Where does LendingPoint do business?
LendingPoint is a direct lender based in Kennesaw, GA. It was founded in 2014 and offers auto loans in 40 states (and Washington, DC).
How much can you borrow via LendingPoint?
LendingPoint auto loan amounts start at $2,000 and go up to $25,000.
What APR does LendingPoint offer on its auto loans?
LendingPoint offers a fixed APR auto loan product that ranges from 15.49% APR up to 34.99% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
What is the maximum loan term you can get with LendingPoint?
LendingPoint has auto loans with terms ranging from 24 to 48 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
Does LendingPoint charge an origination fee?
Yes, LendingPoint may charge a loan origination fee of 0% to 6% of the loan amount. LendingPoint deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does LendingPoint charge a late fee?
Yes, LendingPoint charges borrowers with a late payment penatly fee
Does LendingPoint charge prepayment fees?
No, LendingPoint will not charge you a fee for paying your loan early. Whenever possible choose lenders like LendingPoint that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for a loan with LendingPoint?
Applicants with a credit score of at least 590 can apply for a loan via LendingPoint. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- An active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for an auto loan via LendingPoint?
LendingPoint will typically approve (or deny) an auto loan application within 24 hours and fund the loan within 7 business days of approval.
Does LendingPoint report loan payments to credit bureaus?
LendingPoint may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Origination Fee||0% - 6%|
|Credit Score Range||
590 - 720
850 300 590 720
|Immigration Status Considered||
|Minimum Annual Income||$20,000|
|Bank Account Required?|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$2K - $25K|
|Loan Term (Months)||24 - 48|
|APR (Fixed APR)||15.49% - 34.99%|