LendingPoint offers unsecured fixed-rate personal loans. These loans can be used for any purpose the borrower chooses, from debt consolidation to a vacation. LendingPoint’s lenders offer loans for as little as $2,000 with repayment terms as short as two years.
LendingPoint Personal Loans Review
LendingPoint personal loans are funded by investors who have been matched with the borrower through the LendingPoint platform. The company offers competitive fixed rates on loans up to $36,500.
LendingPoint Personal Loans Highlights
LOAN AMOUNT
$2,000 - $36,500
LOAN REPAYMENT TERM
24 months to 72
MIN CREDIT SCORE
580
APR FIXED RATE
7.99% - 35.99%
FUNDING TIME
One business day days
ORIGINATION FEE
None
PREPAYMENT FEE
None
OTHER FEES
Yes
SOFT CREDIT PULL
Yes
LENDER TYPE
Marketplace
Pros & Cons
- Receive funds as soon as the next day after approval
- Prepay with no penalties
- Qualify for a loan with fair credit
- Co-signers or co-borrowers are not allowed
- Origination fees as high as 8%
- Some lenders may not report your payment history to all three major credit bureaus
Personal Loans Types
- Unsecured Personal Loans
Loan Purpose
- Debt Consolidation
- Home Improvement
- Major Purchase
- Medical Expenses
- Vacation
- Other
LendingPoint Personal Loans Terms & Requirements
How to Apply
Procuring a personal loan with LendingPoint is a straightforward 1- step process:
Screen 1
User information
After completing this form, you may receive preliminary approval and then be provided a choice of up to 12 lenders. Once you select a lender, they will request additional documentation (proof of income, photo ID, etc.) and make a final decision on loan approval.
Qualification Requirements
LendingPoint has several requirements for someone interested in a personal loan:
- Minimum age: 18
- U.S. resident in all states except Nevada or West Virginia
- Have a valid Social Security number
- Have a valid driver’s license/state ID
- Have a minimum annual income of $25,000
- Have a verifiable bank account in your name
Required Information
LendingPoint requires personal information and the loan amount requested to match you with a lender.
Application Steps & Time Frames
- Complete the information form: 2 minutes
- Wait for a decision: typically within minutes
- Funding is released in one business day
LendingPoint’s application process is simple and quick. Funding is faster than many other personal loan lenders.
State Availability
Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming.
Not Available - Nevada, West Virginia.
Not Available - Nevada, West Virginia.
Privacy & Security
LendingPoint has a complete privacy and security statement on its website. It shares your data with its affiliated companies but not with non-affiliates. They do not sell your information to outside companies for marketing purposes.
LendingPoint uses security measures that comply with federal law, including computer safeguards, secured files, and secure buildings.
Customer Support
LendingPoint has an excellent reputation for customer support before a third party approves a loan. It is accredited by the Better Business Bureau (BBB) and has an A+ rating. In addition, the company has an excellent Trustpilot score of 4.8 out of 5 stars based on over 5,000 reviews.
LendingPoint’s phone support is very prompt and professional. When we called, we were connected with a customer support representative within one minute.
Phone Support
(888) 969-0959
Mon - Fri
8:00 AM - 12:00 PM
Saturday
10:00 AM - 9:00 PM
Sunday
10:00 AM - 4:00 PM
In Conclusion
LendingPoint is a customer service-oriented company that connects borrowers with its network of lenders; it does not lend money itself. The lender provides customer support once the loan is funded.
LendingPoint has an excellent reputation for answering borrowers’ questions and helping them get a loan approved. In addition, its rates are competitive, and loans may be repaid early without a penalty.
FAQ
Providing your basic information to view loan options does not impact your credit score. To determine how much you could qualify for, we conduct a “soft pull” of your credit. If you select a loan option and continue your application, we require a “hard inquiry” to verify the information you’ve provided on the application for final loan approval. This “hard inquiry” will be seen as an inquiry on your credit report.
Based on your credit picture and the information provided on the application, LendingPoint returns your loan offer(s) in just seconds. Once you have selected your preferred loan option, we’ll ask for some additional information. In some cases, you may be asked to provide some additional documentation to help verify information on your application. Once any additional documentation is received and reviewed a final loan approval is completed.
There is no obligation or fee to apply for a loan. There are no prepayment penalties or charges for extra payments. Depending on your state, there may be a 0-8% origination fee included in your total loan amount.
LendingPoint Disclaimer
Disclaimer: LENDINGPOINT DOES NOT PROMISE THAT THE SITE OR ANY CONTENT, DOCUMENT OR FEATURE OF THE SITE WILL BE ERROR-FREE OR UNINTERRUPTED, OR THAT ANY DEFECTS WILL BE CORRECTED OR THAT YOUR USE OF THE SITE WILL PROVIDE SPECIFIC RESULTS. THE MATERIAL IN THE SITE COULD INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS. YOU AGREE THAT THE SITE AND ITS CONTENT ARE DELIVERED ON AN “AS-IS” AND “AS-AVAILABLE” BASIS, THAT LENDINGPOINT MAKES NO REPRESENTATION NOR WARRANTY (EXPRESS OR IMPLIED) THAT THE SITE OR DOCUMENTS DOWNLOADED IN RELATION THERETO ARE FREE OF VIRUS OR DETRIMENTAL ASPECTS AND YOU ASSUME ALL RISKS THEREWITH. YOU ACKNOWLEDGE THAT LENDINGPOINT DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING ANY WARRANTIES OF ACCURACY, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. LENDINGPOINT DISCLAIMS ANY AND ALL LIABILITY FOR THE ACTS, OMISSIONS AND CONDUCT OF ANY THIRD PARTIES IN CONNECTION WITH OR RELATED TO YOUR USE OF THE SITE. YOU ASSUME TOTAL SELF RESPONSIBILITY FOR YOUR USE OF THE SITE AND ANY LINKED SITES. YOU AGREE THAT YOUR SOLE REMEDY AGAINST LENDINGPOINT FOR DISSATISFACTION OR PROBLEMS WITH THE SITE OR ANY CONTENT IS TO STOP USING THE SITE OR ANY SUCH CONTENT.
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Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.
9.4
LS SCORE
9.0
CREDIBILITY
9.3
SUPPORT
9.5
ACCESSIBILITY
Opening Hours
Mon - Fri
8:00 AM - 12:00 PM
Saturday
10:00 AM - 9:00 PM
Sunday
10:00 AM - 4:00 PM
Email Support
customerservice@lendingpoin...
Live Chat
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