & Cons
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.
Medical expenses can be unexpected but LendingPoint can help with that burden.
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.
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.