Editorial Review

LendingPoint Personal Loans: 2018 Review

It targets borrowers with average or bad credit and considers a range of factors to help them qualify.

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Our Take


NerdWallet rating 

The Bottom Line: Accepts low credit scores and has flexible payments; rates are high but comparable to competitors.

Check Rate

on LendingPoint's secure website

16.02% - 29.72%
Loan term
2 - 3


Loan amount range
$2,000 - $30,000
Min. credit score

Pros & Cons

  • Soft credit check
  • No prepayment fee
  • Flexible payments
  • Does not offer direct payment to creditors for debt consolidation loans
  • No co-sign or secured loan options

Full 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.

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 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.


  • Origination fee: 0.0% – 6.0%
  • Late fee: $30 after 15-day grace period
  • Prepayment fee: None

How to qualify:

  • Minimum credit score of 600
  • At least $20,000 in annual income
  • Debt-to-income ratio of less than 35%
  • Live in the District of Columbia or one of the 34 states where LendingPoint operates (see a list of unavailable states below).

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.

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.

*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.

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:

Personal Loans Rating Methodology
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.