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:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- South Dakota
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Employed Full-Time
- Employed Part-Time
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)
- Automatic Payments
- Check by mail