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.

How Does LendingPoint Work?

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.

What Are LendingPoint's Rates and Fees?

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. 

How Much Money Can I Borrow from LendingPoint?

LendingPoint offers loans ranging from $3,500 to $20,000 with loan terms of 24 to 48 months. 

What Is LendingPoint's Application Process Like?

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.

How Is LendingPoint Better Than Other Lenders?

  • LendingPoint offers reasonable rates to borrowers with fair credit (600 and above).
  • Quick approvals and next-day funding.
  • Getting preapproved for a loan with LendingPoint allows you to negotiate the price of a car like a cash buyer.
  • Its rates are low compared to alternative lenders that specialize on subprime borrowers. 
  • Max Loan Term (Months)
  • 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
  • Minimum Annual Income
  • 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)
  • Customizable Payment Dates
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Credit Bureau Reporting
    • Experian
    • TransUnion
  • Loan Amount
    $2000 - $25000
  • 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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