LendingPoint Personal Loans Review

Founded in 2014, LendingPoint is an innovative online lender with headquarters in Kennesaw, Georgia. With help from its robust digital platform, LendingPoint offers personal loans of up to $25,000 with repayment terms that last up to 48 months.

Unlike some other lenders in the online space, LendingPoint doesn’t just focus on borrowers with excellent credit; they offer personal loans for consumers with credit scores as low as 585. While LendingPoint unsecured loans can be used for any reason, many of their customers use their funds to consolidate high-interest debt.

If your credit isn’t great but you need to borrow money for whatever reason, LendingPoint may be one of the only lenders willing to grant you a personal loan. Keep reading to learn more about this lender’s personal loan options, who they’re good for, and how to apply.


LendingPoint Personal Loans: Key Takeaways

  • Borrow up to $25,000 and receive your loan funds as soon as the next business day.
  • You may be able to qualify with a credit score as low as 585.
  • Fixed interest rates range from 9.99% to 35.99%.
  • Repay your loan with terms between 24 and 48 months.
  • You may be required to pay an origination fee of up to 6% of your loan amount.
  • There are no prepayment penalties for paying your loan off early.

LendingPoint: Personal Loans for Borrowers with Bad Credit

While some personal lenders focus their offerings on prime borrowers, LendingPoint takes the opposite approach. This lender dedicates most of their business to those with low credit scores and shaky credit histories, which is good news for consumers with few bad credit loan options available to them.

That’s part of the reason LendingPoint loans can charge an origination fee of up to 6% as well as interest rates as high as 35.99% APR. This lender charges higher rates and fees to make up for the additional risk, which is passed on to the consumer upfront and in each monthly payment they make.

If you’re wondering why anyone would take out a personal loan with an APR up to 35.99%, the answer is simple — cost. Consumers stuck in a cycle of taking out payday loans with APRs up to 400% can use a loan from LendingPoint to consolidate their debt and pay it off once and for all.

LendingPoint personal loans may not be the cheapest option available, but they do offer a way for consumers to consolidate debt with exorbitantly high interest rates. A personal loan can also help you go from making multiple loan payments to just one each month, which can help you simplify your financial life.

A final upside of LendingPoint personal loans is the fact you can apply for a loan and receive funding without ever stepping foot into a bank. The entire process can be completed online, including your full loan application.

LendingPoint even makes it possible to get preapproved for a loan without a hard inquiry to your credit report, which can be beneficial if you want to gauge your ability get funding but worry about harming your credit score.

Where LendingPoint Comes Up Short

LendingPoint does make their loans available to borrowers with poor credit, but those who qualify will pay heavily for the privilege of borrowing. We already mentioned the fact you may be required to pay an origination fee of up to 6% of your loan amount — and that borrowers with poor credit could be stuck paying interest rates as high as 35.99% APR.

These terms can make LendingPoint loans an expensive proposition. The lender even offers the following loan example on their website to illustrate:

“A $10,000 loan with an origination fee of 6% for a period of 24 months with an APR of 24.0980% may have a payment of $529.20 per month (actual terms and rate depend on credit history, income and other factors). The total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to loan amount, which is $12,700.80.”

Aside from cost, also note that LendingPoint doesn’t offer personal loans in West Virginia. They do offer loans in 49 states, however, along with the District of Columbia.

Finally, you’ll want to think long and hard about applying for a loan from LendingPoint if your credit is in good shape. It’s true their loans are available to borrowers with a wide range of credit scores, but LendingPoint doesn’t offer the best starting rates for individuals with excellent credit. If you have a high credit score and strong credit history, you’ll probably qualify for some of the best personal loans out there, with lower starting APRs and no origination fees.

LendingPoint Personal Loans are Best for:

  • Consumers with poor credit who need to borrow up to $25,000.
  • Anyone with payday loans they need to pay off at a lower interest rate.
  • Consumers who can’t qualify for a loan with the lowest APR available and no fees.

How We Rate LendingPoint

At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how LendingPoint stacks up:

LendingPoint at a Glance
Overall Rating
Affordability (interest rates, fees, and terms) 🌕🌕🌕🌑🌑
Availability (credit requirements, geographic reach) 🌕🌕🌕🌕🌑
Ease of Use 🌕🌕🌕🌕🌕
Transparency 🌕🌕🌕🌕🌑

How to Apply for a Personal Loan With LendingPoint

To qualify for a personal loan from LendingPoint, you must meet the following requirements:

  • Be at least 18 years of age.
  • Be able to provide a government-issued photo ID.
  • Have a valid Social Security number.
  • Earn at least $20,000 per year from employment, retirement, or another source.
  • Have a verifiable bank account in your own name.
  • Live in a state LendingPoint operates in.

If you meet the minimum requirements for a LendingPoint loan, you can start the process by getting pre-qualified for one of their loans. To check which offers you may qualify for, all you need to provide is your desired loan amount, your name, your birth date, your email, your address, your income, and the last four digits of your Social Security number.

If you like the offers you’re matched with, you can move forward with a full loan application by submitting your full Social Security number, driver’s license, bank account information, a voided check, and pay stubs or proof of income.

Based on the information you submit, your credit score, and your income, LendingPoint may be able to approve your loan within a few minutes. After all loan documentation is verified, it’s possible you could have your loan funds deposited in your bank account as soon as the next business day.

The Bottom Line

LendingPoint doesn’t offer the least expensive borrowing options available, but they do extend loans to consumers with less than perfect credit. If your credit isn’t great, it’s possible they may even be the only lender willing to work with you outside of payday lenders and other unsavory options.

Before you apply for a loan with LendingPoint, however, it makes sense to see if you’re pre-qualified, and if so, with what terms. Make sure to weigh the pros and cons of paying a high interest rate and an origination fee if required, and only move forward if the personal loan you applied for works for your budget and your goals.

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