LendingPoint Personal Loans: 2020 Review

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

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Our Take

3.5

NerdWallet rating 

The bottom line: LendingPoint accepts low credit scores for people with little debt. Its rates may be high but are comparable with other online lenders.

LendingPoint

on LendingPoint's website

on LendingPoint's website

Min. Credit Score

585

Est. APR

15.49 - 35.49%

Loan Amount

$2,000 - $25,000

Pros & Cons

Pros

  • Soft credit check with pre-qualification.

  • No prepayment fee.

  • Option to change your payment date.

Cons

  • May charge an origination fee.

  • No co-sign or secured loan options.

Compare to Other Lenders

LendingPoint
OneMain
Avant
Est. APR

15.49 - 35.49%

Est. APR

18.00 - 35.99%

Est. APR

9.95 - 35.99%

Loan Term

2 to 4 years

Loan Term

2 to 5 years

Loan Term

2 to 5 years

Loan Amount

$2,000 - $25,000

Loan Amount

$1,500 - $20,000

Loan Amount

$2,000 - $35,000

Min. Credit Score

585

Min. Credit Score

None

Min. Credit Score

580

Compare estimated rates from multiple lenders

Compare Rates

Full 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 offers personal loans that can be used for almost any personal expense, primarily for debt consolidation. Repayment terms on a LendingPoint loan can be from 24 to 48 months.

Borrowers with bad or fair credit (300 to 689 FICO) may be able to qualify because LendingPoint doesn’t weigh credit score as heavily as other factors, like debt-to-income ratio.

Factors the lender reviews include:

  • Credit history and credit card debt.

  • Employment status and length of time at your current job.

  • Verifiable income.

  • Current delinquencies and bankruptcies.

  • Charge-offs in the past 12 months.

  • Open tax liens.

  • Debt-to-income ratio.

Flexible repayments: Borrowers can customize some features of repayment, like choosing a payment due date and scheduling payments biweekly or monthly. They can request one loan modification during the term of the loan.

Customers who need temporary payment relief can delay payment up to 14 days without a fee.

Fast funding: Borrowers can receive funds by the next business day after a loan has been approved, although in some cases it takes several days.

Refinance option: LendingPoint customers who have made at least six months of on-time payments may be eligible for a personal loan refinance, which can mean more money, a lower interest rate or a smaller monthly payment. However, extending the loan term may also lead to additional interest charges and fees.

Fees:

  • Origination fee: 0% - 6%.

  • Late fee: $30 maximum after 15-day grace period.

  • Prepayment fee: None.

How to qualify:

  • Minimum credit score of 585; borrowers’ average is 670. LendingPoint uses the FICO 9 credit scoring model.

  • At least $20,000 in annual income; average customer earns $85,000.

  • Debt-to-income ratio of less than 40%; average customer is 15%.

  • LendingPoint is unavailable to borrowers in West Virginia.

Loan example: For a borrower with fair credit (630 to 689 FICO), 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.

Before you shop for a personal loan

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us, including LendingPoint. Pre-qualifying will not impact your credit.

Apply with LendingPoint

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

on LendingPoint's website

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.