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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Lending Point Personal Loans

Pavel Aramyan Pavel Aramyan Last update:
Est. APR
9.99-35.99%
Max loan
$25,000
Term
24-60

Lending Point was founded in 2019 as a private company specializing in personal loans. The wide spectrum of personal loans can be used to get a loan for multiple purposes, but the brand is primarily recommended for debt consolidation. Lending Point is known to grant loans to customers with a bad credit score a lot more frequently since the team takes into account a lot of factors. These include financial history, job history, personal income, credit behavior, and debt to income ratio.

Based in the US, Lending Point has loaned over $1 billion through the USA and has earned the title “Best Personal Lender of 2018” by multiple online publications and reviewers. In 2018 alone, over 7 million Americans have applied for financing through the brand, which is a formidable number in terms of trustworthiness.

Lending Point Loan Types and Terms

Loan types
  • Small Personal loans
  • Debt consolidation
  • Home improvement
  • Quick loans for fast cash
Loan amount $2,000-$25,000
Repayment terms 24-60 months, monthly or weekly payments
APR 9.99% – 35.99%
Minimum credit score 585
Lender type Direct lender
Good for: Debt consolidation, bad credit score, flexible payments
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Who Lending Point is Good For

When looking at the benefits, there are three major aspects that appeal to customers concerning Lending Point:

  • Debt Consolidation: The lender has a solid reputation of offering lower interest rates for multiple debts when these are joined into a single one. As a result, you get a fixed payment schedule with an overall lower interest rate than you had before.
  • Flexible Payments: While the payments are usually accepted on a monthly basis, in some cases customers can negotiate with the brand to schedule weekly or biweekly payments, depending on their needs.
  • Bad Credit Score: Lending Point takes into account and carefully reviews users’ financial history, debt to income ratio, personal income and credit activity in addition to the credit score. This is why it’s easier for people with a bad credit score to get a loan.

Lending Point Personal Loans: Pros

Lending Point has a number of strengths to take into account. Here are the most significant ones.

  • Careful consideration
    Being a reputable lender, the brand takes all the possible extra steps to assess customers’ applications before making the final decision. The staff is very helpful and friendly as reported by multiple users, and does everything in its power to help out when you’re in need.
  • Easy application process and fast time to funding
    The application process is simple and straightforward. Although you need to prepare a few documents in advance, once everything is settled, the money is disbursed the next day in the vast majority of cases. Also, you can easily check personalized loan offers before even starting the application process. The process requires minimal information and doesn’t affect your credit score in any way.
  • Good for a wide range of credit scores
    The minimum credit score required to apply is 585, and even with such a low score, there is a good chance that the loan will be granted if the rest of the required documents and information proves to be sufficient. Also, the payment periods are quite flexible. You can arrange weekly, biweekly or monthly payment schedules with the brand, depending on your needs.
  • Safe and affordable
    Lending Point utilizes 128-bit SSL encryption technology, which assures that your personal data will never end up in the wrong hands. Also, the origination fees are pretty reasonable, up to 6%, and in some cases there is none. There is also a late payment fee of $30 after 15 days grace period. Finally, there is no prepayment fee.

Lending Point Personal Loans: Cons

Here are a few aspects that may prove to be inconvenient for some users.

  • Only small loans
    The maximum amount that the brand lends is $25000, which can be insufficient for a number of cases like student loans, making a large purchase, financing cars, boats, etc.. The brand’s services are mostly used for small personal loans and debt consolidations.
  • Short repayment periods
    The longest repayment period is 60 months, which can be costly for some people.
  • Relatively high APR rates
    The APR ranges from 9.99%-35.99%, which again, can be costly for some people when taking the repayment period into account.
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The Application Process

The application process is very simple and can be completed in a few minutes if you have prepared the necessary documentation beforehand. It’s important to note that before even starting the application process, customers can check personal loan offers by submitting minimal information. This includes personal details (name, address, date of birth, contact, etc.), annual income and its source, and your social security number.

Apart from these, you’ll need the following documents to apply for a personal loan:

  • Proof of employment and income
  • Most recent bank statements and a voided check
  • Driver’s license or state-issued ID

The initial application results in a soft credit check. Depending on the case, you may be asked to provide some additional information. For instance, if a customer with a below average credit score applies for a $15000 loan with a repayment term of 60 months and 21.8% APR, the monthly payment will equal to $471.

Terms & Requirements

Here are the terms and requirements for getting a personal loan at Lending Point.

Loan Requirements

  • Credit score: 585-850
  • Personal information (age, gender, citizenship, address, phone, email, etc.)
  • Living in a US state excluding Colorado, Connecticut, Nevada, New York, Vermont, West Virginia, Wisconsin, and Wyoming.
  • Personal income and employment status. At least $20000 annual personal income.
  • The lender takes into account your financial history, credit history, credit behavior, and job history.
  • Debt to income ratio: less than 35%

Loan Terms

  • General APR range: 9.99% – 35.99%
  • Loan amount: $2000-$25000
  • Origination fee: 0.0%-6.0%
  • Loan Types include small personal loans, debt consolidation, home improvement, installment and quick loans for cash.

Repayment Terms

  • Over a 24-60 month period.
  • Weekly, biweekly or monthly payment schedules. You can change your schedule only once during the repayment period.
  • You may get a longer repayment period with other lenders on the market.

Privacy & Security

Although still young, Lending Point has built up a great reputation around the US, with over $1 billion worth of loans issued and over 7 million people have applied for a loan in 2018. Moreover, user reviews across the internet are generally positive regarding the overall experience, terms and conditions of the lender.

Customer Support

Lending Point provides high-quality customer support available 24/7. The brand can be reached via a dedicated phone number and email. The agents provide expert advice, directing you towards the best possible choice in your specific case, and explain everything in detail. This helps make sure that there is minimal misunderstanding or confusion at any point during the whole process.

Final Thoughts

Overall, Lending Point is a highly-reputable lender known for approving loan applications to people with bad or average credit score and is primarily recommended for small personal loans and debt consolidations. The brand has been acknowledged as an excellent lender by reviewers and online publications during the past years and is trusted by many American consumers.

On top of that, taking into account the feedback from previous users and reasonable terms and conditions, we can conclude that Lending Point is a great lender. If you’re looking for a small loan or need quick cash, you should definitely consider this company. What’s even better though, you can upload personal information to get a good idea of what kind of loans you’re eligible for, even before starting the application process.

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Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Pavel Aramyan Pavel Aramyan
Pavel is a writer with over 5 years of experience in researching and comparing consumer products from a variety of industries.
This review is based on the writer's personal opinion.