Lender
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.

3.7
(20 Ratings)

LendingPoint Review

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About Lender

LendingPoint is renowned for its reliability and commitment to providing personalized lending solutions. As an online platform, it offers flexible personal loans with quick and easy access to funds, ensuring a hassle-free borrowing experience. The company prioritizes customer satisfaction, underscored by its competitive rates and transparency, with no hidden fees. This customer-first approach, coupled with its adherence to federal regulations, including the USA PATRIOT Act, to prevent money laundering and terrorism financing, establishes LendingPoint as a trustworthy financial partner for individuals seeking financial support.

The company offers unsecured personal loans, with amounts ranging from $2,000 to $36,500. These loans cater to various personal needs such as debt consolidation, medical expenses, home improvement projects, travel, taxes, wedding expenses, and other personal financial reasons. LendingPoint's flexible loan offerings are designed to accommodate unexpected urgent expenses, enabling customers to meet their financial goals without undue stress.

To qualify for a loan from LendingPoint, applicants must undergo a review process that does not impact their credit score initially. The final loan approval, amounts, terms, and annual percentage rates (APR) are determined based on LendingPoint's proprietary scoring and underwriting system, which takes into account the applicant's credit history, financial condition, and other factors. The company may require supporting documents or information for verification. Loans are subject to origination or other fees up to 10%, depending on the state of residence. The APR ranges from 7.99% to 35.99%, with loan terms from 24 to 72 months, demonstrating LendingPoint's commitment to providing flexible and accessible financial solutions to a wide range of borrowers.

LendingPoint

Key Features

  1. Fast Approval. LendingPoint offers a fast and easy application process, and customers can receive loan approval in as little as 24 hours.

  2. Credit Score Flexibility. LendingPoint considers a wide range of factors beyond just credit score when evaluating loan applications, making it possible for customers with less-than-perfect credit to qualify for a loan.

  3. Loan Amounts. LendingPoint offers personal loans with borrowing limits ranging from $2,000 to $36,500, depending on the customer's eligibility and other factors.

  4. Fixed Rates. LendingPoint offers fixed interest rates on its personal loans, which can help customers plan their budgets and ensure they can make their monthly payments on time.

  5. Customized Loan Terms. LendingPoint offers customers customized loan terms based on their financial needs and ability to repay the loan. This can help ensure that customers can repay the loan on time and avoid late fees or other penalties.

  6. No Prepayment Penalty. LendingPoint does not charge prepayment penalties, meaning customers can repay their loan early without incurring additional fees.

  7. Additional Services. In addition to personal loans, LendingPoint also offers other financial services, including credit card refinancing and debt consolidation loans.

Pros and Cons

Pros

Wide Range of Loan Amounts. LendingPoint offers personal loans ranging from $2,000 to $36,500, catering to a variety of financial needs.

Quick and Easy Access to Funds. The online platform provides a streamlined application process, enabling quick and hassle-free access to loan funds.

Competitive Rates. With APRs ranging from 7.99% to 35.99%, LendingPoint offers competitive rates for borrowers.

No Hidden Fees. Unlike some personal loan lenders, LendingPoint provides transparency of the loan process and highlighted by the absence of hidden fees.

Personalized Lending Solutions. The company focuses on offering personalized lending solutions, ensuring that loans meet the individual needs of borrowers.

Flexible for Various Purposes. Loans can be used for a wide array of purposes, including debt consolidation, medical expenses, home improvement, and more.

Does Not Impact Credit Score Initially. Checking your rate with LendingPoint does not affect your credit score, allowing for a risk-free initial assessment.

Cons

Origination or Other Fees. Depending on the state of residence, origination or other fees up to 10% may apply, which can increase the cost of borrowing.

Varied APR Based on Creditworthiness. The APR and loan terms vary significantly based on the borrower's credit profile, financial condition, and other factors, which might result in higher rates for some borrowers.

Minimum Loan Amounts in Some States. There are minimum loan amount requirements in certain states, such as $3,500 in Georgia, which may limit options for borrowers seeking smaller loans.

Not Available in All States. LendingPoint's services may not be available in all states, restricting access for some potential borrowers.

Requires Detailed Information for Loan Approval. The approval process involves a thorough review of credit history, financial condition, and may require additional documents, which could be a hurdle for some applicants.

Reliability

  1. Licensed and Regulated. LendingPoint is a legitimate financial services company licensed and regulated by the states in which it operates, ensuring compliance with legal standards and regulations.

