The bottom line: LendingPoint’s loans are an option for bad-credit borrowers, but they have high rates, even for a bad-credit lender.
Pros & Cons
Soft credit check with pre-qualification.
Option to change your payment date.
Can fund a loan the business day after approval.
No co-signed or joint loan option.
Rates are high compared to other bad-credit and online lenders.
Reports payments to only two of the three major credit bureaus.
Compare to Other Lenders
Compare estimated rates from multiple lenders
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To review LendingPoint’s personal loans, NerdWallet collected more than 40 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 positions its personal loans as an accessible option for people with bad credit scores (629 or lower FICO) and those trying to rebuild their credit. The lender considers information beyond your credit score, like your past and present income, credit behavior and job history.
LendingPoint has high rates compared to some other bad-credit lenders, so shop around to determine whether you’d qualify for a lower rate elsewhere before borrowing from LendingPoint.
» COMPARE: See your bad-credit loan options
LendingPoint is best for borrowers who:
Have fair or bad credit (689 or lower FICO).
Want to borrow a small amount.
Plan to repay the loan within two to four years.
LendingPoint at a glance
Where LendingPoint stands out
Fast funding: Borrowers can receive funds by the next business day after a loan has been approved, although approval can take one or two days.
Flexible payment options: Borrowers can customize some features of repayment, like choosing a payment due date and scheduling payments biweekly or monthly. They can request a loan modification during the term of the loan.
Customers who need temporary payment relief can ask to delay a payment up to 14 days without a fee.
Multiple ways to pay: LendingPoint loans can be paid by mailed-in check, ACH, phone, online or through the bill management mobile app Prism.
» COMPARE: Personal loans for fair credit
Where LendingPoint falls short
Doesn’t report payments to all three credit bureaus: LendingPoint reports payments to Experian and TransUnion, but not Equifax. Reporting payments to all three bureaus ensures that your on-time payments will help you improve your credit, so you can potentially access credit at a lower rate in the future.
No direct payments to creditors: Unlike some lenders that focus on debt consolidation, LendingPoint does not send your loan proceeds directly to your creditors when you consolidate debts with a loan. Direct payments save you this step and eliminate any temptation to spend your loan money elsewhere.
Limited repayment terms: LendingPoint lets borrowers repay a loan only over two, three or four years. Other lenders offer five- or seven-year terms. Short repayment terms can mean less interest paid in the long run, but also higher monthly payments. A loan with a high rate may be difficult to pay off in two to four years.
How to qualify for a LendingPoint loan
Minimum credit score of 580; 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's ratio is 15%.
Loan example: A three-year, $15,000 with an APR of 23.4% would have a monthly payment of $584. You’d pay $6,024 in total interest on that loan.
How to get a LendingPoint loan
Pre-qualify on NerdWallet
NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us, including LendingPoint. Pre-qualifying will not impact your credit.
Apply on LendingPoint
You can apply on LendingPoint’s website. To start the application, you’ll need 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.