LendingPoint is an Atlanta-based online direct loan provider established in 2014. The company has an A+ rating with the BBB. LendingPoint offers fast personal loans at reasonable rates to consumers with fair credit (FICO score range of 600-690). Borrowers can put funds toward any personal use they want, such as debt consolidation, home improvements, purchases or a vacation.
LendingPoint uses a proprietary scoring and underwriting model that allows them to offer lower rates to Fair Credit consumers. The company offers next business day funding on approved applications. Borrowers are assigned a dedicated point person who assists them with any questions or problems with their 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 $25,000 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.
LendingPoint’s holds intellectual patents for unique data modeling and credit scoring. For borrowers, that means the company’s loan approval process doesn't only rely on people's FICO credit score to determine creditworthiness. This allows LendingPoing to approve borrowers who would not qualify for loans with traditional lenders. Its rates are low compared to alternative lenders in an underserved marketplace.
Unlike many personal loan companies, LendingPoint is a direct lender, not a marketplace or a marketing company dedicated to generating leads for other lenders. This gives LendingPoint more flexibility and allows for faster approvals.