Overview
LendingPoint was founded in 2015 with the aim to provide loans to borrowers based on their true creditworthiness and not just their FICO Scores. Using proprietary technology and algorithms, the online lender gets a holistic view of a borrower’s true financial situation. This insight allows LendingPoint to provide competitive loan options to a range of borrowers.
Straightforward pre-qualification, an online loan application, and as-soon-as next business day funding upon approval make the loan process hassle-free. There are also no restrictions on what you can use a LendingPoint personal loan for, making it ideal for borrowers who need money quickly or for any reason at all.
Key Features
● Borrow from $2,000 to $36,500
● Use your loan for any purpose
● Rates from 9.99% to 35.99% APR
● Flexible and customizable repayment terms
Suitable for?
Thanks to proprietary technology and multidimensional underwriting, LendingPoint serves a range of borrowers to get an APR that matches your true creditworthiness, which goes beyond your FICO Score.
Likewise, LendingPoint might also be a savior for people who need the funds as soon as possible. If you need to cover an emergency or you urgently need the money for any looming expense that you may have, LendingPoint’s next-day funding might help you get out of a tight spot.
Loan Features
LendingPoint loans win for their flexibility. You don’t have to worry about loan restrictions; they can be used for almost anything. You can request a loan of up to $36,500 with a fixed rate of 9.99% to 35.99% APR* - which will depend on a variety of factors including your credit score, your income, your debt-to-income ratio, and your payment-to-income ratio - and you can choose between various options to repay it. Loan terms range from 24 months to 5 years, but you can customize it down to the repayment schedule. If you’ve been kissed by lady luck and want to pay back the loan earlier, LendingPoint doesn’t charge any prepayment penalties. Vice versa, if you’re having difficulty repaying the loan, you can contact customer support to discuss payment options that fit your needs.
Example
A borrower who takes out a $10,000 loan to be repaid over 48 months with an APR of 23.72% and a 6% origination fee can expect to pay around $324.48 per month.
The Application Process
You can apply for a loan with LendingPoint by filling out the form on their website with the following information:
● Basic personal info
● Desired loan amount
● Loan purpose
● Income information
● Source of income
● Last 4 digits of your social security number
Based on the information you provide, LendingPoint will share a range of loan offers, varying in repayment terms and interest. If you accept a loan offer, you may need to provide proof of income, including bank statements, and your bank details. LendingPoint will then produce a loan contract and run a hard credit check.
If your loan request is approved, you will receive the funds as early as the next business day by one of several lending partners.
LendingPoint Requirements
What does it take to be eligible for a loan? To qualify for a loan with LendingPoint, you must:
● Be at least 18 years old
● Have a social security number
● Hold a U.S. government-issued photo ID
● Earn a minimum of $20,000 annually
● Have a bank account open in your name
● Live where LendingPoint is active (anywhere in the U.S. except Nevada and West Virginia)
● Have a minimum credit score of 580
There are also certain factors, such as length of employment, that may help you receive more favorable terms.
Repayment Terms
LendingPoint’s repayment terms are extremely customizable. Aside from being able to choose terms between 24 and 60 months, borrowers have a great deal of freedom when it comes to the repayment schedule. With no prepayment penalty, borrowers can choose to make their payments monthly, biweekly, or even every 28 days.
LendingPoint’s origination fee, which can range from 0-6%*, depends on which state you’re in and your overall creditworthiness.
As far as payment methods are concerned, LendingPoint enables borrowers to pay back their loan through a mailed-in check, Autopay, phone, online, or through their mobile app. Most borrowers tend to have their payments taken directly from their bank accounts using Autopay.
Privacy & Security
LendingPoint is careful to inform borrowers of what they do with their data. Through the lender’s website, it’s easy to reach the privacy policies page, which outlines the privacy notice for LendingPoint and its partners. You can visit this page to learn which data LendingPoint shares and why.
To keep this data secure, LendingPoint employs industry-grade security mechanisms including “computer safeguards and secured files”.
For more information, visit LendingPoint’s privacy policy.
Help & Support
LendingPoint scores Excellent on TrustPilot. Most reviews praise the customer service representatives who do their best to make the experience pleasant and hassle-free.
For questions, you can reach the LendingPoint Customer Support team at:
888-969-0959
MONDAY - FRIDAY 8 AM - 12 AM (ET)
SATURDAY 9 AM - 9 PM (ET)
SUNDAY 10 AM - 4 PM (ET)
You can also turn to their FAQ section to get quick answers to your questions.
Summary
Overall, LendingPoint is best for a range of borrowers from people who need funds quickly to cover unexpected circumstances to planning their dream vacation. The platform will take your whole financial situation into account, ensuring you get the best APR for your true creditworthiness.
Physical Address
1201 Roberts Blvd, Suite 200
Kennesaw, GA
30144
