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LendingPoint Personal Loans 2025
Fehmida Tantray
Shivanand Pandey
Sonali Jadhav
What to know first: LendingPoint offers personal loans from $1,000−$36,500 with APRs of 7.99%-35.99%, accepting credit scores as low as 640. Get funds as fast as the next business day, but watch for origination fees of up to 10%. See how it compares to top lenders like LendingClub and find out if it’s the right choice for your financial needs.
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LendingPoint Personal Loan Review
What qualities do you look for in a lender when you’re planning to apply for a student loan, personal loan, or any other kind of financing? To get a sense of who you’re working with, you may begin by looking at the selection of things they provide and learning a little bit about the business.
You would then probably go into details of their loan products, including important elements like interest rates, lending conditions, and possibilities for repayment. If everything appears to be in order, you might look at customer reviews to gain an idea of their reputation and other people’s experiences. In order to find out if the loan is reliable and worthwhile, you may occasionally even start by examining consumer sentiment. This method helps you in getting a loan that genuinely meets your requirements.
In this LendingPoint personal loan review, we’ll provide you with the information you need to make a smart decision about borrowing from LendingPoint. To give you a clear picture of what to expect, we have looked at the company’s history to find out what makes it unique, investigated the loan products it provides, and evaluated client reviews. We’ve also answered some common questions to help you decide if a LendingPoint personal loan is the right choice for you.
What is LendingPoint?
LendingPoint, which was founded in 2014, is an online direct lender headquartered in Kennesaw, Georgia, with additional offices in New York. The company started by offering loans only in Georgia but has since expanded to serve customers in 49 states and Washington, D.C. LendingPoint has gained recognition for its innovative approach to lending, earning accolades such as “Best Personal Loans of 2018” by US News & World Report and “Best Personal Loans for 2018” by NerdWallet.
Since its inception, LendingPoint has loaned over $1 billion to customers across the U.S. and receives more than 75,000 financing requests each week. The company doesn’t have a clearly-defined mission statement on its website, but it markets itself as a lender that considers more than just your credit score when determining loan approvals and terms. This flexibility in underwriting allows LendingPoint to offer financing options to customers with credit scores ranging from 585 to 850.
LendingPoint Personal Loan at a Glance
Here is a table showcasing the key features of LendingPoint personal loan:
| Feature | Details |
|---|---|
| Minimum Credit Score | 640 |
| APR | 7.99% – 35.99% |
| Fees | Origination fee up to 10%, late fee of 5% of the payment amount or $30 (depending on state) |
| Loan Amount | $1,000 to $36,500 |
| Repayment Terms | 2 to 6 years |
| Time to Fund After Approval | 1 business day |
| Loan Availability | Not available in Nevada and West Virginia |
How to Use LendingPoint Personal Loans?
LendingPoint personal loans offer flexible financing options for various personal and financial needs. Even if you’re looking to renovate your home, secure a personal loan for debt consolidation or cover unexpected expenses, these loans provide quick access to funds with manageable repayment terms. Borrowers can use them to handle planned and unplanned costs without depleting their savings, making them a practical solution for financial stability.
LendingPoint personal loan can be used for a variety of purposes, including:
- Home improvement projects
- Debt consolidation
- Emergencies
- Medical and dental bills
- Vacations
- Weddings
- Other large expenses
LendingPoint loans offer great financial flexibility, but they must be used responsibly. The company strictly prohibits using its personal loans for any illegal activities, making sure that borrowers adhere to ethical and legal financial practices.
Where LendingPoint Personal Loans Stand Out
LendingPoint personal loans are known for their accessibility, flexibility, and borrower-friendly features, making them a strong option for individuals with fair to good credit. It focuses on more than just credit scores, considering factors like income and employment history to provide loans to a wider range of borrowers. Here’s a closer look at what sets LendingPoint apart:
- Fast Funding
Option to Change Your Payment Date
Small Loan Amounts
Well-Rated Mobile App with Free Credit Score Access
Ability to Refinance
LendingPoint’s fast funding process is one of its best qualities, making it a great choice for borrowers that want immediate access to funds. The application process is designed to be simple and efficient, taking only a few minutes to complete. Its automated system allows for approval decisions to be made within seconds, streamlining the borrowing experience. If approved, funds can be deposited into the borrower’s account as early as the next business day. This rapid turnaround time is particularly beneficial for those facing financial emergencies, unexpected expenses, or urgent purchases that cannot be delayed.
The lender also offers flexibility when it comes to payment due dates, helping borrowers better manage their finances. Borrowers cannot select their payment date before signing the loan agreement, but LendingPoint allows them to change their due date after closing the loan. Besides that, this option can be used once per year, providing added convenience for those whose financial situations change. For example, if a borrower secures a new job with a different pay schedule, they can adjust their loan payment date to align with their income cycle, reducing the risk of missed or late payments.
