Best for: borrowers with bad credit
Accepts borrowers with lower credit scores
Pre-qualification with no credit score impact
Loan amounts from $2,000-$25,000
Up to 6% origination fee
Higher APRs (up to 35.99%)
In-depth Review of LendingPoint Personal Loans
Like Avant, LendingPoint focuses on serving borrowers with bad or fair credit – scores from 585 and up. As such, their APR range is higher — from 9.99% to 35.99% — and includes an origination fee of up to 6%. Because LendingPoint weighs your credit score less heavily, other factors they may consider include employment status and length of time at current job, verifiable income, recent charge-offs, and any tax liens.
Can I be approved for LendingPoint?
Possibly — LendingPoint has a more forgiving credit policy than other “prime” lenders, like Marcus by Goldman Sachs or LightStream. Even if your credit score is below 600, LendingPoint may be able to approve your loan application. The best way to find out is by seeing what options you may qualify for on LendingPoint’s site — which you can do with no impact to your credit report or score.
LendingPoint Personal Loan Details
|Loan amount range||$2,000 - $25,000|
|Loan lengths||24-48 months|
|Interest rate type||Fixed interest rate|
|APR range||9.99% - 35.99%|
|Fees||Origination fee: 0-6%
Late fee: If more than 15 days late, a $30 fee applies
Prepayment fee: None
|Can check rate with no impact to score?||Yes|
|Loan uses||Pretty much anything: refinance credit cards; consolidate debt; major purchase; home improvement; vacation; moving/relocation; medical expenses; etc.|
|Time to fund||LendingPoint focused on poor to fair credit and emphasizes its quick approval and funding process -- even touting “instant approval”. If your application can be processed instantly, and no additional verification is required, loan proceeds can be sent to your bank account as soon as the next business day.|
|Joint application (co-borrower) option||No|
|Minimum qualifications||Minimum credit score: 585 (FICO 9)
Minimum income: $20,000
|Can send loan proceeds directly to creditors (for debt consolidation loans)||No|
|Other||Refinance option: LendingPoint offers borrowers who have made six months of on-time payments the option to refinance the loan, either to ‘top up’ (borrow more money), extend your loan term, or potentially lower your interest rate. Note that this likely will lead to paying more inn interest over the life of the loan.|
Representative Loan Example
Borrow $10,000 for 24 months
Receive $9,400 (less origination fee)
24.098% fixed APR
Pay back $529.90 for 24 months
Total repaid $12,700.80
Cost of financing $3,300.80
What People Are Saying
CFPB complaint data: 78 complaints in last 24 months
Trustpilot rating: Excellent (4.9/5) from 2,917 reviews
Better Business Bureau: Accredited, A+ Rating
A note on reviews
When looking at reviews or complaints, we urge you to think about them in context and take them with a grain of salt. For instance, companies that have more customers are likely to generate more complaints to the CFPB — so the raw number of complaints on its own doesn’t paint the full picture.
Similarly, it’s possible for companies to attempt to game ratings on services like TrustPilot, by timing when they ask borrowers for a review to encourage positive comments and by challenging negative reviews on the platform.
Most of all, borrowers should be cautious in how they interpret a firm being Better Business Bureau (BBB) “Accredited” or having an A+ rating. BBB “Accreditation” means merely that a business makes a commitment to make a good faith effort to resolve customer complaints and follow the BBB’s Code of Business Practices. It’s not clear how closely adherence to these practices is followed or how non-compliance is enforced.
Also note customer reviews are not included in the BBB rating, and it’s possible to have an “A+” rating despite having a poor customer rating.