LendingPoint Personal Loans

LendingPoint personal loans have the makings of a solid financing option: Rates are reasonable, funding is fast and you can pre-qualify to check your rate before applying.

But this is a no-frills product. Loan amounts are lower than many of its competitors, the lender doesn’t allow co-applicants or collateral on an application, and it reports payments to only two of the three major credit bureaus.

All told, LendingPoint has most of what you would want in a personal loan, but good-credit borrowers (690 or higher credit score) may qualify with a lender that offers more.

Pros

• Fast funding.
• Option to change your payment date.
• Small loan amounts.
• Well-rated mobile app with free credit score access.
• Ability to refinance.

Cons

• Origination fee.
• Reports payments to only two of the three major credit bureaus.
• No joint, co-signed or secured loan options.
• No large loan amounts

LendingPoint personal loans at a glance

• Disclosure from LendingPointApplications 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; Midland States 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 $2,000 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 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. 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 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 may send funds as early as the next business day.

Option to change your 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 loan minimum means borrowers don’t have to pay interest on a higher loan amount if they only need around $1,000 to cover a car repair or dental procedure, for example.

Well-rated mobile app with free credit score access: Borrowers can pre-qualify and manage personal loan payments on LendingPoint’s mobile app. The app also provides free credit score access, credit score monitoring and budgeting assistance.

Ability to refinance: Borrowers can use a LendingPoint loan to refinance a loan from LendingPoint or another lender. This feature comes in handy if you boost your credit so much that you qualify for a lower rate with LendingPoint or another lender. LendingPoint also says it reviews borrowers’ accounts after six months of on-time payments to see if they could get a lower rate by refinancing.

Where LendingPoint personal loans fall short

Origination fee: LendingPoint may charge an origination fee up to 10%. The lender deducts this fee from the loan proceeds, effectively shrinking the size of your loan. This fee is somewhat common with lenders that target fair- and bad-credit borrowers (credit scores below 690). If your loan amount is reduced, be sure it is enough to cover your expense.

Reports payments to only two of three major credit bureaus: LendingPoint reports payments to Experian and TransUnion, but not Equifax. This means if you pay off your LendingPoint loan and apply for credit with a lender that checks Equifax, that lender may not reward good payment behavior with a lower rate. 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.

No large loan amounts: LendingPoint loan amounts are up to $36,500, while competitors offer loans up to $50,000 or even $100,000. Smaller loan amounts mean LendingPoint isn’t ideal for a large home improvement project or purchase like a boat or RV.

Our expert take:

“LendingPoint personal loans are a solid all-purpose, midsize personal loan option. If you qualify for an APR on the low end of LendingPoint’s spectrum, these personal loans may be especially helpful to consolidate high-interest credit card debt.

The main drawbacks with LendingPoint are the limited loan amounts — some kitchen remodels cost well over $36,500 — and the fact that the lender doesn’t report payments to the three major credit bureaus.”

— Annie Millerbernd, Personal Loans Assistant Assigning Editor

How to use LendingPoint personal loans

You can use a LendingPoint personal loan for:

• Home improvement projects.
• Debt consolidation.
• Emergencies.
• Medical and dental bills.
• Vacations.
• Weddings.
• Other large expenses.

LendingPoint prohibits the use of its personal loans for:

• Illegal expenses.

LendingPoint personal loan customer reviews

As of August 2024, LendingPoint has 4.8 stars on Trustpilot, a website that collects consumer reviews. Customers mention helpful customer service representatives. The lender’s mobile app received 4.2 stars across more than 1,000 reviews on Google Play and 4.8 stars across 3,000 reviews on the Apple App Store.

Do you qualify for a LendingPoint personal loan?

You don’t need standout credit and income to qualify for a LendingPoint personal loan, but LendingPoint seeks a customer with average or better credit and consistent income.

To apply for a LendingPoint personal loan, you must be at least 18 years old. You also need a Social Security number, a government-issued photo ID and a personal bank account.

LendingPoint’s borrowing requirements

• Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
• Minimum credit history: 2 years.
• Maximum debt-to-income ratio: 45%, not including mortgage payments.
• Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support and Social Security and disability benefits.

Before you apply

• Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

• Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

• Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.
• Gather your documents. Most lenders require proof of income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.

How to apply for a LendingPoint personal loan

Here are the steps to apply for a LendingPoint loan, based on a detailed preview of the process the company has provided to NerdWallet.

1. Pre-qualify on LendingPoint’s website. Enter the loan purpose and amount on LendingPoint’s website. You’ll be taken to an application page that asks for your name, address, birth date and income. You’ll also enter your Social Security number, but there’s no hard credit check at this stage.
2. Preview loan offers. LendingPoint will show loan offers to qualified borrowers and may allow you to customize your repayment term and loan amount. You’ll see the APR and expected monthly payment as you adjust the offer’s terms.
3. Apply. Once you choose a loan offer, you’ll need to complete the personal loan application by entering your bank information and signing the loan agreement. You’ll also have the opportunity to set up automatic payments before you receive funds. LendingPoint may require more documents, like W-2s, pay stubs and bank statements, to confirm the information you gave during pre-qualification. The lender will do a hard credit check when you apply, so your credit score could temporarily dip.
4. Make a plan to repay the loan. Though LendingPoint reports to only two of the three major credit bureaus, on-time payments can still build your credit score, while missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

Compare LendingPoint to other lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

Like LendingPoint, LendingClub and Best Egg provide mid-sized loans to fair-credit borrowers.

LendingClub

Best Egg

» MORE: Read our review of Best Egg

How we rate LendingPoint personal loans

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

• Category definitionsAffordability (25%)An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.Customer experience (20%)A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.Underwriting and eligibility (20%)The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.Application process (20%)Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.Loan flexibility (15%)A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.DiscretionaryA lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.

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Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. 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. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. 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.