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LendingPoint Personal Loans: 2018 Review

February 28, 2018
Loans, Personal Loans, Personal Loans Reviews
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

4 stars out of 5

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

LendingPoint offers personal loans for borrowers with average to bad credit, primarily for debt consolidation. LendingPoint may offer cheaper interest rates than other online lenders because it considers more than just your credit score.

LendingPoint is a good fit for borrowers who:

  • Have a credit score of at least 600
  • Earn $20,000 or more annually
  • Want customizable payment options
  • Live in the District of Columbia or one of these 34 states: Alabama, Alaska, Arkansas, Arizona, California, Delaware, 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

LendingPoint loan rates and terms

Loan amounts$2,000 - $25,000
Typical APR15.49% - 34.99%
Origination fee0.0% - 6.0%
Time to fundingNext day, in some cases
RepaymentsCustomizable loan payments: Every other week, every 28 days, or monthly, over 24 to 48 months
Soft credit check?Yes
How to qualify
  • Minimum credit score of 600
  • At least $20,000 in annual income
  • Debt-to-income ratio of less than 35%
Best forBorrowers with average or bad credit, debt consolidation
Click "Check Rates" to apply on LendingPoint.

» 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 personal loan product. Loan terms and fees may vary by state.

Best for: LendingPoint personal loans were recognized among NerdWallet’s 2018 Best-Of Awards under the category of best personal loans for bad credit.

For borrowers with average or bad credit (600 to 689 FICO), 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 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

LendingPoint personal loans also 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 monthly. 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.

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

Loan example: For a borrower with average credit, a $20,000 personal loan with a repayment term of 36 months at 21.8% APR would carry monthly payments of $762, according to NerdWallet’s personal loan calculator.

How LendingPoint compares





15.49% - 34.99%

Min credit score


Best for

Bad credit, debt consolidation


17.59% - 35.99%

Min credit score


Best for

Bad credit,
secured loan


9.95% - 35.99%

Min credit score


Best for

Bad credit, debt consolidation

Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

How to apply for a LendingPoint loan

You can apply on LendingPoint’s website. The application requires information including your requested loan amount, the loan purpose, some basic personal information, your annual income and the last four digits of your Social Security number.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.


Before you shop for a personal loan:

Updated March 29, 2018.

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. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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

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