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 example, Upgrade and Upstart have $1,000 minimums. Upgrade and Upstart also have a loan limit of $50,000, which is significantly higher than LendingPoint’s maximum.
Interest rates on LendingPoint loans range from 9.99% to 35.99%, which is about standard for a personal loan for people with low credit. Upgrade and Upstart have lower starting rates, but you’ll likely need a great credit score to qualify.
Advantages and Disadvantages of LendingPoint Personal Loans
How LendingPoint Personal Loans Work
LendingPoint offers borrowers unsecured personal loans, which are loans that do not require collateral such as 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 lets you use a personal loan for a variety of reasons, including weddings, unexpected medical bills, and debt consolidation. Check with the company to see if the subject of your loan qualifies.
The application process is quick with LendingPoint, and the company can approve you for a loan the same day you apply. You often receive your funds the next business day after approval.
LendingPoint does not offer the option of joint or co-signed loans.
Customer support is available from LendingPoint by phone, email, or physical mail. To manage your loan on the go, download the LendingPoint mobile app from the Apple Store.
What credit score do you need for a LendingPoint personal loan?
LendingPoint has a minimum required credit score of 580. This is the lowest minimum on our list of 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 access to your credit report, you can get it for free from any of the three major credit bureaus on annualcreditreport.com weekly through April 20, 2022. This report will provide information about your payment and credit history, but it will not provide your credit score. Reviewing 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 an indirect credit check when you apply for a loan and determine the amount you qualify for, and this check will not affect your credit score.
Before your loan is officially approved, the company will conduct a thorough credit check, which will likely impact your credit score. A thorough investigation gives the lender a full view of your credit history, but can hurt your credit score.
Is LendingPoint trustworthy?
The Better Business Bureau, a nonprofit organization focused on consumer protection and trust, gives LendingPoint an A+ rating. LendingPoint is a BBB accredited company. The BBB rates companies by measuring companies’ responses to consumer complaints, honesty in advertising and clarity of business practices.
Even though LendingPoint has an excellent BBB rating, you are not guaranteed to have a good relationship with the company. Be sure to read customer reviews and tell your friends and family about the company.
LendingPoint has not been involved in any recent controversy or scandal. Due to the excellent BBB rating and clean track record of the company, you can feel comfortable borrowing from LendingPoint.
LendingPoint Personal Loan Comparison
Avant and LendingPoint have similar loan amount ranges; both lenders offer minimums of $2,000 and maximums within $1,500 of each other. Upstart has personal loans from $1,000 to $50,000, which means it could be the best choice if you need a very small or very large loan amount.
All three lenders charge an origination fee, which is a fee deducted from your total loan proceeds. Avant fees can be up to 4.75%, LendingPoint fees up to 6%, and Upstart can have origination fees up to 8%.
Additionally, borrowers with poor credit can obtain a loan from all three companies. However, keep in mind that the lower your credit score, the worse your rate will likely be.
Frequently Asked Questions
Is LendingPoint legit?
Yes, LendingPoint is a legitimate online lender, with loans from FinWise Bank, Member FDIC, and LendingPoint, a licensed lender in some states.
Can I prepay a LendingPoint personal loan?
Yes, you can prepay a LendingPoint loan without incurring prepayment penalties. Paying off your loan early saves you money in interest and lowers the overall cost of your loan.
Is LendingPoint a secured loan?
No, LendingPoint only offers unsecured loans. These are loans that require no collateral, such as a house or car, to be received.
How much can you borrow from an online lender?
The company you want to take out a loan from determines the maximum amount you can claim. With LendingPoint, you can borrow up to $36,500, but other lenders allow you to borrow more.