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: Payments are due monthly, but you can schedule your payments to be made every other week.
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||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 these states: Colorado, Connecticut, Nevada, 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 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 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 scheduling your payments every other week 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.
Loan example: For a borrower with average credit, a $20,000 personal loan with a repayment term of 36 months at 21.8% annual percentage rate would carry monthly payments of $762, according to NerdWallet’s personal loan calculator.
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 pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.
Before you shop for a personal loan:
- Learn how personal loans work
- Boost your chances of getting approved
- 4 steps to pre-qualify for a personal loan
NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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.