- Borrowers with fair credit
- Borrowers who want the option to pay off their loan early
LendingPoint is a fast-growing direct lender that makes personal loans of up to $36,500 as soon as the next business day to borrowers with credit scores of 600 and up.
In this post:
- LendingPoint interest rates and loan details
- LendingPoint personal loans review
- How LendingPoint compares to other lenders
- How to take out a personal loan with LendingPoint
- What to consider before applying for a LendingPoint personal loan
LendingPoint interest rates and loan details
LendingPoint can approve loan offers for just about any purpose, including home improvement projects, medical bills, car repairs, moving, or getting married. Because LendingPoint primarily serves borrowers with fair credit, its rates make credit card refinancing and other forms of debt consolidation worthwhile.
|Fixed rates||7.99% - 35.99% APR|
|Loan size||$2,000 to $36,500|
|Loan terms||2 to 6 years|
|Min. credit score||600|
|Time to get funds||As soon as the next business day|
|Loan use||Any personal expense or purchase|
LendingPoint personal loans review
LendingPoint specializes in lending to “near prime” borrowers with credit scores in the 600s, with a minimum credit score requirement of 600. If your credit score is in this range, LendingPoint’s rates may be very competitive with what other lenders offer.
But if you have an excellent credit history, you probably won’t be wowed by LendingPoint’s interest rates — other lenders can offer lower rates to borrowers with good to excellent credit.
If you’re looking to borrow $36,500 or less, LendingPoint could be a good option for you. But if you need more than LendingPoint’s loan limit, some lenders offer personal loans up to $100,000.
Also, keep an eye out for fees like fees, like late fees for making a payment late and origination fees for processing the loan. Like many lenders, LendingPoint charges an origination fee anywhere from 0% to 8% of the loan balance, depending on your credit report and state of residence.
If you want to repay your entire loan balance all at once, LendingPoint will let you do that without charging you a prepayment penalty.
How to qualify
You’ll need to meet four major criteria to qualify for a personal loan with LendingPoint:
- Credit score: LendingPoint makes loans to borrowers with credit scores as low as 600, which means you could still be approved for a loan even if your credit isn’t in great shape.
- Employment: If you’ve been at your current job for at least 12 months, LendingPoint considers that a “plus.” If you’re retired or self-employed you can still qualify for a loan, as long as you have verifiable income.
- Annual income: The minimum annual income to get approved for a loan is $20,000, but the more you make (and the lower your current level of debt) the more you’ll be able to borrow. Having a “responsible banking and financial track record” will also score points with this lender.
- Residency: You need to have a Social Security number and a bank account in your name. You also can’t live in Nevada or West Virginia, since LendingPoint loans aren’t available in those states.
You’ll also need to be at least 18 years of age or older to apply for a LendingPoint personal loan.
Fast loan approval
Once you’ve submitted all the required documents, LendingPoint says it can often provide a final review and loan approval in just a few hours, allowing you to get your funds as soon as the next day.
Although its loans aren’t available in Nevada or West Virginia, LendingPoint operates in all other 48 states and Washington, D.C.
If your application is approved, your loan may be funded by one of several lenders, including:
- FinWise Bank
- First Electronic Bank
- LendingPoint LLC
FinWise and First Electronic banks are FDIC members chartered in Utah, while LendingPoint LLC is a limited liability company headquartered in Kennesaw, Georgia.
LendingPoint offers personal loan repayment terms ranging from two to six years, which can give you some flexibility with the amount of time you have to pay back your loan. Keep in mind that while longer loan terms come with a lower monthly payment, you’ll end up paying more interest over the life of the loan.
You can make your loan payments online or by mail, but LendingPoint says most customers set up autopay and have payments taken directly out of their bank account. You can make bi-weekly or monthly payments, but most LendingPoint customers use a 28-day payment schedule that syncs with their paycheck.
How LendingPoint compares to other lenders
Here’s how LendingPoint compares to other lenders who specialize in serving borrowers with fair to good credit.
|APR||4.6% - 35.99% APR4||8.49% - 35.99% APR11||9.95% - 35.99% APR|
|Minimum credit score||620 (in most states)||600||550|
|Loan amounts||$1,000 to $50,0005||$2,000 to $35,000||$2,000 to $35,000|
|Repayment terms||As soon as 1 - 3 business days6||1 to 5 years||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)|
|Fees||Origination fee: 0% to 12%|
Late fee: The greater of 5% of past-due amount or $15
ACH return or check refund fee: $15
Paper copies fee:$10
|Administration fee:Up to 4.75%|
Late fee: $25
Dishonored payment fee: $15
|Origination fee: 1.85% to 9.99%
Late fee: $10
Failed electronic or check payment attempts: $10
|Discounts||None||None||Autopay and direct pay|
How LendingPoint compares to more lenders: The best personal loans
How to take out a personal loan with LendingPoint
To take out a LendingPoint personal loan, you can apply on the lender’s website. You’ll provide some basic personal information to see your loan options. If you select a loan, you’ll complete a full application.
You’ll typically be expected to provide some documentation when you apply, including:
- Driver’s license or other government-issued photo I.D.
- Bank statements
- Pay stubs
- Employment verification
When taking out a personal loan, it’s wise to compare rates you may qualify for with multiple lenders to find the best personal loan for your needs. In addition to the interest rate, look for a repayment term and monthly payment that works for you.
Credible allows you to compare prequalified personal loan rates from multiple online lenders who offer personal loan options — including LendingPoint.
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What to consider before applying for a LendingPoint personal loan
With its fast funding, wide range of loan uses, and lower minimum credit score requirement, a LendingPoint personal loan can be a solid option when you need to borrow money. But there are a couple things to consider before you apply:
- Somewhat limited loan amounts: LendingPoint provides loans of up to $36,500, which may not be enough if you need to fund a large home improvement project or other large expense. Other lenders offer loans of $50,000 or more.
- Charges an origination fee: Like many lenders, LendingPoint charges an origination fee on its loans. With this fee going as high as 8%, that can eat into the total loan funds you’ll receive. It’s possible to find lenders that don’t charge an origination fee, especially if you have good credit.
1Applications 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; 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 from 0% to 8% 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, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
4The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 26.48% and 60 monthly payments of $26.73 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $16,038 including a $752 origination fee. APR is calculated based on 5-year rates offered in December 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
6Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.