Lending Point Personal Loans
Lending Point launched its first personal loan in 2015, targeting borrowers with bad credit. While traditional personal loan companies lend only to prime and super-prime borrowers, Lending Point sets out to unlock credit for consumers across the credit spectrum. Last year alone, nearly 7 million people applied for credit with Lending Point. Our Lending Point personal loan review will show you the main advantages and disadvantages of applying.
Lending Point Personal Loans
Monthly payment calculator
Directions:
- Enter the amount you plan to borrow in the “Loan Balance” box.
- Enter the rate you expect to get from a loan in the “Interest Rate” box.
- Either:
- Enter the number of months you’d like to take to pay off the loan in the “Desired Payoff Timeframe” box.
OR - Enter your desired monthly payment in the “Expected Monthly Payment” box.
- Enter the number of months you’d like to take to pay off the loan in the “Desired Payoff Timeframe” box.
Complete Lending Point Personal Loan Review
Personal Loan Review
Top benefits
Soft Credit Check: Lending Point will perform a soft credit check to tell you what your interest rate will be before you apply. The advantage of a soft credit check is that it won’t negatively affect your credit score, meaning you can compare rates before making a decision.
Low Minimum Credit Score: Loans available to borrowers with FICO® scores as low as 585. Instead of requiring a high credit score, Lending Point says they look for a “responsible banking and financial track record.”
Available loan amounts: $2,000-$36,500. While other lenders offer larger loans, it’s less common to see loans as small as $2,000, which you can get with Lending Point.
No Prepayment Penalty: Whether you plan to pay off the loan from the start or just come in with some extra cash, there’s no penalty for doing so.
Funding Time: Funds from your Lending Point loan will be deposited into your account within one business day.
Instant approval: No need to wait to find out if you qualify.
Read Also: Types of Best Home Loans in India 2022-2023
What can be improved
APR Range: The APR range of the loan is 9.99%-35.99%. This is quite a range, considering Personal Loan Research the average interest rate on a 24-month loan for February 2022 is 9.41%. Consolidating high-interest debt through Lending Point means the low end, but the top end is the highest. industry.
Origination Fees: Depending on your credit rating, Lending Point’s origination fees range from 0%-6% on the loan amount. Those with the lowest credit are charged the highest origination fees.
Loan terms: Loan terms are only 24 to 48 months, meaning there is not much flexibility when it comes to monthly payments. However, if you are looking at personal loans for bad credit, Lending Point may be a good option for you.
How to qualify for a Lending Point personal loan
Lending Point personal loan
You’ll generally need the following to qualify for a Lending Point personal loan:
- Minimum FICO® Score of 585 or higher (ideal for those with bad credit)
- Steady job (Lending Point calls a minimum of 12 months at your current job “a plus”)
- A minimum annual income of $20,000
- Recent credit behavior that shows you’re on the right track
Application process
You can apply for a Lending Point personal loan on their secure website. Once you’ve filled out some basic information, you’ll be able to see what interest rate and terms you should qualify for. If you decide to move forward as a borrower, you’ll be asked to provide proof of income and employment, your most recent bank statements, a voided check, and current driver’s license or government-issued ID.
The next step is to choose the loan offer that best suits your needs and formally apply. A hard credit inquiry will be conducted, and if approved, your Lending Point loan will be deposited into your account (generally by the next business day).
Alternatives to consider
Whether you are someone with great credit, or you’re seeking a debt consolidation loan for those with bad credit, do yourself the favor of checking loan offers from several lenders. You may find yourself surprised by the wide range of interest rates available on personal loans. Here are a few examples of other loans worthy of your attention:
- If you have excellent credit, Freedom Plus offers lower interest rates on personal loans.
- Upstart prides itself on its unconventional approach for borrowers with little to no credit history. Plus, Upstart’s minimum loan amount is just $1,000.
- Payoff also offers a lower interest rate for those with the best credit, and offers the same borrowers a no-origination-fee loan.
This personal loan is right for you if:
Still on the fence about whether Lending Point is a good fit for you? If all the statements below apply to you, Lending Point should likely be on your shortlist of companies.
- You have less than stellar credit. Lending Point specializes in lending to people who have lower credit scores. That means it probably isn’t a good fit for people with higher scores who may be eligible for lower APRs elsewhere. Of course, if you are in fair credit territory, your odds of getting approved for a personal loan are likely higher with Lending Point than the average lender.
- You need a loan quickly. Being able to get a loan disbursement in one business day can be an advantage. That’s especially true if you need to get your hands on fast cash to avoid a late penalty on a bill or pay off an overdraft on your checking account.
- You have a recent bankruptcy. Bankruptcy isn’t the end of your financial world, but it will make it harder to borrow money shortly after your bankruptcy is discharged. LendingPoint is one of the few lenders that will make a loan as little as 12 months after bankruptcy.
- You need a smaller loan. Lending Point can give loans as small as $2,000. That’s a big benefit over other lenders, which often have minimums that are twice as high. For obvious reasons, if you only need $3,000, it doesn’t make sense to apply for a loan from a company that can only issue loans of $5,000 or more. Lending Point is a good loan option for borrowers who need small loans.
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