LendingPoint’s availability of small loan amounts with a $1,000 minimum loan amount is another benefit. This is significantly lower than the minimum loan requirements of many other lenders, making it a suitable choice for borrowers who need only a modest sum to cover essential expenses. As long as it’s for car repairs, minor home improvements, or medical bills, borrowers won’t have to take out a larger loan than necessary or pay unnecessary interest on excess funds. This feature assures that borrowers can obtain just the right amount of financing to meet their needs without unnecessary financial burden.
LendingPoint also improves the borrowing experience through its well-rated mobile app, which offers a range of financial management tools. Borrowers can use the app to pre-qualify for loans, track their payments, and access their credit scores for free. The app also provides credit score monitoring and budgeting assistance, helping users stay on top of their financial health. By integrating these features, LendingPoint ensures that borrowers have access to essential tools that can help them build better financial habits and maintain their creditworthiness.
LendingPoint also provides borrowers with the ability to refinance their loans, whether they initially borrowed from LendingPoint or another lender. Refinancing can be a smart move for those who have improved their credit score and now qualify for a lower interest rate, reducing their overall cost of borrowing. Similarly, LendingPoint actively reviews borrowers’ accounts after six months of on-time payments to determine if they are eligible for refinancing with better terms. This proactive approach allows borrowers to potentially secure a lower rate, making their loans more affordable in the long run.
Where LendingPoint Personal Loans Fall Short
As LendingPoint personal loans offer several benefits, they also have some limitations that borrowers should consider. These drawbacks may make the lender less suitable for certain individuals, depending on their financial needs and goals. Here’s a closer look at where LendingPoint falls short:
Origination Fee –
Reports Payments to Only Two of Three Major Credit Bureaus
No Co-Signed, Joint, or Secured Loans
No Large Loan Amounts
The origination fee, which can reach 10% of the loan amount, is one of the biggest disadvantages of LendingPoint personal loan. This fee is deducted directly from the loan proceeds before the funds are disbursed, meaning borrowers receive less money than they applied for. The origination fees are common among lenders that cater to individuals with fair or bad credit, but they can significantly impact the total cost of borrowing. For example, if a borrower is approved for a $10,000 loan with a 10% origination fee, they will receive only $9,000 while still being responsible for repaying the full $10,000 plus interest. This makes it essential for potential borrowers to carefully consider the impact of this fee before proceeding with a LendingPoint loan.
Another limitation of LendingPoint is that it reports payments to only two of the three major credit bureaus, Experian and TransUnion, while excluding Equifax. This can be a disadvantage for borrowers who are trying to build or improve their credit, as some lenders and financial institutions may rely on Equifax for credit evaluations. If a borrower consistently makes on-time payments to LendingPoint, but a future lender checks their credit history with Equifax, their positive repayment behavior may not be reflected in their credit score. Most personal loan lenders report to all three major credit bureaus, making this a notable shortcoming for those who want to maximize the benefits of responsible borrowing.
LendingPoint also has strict limitations on loan structure, as it only offers unsecured personal loans. This means borrowers cannot apply with a co-signer or joint applicant, nor can they use collateral to secure a lower interest rate. For individuals with lower credit scores, having a co-signer or joint applicant can often improve approval odds and result in better loan terms. Meanwhile, secured loans, which require collateral such as a car or savings account, typically come with lower interest rates compared to unsecured loans. Since LendingPoint does not offer these options, borrowers with weaker credit profiles may struggle to qualify for a loan or may receive higher interest rates than they would with a lender that allows co-signers or collateral.
LendingPoint has a lower maximum loan amount compared to many other lenders. The highest loan amount available is $36,500, which may not be sufficient for borrowers seeking to finance major expenses, such as extensive home renovations, large medical procedures, or big-ticket purchases like boats or RVs. Many competing lenders offer personal loans up to $50,000 or even $100,000, making them a better choice for individuals who need access to larger sums of money. If a borrower requires more than what LendingPoint offers, they may need to seek alternative lenders or explore multiple financing options, which can complicate the borrowing process.
Do You Qualify for a LendingPoint Personal Loan?
LendingPoint seeks borrowers with average or better credit and consistent income. To apply for a LendingPoint personal loan, you must meet the following requirements:
LendingPoint Personal Loan Eligibility Criteria
| Category | Requirement |
|---|---|
| Minimum Age | 18 years old |
| Social Security Number | Required |
| Government-Issued Photo ID | Required |
| Personal Bank Account | Required |
| Minimum Credit Score | 640 (FICO version 9 and VantageScore version 3.0) |
| Minimum Credit History | 2 years |
| Maximum Debt-to-Income Ratio | 45% (excluding mortgage payments) |
| Minimum Annual Income | $35,000 (income from various sources, including benefits, accepted) |
These criteria help LendingPoint assess a borrower’s financial stability and ability to repay the loan. If you meet these requirements it improves the chances of approval, and final loan terms depend on factors such as creditworthiness, income, and overall financial profile.
