Editorial Review

LendingPoint Personal Loans: 2019 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

3.0

NerdWallet rating 

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

LendingPoint

on LendingPoint's website

on LendingPoint's website

Min. Credit Score

585

Est. APR

10.99-35.99%

Loan Amount

$2,000-$25,000

Pros & Cons

Pros
  • Soft credit check.

  • No prepayment fee.

  • Flexible payments.

Cons
  • Does not offer direct payment to creditors for debt consolidation loans.

  • No co-sign or secured loan options.

Compare to Other Lenders

LendingPoint
OneMain
Avant
Est. APR

10.99-35.99%

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 any personal expense, primarily for 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.

Fees:

  • Origination fee: 0.0% - 6.0%.

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

  • Prepayment fee: None.

How to qualify:

  • Minimum credit score of 585.

  • 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.

Flexible repayments: You can customize some aspects of your repayments, like choosing a payment due date and scheduling your payments twice a week, every other week, or monthly. You can request one loan modification during the term of your loan.

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

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.

Before you shop for a personal 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 with LendingPoint

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.

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.