LendingPoint is a direct online lender based in Atlanta that was established in 2014. LendingPoint offers unsecured personal loans that can be used for practically any purpose, including auto loans. It offers next-day funding and reasonable rates to borrowers with less than excellent credit. LendingPoint specializes in borrowers with credit scores ranging from 600 to 680.
Although LendingPoint doesn’t specialize in auto financing, its unsecured personal loans are a great option for small dollar vehicle loans.
LendingPoint uses a proprietary scoring and underwriting model that looks at other factors besides borrowers’ credit scores. Apply online and if you’re approved you will get next day funding on your loan. Funds are transferred directly to customers' bank accounts, and payments can be made either monthly or bi-monthly with the option of setting free automatic payments or paying by certified check.
Rates vary depending on applicants' credit history, income, and state of residence. Rates start at 15.49% APR and have a maximum of 34.99% APR.
LendingPoint offers loans ranging from $3,500 to $20,000 with loan terms of 24 to 48 months.
LendingPoint's application is fast, easy and online or over the phone. The minimum credit score to qualify for a loan with LendingPoint is 600. The company requires a soft credit pull during the application process, which won’t affect a borrower’s credit score. LendingPoint is able to look beyond a borrower’s FICO score, making connections between traditional and nontraditional data, to determine creditworthiness. Applicants will need to provide their personal details, income, employer, place of residence, and the purpose for which they are using the funds.
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