  2. Established Since 2014. With over a decade of experience, LendingPoint has demonstrated longevity and stability in the financial services industry.

  3. Strong Reputation. LendingPoint has built a strong reputation for providing reliable and transparent financial services to its customers.

  4. High Customer Ratings. The company has received high ratings on customer review sites like Trustpilot, with a rating of 4.9 out of 5 stars based on over 7,900 customer reviews, indicating high levels of customer satisfaction and trust.

  5. Positive Customer Feedback. Customers have praised LendingPoint for its fast and easy application process, flexible loan terms, and excellent customer service, further affirming its reliability.

  6. BBB Accreditation. LendingPoint is accredited by the Better Business Bureau (BBB) with an A+ rating, demonstrating adherence to ethical business practices and a commitment to customer satisfaction.

How to Apply for a LendingPoint?

Apply for a Loan

  1. Visit website. Go to LendingPoint's official website to start the application process.

  2. Check Your Rate. Look for the option to check your rate, which is usually prominently displayed on the homepage. This step is designed to give you an idea of the loan terms you might qualify for, without impacting your credit score.

  3. Select Loan Amount. Use the slider or input box to choose the amount you wish to borrow. LendingPoint offers personal loans ranging from $2,000 to $36,500.

  4. Select Loan Purpose. From the dropdown menu, select the reason you are seeking a loan, such as debt consolidation, home improvement, medical expenses, or other personal financial reasons.

  5. Fill Out the Application Form. You will need to provide personal information, including your name, address, date of birth, and employment details, among other things, to complete the application form.

  6. Submit Supporting Documents. Depending on the requirements, you may need to upload or submit additional documents that verify your income, employment, and identity.

  7. Review Loan Offer. After submitting your application, wait for LendingPoint to review your information and make a loan offer. This process includes a review of your credit history and financial condition using LendingPoint's proprietary scoring and underwriting system.

  8. Accept Loan Terms. If you receive a loan agreement and agree with the terms, including the APR, loan amount, and repayment period, you can accept the offer to proceed.

  9. Verification and Final Approval. LendingPoint may perform additional verifications before giving final approval for your loan. This might include checking your credit score in more detail or verifying the information you've provided.

  10. Receive Funds. Once your loan is approved and all necessary verifications are completed, LendingPoint will disburse the funds to your account, often as soon as the next business day.

Conditions and Requirements

Conditions

  1. Loan Amounts. Loans are offered from $2,000 to $36,500, allowing for a wide range of borrowing needs.

  2. APR (Annual Percentage Rate). The APR ranges from 7.99% to 35.99%, which is determined based on the borrower's creditworthiness and other factors.

  3. Loan Terms. Borrowers can select loan repayment terms from 24 to 72 months, providing flexibility in loan duration.

  4. Origination Fees. Depending on the borrower's state of residence, origination or other fees up to 10% may apply.

  5. Use of Loan. Loans can be used for various purposes including debt consolidation, home improvements, medical expenses, and other personal financial reasons.

  6. Disbursal. Funds are typically sent via ACH the next non-holiday business day.

Requirements

  1. Personal Information. Applicants must provide personal information including name, address, date of birth, and employment details.

  2. Credit Check. LendingPoint conducts a soft credit check that does not impact your credit score initially to pre-qualify applicants. A more detailed credit review is part of the final approval process.

  3. Income Verification. Applicants may need to provide documentation to verify their income, such as pay stubs or tax returns. Minimum annual income of $35,000.

  4. Identification Verification. A valid government-issued ID, such as a driver's license and SSN may be required for identity verification.

  5. Bank Account. A valid bank account is required for the disbursement of funds and repayment of the loan.

  6. Legal Residency. Applicants must be legal residents of the United States.

  7. Age Requirement. Applicants must be of legal age (at least 18 y.o.) to enter into a contract in their respective state.

Products

  • LendingPoint Personal Loans. With a LendingPoint personal loan, you can count on $2,000 to $36,500. The loans can be used for a variety of purposes, including debt consolidation, home improvement, medical expenses, and more. The application process is quick and easy; customers can receive loan approval in as little as 24 hours.

  • Credit Card Refinancing. LendingPoint also offers credit card refinancing services to help customers consolidate high-interest credit card debt into a single, more manageable loan. This can help customers save money on interest and make their monthly payments more affordable.

