Features

Where does LendingPoint do business?

LendingPoint is a direct lender based in Kennesaw, GA. It was founded in 2014 and offers auto loans in 34 states (and Washington, DC).

What APR does LendingPoint offer on its auto loans?

LendingPoint offers auto loans with APRs starting at 15.49% and up to 34.99%. 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 inaccuate 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 a maximum term of 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 auto 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 reports credit data to the following credit reporting agencies:

  • Experian
  • Transunion

  • Institution Type
    Direct Lender
  • Bank Account Required?
  • Credit Score Range
    590 - 720
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Minimum Annual Income
    $20000
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • No Prepayment Fee
  • Origination Fee
    Up to 6%
  • Approval Speed (Hours)
    24
  • Credit Bureau Reporting
    • Experian
    • TransUnion
  • Customizable Payment Dates
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Loan Amount
    $2000 - $25000
  • Loan Term (Months)
    Up to 48
  • APR
    15.49% - 34.99%
Loan approval is not guaranteed. Actual loans offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 5% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $3,500 to $20,000, at rates ranging from a low of 15.49% APR to a high of 34.99% APR, with terms from 24 to 48 months.
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