Highlights
Community Rating	Mostly not recommended
APR (Fixed APR)	15.49% - 34.99%
Loan Amount	$2,000 - $25,000
Loan Term (Months)	24 - 48 months
Number of Reviews	40

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

APRs starting at 15.49%. Personal loan interest rates typically range between 5% and 36%. The starting rates for LendingPoint Personal Loans are on the higher end of the spectrum.
Fast access to funds. In some cases you can get your money within 1 business day.
Prequalified rate. You can check your prequalified rate at LendingPoint LLC with a soft pull that will not affect your credit score.
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 & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit.	APRs as high as 34.99%. Charges an origination fee of up to 6% of the loan amount. Charges a late fee.

LendingPoint Personal Loans FAQ

What interest rates and personal loan terms does LendingPoint Personal Loans offer?

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

What interest rates does LendingPoint Personal Loans offer?

LendingPoint Personal Loans offers a fixed APR personal loan product that ranges from 15.49% APR up to 34.99% APR.

How much can you borrow via LendingPoint Personal Loans?

Loan amounts start at $2,000 and go up to $25,000

What is the maximum personal loan term you can get with LendingPoint Personal Loans?

LendingPoint Personal Loans offers loans with terms ranging from 24 to 48 months.

LendingPoint Personal Loans Interest Rates & Loan Terms
Personal Loan Amount	$2000 - $25000
Loan Term	24 - 48 months
APR	15.49% - 34.99%

What fees does LendingPoint Personal Loans charge?

Does LendingPoint Personal Loans charge an origination fee?

LendingPoint Personal Loans may charge a personal loan origination fee of 0% to 6% of the personal loan amount. LendingPoint Personal Loans deducts the origination fee directly from your personal 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 Personal Loans charge a late fee?

Yes, LendingPoint Personal Loans may charge borrowers a late payment fee if you miss one of the monthly payments.

Does LendingPoint Personal Loans charge prepayment fees?

No, LendingPoint Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

LendingPoint Personal Loans Fees
Origination Fee	0% - 6%
Prepayment Fee?	No
Late Payment Fee	N/A

What do you need to qualify for LendingPoint Personal Loans?

Applicants with a credit score of at least 590 and up to 720 may be eligible for LendingPoint Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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 personal checking account
Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

LendingPoint Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
Credit Score	590 - 720

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 loans within 7 business days of approval.

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

Yes, 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 may help improve your credit.

LendingPoint Personal Loans Disclosure: 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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From LendingPoint LLC

Message From Our Editor

What We Love About LendingPoint Loans

This company's biggest selling point is that they work with subprime and less-than-perfect credit and still provide personal installment loans with reasonable interest rates. People with less-than-perfect credit who want access to reasonable terms, fair rates, and quick cash will find that LendingPoint has a lot to offer. Plus, the company will even report to the credit bureaus, allowing you to improve your credit rating by repaying the loan in a timely fashion.

Rather than relying solely on your credit score, LendingPoint will look at the various aspects of your financial history to determine your overall risk. This allows consumers who may have had some struggles to still have a fair chance.

What Could LendingPoint Do Better?

The biggest drawback here is that loan amounts and terms are restrictive. The maximum loan amount might not be enough for all borrowers, and some people may want to start repayment sooner than what is outlined in the loan agreement. However, if these are the biggest flaws that can be found, LendingPoint is worth the look for personal loans.

LendingPoint's Backstory

LendingPoint was founded in 2014, so it’s one of the newer companies on the market today. However, the company was founded by those who come from working capital lenders and understand consumers' needs when it comes to direct lending. The brand is committed to providing various loan solutions for people that can be used for house repairs, car repairs, vacation, and other needs.

Because the company is a direct lender, they can approve all applications instantly and provide better terms and rates than you might find with third-party lenders.

The Verdict

For those who need quick cash, LendingPoint offers access to fixed installment loans with competitive rates, but they also do it for people who have less than perfect credit, which isn’t always offered. However, you’ll still need to get a few quotes to make sure they’re the right fit.

Contact

Headquarters
1201 Roberts Blvd #200
Kennesaw, GA 30144
Visit Site

Other Services by LendingPoint LLC

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Availability

Available in 41 states and Washington, D.C.

Alabama
Alaska
Arizona
Arkansas
California
Delaware
Washington, DC
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington

Feature Breakdown

No Prepayment Fee
Origination Fee (%)	0% - 6%