Are you looking for a reliable and trustworthy lending service to help finance your dreams? LendingPoint, the fintech lender setting out to provide financial access and support for everyone, has been transforming the banking industry for years with its innovative approach. By taking personal data into account when approving loans, it strives to offer an application process that’s fast and fair so borrowers can get the loan they need as quickly as possible.
In this comprehensive review of LendingPoint in 2023, we’ll break down all you need to know about getting approved for a loan through this revolutionary company — from how much money you can borrow to what type of customer service is available during times of stress or doubt. If you’re considering taking out a loan through LendingPoint this year, keep reading.
What is LendingPoint?
LendingPoint is a money lending service in the U.S.A. They provide financial aid to people in need. They generally provide loans to people with fair to good credit scores. The head office of LendingPoint is in Atlanta. They offer a loan of $2,000 to $36,500, depending upon your credit score.
Along with the loan, they provide you with a tool to check your credit score from time to time. And the best part is, you can change your payment date according to your convenience. One more thing, they do not waste your credit score by doing unnecessary hard inquiries. They only conduct hand inquiries of your account if you qualify for the loan.
- Loan Amount: $2,000 to $36,500
- APR: 7.99% to 35.99%
- Orientation Fee: 0.00% to 8.00%, depending upon the state and loan amount
- Minimum Required Credit Score: 600
- Loan Term: 2 to 5 years
- Minimum Required Annual Income: $35,000
- Loan Money Funding: Within 1 to 3 business days.
- You can apply for pre-qualification.
- A hard inquiry is only there if you pre-qualify for the loan.
- You get to keep a track of your credit score for free.
- You can change your loan payment date.
- The loan amount is deposited into your bank account within 1 to 3 business days.
- They have a user-friendly mobile application.
- They do not offer joint loans.
- You cannot apply for a loan with a co-signer.
- The orientation fee might be there.
- The maximum loan amount is less.
- They only report your payments to two credit bureaus out of three.
LendingPoint Highlight Features
Here are some of the most attractive features of the LendingPoint personal loan.
1. Soft Inquiry for Pre-Qualification
One of the best things about LendingPoint is, they do not waste your credit score. For pre-qualification, they only conduct a soft inquiry, which does not result in credit pull, and if you pre-qualify for the loan, then only they conduct a hard inquiry of your credit.
2. Easy to Use Mobile Application
It has a user-friendly and easy-to-use mobile application. You can make your Lending Point payment using this mobile application. You can also track your budget, set payment reminders, and check your credit score using this mobile app.
3. Fast Funding
Another specialty of LendingPoint is its fast funding. As soon as you apply for your loan and your loan application gets approved, they deposit the loan amount into your bank account within 1 to 3 business days.
4. Hardship Plan
Lending Point offers hardship loans, especially for people who are going through financial hardship. They offer plans like lower interest rates, extended repayment periods, etc to people who are facing a financial emergency.
5. Allows You to Change Payment Date
Yes, you heard it right. You can change your loan repayment date. First of all, you get to choose your loan repayment date at the time of applying for the loan, and later you can change it once every year. It helps you to manage your expenses and loan repayment in case of job loss or any other emergencies.
6. Ability to Refinance
You can refinance any of your previous loans using a loan from LendingPoint. You can also refinance any previous loan from it.
Lending Point Loans Downfalls
Here is a list of some of the features of LendingPoint that we did not like.
1. Offers Small Loans
Where other money lending services offer a larger sum of money as a loan, LendingPoint only offers a maximum amount of $36,500 which is very less. This means that it would be of no use if you need a larger sum of money as a loan, and you will go to some other loan offering service.
2. Does Not Offer Secured Loans
Lending Point does not offer secured loans. Secured loans are basically those loans, for which you have to provide collateral to the lending service, and in case you fail to repay the loan, they take the collateral. The interest rate of secured loans is comparatively low. But since LendingPoint only offers unsecured loans, the interest rate is high.
3. Does Not Offer Co-Signer or Joint Loans
If you are someone with a bad credit score, LendingPoint will not provide you with a joint loan or co-signer loan. In a joint loan or co-signer loan, a person with good creditworthiness takes responsibility for your loan repayment. But it does not offer such loans.