How LendingPoint Personal Loans Work?
LendingPoint personal loans provide quick access to funds for borrowers with fair to good credit. The process of applying for a personal loan from LendingPoint is easy to understand.
Here’s How to Apply for a LendingPoint Personal Loan:
1. Pre-Qualify on LendingPoint’s Website
Start by visiting LendingPoint’s website and entering details such as the loan purpose, desired amount, and personal information (name, address, date of birth, and income). You will also need to provide your Social Security number, but this stage involves only a soft credit check, so it won’t impact your credit score. Pre-qualification helps determine your eligibility and gives an estimate of loan terms without any commitment. This step is quick and typically takes only a few minutes.
2. Preview Loan Offers
If you qualify, LendingPoint will present loan offers tailored to your financial profile. These offers include key details such as APR, repayment terms, and monthly payment estimates. LendingPoint allows you to adjust the loan amount and repayment period to see how changes affect your interest rate and payments. This flexibility helps you select an offer that best fits your budget and financial goals. Reviewing these options carefully ensures you make an informed decision before proceeding.
3. Complete the Loan Application
After selecting a loan offer, you must complete the full application by providing bank account details and additional documents like pay stubs, tax returns, or W-2 forms for verification. LendingPoint gives you the option to set up automatic payments, which can help avoid late fees and ensure timely repayments. A hard credit check is performed at this stage, which may cause a temporary dip in your credit score. Once all requirements are met, LendingPoint reviews the application for final approval.
4. Receive Your Loan Funds
If your application is approved, LendingPoint will send the loan agreement for electronic signing before disbursing the funds. In most cases, approved borrowers receive their money as early as the next business day, making LendingPoint a great choice for urgent financial needs. The funds are directly deposited into your personal bank account, allowing you to use them immediately for expenses like home repairs, medical bills, or debt consolidation.
5. Plan for Loan Repayment
After receiving the loan, it’s important to make timely payments to avoid penalties and maintain a good credit standing. Although LendingPoint reports payments to only two major credit bureaus (Experian and TransUnion), consistent on-time payments can still improve your credit score. Setting up automatic payments helps ensure you never miss a due date. If your financial situation changes, consider reaching out to LendingPoint for refinancing options or adjusting your repayment plan.
Where Does LendingPoint Operate?
LendingPoint offers personal loans across the United States, with the exception of Nevada and West Virginia, where its services are currently unavailable. This means that borrowers in most states can apply for a LendingPoint loan, provided they meet the eligibility criteria. However, minimum loan amounts vary by state, which means that depending on where you live, you may need to borrow a specific minimum amount to qualify.
For example, in Georgia, the minimum loan amount is $3,500, meaning applicants in this state cannot borrow anything lower than this threshold. Similarly, Colorado has a minimum loan amount of $3,001, while Hawaii requires a minimum loan amount of $2,000. These state-specific requirements ensure compliance with local lending regulations and may impact borrowers who only need a small loan amount.
If you’re planning to apply for a LendingPoint personal loan, it’s important to check the requirements for your specific state to understand any restrictions that may apply.
Is LendingPoint Reputable?
LendingPoint is a recognized and well regarded lender that focuses on offering personal loans to individuals with fair to good credit. A strong dedication to moral business conduct and customer service is demonstrated by the company’s complete accreditation and A+ rating from the Better Business Bureau (BBB).
On top of that, on Trustpilot, LendingPoint holds an “Excellent” rating of 4.8 out of 5 stars, based on 8,459 customer reviews. Many borrowers praise the lender for its fast approval process, transparent terms, and helpful customer support.
However, in this LendingPoint Personal Loan Review, it’s important to note that the company’s performance in the J.D. Power 2024 U.S. Consumer Lending Satisfaction Study suggests room for improvement. The company received 634 out of 1,000 points in overall customer satisfaction, indicating that while many customers are satisfied, others have encountered issues with their lending experience.
Regarding regulatory concerns, the Consumer Financial Protection Bureau (CFPB) received 49 complaints about LendingPoint personal loans in 2023. The most common issues reported were unexpected interest rates or fees and difficulties with making payments.
LendingPoint addressed all but one of the complaints, demonstrating responsiveness and responsibility in spite of these worries. The company resolved 38 complaints with an explanation, eight with monetary relief, and three with non-monetary relief.
The lender is widely regarded as a reputable lender, but potential borrowers should carefully review loan terms, fees, and repayment conditions to assure they fully understand their financial obligations.
