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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

LendingPoint

Finanso.Multilogin™

About lender

LendingPoint is a web-based lender which provides personal loans that are customized for its clients. The loans are mostly offered to people with bad credit or fair credit. Their brand of lending is better suited for borrowers that prefer to have a higher degree of control over their finances, who prefer to have a more flexible payment schedule, and who need the loan amount deposited quickly into their bank accounts.

History of LendingPoint

The company was established in 2014 by Juan E. Tavares, Franck Fatras, Victor J. Pacheco, and Tom Burnside. One of the key things that immediately set LendingPoint apart from other competitors is the fact that this company took a science-based approach to unsecured personal loans: they use trademarked algorithms, which, in turn, make the application review process efficient and consistent. In addition to making almost-instant decisions regarding the loan application, LendingPoint also offered genuinely competitive interest rates.

Pros and Cons of LendingPoint

Pros

  • It's a great option for people with bad credit and/or fair credit. Most lenders expect you to have excellent credit, but LendingPoint makes sure that there are enough options for those that were less fortunate and are now branded with lower credit scores.

  • There are no prepayment penalties. Even the most negative LendingPoint reviews point out that this company does not charge any fees for prepayments, which saves a lot of money, hassle, and time.

  • The entire loan amount is quickly deposited into your bank account. Even if you are applying for a very large loan, it won't take even a few days for the fund to be sent into your account. You get the money almost the next business day.

  • They have an easy and transparent online application process. There's only a soft credit check that occurs at the end of the application process. There is no need to mail in any paperwork or make an appointment to meet with a loan officer in person in order to be pre-qualified.

  • Adjustable payment schedule. You are able to select the loan terms that are best for you and your finances. You're given enough flexibility to be able to pay the loan on time.

Cons

  • They don't allow joint loans. There's no option to get a personal loan with a cosigner or co-borrower. This might limit your options because some people would like to use a cosigner as a way to ensure that the loan will be repaid.

  • The higher end of the APR range is 36%. It might be hard for some people to pay an APR that high. Depending on the APR range offered, it makes sense to turn to other loan options.

  • There's an origination fee. It can be as high as 6% of the loan amount, but most of the time, it's lower. The mere existence of an origination fee can sway your decision to not apply for the loan. It also necessitates additional calculations.

  • LendingPoint only reports your monthly payments to two out of three major credit bureaus. This is certainly a disadvantage for borrowers who want all three of the bureaus to receive their payment information.

Terms and Conditions of LendingPoint

Main Information

This company offers fixed-rate personal loans in the range of $2,000—$36,500. The repayment terms usually range from two to five years. LendingPoint offers its services to clients residing in forty-eight states and Washington. The states that LendingPoint does not serve are Nevada and West Virginia. This online lender offers interest rates from 10% to a maximum of 36%. The rate that you will receive depends on your current financial position.

The personal loans provided by LendingPoint may be used for any type of purpose. They include a personal loan for home improvement, wedding loan, debt consolidation, and more. In order to gain access to the funds, you will have to have a minimal credit score of 580, in addition to a minimal annual income of $25,000. Further requirements include:

  • 18+ years of age,

  • Verifiable personal bank account,

  • Government-issued photo identification document, and

  • Valid Social Security Number.

It's possible to gain approval even if your credit report indicates prior bankruptcies, overdue and missed payments. At the time of writing, Lending Point does not have the option for co-signer loans, which means you will have to turn to other lending options in case you fail to qualify.

If your application gets accepted, you will receive your funds the next business day. That makes LendingPoint one of the best options for borrowers in need of quick cash.

Out of the major credit bureaus, they report to two of them: Experian and TransUnion. In case it's vital for you to boost your credit score, LendingPoint might not be your best bet.

Penalties and Fees

As already alluded to above, this company charges an origination fee. It can be as high as 6%, but it's typically lower. This type of fee is the only charge that might negatively affect your decision to take out the loan.

LendingPoint does not impose any other fees. This is especially important to take into consideration if you want to pay off the loan as soon as possible.

However, the firm does not provide any information regarding the charges triggered by late payments or bounced checks. You should definitely study the final proposal carefully and look out for hidden fees.

Funding a Loan

This lender allows borrowers with either bad or fair credit to make a loan request. The company considers not only your credit history but also your earnings, bank statements, and other financial data. As far as key requirements go, LendingPoint makes it clear that you'll need a minimum monthly salary of $20,00 or more, a minimum credit score of 580 or better, and several other factors that were already outlined above.

FAQ

What is Lending Point?

LendingPoint is a way to borrow for people with lower credit scores. This company uses in-house algorithms in order to determine your loan eligibility. Thanks to a very thorough examination, they are able to pinpoint additional reasons to accept your loan request.

How much interest does Lending Point charge?

The APR range can be as high as 36%. However, you should be aware that interest rates start at 10%. In case the company finds you creditworthy, the loan offer will be more lucrative.

Company documents

Terms of use
Privacy Notice

MONEY MADE EASY 

© LendingPoint LLC.

Financial products

LendingPoint
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,000-$36,500
Rate
i

Effective interest rate on the product

up to 35.99%
Term
i

Loan term for the financial product

24-60 months

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$1,000 - $25,000
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Calculate loan payments in LendingPoint

LendingPoint calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
USD
2000 $
36500 $
Loan term
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Specify the loan term for the calculation

months
days
24
60

What to focus on before applying for a loan with LendingPoint

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between LendingPoint and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All LendingPoint’s reviews by September 2022
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