LendingPoint personal loan amounts and interest rates
LendingPoint offers personal loans from $2,000 to $36,500. This minimum is higher than other similar personal loan companies; for instance, Upgrade and Upstart have minimums of $1,000. Upgrade and Upstart also have a loan limit of $50,000, which is significantly higher than LendingPoint’s maximum.
The interest rates on LendingPoint loans range from 9.99% to 35.99%, which is roughly standard for a personal loan for people with low credit. Upgrade and Upstart have lower starting rates, but you’ll probably need an excellent credit score to qualify.
Pros and cons of LendingPoint personal loans
How LendingPoint personal loans work
LendingPoint offers borrowers unsecured personal loans, which are loans that don’t require collateral like a house or car. LendingPoint offers loans in 48 states and Washington, DC, but you can’t get a loan if you live in Nevada or West Virginia.
LendingPoint allows you to use a personal loan for a variety of reasons, including weddings, unexpected medical expenses, and debt consolidation. Check with the company to see if your loan purpose qualifies.
The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval.
LendingPoint doesn’t offer the option for joint or cosigned loans.
Customer support is available from LendingPoint by phone, email, or via physical mail. To manage your loan on the go, download LendingPoint’s mobile app from the Apple store.
What credit score do you need for a LendingPoint personal loan?
LendingPoint has a minimum credit score requirement of 580. This is the lowest minimum on our list of the best personal loans for bad credit, so LendingPoint could be a great option if you don’t have the best credit history.
If you need to access your credit report, you can get it at no cost from any of the three major credit bureaus on annualcreditreport.com weekly through April 20, 2022. This report will give you information about your payment and credit history — though it won’t provide you with your credit score. Looking over your credit report can help you spot errors and find areas for improvement.
You can get your score for free on your credit card statement or online account. You can also buy it from a credit reporting agency.
LendingPoint will perform a soft credit inquiry when you apply for a loan and determine how much you qualify for, and that inquiry won’t impact your credit score.
Before your loan is officially approved, the company will conduct a hard credit inquiry, which will probably impact your credit score. A hard inquiry gives a lender a complete view of your credit history, but might hurt your credit score.
Is LendingPoint trustworthy?
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, gives LendingPoint an A+ rating. LendingPoint is a BBB-accredited business. The BBB evaluates companies by measuring business’ replies to consumer complaints, honesty in advertising, and clarity about business practices.
Even though LendingPoint has a stellar BBB rating, you aren’t guaranteed to have a good relationship with the company. Make sure you read customer reviews and talk to friends and family about the business.
LendingPoint hasn’t been involved in any recent controversies or scandals. As a result of the company’s great BBB rating and clean history, you may feel comfortable borrowing from LendingPoint.
How LendingPoint personal loans compare
Avant and LendingPoint have similar loan amount ranges; both lenders offer minimums of $2,000 and have maximums within $1,500 of each other. Upstart has personal loans from $1,000 to $50,000, meaning it could be the best choice if you need either a very small or very large loan amount.
All three lenders charge origination fees, which are charges that are deducted from your total loan proceeds. Avant’s fee is up to 4.75%, LendingPoint’s fee is up to 6%, and Upstart may have origination fees up to 8%.
Additionally, borrowers with poor credit can get a loan from all three companies. However, keep in mind that the lower your credit score, the worse your rate will probably be.
Frequently asked questions
Is LendingPoint legitimate?
Yes, LendingPoint is a legitimate online lender, with loans originating from FinWise Bank, member FDIC, and LendingPoint, a licensed lender in certain states.
Can I pay off a LendingPoint personal loan early?
Yes, you are able to pay off a LendingPoint loan early without facing any prepayment penalties. Paying off your loan early saves you money in interest and decreases the overall cost of your loan.
Is LendingPoint a secured loan?
No, LendingPoint only offers unsecured loans. These are loans that don’t require any collateral, such as a house or a car, to receive.
How much can you borrow from an online lender?
The company you want to take out a loan from determines the maximum amount you are eligible to get. With LendingPoint, you can borrow up to $36,500, but other lenders allow you to borrow more.