4. Reports to Only 2 Credit Bureaus
There are 3 major credit bureaus that keep a record of your credit score and all your credit activities, TransUnion, Equifax, and Experian. Where almost all the credit cards and money lending services report your activities to all three credit bureaus, Lending Point only reports to two of them. There are some negative LendingPoint reviews as well because of this.
5. Orientation Fee is There
Before the loan amount is actually deposited into your bank account, you will have to pay an orientation fee of 0.00% to 8.00% depending upon the state you are living in and your loan amount.
LendingPoint Loans Qualifications
In order to get a loan from Lending Point, you will have to check all the qualifications.
- You need to have a Social Security Number.
- The age of the applicant must be 18 years or more.
- You must be a citizen of the U.S.A.
- You must have your personal bank account.
- Your credit score should be 600 points or more.
- You need to have a credit history of at least 6 months, this loan is not for new credit users.
- Your debt-to-income ratio should be 50% or less.
If you pass all these qualifications, then only you will be able to apply for a loan at LendingPoint.
How to Apply for a Loan at LendingPoint?
To apply for a loan at LendingPoint, you will have to follow the procedure given below.
1. Apply for Pre Qualification
First of all, you will need to go to the official website of LendingPoint. There you will need to create your account using a username and a strong password. Here, you will also need to enter other basic information like your date of birth, address, name, income, etc.
After this, you will have to make a LendingPoint login using your username and the password you enter. You will find a tab for pre-qualification. Click on it and an application form will open. Fill out the form and you will get to know if you qualify for a loan from this lending company or not.
2. Select a Plan that Fits Your Needs
If you qualify for the loan, you will have to choose a loan plan to go with. Lending Point offers 12 loan plans and you can select any of them depending on your need and the interest rate.
3. Send Your Application
Once you have decided which loan fits best for you, you will have to log in to your account and you will find “Apply for Loan”. Click on it and a loan application form will open. Fill out that form and mention the loan plan you want to go with.
You might also need to attach some of the documents like identity proof or income proof, so keep the documents handy. Once you have filled out the complete application, submit it. Within 2 to 4 days, you will get to know if your loan application has been approved or not.
4. Plan for the Repayment of the Loan
After sending your loan application, make a plan to repay the loan. Find out your debt-to-income ratio and plan your budget and expenses in such a way that you are able to pay your loan amount and manage your expenses at the same time.
Things to Take Care of Before Applying for a Loan
Before applying for a loan at LendingPoint, make sure that you take care of the following things.
1. Check Your Credit Score
Before applying for a loan, make sure that you check your credit score. Only apply for a loan if your credit score is 600 or above. Otherwise, you would just waste your time here. If your credit score is below 600, you can look for other lending services that provide loans to people with a low credit score. You can also go for options like a secured loan, co-signer loan, or joint loan.
2. Calculate Your Monthly Payments
If you pre-qualify for a loan at LendingPoint, find your debt-to-income ratio. Only apply for the loan amount that you can afford to repay.
3. Plan the Repayment
Before getting the loan, plan how you will repay it. Make sure that the loan does not affect you so badly that you have to degrade your lifestyle. If you believe that the interest rate of LendingPoint is too high for you, you can also look for other options.
4. Keep All Your Documents Handy
When you apply for the loan at LendingPoint, you will have to attach some documents like income proof, identity proof, etc, with your application. So make sure that you keep all your documents ready and in soft copy to avoid any delay in the application process.
Other Available Options
If you think that LendingPoint is not a good option for you, then you can also go with any of the lending services given below.
1. Best Egg Loans
Best Egg Loans is an online loan platform that provides users with secured and unsecured loans for any financial need. The process is straightforward and simple – all you have to do is provide some basic information about yourself and your income, then submit the application. Once approved, you can get the funds within 1-3 business days.
Best Egg also offers competitive interest rates ranging from 8.99% to 35.99%. It also has flexible repayment options with terms ranging from 36 to 60 months (up to 5 years). Plus, it requires a minimum annual income of only $3,500 and charges no orientation fee (which many other lenders do). However, keep in mind that there is a returned check fee of $15 if your payment fails due to insufficient funds in your bank account.
