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LendingPoint

in Personal Loans

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LendingPoint

Claimed

in Personal Loans

SuperMoney Net Recommendation Score +49% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

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35 users recommend
3 users are unsure
11 users don't recommend
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Overview

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.

How Does LendingPoint Work?

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.

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 $25,000 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’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.

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 6% 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 $25,000, 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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Other Services by LendingPoint

Availability

Available in 34 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington

Feature Breakdown

No Prepayment Fee
Origination Fee
0% - 6%
Minimum Age
18
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Only Individual Applications
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Credit Score Range
590 - 720
850 300 590 720
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income
$20,000
Bank Account Required?
Verification Documents Required?
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
0 14
Approval Speed (Hours)
24
Pre-Approved Soft Credit Inquiry
Credit Bureau Reporting
  • Experian
  • TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Customizable Payment Dates
Loan Term (Months)
24 - 48
1 180
Loan Amount
$2K - $25K
$100 $100K+
APR
15.49% - 34.99%
4% 100%+

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