LendingPoint Personal Loans Review

LendingPoint Personal Loans is offered by LendingPoint LLC, a direct lender founded in 2014 and based in Kennesaw, GA. LendingPoint Personal Loans is available in 41 states (and Washington, DC).

Key takeaways

• Fast access to cash. In some cases you can get your money within 1 business day.
• Fair credit accepted. The credit score needed for LendingPoint Personal Loans is relatively low. Borrowers with a credit score as low as 590 may qualify for LendingPoint Personal Loans.
• Origination fees of up to 6%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Minimum income of $20,000. You will need an annual income of at least $20,000 to apply for LendingPoint Personal Loans, which is below average for the lenders in our database

LendingPoint Personal Loans Pros and Cons:

What rates and terms does LendingPoint Personal Loans offer?

LendingPoint Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What fees does LendingPoint Personal Loans charge?

What do you need to qualify for LendingPoint Personal Loans?

To qualify for personal loans with LendingPoint Personal Loans, applicants need a minimum annual income of $20,000 or higher. LendingPoint Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LendingPoint Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LendingPoint Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid checking account
• Recent pay stubs
• Proof of income
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a personal loan via LendingPoint Personal Loans?

LendingPoint Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.

Does LendingPoint Personal Loans report your account activity to credit bureaus?

LendingPoint Personal Loans reports your account activity to the following credit reporting agencies:

• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.