LendingPoint Personal Loan full review
LendingPoint offers a dependable and uncomplicated funding option for medium-sized expenses or home improvement projects with their personal loans.
Get Affordable Rates Even with Less-Than-Perfect Credit Scores!
LendingPoint, a financial technology platform established in 2014, uses its own algorithms and artificial intelligence to assess loan applications and provide loans to individuals.
If you have a credit score of at least 580 and an annual income of $20,000 or more, you qualify to apply for loans ranging from $2,000 to $36,500.
What sets LendingPoint apart is its A+ rating with the Better Business Bureau, lenient eligibility requirements, absence of prepayment penalties, and fast loan processing.
Based on your creditworthiness, you may receive a loan with a fixed annual percentage rate (APR) ranging from 9.99% to 35.99%.
Moreover, the company does not impose any usage restrictions as long as the intended use is legal.
However, if you are looking for a combined loan or need a co-signer, LendingPoint may not be the ideal choice. Additionally, residents of West Virginia and Nevada are ineligible to apply.
Read on to learn more about LendingPoint and decide if it meets your requirements!
How LendingPoint Personal Loan Works
If you reside in an area where LendingPoint operates and meet the basic application criteria, you can start by prequalifying for a personal loan.
During the prequalification process, you will need to provide some essential information such as your name, birth date, and salary to verify loan offers.
LendingPoint conducts a soft credit inquiry, which has no negative impact on your credit score, to generate preliminary offers.
LendingPoint offers personal loan amounts ranging from $2,000 to $36,500. The exact loan amount approved will depend on your credit score and other application-related factors.
If you accept an offer, you will need to provide additional information and supporting documents to the lender. This includes your most recent bank statements, a canceled check, a government-issued photo ID (e.g., driver’s license), and proof of income and employment.
Keep in mind that a hard credit inquiry conducted during the loan application process may temporarily lower your credit score by a few points. Hard inquiries are removed from your credit report after two years.
Once the lender approves the loan and receives all the required documentation, funds can be made available as early as the next business day.
Terms and Conditions of LendingPoint Personal Loan
Customers with fair credit, defined as a FICO score of at least 580, can apply for fixed-rate personal loans from LendingPoint ranging from $2,000 to $36,500. APRs range from 9.99% to 35.99%, and loan terms range from two to five years.
The lender may deduct the origination fee, which can be up to 6%, from the loan disbursement or include it in the funded amount.
Borrowers are not penalized for early loan repayment. However, joint or co-signed personal loans are not available.
LendingPoint conducts a hard inquiry to verify the accuracy of the information provided in the loan application.
The final loan amount, APR, and terms may vary from the initial loan offer based on the lender’s evaluation of the borrower’s credit, financial profile, and other factors.
It’s important to note that LendingPoint does not guarantee reporting to all three major credit bureaus for borrowers seeking to establish or rebuild credit. Loan activity may be reported to one or more credit bureaus, according to the lender’s statement.
Benefits of LendingPoint Personal Loan
Quick Funding
LendingPoint claims that the application process takes only a few minutes, and the lender can decide on approval within seconds.
If you are approved by noon Eastern time, LendingPoint may even provide funding on the same day. Otherwise, funding typically takes place the next business day.
Flexible Payment Due Date
While LendingPoint does not allow borrowers to select their payment due date before signing a loan agreement, it does permit one change per year after the loan has been closed.
Opportunity for Refinancing
Borrowers can use a LendingPoint loan to refinance an existing loan from LendingPoint or another lender. This can be beneficial if you improve your credit score and become eligible for a better rate with LendingPoint or another lender.
How to Apply for a LendingPoint Personal Loan
If LendingPoint seems like the right lender for you, continue reading to find out how to apply for a loan.
