LendingPoint Personal Loan Review

4.9 _/5

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Personal Loans

• Choose your repayment term and monthly payment
• Your interest rate could decrease after six months of on-time payments
• Funds can be available as soon as the next business day
• Check your rate without impacting your credit score

• Origination fee up to 10%
• Does not offer joint or cosigned loans

Rates (APR)	7.99% – 35.99%
Loan amounts	$2,000 – $36,500
Repayment terms	24 – 72 months
Min. credit score	585

LendingPoint checks many of our boxes. You can get started with a soft credit pull, which won’t affect your credit score or report, and you might even snag a lower interest rate after six on-time payments. But what really sets LendingPoint apart is its payment date flexibility.

Say you changed jobs, and now you’re paid on a different schedule. Maybe you have too many bills due around the same time each month. Whatever the reason, if your due date doesn’t work for you, LendingPoint will let you change it once a year.

About LendingPoint

LendingPoint first opened its virtual doors in 2015, offering personal loans to borrowers with fair credit. LendingPoint has since expanded into “buy now, pay later” technology, but personal loans continue to be a company cornerstone.

Eligibility criteria for these loans are designed to include borrowers with mid-range credit scores (FICO defines this as between 580 and 669). To do that, LendingPoint leverages algorithms and other data to use more than just your score to determine your ability to repay a loan. 

Once approved, borrowers can enjoy fast funding and convenient repayment options. As LendingPoint puts it, it’s in the business of “finding more reasons to say ‘yes.’” If you’re tired of lenders telling you no, perhaps it’s time to ask LendingPoint.

LendingPoint personal loan at a glance

Before we dive into the details, take a quick look at LendingPoint’s highlights.

Term	Details
Minimum income	$35,000
Fixed rates (APR)	7.99% – 35.99%
Loan amounts	$2,000 – $36,500
Repayment period	24 – 72 months
Unsecured or secured	Unsecured
Time to funding after approval	As soon as next business day
Repayment assistance	Hardship assistance available on case-by-case basis
Fees	Origination fee up to 10% No prepayment penalty
Unique features	Possibility for lower interest rate after 6 months of on-time payments

How does a LendingPoint personal loan work?

LendingPoint offers loans as low as $2,000 to as much as $36,500. After approval, expect to receive your loan funds via direct deposit as soon as the next business day. 

The origination fee is rolled into your loan and added to your total balance. For example, if you take out a $10,000 loan with a 10% origination fee, you’ll really owe $11,000. That saves you money at the outset, but it can cost you more in interest down the line. (More on that later.)

Still, with a fixed-rate APR, you won’t have to worry about your interest rate going up. You might, however, see your interest rate drop. After six on-time payments, LendingPoint will review your account to see whether you qualify for a better rate.

Managing your loan is easy, too. You can log in to LendingPoint’s online customer portal, or you can download the app. If you prefer a human touch, you can also call LendingPoint’s customer service. 

What can a LendingPoint personal loan be used for?

Do you need to buy new tires? Will your dog need surgery soon? Are you consolidating debt or simply planning a four-day Caribbean cruise to get away from it all? Whatever the purpose behind the purchase, you can likely use your LendingPoint loan to pay for it.

You’ll have to tell LendingPoint why you need the loan during the application process, but its only real caveat is that you don’t use it for anything illegal. That doesn’t mean you’re free and clear to spend your loan funds however you want, though. 

You can’t use a personal loan to cover a down payment on a house, for example. Think of it this way: You’re using one debt obligation to take out another. Most mortgage lenders don’t go for that—and often forbid it.

Who’s eligible for a LendingPoint personal loan?

Beyond the basic eligibility requirements (such as being at least 18 years old and having a valid ID), LendingPoint requires applicants to have a bank account in their name. You’ll also need to bring in at least $35,000 per year through a verified source, which can include employment or retirement income.

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Tip

LendingPoint doesn’t allow co-applicants or cosigners, so you’ll need to meet these criteria on your own. Borrowers in Nevada and West Virginia are also ineligible for LendingPoint personal loans.

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Requirement	Details
Citizenship	Not explicitly required, but you will need a government-issued photo ID and a Social Security number
Employment status	Not required if you can meet income requirements
State of residence	All states plus Washington D.C., except for Nevada and West Virginia
Minimum age	18
Minimum income	$35,000

What are the costs and fees of a LendingPoint personal loan?

Remember when we talked about origination fees earlier? When you apply for a loan, interest and origination fees are often bundled into something called the annual percentage rate (APR). This APR gives you a more accurate picture of how much that loan will cost you over time.

With LendingPoint, the lowest possible APR is 7.99%. The highest possible APR is a massive 35.99%.

Sticking with our previous example, let’s say the total principal you owe is $11,000. That includes the $10,000 you received in loan funds plus the $1,000 origination fee. Let’s now say your APR is 26.59%, with a 48-month repayment period.

The interest rate portion of your APR, or your effective interest rate, is around 20.98%. That puts your monthly payments at a little over $340. You’d end up paying about $16,344 after four years—so essentially, the cost to borrow $10,000 in this case would be $6,344.

