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 a minimum of $ 1,000. 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 roughly the norm for a personal loan for people with poor credit. Upgrade and Upstart have lower starting rates, but you’ll likely need a great credit score to qualify.
Advantages and disadvantages
How LendingPoint Personal Loans Work
LendingPoint offers unsecured personal loans to borrowers, which are loans that do not require collateral like a house or a 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 allows you to use a personal loan for a variety of reasons, including weddings, unforeseen medical expenses, and debt consolidation. Check with the company to see if the subject of your loan is eligible.
The application process is fast with LendingPoint, and the company can approve you for a loan on 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 credit score requirement 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 to access your credit report, you can get it for free from any of the three major credit bureaus on annualcreditreport.com every week until April 20, 2022. This report will give you information about your payments and your credit history, although it will not provide you with your credit score. Examining 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 a flexible credit investigation when you apply for a loan and determine the amount for which you are eligible, and this investigation will not impact your credit score.
Before your loan is officially approved, the company will conduct a serious credit investigation, which will likely impact your credit score. Thorough investigation gives the lender a complete view of your credit history, but can adversely affect your credit score.
Is LendingPoint trustworthy?
The Better Business Bureau, a nonprofit focused on consumer protection and trust, gives LendingPoint an A + rating. LendingPoint is a BBB accredited company. The BBB assesses businesses by measuring business responses to consumer complaints, honesty in advertising, and clarity in business practices.
Even though LendingPoint has a stellar 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 business.
LendingPoint has not been involved in any recent controversy or scandal. Due to the company’s excellent BBB rating and impeccable history, you can feel comfortable borrowing from LendingPoint.
How LendingPoint Stacks Up
Avant and LendingPoint have similar loan amount ranges; both lenders offer a minimum of $ 2,000 and a maximum of $ 1,500 of each other. Upstart has personal loans from $ 1,000 to $ 50,000, which means it might 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 the total proceeds of your loan. Forward charges are up to 4.75%, LendingPoint charges up to 6% and Upstart may have origination charges up to 8%.
In addition, 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 is likely to be.
Frequently Asked Questions
Is LendingPoint legitimate?
Yes, LendingPoint is a legitimate online lender, with loans from FinWise Bank, a member of the FDIC, and LendingPoint, an approved 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 do not require any collateral, such as a house or a 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.