Pros & Cons
- Soft credit check with pre-qualification.
- Option to choose and change your payment date.
- Can fund a loan the business day after approval.
- No co-signed or joint loan option.
- Reports payments to two of the three major credit bureaus only.
- Doesn't offer direct payment to creditors with debt consolidation loans.
Compare to Other Lenders
2 to 4 years
3 to 5 years
2 to 5 years
Min. credit score
Min. credit score
Min. credit score
Compare estimated rates from multiple lenders
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Full Review of LendingPoint
LendingPoint says its personal loans are an accessible option for people with bad credit scores (629 or lower FICO) and those trying to rebuild their credit. These loans can be funded quickly and are repaid over two to five years.
» COMPARE: See your bad-credit loan options
LendingPoint is best for borrowers who:
Have fair or bad credit (689 or lower FICO).
Want a flexible repayment schedule.
Need funds fast.
LendingPoint at a glance
Key terms to know about personal loans
Where LendingPoint stands out
Soft credit check with pre-qualification: Like many other online lenders, LendingPoint allows borrowers to check their potential rate and terms on a personal loan by pre-qualifying. Doing so doesn’t affect your credit score, and can help you compare LendingPoint with other loan offers.
Fast funding: LendingPoint says that applying takes minutes, and an approval decision is made within seconds. The lender says it can fund a loan the day after a borrower is approved. The usual funding time for LendingPoint is within 24 hours, according to the company.
Flexible payment options: Borrowers can customize some features of repayment, like scheduling payments biweekly or monthly. Customers can also choose their repayment date when they sign the loan agreement and change it once a year.
Borrowers struggling to repay their loan may be able to lower their rate or extend their loan term to ease financial strain.
Multiple ways to pay: LendingPoint loans can be paid by mailed-in check, ACH, phone, online or mobile app.
» 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 any lender or business that checks your credit sees your loan payment history. A record of consistent, on-time payments can help improve your credit profile and give you access to lower rates in the future.
No direct payments to creditors: Unlike some lenders that focus on debt consolidation, LendingPoint doesn't send 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 the loan money elsewhere.
No co-signed, joint or secured loan options: LendingPoint offers only unsecured personal loans, meaning borrowers can’t add collateral, like a vehicle, or a co-applicant to improve their chances of qualifying or getting a lower rate. These options aren’t always common in personal loans, but they give consumers with low credit scores more choices.
How to qualify for a LendingPoint loan
LendingPoint says it takes an inclusive approach to approving borrowers, using its in-house program to review loan applications and “understand the unique creditworthiness of every application.” With this technology, the lender says it’s able to serve 85% of consumers with a FICO score.
Minimum credit score of 600; average is 673.
Minimum income of $35,000; average customer earns $80,000.
Debt-to-income ratio of less than 50%, not including mortgage; average customer's ratio is 13%.
Loan example: A three-year, $15,000 loan with an APR of 20.5% would have a monthly payment of $561. You’d pay $5,206 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. When you pre-qualify, 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.
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
Frequently asked questions
LendingPoint is an online lender of personal loans that are tailored to borrowers with fair or bad credit (689 or lower FICO). These loans are best for borrowers who need funds fast and want a flexible repayment schedule. Compare other online lenders to see if you can get a lower rate.
LendingPoint offers online personal loans to borrowers with bad or fair credit. LendingPoint does a hard credit pull and uses other information about applicants to determine whether they can afford to repay a loan. The lender reports on-time payments to two of the three major credit bureaus to help borrowers build credit. LendingPoint’s annual percentage rates don’t exceed 36%, the maximum rate for an affordable loan, according to most consumer advocates.