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LendingPoint Review: Expert Analysis & User Insights for 2022
LendingPoint specializes in providing personal loans to borrowers with FICO scores in the 580 to 669 range. Loans can be in any amount between $2,000 and $36,500 with APRs starting at 9.99%. Applying is easy with loans disbursed 1-5 business days after approval.
Min. Credit Score 580+
Loan Amount $2K-$36.5K
Loan Repayment 24-60 months
Written by:Christi Gorbett
Fact Checked by: Dr. JeFreda R. Brown, DBA, CFEI, and a highly respected financial expert
While many lenders require high credit scores for loan approval, LendingPoint looks at the borrower’s full financial profile including their income, employment history, and debt-to-income ratio. LendingPoint is also one of the few financial institutions that will consider lending to borrowers with a recent bankruptcy, making them an excellent choice for customers with past financial problems. Borrowers with good to excellent credit scores may want to shop elsewhere to find lower interest rates.
Summarized Rating
Loan Features3
Interest Rates and Fees3
Qualification Leniency3
Application Process3
Customer Support5
User Reviews4.5
This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
LendingPoint gets a below average 3.0 for Loan Features. This reflects the lender’s average term lengths and somewhat restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.
LendingPoint Pros and Cons
LendingPoint Pros
LendingPoint Cons
On the home page, you’ll be asked to enter how much money you’d like to borrow (between $2,000 and $36,500) and for what purpose. The options for loan purpose include unexpected urgent expense, debt consolidation/pay off credit cards, medical/dental, home improvement, travel, taxes, wedding, and personal financial reasons. Once you’ve entered that information, click the “Check Your Rate” button to proceedOn the home page, you’ll be asked to enter how much money you’d like to borrow (between $2,000 and $36,500) and for what purpose. The options for loan purpose include unexpected urgent expense, debt consolidation/pay off credit cards, medical/dental, home improvement, travel, taxes, wedding, and personal financial reasons. Once you’ve entered that information, click the “Check Your Rate” button to proceed.
About the Author
Written by: Christi Gorbett
Freelance Content Marketing Writer specializing in finance, personal development, education, marketing, web development, food & beverage manufacturing, pet, and contracting/home improvement niches.
More about meFact checked by: Dr. JeFreda R. Brown
Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal...
More about me