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Personal Loans

LendingPoint Personal Loan Review

Updated Jun 14, 2023   |   4-min read

LendingPoint Personal Loans
at LendingPoint’s secure website
Editorial Rating

Editorial Rating

What we like:

Great Trustpilot and BBB ratings

Rates (APR)17.47% – 34.99%
Loan Terms2 – 4 years
Loan Amounts$3,500$20,000
Origination Fee0% – 6%
See how LendingPoint’s personal loan product stacks up with other options

LendingPoint offers personal loans designed for people with fair credit. This means it’s willing to look beyond just your FICO credit score to provide broader access to financing at reasonable loan terms. The lender does this by focusing on your “financial potential, rather than your financial past.”

You can use personal loan money for almost anything, such as debt consolidation, vacations, a wedding, or home improvements.

This LendingPoint review will help with the process of deciding which lender and loan product is right for you.

In this review:

LendingPoint Personal Loans Overview

LendingPoint personal loans
Loan amounts$2,000$25,000
Term lengths24 – 48 months
Rates9.99% – 35.99%
Origination fee0% – 6%
Minimum annual income$20,000
Minimum credit score585

LendingPoint is a solid choice for people who have only poor or fair credit. It offers average loan amounts and term lengths that should satisfy the needs of most borrowers. However, it’s not the best lender for everybody.

These loans can be used for a wide range of purposes, such as debt consolidation, financing a wedding, or paying for medical bills.

Pros & Cons of LendingPoint


  • LendingPoint is willing to overlook imperfect credit.

    Many financial institutions are unwilling to lend to you if your credit score isn’t high enough. LendingPoint looks at your complete financial potential, including your income, when deciding whether to allow you to borrow.

  • Payment flexibility.

    Most personal loan companies require monthly payments. LendingPoint gives you a choice between biweekly payments or making payments every 28 days.

  • Fast funds are available.

    Sometimes, you need quick access to cash. Getting your money the next business day is a huge advantage of LendingPoint, making it a viable alternative to payday loans, which are much more expensive.


  • Low loan limits.

    You’re able to borrow up to $25,000. This is a lower loan amount than many competitors, including other online lenders willing to look beyond a lack of an excellent credit score.

  • High interest rates.

    A minimum interest rate of 9.99% is higher than some other lenders, though fair credit borrowers shouldn’t expect to qualify for rates lower than this amount.

  • Limited term limits.

    Many lenders offer loan terms as long as 60 months, which gives you more flexibility in determining your monthly payments and repayment timeline.

Getting a LendingPoint Personal Loan

LendingPoint loans are available in most states, as well as Washington D.C. However, the company is not licensed to issue loans in Nevada, New York, Vermont, West Virginia, Wisconsin, or Wyoming.

  • If you live in a state where you’re eligible, applying for a loan through LendingPoint is simple. You can start the application process online and get no-obligation loan offers without a hard credit check, so your credit score will not be affected. 
  • To find out your rate, visit the LendingPoint website. Initially, LendingPoint will do a soft credit check to determine your basic credit history. Unlike a hard inquiry, a soft pull won’t be reflected on your credit report, so it won’t affect your credit score.
  • You’ll also need to provide your name, address, date of birth, Social Security number, and annual income as part of the initial application you submit to get your rate.  
  • If you’re happy with the loan offer extended to you and you decide to move forward, then LendingPoint will do a hard inquiry at that time to verify the information you provided. LendingPoint will use this information to determine your eligibility for a loan, as well as your debt-to-income ratio and official loan rates.
  • You may also be asked to submit some basic documentation to prove the information you provided is accurate. This can include a driver’s license, bank statements, a voided check, and proof of income.

You should receive a preliminary offer within minutes, and final approval of your application usually happens within a few hours as soon as your documentation is verified.

After underwriters review the documents you submit and your loan is formally approved, your loan will be funded right away. LendingPoint transmits the borrowed funds into your bank account as soon as the next business day.

You’ll then be able to use the money for anything you want, and will start repaying what you borrowed in accordance with your loan terms.

Where to Find LendingPoint Alternatives

If you don’t need a large loan amount and you want to borrow at a reasonable rate that offers flexibility in your repayment schedule, consider LendingPoint.

However, you may also be able to find competitors that don’t have origination fees and that charge lower interest rates, especially if you have good credit.

Our guide to the best personal loans is an excellent place to start your search. We recommend getting pre-qualified quotes from at least three lenders before making your decision, so you can find the best rates.

How We Rated LendingPoint Personal Loans

LendingPoint received a LendEDU rating of 4.5/5. We rate our personal loan partners based on a variety of data points including rates, terms, fees, funding time, soft credit check availability, and more. You can learn more about our rating methodology here.