  • Debt Consolidation Loans. In addition to credit card refinancing, LendingPoint offers debt consolidation loans that can be used to consolidate other types of debt, such as medical bills, auto loans, or personal loans. These loans can help customers simplify their finances and make their monthly payments more manageable.

  • Small Business Loans. LendingPoint also offers small business loans to customers who need to borrow money for business expenses. The loans can be used for a variety of purposes, including working capital, equipment purchases, and more.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

Generally, loan applications can be declined due to factors related to an applicant's creditworthiness and financial condition. This may include a low credit score, insufficient credit history, high debt-to-income ratio, unstable employment history, or the lack of required documentation. LendingPoint's proprietary scoring and underwriting system assesses each application based on a combination of criteria, including credit history, income, and other financial indicators. If the system determines that an applicant does not meet the minimum requirements for loan approval, the application may be declined. Additionally, applicants must meet legal requirements such as age and residency status, and failure to do so can also result in loan refusal.

How to Repay a LendingPoint?

Repay

To repay a LendingPoint loan, the majority of our customers find it convenient to enroll in Autopay, ensuring their payment is automatically deducted from their bank account on the due date. This hassle-free method can be set up or managed at any time through the customer portal or the LendingPoint app. Alternatively, if you prefer traditional payment methods, such as a money order, cashier's check, or certified check, please make them payable to LendingPoint. Mailing address, provided on your payment reminders sent via email, is where you can send these payments. However, it's important not to send your payment to company headquarters, as doing so could result in delays in posting it to your account. For any inquiries or assistance regarding payments, feel free to contact directly at (888) 969-0959 or via email at [email protected] for the correct mailing address.

Loans like LendingPoint

OppLoans

Apply for a Loan

OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

Opploans

Rise Credit

Apply for a Loan

RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

Rise Credit

OneMain Financial

Apply for a Loan

OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

OneMain Financial

Universal Credit

Apply for a Loan

Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Universal Credit

Editorial Opinion

LendingPoint emerges as a commendable choice for individuals seeking personal loans, particularly for those who value a blend of flexibility and accessibility in their borrowing options. With its range of loan amounts from $2,000 to $36,500 and a relatively broad APR spectrum, it caters to a wide array of financial needs and credit backgrounds. The company's commitment to transparency, evident in its straightforward disclosure of potential origination fees and no hidden charges, fosters trust among borrowers. Moreover, LendingPoint's proprietary scoring and underwriting system, which considers more than just credit scores, potentially opens the door for applicants who might be sidelined by traditional lenders. However, the higher end of its APR range and the origination fees underscore the importance of borrowers carefully considering their repayment capacity.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

Sources

FAQ

How Do you Qualify For a Lending Point Loan?

To qualify for a LendingPoint loan, you need to meet the following criteria:

  • Be at least 18 years old.
  • Provide a government-issued photo ID issued by the U.S. federal, state, or local government.
  • Have a valid social security number.
  • Earn a minimum annual income of $35,000 from a verifiable source such as employment, retirement benefits, or other income.
  • Have a personal bank account in your name that can be verified.

    How Much Can You Borrow From Lending Point?

    LendingPoint offers personal loans with borrowing limits ranging from $2,000 to $36,500. The loan amount that a customer is eligible to receive depends on various factors such as creditworthiness, income, and debt-to-income ratio.

    When applying for a loan from LendingPoint, customers can select the loan amount that they need, up to the maximum borrowing limit of $36,500. LendingPoint will then evaluate the application based on the customer's eligibility criteria and creditworthiness and determine the loan amount and interest rate that the customer qualifies for.

    It is important to note that borrowing more money than necessary can lead to higher interest charges and longer repayment terms, which can make the loan more expensive over time. Therefore, customers should carefully consider their borrowing needs and ensure that they borrow only what they need and can afford to repay in a timely manner.

    Does Lending Point Approve Everyone?

    No, LendingPoint does not approve everyone who applies for a loan. LendingPoint uses a variety of factors to evaluate loan applications, including creditworthiness, income, employment history, and other financial factors. Meeting the minimum eligibility requirements does not guarantee loan approval.

    Customers with lower credit scores or higher debt-to-income ratios may have a harder time being approved for a loan from LendingPoint. However, LendingPoint may be more willing to work with customers who have less-than-perfect credit or limited credit history, as it specializes in offering loans to customers with lower credit scores.

    Customers who are not approved for a loan from LendingPoint may be eligible for loans from other lenders or may need to improve their credit score and financial situation before applying for a loan again.