One of the biggest benefits of choosing Best Egg loans is that it does not offer personal loans for bad credit — its preferred credit score requirement is at least 600 points or higher. This means that even if you have a less-than-perfect credit score, you still have a chance at getting approved for a loan if you meet their requirements. Furthermore, they provide loans up to $50,000 which is far more than most other lenders like LendingPoint which only offer up to $25,000. And lastly, they are able to provide loans for any type of financial need whether it’s debt consolidation or computer financing — making them one of the most versatile lenders available today.
- Preferred Credit Score: 600 and above
- Loan Amount: $2,000 to $50,000
- APR: 8.99% to 35.99%
- Loan Repayment Term: 36 to 60 months (Up to 5 years)
- Minimum Annual Income Required: $3,500
- Orientation Fee: 0.99% to 8.99%
- Returned Check Fee: $15
- Funding Period After Approval: 1 to 3 business days
Upgrade offers loans with amounts ranging from $1,000 to $50,000. You can choose a loan term between two and seven years, depending on your needs. The Annual Percentage Rate (APR) range is 7.96% to 35.97%. That means you will pay an APR rate that falls within this range based on your creditworthiness and other factors, like the amount of your loan or term length.
To apply for a loan from Upgrade, you will need to meet certain criteria. First, you must have a minimum credit score of 560 or more. This means your credit history should be in good standing with no major delinquencies or defaults reported in the last year. Additionally, your annual income must be at least $30,000 for approval; this helps ensure that you are able to repay the loan over time without defaulting or having to rely on other sources of funding during repayment periods.
- Minimum Credit Score: 560
- Loan Amount: $1,000 to $50,000
- Loan Term: 2 to 7 years
- APR Range: 7.96% to 35.97%
- Minimum Annual Income: $30,000
FAQs: Frequently Asked Questions
Q1. What credit score do you need for LendingPoint?
To get a loan from LendingPoint, you will need a credit score of 600 points or more. If your credit score is below 600, then you will not get a loan. But in order to get a loan at an affordable rate, you will need a credit score of 700 or more. The interest rate with a 600 credit score would be too high. But some LendingPoint reviews also say that their loan application got rejected even after having the required credit score.
Q2. What is LendingPoint used for?
Lending Point is a money lending service. They provide financial aid to people in need. If you have a credit score of 600 or more and you check all their qualifications then you can get a loan from them.
Q3. Does LendingPoint affect credit score?
When you apply for pre-qualification, they conduct only a soft inquiry of your credit so it does not affect your credit score. They only conduct a hard inquiry if you pass the pre-qualification process.
Q4. Does LendingPoint verify income?
Yes. Lending Point verifies your income. When you apply for a loan, you have to attach your income proof to your application. Then they verify all the documents including your income proof and then only give you a loan.
Q5. Is it hard to get a loan with LendingPoint?
No. If your credit score is 600 or more then it would not be hard for you to get a loan from Lending Point. There are some other basic qualifications as well like annual income, you have to be a citizen of the USA, your age shall be 18 years or more, etc. If you pass all their qualifications then you will easily get a loan from them.
Q6. How do I get approved for LendingPoint?
In order to get approved for LendingPoint, first of all, you will have to apply for pre-qualification. If you pre-qualify then you will have to send a loan application to LendingPoint. If they are satisfied with all your documents and all the other information that you have given, then they will approve your loan.
Q7. Is LendingPoint legit?
Yes. it is an actual company that provides loans to people. Moreover, the head office of LendingPoint is in Atlanta.
LendingPoint: Is it Worthy or Not?
With competitive interest rates and low fees, it’s no wonder this online lender is gaining traction in the field of consumer finance. But with so many lenders to choose from, how do you know if LendingPoint is really worthy of consideration? The answer lies in its reliable customer service, intuitive and user-friendly platform, and generous repayment terms. These advantages all make a strong case for LendingPoint as a worthy contender for your loan needs. So whether you’re looking for a quick-fix loan or a long-term financing solution, take the time to explore what it has to offer – you may find it’s worth checking out!
- Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and CreditCards.com. With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.
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