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 be a good fit if you:
- Have bad credit: LendingPoint requires a minimum credit score of 600, but it also considers job history and debt-to-income ratio.
- Want to consolidate debts: Borrowers can roll multiple debts into a single loan with fixed payments and, ideally, a lower interest rate.
- Want flexible payments: You can choose a payment due date of every other week, every 28 days or monthly.
LendingPoint loan rates and terms
|Loan amounts||$2,000 - $25,000|
|Typical APR||15.49% - 35.99%|
|Fees||Origination fee: 0.0% - 6.0%
Late fee: $30 after 15-day grace period
Prepayment fee: None
|Time to funding||Next day, in some cases|
|Repayments||Customizable loan payments: Every other week, every 28 days, or monthly, over 24 to 48 months|
|Soft credit check?||Yes|
|How to qualify||
|Best for||Borrowers with average or bad credit, debt consolidation|
*LendingPoint is currently unavailable to borrowers in 16 states: Colorado, Connecticut, Iowa, Louisiana, Maine, Maryland, Massachusetts, Nevada, New York, North Dakota, Rhode Island, South Carolina, Vermont, West Virginia, Wisconsin, Wyoming.
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.
LendingPoint personal loans were recognized among NerdWallet’s 2018 Best-Of Awards under the category of best personal loans for bad credit. Its loans can be used for any personal expense, including debt consolidation.
Borrowers with average or bad credit (300 to 689 FICO) may have better odds of qualifying for a LendingPoint loan. That’s because the lender looks beyond borrowers’ credit scores, grading creditworthiness on a range of other factors, including:
- 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.
Flexible repayments: 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. You can request one loan modification during the term of your loan.
Fast funding: Borrowers can receive funds by the next business day, though in some cases it takes several days.
How LendingPoint compares
LendingPoint provides loans up to $25,000, which is less than some of its peers.
OneMain provides loans between $1,500 to $30,000 and has no minimum credit score requirement, although its borrowers have an average score between 600 and 650.
Avant loans range from $2,000 to $35,000, and the lender has a lower starting APR than OneMain and LendingPoint. While it requires a minimum 580 credit score, average scores are between 600 and 700.
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:
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
What the stars mean
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution