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 600-680). 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 interest rates to Fair Credit consumers. All applications are done online once documentation is complete, the company offers next business day funding, with deposits made the day after approval. 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 Interest Rates?
- Interest 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%.
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.
Which States Does LendingPoint Operate In?
LendingPoint currently operates in Alabama, California, Delaware, Georgia, Michigan, Missouri, Montana, New Jersey, New Mexico, Ohio, Oregon, South Dakota, Texas, Utah, and Washington.
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 interest rates are low compared to alternative lenders in an underserved marketplace and provides access to loans to help borrowers who are building their financial lives. 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 and fund transfers.
* 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.