Of course, the terms of each LendingPoint loan vary by borrower. Your APR is determined in part by your creditworthiness and income, and you won’t know your APR until you apply.

How do you repay a personal loan from LendingPoint?

LendingPoint offers borrowers four payment options. Arguably, the easiest is to enroll in autopay and let LendingPoint withdraw your payments from your bank account each month.

If autopay isn’t your jam, you have other options:

• Pay online through the customer portal.
• Make a payment from the app.
• Mail in a cashier’s check, certified check, or money order.

If you mail your payment, be sure to use the address listed on the payment reminders LendingPoint emails you. If you send your payment to LendingPoint headquarters, it may not post in time.

LendingPoint’s repayment periods range from 24 to 72 months. You’ll work with LendingPoint to determine your specific repayment period, but you can always pay off your loan early with no fees. 

The longer you take to pay back your loan, the more you’ll pay over time. Because LendingPoint doesn’t charge prepayment penalties, getting ahead of your loan could save you hundreds in the long run.

Pros and cons of LendingPoint

Pros

• Receive your funds as soon as the next business day.

• Check whether you qualify without a hard credit pull

• Change your payment due date once a year

Cons

• Loans aren’t available in Nevada and West Virginia.

• You’ll pay an origination fee of up to 10%

LendingPoint gets high marks for fast funding and due date flexibility. Where it drops the ball is the origination fee.“Up to 10%” may not sound like much, but it adds up, especially when you factor in interest. 

We’ve compiled several of the best personal loan lenders, along with a link to our review of that company, in the table below. 

Lender	Orig. fees?	Best for	Avail. in all of U.S.?
SoFi	❌	Good credit	✅
LightStream	❌	Excellent credit	✅
Best Egg	✅	Secured loan	❌*

Or check out the full list of personal loan companies we’ve reviewed.

Is LendingPoint a reputable lender?

Source	Customer rating	Number of reviews
Trustpilot	4.8 out of 5	8,506
Better Business Bureau (BBB)	4.06 out of 5	309

LendingPoint has been BBB-accredited since 2014. That means LendingPoint doesn’t have any governmental ethics violations, it’s fully licensed, and it makes good on its promises to customers.

On top of that, LendingPoint has mostly favorable reviews. Satisfied customers laud the company’s quick application process and friendly service, but this doesn’t appear to be a universal experience. A common theme among dissatisfied users is how long it can take to get a decision.

Does LendingPoint have a customer service team?

If all our talk about customer portals and apps had you worried, fret not. LendingPoint indeed has a live customer service team. They can help you apply for a loan, find information about your loan, or enroll in hardship assistance should you ever need it.

LendingPoint is headquartered in Georgia, but the customer service team is open for business between 8 a.m. and 9 a.m. Eastern Monday through Friday and from 10 a.m. to 4 p.m. on Saturdays. 

That long window makes it easy for borrowers in different time zones to get in touch. Here’s how to do that:

• Email: [email protected]; [email protected] 
• Phone: 888-969-0959

How to apply for a LendingPoint personal loan

Applying for a LendingPoint personal loan is simple, and you can check whether you prequalify without hurting your credit score. If you decide to proceed with a full application, here’s what’s involved:

1. Call or go online to see whether you prequalify. This step won’t affect your credit, but if you move forward, you’ll need to consent to a hard credit pull.
2. Select your loan terms and repayment preferences. If preapproved, you’ll receive loan offers in seconds. Choose the one that best suits your needs.
3. Submit your documents. You may need to provide copies of your ID, bank statements, or pay stubs to verify your identity and information.
4. Wait for a decision. After you submit your documents, LendingPoint’s loan specialists will do a complete review of your completed application, which can take several days.
5. Sign your loan agreement if approved. If you are prequalified but aren’t approved at this stage, work with LendingPoint to figure out why.
6. Receive your funds. Your bank account will do a happy dance as soon as the next business day after approval.
7. Create your online account, and download the app. LendingPoint will email you login instructions. Follow those steps to access the customer portal, where you can manage your account and make payments toward your loan balance.

What if I’m denied a personal loan from LendingPoint?

LendingPoint works with borrowers with less-than-perfect credit, but approval isn’t guaranteed. A low credit score, high debt-to-income ratio, and inconsistent income can all affect your approval odds.

If LendingPoint declines your loan application, it will let you know via email. Its email won’t list the specific reasons behind your denial, but it will give you instructions to request that information.

Once you find out why your application was denied, take action. You may need to pay down credit card balances, get caught up on current loan payments, or even find a more stable job.

LendingPoint personal loan FAQ

Can you have more than one LendingPoint personal loan?

In some instances, you may be able to take out a second loan before paying off your first. But this isn’t guaranteed, and you’ll need to talk to a LendingPoint loan specialist to see whether you qualify.

Can you pay off a LendingPoint personal loan early?

You can absolutely pay off your LendingPoint personal loan early—and you won’t pay a penalty, either.

How we rated LendingPoint

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared LendingPoint to several personal loan lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

Product	Best for	Our rating
Personal loan	Best for changing your payment date	4.9	View rates