LendingPoint 2025 Personal Loan Review

LendingPoint personal loans have the makings of a solid financing option with fast funding, pre-qualification and payment date flexibility, though its loan amounts are on the smaller side compared to other lenders. Applicants need good credit to qualify with LendingPoint.

» MORE: Compare the best personal loans

LendingPoint personal loans at a glance

• Disclosure from LendingPointDisclosure from LendingPoint

  Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms, and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $1,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 by LendingPoint over a period of 48 months that has an APR of 24.99% with an origination fee of 10% may have a payment of $331.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

Where LendingPoint personal loans stand out

Fast approval and funding: LendingPoint says it takes minutes to complete an application, and the lender can make an approval decision in seconds. If you're approved, LendingPoint can send the loan funds to your account in one business day.

Option to change payment date: LendingPoint doesn’t let borrowers choose their payment due date before signing a loan agreement, but customers can change it after closing the loan, then once per year after that. Payment flexibility is helpful if you have a change in income and expenses, such as a new job with a different payday.

Small loan amounts: LendingPoint’s minimum loan amount is $1,000, which is lower than many other lenders. A lower minimum means borrowers won’t have to pay interest on a higher amount if they only need $1,000 to cover a car repair or dental procedure, for example.

Offers pre-qualification: Borrowers can pre-qualify with LendingPoint without undergoing a hard credit check. This means they can see the potential loan amount, rate, term, monthly payment and total interest costs with no harm to their credit score. LendingPoint may also give borrowers multiple loan offers to choose from.

Where LendingPoint personal loans fall short

Origination fee: LendingPoint may charge an origination fee up to 10%, depending on your state of residence. The lender typically adds the fee to the loan amount, increasing the amount you borrow, though you may choose to have the fee deducted from the loan proceeds, which would shrink the size of your loan.

» MORE: Best loans with no origination fee

Reports payments to only two of three major credit bureaus: LendingPoint reports payments to Experian and TransUnion, but not Equifax. This means if you apply for credit with a lender that checks Equifax, any payments toward LendingPoint won’t be reflected. Most lenders report payments to all three credit bureaus.

No co-signed, joint or secured loans: Borrowers can only get an unsecured personal loan from LendingPoint. Other lenders offer co-signed, joint or secured personal loans, which give borrowers the opportunity to boost their application for a chance at a lower rate or larger loan amount.

» COMPARE: Best co-signed or joint personal loans

How to use LendingPoint personal loans

Do you qualify for a LendingPoint personal loan?

You don’t need outstanding credit to qualify for a LendingPoint personal loan. According to the lender, it uses AI-driven technology to weigh many data points, and traditional FICO credit scores may play a smaller part in the approval process compared to other lenders. Still, borrowers with good credit and consistent income will likely have an easier time getting approved.

LendingPoint personal loans aren’t available in West Virginia and Nevada.

LendingPoint’s borrowing requirements

• Minimum credit score: 640.

• Minimum annual income: $35,000. 

• Minimum credit history: 2 years.

• Maximum debt-to-income ratio: 45%, not including mortgage payments.

• Must be at least 18 (or the age of majority in AL, MS or NE).

• Must be a U.S. citizen, have a Social Security number and provide proof of residency.

• Must provide proof of employment or income. 

• Must have a valid U.S. bank account and valid email address.

LendingPoint’s average borrower snapshot

• Average borrower’s credit score: 715.

• Average annual income: $87,400.

• Average loan amount: $17,500.

• Average loan term: 57 months. 

• Most common loan purposes: Debt consolidation and home improvement.

» MORE: How to get a personal loan

How we rate LendingPoint

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored LendingPoint this year: