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LendingPoint

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Through machine learning and credit algorithms, LendingPoint seeks to provide financing opportunities to underserved Americans — individuals who are building or rebuilding credit and wouldn’t necessarily be eligible for a personal loan elsewhere.

LendingPoint doesn’t believe in a “one-size-fits-all” loan process, and will take more than just your credit score into consideration for loan approval.

LendingPoint connects borrowers with lenders in its network and offers personal loans up to $25,000 with loan terms ranging up to 60 months. Rates range from 9.99 percent APR to 35.99 percent APR.

Continue reading for a full review of this personal loan company, as well as LendingPoint reviews from real customers.

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The Good

  • Loan Approval Based on More Than Your Credit Score
  • Immediate Decisions When You Submit an Application
  • Quick Dispersal of Funds
  • No Prepayment Penalty Fee
  • Loans for a Variety of Purposes

Loan Approval Based on More Than Your Credit Score

LendingPoint prides itself on offering loans to all borrowers, especially those with bad credit or a limited credit history. For this reason, the company will consider more than just your credit score for approval.

These additional factors include the following:

  • Job history — If you’ve been at your current job for at least 12 months, this could improve your chances of approval.
  • Income — A verified income is required, whether you’re employed, retired, or self-employed.
  • Financial history — LendingPoint wants to see if you have a responsible banking and financial history.
  • Credit behavior — While a long credit history isn’t required for approval, LendingPoint will take a look at your most recent positive credit behaviors.

Immediate Decisions When You Submit an Application

Submitting a LendingPoint loan application is quick and easy, and will not impact your credit score.

In addition, you can expect to receive a lending decision within seconds, as well as multiple lending options from LendingPoint’s lender network.

Quick Dispersal of Funds

LendingPoint states that once a borrower has been approved and you have chosen the best loan option for your needs, funds can be deposited into your bank account as soon as the next business day.

No Prepayment Penalty Fee

If you'd like to pay off your LendingPoint loan sooner than the completion of your loan term, you can do so without penalty.

Paying off your loan early by making an extra payment every so often can save you more money in interest overall.

Loans for a Variety of Purposes

LendingPoint provides loans for a variety of purposes, such as the following:

  • Debt consolidation
  • Credit card refinancing
  • Home improvement 
  • Medical bills
  • Moving expenses
  • Vacation expenses

This breadth of loan purposes provides greater flexibility and assurance because you’ll be able to use your LendingPoint loan the way you need to.

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The Bad

  • Not Available in All States
  • Origination Fee
  • Low Maximum Loan Amount
  • Joint Applications/Cosigners Not Accepted

Not Available in All States

LendingPoint is only licensed in 42 states. The company’s products and services are not available in the following states:

  • Alaska
  • Florida
  • Mississippi
  • Nebraska
  • Nevada
  • North Carolina
  • Virginia
  • West Virginia
  • Wyoming

Unfortunately, if you live in any of the above listed states, LendingPoint’s personal loan products and services are not available to you.

Origination Fee

While it is a standard practice in the personal loan industry to charge an origination fee, some lenders do not charge this fee.

LendingPoint's origination fee is 0 to 6 percent of the total loan amount.

Low Maximum Loan Amount

LendingPoint offers loans from $2,000 to $25,000. While this range does offer borrowers with some flexibility, you will not be able to get a loan larger than $25,000 if needed.

Some other personal loan lenders offer loans up to $100,000, providing greater loan amount flexibility.

However, lenders that offer large loan amounts generally require a high credit score requirement for approval, which may not be a possibility if you have a less-than-perfect credit score.

In general, lenders that serve subprime (low credit) borrowers will have a lower maximum loan amount, as this lessens the risk of lending.

Joint Applications/Cosigners Not Accepted

LendingPoint does not accept joint applications or cosigners. Because the company uses multiple other factors than just credit to assess each applicant, a joint application shouldn’t be necessary.

However, if you were hoping to get the lowest interest rate possible or a lower interest rate than what was initially presented to you, a joint application or cosigner could help you get a lower rate.

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The Bottom Line

You don't need excellent credit to qualify for a LendingPoint personal loan. Thus, if you have bad credit, no credit, or are looking to build your credit, LendingPoint could be a good choice for you.

The company doesn’t outline a minimum credit score requirement because it looks at more than your credit score to determine eligibility — LendingPoint will instead look at your job history, income, financial history, and most recent credit behavior.

Thus, if you are having a difficult time being approved for a personal loan with other, larger lenders, LendingPoint could be a viable option for your needs.

The LendingPoint loan application process is quick and easy and will not impact your credit score. When you apply, you will be given multiple lender options from LendingPoint’s lender network, allowing you to choose the best rates and terms based on the information you provided in your application.

However, LendingPoint is not available in all U.S. states, and it is important to check and see if the company’s products and services are available in your state before applying.

LendingPoint reviews are currently limited. If you have borrowed from this company, please tell us about your experience by leaving a review.

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