LendingPoint title logo

Our Rating: 88%


LendingPoint Personal Loan Review

Loan Amount:
$2,000 - $25,000
Minimum Credit Score:
APR IconAn illustrated APR Icon.
APRs From:
9.99% - 35.99%
Funding Speed:
As soon as one business day

Features of LendingPoint Personal Loans


  • Options for people with lower credit scores
  • Option to change your payment date
  • No prepayment penalties
  • Loans can be funded within one business day


  • No joint loans or option for co-singers
  • High maximum APRs
  • Reports payments to only two of the three major credit bureaus
  • Short repayment periods

About LendingPoint Personal Loans

LendingPoint offers quick funding and relatively low loan amounts to borrowers on the lower end of the credit spectrum. They charge an origination fee and have shorter-than-average repayment terms. Take a look at our detailed review to learn more about LendingPoint.
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LendingPoint Personal Loan Snapshot

Loan Amount:

$2,000 - $25,000


9.99% to 35.99%

Minimum Credit Score:


Time to Funding:

As soon as one business day

Has Origination Fee:


Origination Fee: 1% - 6%

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Pros and cons of LendingPoint Personal Loans

Before signing up for a loan with LendingPoint, take a look at this breakdown of some of its benefits and drawbacks.


Options for borrowers with lower credit scores: LendingPoint's minimum credit score of 585, makes it an attractive option for people having trouble getting approved elsewhere.

No prepayment penalties: With the option to pay back your loan early you can save on interest costs by paying back your loan early.

Quick funding: With loan approval only taking a few hours, and LendingPoint initiates funding as soon as the next business day.

Flexible payment options: Borrowers have the option to customize features of repayment. For example, borrowers can choose their payment due date and schedule payments biweekly or monthly. Borrowers also have the option to request a loan modification during the life of the loan. LendingPoint also offers payment relief to delay payments for up to 14 days without a fee.

Pay your own way: LendingPoint loans can be paid by mailed-in check, ACH, phone, online, or through the bill management mobile app Prism.


No joint loans: Not ideal for borrowers having trouble getting approved on their own because of a subpar credit score.

High maximum APRs: LendingPoint’s maximum APR of 35.99 percent will likely be offered to those with the lowest credit scores. This may significantly increase your monthly payment. Borrowers who are looking to consolidate credit card debt should ensure that their APR will be less than the APR of the credit card they are consolidating.

Short repayment periods: LendingPoint’s repayment terms range only from 24 to 48 months. This is unique as most lenders offer repayment terms of 3 to 5 years.

Reports to only two of the three major credit bureaus: LendingPoint reports payments to Experian and TransUnion, but not Equifax. Reporting payments to all three bureaus will ensure that your on-time payments will help you improve your credit, so you can potentially access credit at a lower rate in the future.

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Loan Terms

LendingPoint features loans ranging from $2,000 to $25,000, with repayment terms from 24 to 48 months and APRs of 9.99% to 35.99%. Most personal loan lenders offer up to five years to repay what you owe. This gives you more time to repay your loan and lower your monthly payment.

LendingPoint is available in 49 states and the District of Columbia. LendingPoint is not available to residents of West Virginia.

LendingPoint personal loans can be used for any legal purpose, such as debt consolidation or to pay for a wedding.

In order to qualify applicants need a credit score of at least 585, in addition to an annual income of $35,000 or higher. Other eligibility requirements are:

  • Must be at least 18 years old.
  • Have a federal, state, or local government-issued photo ID.
  • Have a Social Security number.
  • Have a verifiable personal bank account in your name.
  • Have a debt-to-income ratio of less than 40%

Getting approved is possible if you have a bankruptcy on your credit report as long as it was discharged at least 12 months ago.

This lender doe not allow the adding of co-signers. This lender does also not allow for joint applications so you can’t include income from someone else in your household when filling out that portion of the loan application.

After being approved, you can receive the funds as soon as the next business day. This is a great advantage if you’re experiencing a financial emergency and need quick access to cash.

Fees and penalties


  • Origination fee (1% - 6%)


How to get a Personal Loan with LendingPoint

Applying for a LendingPoint personal loan can be done completely online at their website. During the application process, you’ll be asked to provide the following:

  • Your desired loan amount
  • Your first and last name
  • Your date of birth
  • Your email address and phone number
  • Your mailing address.
  • Your gross net income
  • Your Social Security number

After completing the initial application, LendingPoint then runs a soft credit check. After the soft credit check, you will be provided a few offers based on your information.

After choosing the offer that best suits your needs, you’ll need to provide some additional information in order to get approved. You will need to provide your driver’s license, proof of income, bank statements, and lastly a voided check. LendingPoint will then run a hard credit check, which may impact your credit score to finalize its offer.