    Is Lending Point a Legitimate Company?

    Yes, LendingPoint is a legitimate company that offers personal loans to customers. The company has been in business since 2014 and is headquartered in Kennesaw, Georgia. LendingPoint is licensed to do business in several states across the U.S.

    LendingPoint is also accredited by the Better Business Bureau (BBB) and has an A+ rating, indicating high customer satisfaction and trust. The company has received positive reviews from customers on various review platforms, with many customers praising its fast loan approval and funding process, customer service, and reasonable interest rates.

    Overall, LendingPoint is a legitimate and reputable company that offers customers a range of loan products and financial services and has demonstrated a commitment to customer satisfaction and transparency.

    Is Lending Point a good lender?

    LendingPoint has generally received positive reviews from customers, indicating that it may be a good lender for many people. Here are some factors to consider when evaluating whether LendingPoint is a good lender for you:

    1. Loan Products: LendingPoint offers personal loans with borrowing limits ranging from $2,000 to $36,500, which may be useful for customers who need to borrow money for a variety of purposes. The company also offers flexible loan terms and fast funding.
    2. Credit Requirements: LendingPoint is known for offering loans to customers with lower credit scores, making it a good option for customers who have less-than-perfect credit. However, the company may charge higher interest rates to offset the increased risk of lending to customers with lower credit scores.
    3. Fees: LendingPoint charges an origination fee of up to 6%, which may be higher than some other lenders. However, the company does not charge prepayment penalties or late payment fees, which may make it more affordable for some customers.
    4. Customer Service: LendingPoint has received positive reviews from customers regarding its customer service, indicating that the company may be responsive and helpful when customers have questions or concerns.

    Overall, LendingPoint may be a good lender for customers who need to borrow money and have lower credit scores, as it offers flexible loan products and fast funding. However, customers should carefully consider the costs associated with a loan from LendingPoint, including interest rates and fees, before making a decision.

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    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.

    3.66
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    Interest rate

    7.99 – 35.99 %
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    24 months – 72 months
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    Interest rate

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    2 months – 72 months
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    LendingPoint reviews 2024
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    4
    Pros
    I was concerned about my ability to make an upcoming payment, and the service representative informed me about assistance programs designed to support individuals in times of financial stress.
    Complain
    4.2
    Pros
    I was extremely pleased with the level of customer service I received. Regardless of my needs or the representative I interacted with, I consistently received respectful and courteous treatment.
    Complain
    4.4
    Pros
    I faced an incredibly tough financial situation, and the LendingPoint team provided me with a solution that offers short-term relief without pushing me deeper into debt.
    Complain
    2.4
    Cons
    This company is absolutely terrible, and their customer service department is the worst. It seems like no one ever answers the phone, which makes me wonder if they even have live agents! I've wasted so much time emailing and calling, spending hours on hold with their automated system that just plays music, and I've never gotten a response. Using this company was a regrettable choice, and I wish I had gone with another option.
    Complain
    1.8
    Cons
    I've been struggling to make my payment, and it's been incredibly frustrating. No one answers the phone, and the website is useless since I can't log into my account. This situation is becoming increasingly unreasonable, and I hope it doesn't affect my ability to make on-time payments.
    Complain
    4.8
    Pros
    Throughout the entire process, they kept me well-informed. The customer service was truly outstanding!
    Complain
    4.2
    Pros
    The LendingPointrepresentative who assisted me today provided a clear and concise explanation of my loan refinancing qualifications. He was exceptionally pleasant and effectively communicated the details of my situation, which I truly appreciated.
    Complain
    4.6
    Pros
    This is the best lending service I've ever used. The money was in my bank account the very next day, and they are there to assist you when you need it the most. I recommend this company to anyone in need of financial assistance.
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    4.4
    Pros
    I'm delighted with the friendly service and the representative's ease of collaboration. I'm genuinely grateful that they were willing to extend a helping hand when I needed it.
    Complain
    4.4
    Pros
    LendingPoint has come to my rescue on multiple occasions. Their willingness to collaborate during tough times and their understanding when you communicate your situation is truly commendable. I can't express my gratitude enough – I'm incredibly thankful for their assistance.
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    Company rating
    3.7
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    20 reviews
    Application
    3.6
    Support service
    3.4
    Mobile App
    4.0
    Service quality
    3.8
    Your satisfaction level
    3.5
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