LendingPoint Personal Loans: 2017 Review

Loans, Personal Loans, Personal Loans Reviews
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4 stars out of 5

NerdWallet rating: 4.0 / 5.0
Good for: Bad credit, debt consolidation

LendingPointlogoLendingPoint offers personal loans for people with average to bad credit scores who need a fresh start on paying down and consolidating debt or building credit. LendingPoint may offer cheaper interest rates than other online lenders because it looks at more than just your credit score.

LendingPoint may be a good fit for you if:

  • Your credit score is at least 600
  • Your salary is $20,000 or more
  • You live in one of these 17 states: Ala., Calif., Colo., Del., Ga., Mich., Mo., Mont., N.J., N.M., N.D., Ohio, Ore., S.D., Texas, Utah, Wash.

LendingPoint at a glance

Typical APR15.49% – 34.99%
Loan amounts$3,500 - $20,000
Time to fundingNext day in some cases
Origination feeVaries by state
Soft credit check?Yes

 

» MORE: Lenders that offer personal loans for bad credit

LendingPoint personal loan review

To review LendingPoint, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar product.

If you have average or bad credit, LendingPoint could be a cheaper place to get a loan compared with other lenders. That’s because LendingPoint looks beyond your basic credit score, grading your creditworthiness on a range of other factors. The grades don’t correspond directly with credit scores, so someone with a low credit score could still earn a high grade and get favorable loan terms, says Tom Burnside, LendingPoint’s CEO.

The other factors include:

  • Credit history and credit card debt.
  • Employment status.
  • Current delinquencies and bankruptcies.
  • Charge offs in the last 12 months.
  • Open tax liens.
  • Debt-to-income ratio.

You can be approved for a loan in as little as 15 minutes, though in some cases it takes several days. Some borrowers receive funds by the next business day.

Customizable repayment options

LendingPoint personal loans come with a lot of flexibility. You can customize some aspects of your repayments, like choosing a payment due date and scheduling your payments every other week, every 28 days or at some other interval. The origination fee can be paid upfront or added to your interest rate. You can request one loan modification during the term of your loan.

How to apply for a LendingPoint loan

You can apply on LendingPoint’s site, or you can apply on NerdWallet using the button below. NerdWallet’s lender marketplace checks multiple lenders and displays all the loans for which you qualify, based on your application. You can compare rates in one place, and applying won’t affect your credit score.

More about LendingPoint

LendingPoint loan requirements

  • Minimum credit score: 600
  • Minimum income: $20,000
  • Minimum credit history: None
  • Debt-to-income ratio: 45% or below

LendingPoint terms

  • APR range: 15.49 – 34.99%
  • Loan amount: $3,500 – $20,000
  • Loan duration: 24 – 48 months

LendingPoint fees and penalties

  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late fee: $30 after 15-day grace period

Before you take a personal loan

Consider other debt consolidation options

Check your free credit report

Learn how personal loans work

Calculate payment scenarios

Have a plan for getting out of debt

Amrita Jayakumar and Jeanne Lee are staff writers at NerdWallet, a personal finance website. Email: ajayakumar@nerdwallet.com or jlee@nerdwallet.com. Twitter: @ajbombay or @jlee_jeanne.

Updated Feb. 21, 2017.


Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.

5 stars out of 5— Among the very best for consumer-friendly features

4.5 stars out of 5— Excellent; offers most consumer-friendly features

4 stars out of 5— Very good; offers many consumer-friendly features

3.5 stars out of 5— Good; may not offer something important to you

3 stars out of 5— Fair; missing important consumer-friendly features

2.5 stars out of 5— Poor; proceed with great caution