Comparing LendingPoint to Other Lenders
It is essential to compare several lenders when selecting a personal loan in order to identify the best choice based on considerations such as loan terms, interest rates, fees, and credit score requirements. A comparison of the three well-known lenders providing unsecured personal loans, LendingPoint, LendingClub, and Best Egg, can be found below.
| Feature | LendingPoint | LendingClub | Best Egg |
|---|---|---|---|
| Minimum Credit Score | 640 | 600 | 600 |
| APR Range | 7.99% – 35.99% | 7.90% – 35.99% | 7.99% – 35.99% |
| Origination Fees | Up to 10% | 0% – 8% | 0.99% – 9.99% |
| Loan Amount | $1,000 – $36,500 | $1,000 – $40,000 | $2,000 – $50,000 |
| Repayment Terms | 2 to 5 years | 2 to 6 years | 3 to 5 years |
| Funding Time | 1 business day | 1 business day | 1 business day |
| Loan Availability | Available in 48 states (excl. NV, WV) | Available in all 50 states + D.C. | Not available in IA, VT, WV, D.C. |
LendingPoint is a great option for borrowers with fair credit who need fast funding, but its higher origination fees and lower maximum loan amount may be limiting for some. LendingClub offers slightly lower fees and wider availability, while Best Egg provides larger loan amounts but isn’t available in all states. Selecting the right lender depends on your specific financial needs, credit score, and loan amount requirements.
Who is LendingPoint Personal Loan Best For?
LendingPoint personal loans are ideal for borrowers who need quick access to unsecured financing for a variety of expenses, including debt consolidation, home improvements, medical bills, or unexpected financial emergencies. The company’s streamlined application process, fast funding (often within one business day), and flexible payment options make it a strong choice for individuals who require funds urgently without extensive paperwork or long waiting times.
LendingPoint is particularly beneficial for borrowers with fair to good credit (typically a minimum credit score of 640) who may have trouble qualifying for loans with traditional banks or credit unions. Additionally, the lender offers small loan amounts starting at $1,000, which can be helpful for those who only need a modest amount to cover short-term expenses without taking on unnecessary debt.
However, LendingPoint may not be the best option for everyone. Borrowers seeking larger loan amounts (above $36,500) or those who prefer joint applications or secured loans may need to explore alternative lenders. Since LendingPoint does not allow co-signers or joint applicants, it may not be suitable for individuals who want to strengthen their application by applying with a creditworthy partner.
In simple terms, LendingPoint personal loans are best suited for borrowers who need a fast, flexible, and relatively accessible lending option, especially those who are working on improving their credit and need a lender that considers factors beyond just a credit score.
LendingPoint Personal Loan Ratings
At Lending Palm, we evaluate lenders using a complete rubric that evolves annually to reflect changes in personal loan offerings. Below is LendingPoint’s rating across key categories:
| Category | Rating (★ out of 5) |
|---|---|
| Affordability | ★★★★☆ (4/5) |
| Customer Experience | ★★★★☆ (4/5) |
| Underwriting & Eligibility | ★★★★☆ (4/5) |
| Loan Flexibility | ★★★☆☆ (3/5) |
| Application Process | ★★★★★ (5/5) |
| Overall Rating | ★★★★☆ (4/5) |
LendingPoint is a great option for borrowers looking for rapid funding because of its superior application procedure, pricing, and customer service. The somewhat reduced loan flexibility, however, could affect borrowers seeking higher loan amounts or co-signing choices.
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FAQ’s
Frequently asked questions
How long does it take to get approved for a SoFi personal loan?
SoFi’s application process is quick. You can get pre-approved in just a few minutes. Once you accept a loan offer, the funds are typically transferred to your bank account within 1 to 7 business days, depending on the specifics of your application.
What credit score is needed for a SoFi personal loan?
To qualify for a SoFi personal loan, you generally need a good to excellent credit score of 680 or higher. This helps ensure that you qualify for competitive interest rates. Applicants with lower scores may have trouble securing a loan or may receive higher rates.
Are there any fees associated with SoFi personal loans?
SoFi stands out by charging no fees for personal loans. There are no origination fees, prepayment penalties, or late fees, which means you can borrow money without worrying about hidden charges eating into your funds or making the loan more expensive over time.
Can I use a SoFi personal loan for anything?
Yes, SoFi personal loans are highly flexible and can be used for a variety of purposes. Whether it’s for debt consolidation, home improvements, medical expenses, wedding costs, or other personal needs, SoFi allows you to use the loan for just about any financial requirement.
Does SoFi offer personal loans in all states?
While SoFi offers personal loans in most U.S. states, it does not operate in every state. If you’re interested in applying, you’ll need to check whether SoFi offers loans in your state. You can verify eligibility by visiting SoFi’s website or contacting customer support.
