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LendingPoint Review: Expert Analysis & User Insights for 2022

LendingPoint specializes in providing personal loans to borrowers with FICO scores in the 580 to 669 range. Loans can be in any amount between $2,000 and $36,500 with APRs starting at 9.99%. Applying is easy with loans disbursed 1-5 business days after approval.

LendingPoint review hero image
Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $2K-$36.5K
Est. APR
Loan Repayment 24-60 months
Christi Gorbett
Written by:Christi Gorbett
Freelance Content Marketing Writer

Fact Checked by: Dr. JeFreda R. Brown, DBA, CFEI, and a highly respected financial expert


Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.

While many lenders require high credit scores for loan approval, LendingPoint looks at the borrower’s full financial profile including their income, employment history, and debt-to-income ratio. LendingPoint is also one of the few financial institutions that will consider lending to borrowers with a recent bankruptcy, making them an excellent choice for customers with past financial problems. Borrowers with good to excellent credit scores may want to shop elsewhere to find lower interest rates.

Summarized Rating

This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

LendingPoint gets a below average 3.0 for Loan Features. This reflects the lender’s average term lengths and somewhat restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.

LendingPoint Pros and Cons

LendingPoint Pros
Loan approval based on various factors
Has a low credit score requirement (580)
Loans accessible to people with bankruptcies
Payment due dates can be customized
Fast loan approval and disbursement
Borrowers prequalify without hurting their credit
No prepayment penalties
LendingPoint Cons
Maximum loan amount is $36,500
Doesn’t allow co-signers or joint applications
May charge origination fee up to 6% of loan amount
Payments reported to two out of three credit bureaus
APRs are higher than average
Loans not available in Nevada or West Virginia

Types of Personal Loans Offered by LendingPoint

LendingPoint offers personal loans to borrowers with credit histories that are less than ideal. LendingPoint loans are unsecured, which means there’s no collateral required to qualify. There are no usage limitations on LendingPoint personal loans; you can use the money you receive for practically anything, as long as it’s not illegal. Common uses include large purchases, special events like a wedding, medical expenses, debt consolidation, and home improvements.

Common loan uses Prohibited uses
Home Repairs

Debt Consolidation

Medical Expenses

Car Purchase or Repairs

School Tuition


Business Startup Expenses
Can’t be used for illegal purchases

LendingPoint Loan Features

LendingPoint offers personal loans ranging between $2,000 and $36,500 to be used for any legal purchases. Loan repayment typically begins 30 days from disbursement, but LendingPoint is flexible about due dates; you can create your own repayment schedule with either weekly, bi-weekly, or monthly due dates. Borrowers have two to five years to pay off LendingPoint loans—a shorter repayment period than you might find with other lenders.

Loan terms Between 24 to 60 months
Repayment period Repayment begins approximately 30 days from disbursement. Due dates are flexible.
Loan amount $2,000 to $36,500
Loan Use Limitations (i.e. only home improvements or only debt consolidation) No illegal purchases

LendingPoint Interest Rates and Fees

LendingPoint offers APRs starting at 9.99% ranging up to 35.99%; these are higher than average because the company caters to borrowers with low credit scores. When allowed by state law, LendingPoint charges a loan origination fee, which can equal up to 6% of the loan amount. LendingPoint charges a late fee up to $30 if payment isn’t within 15 days of the due date. Borrowers may also be charged an insufficient funds fee up to $20 if payment is attempted but refused by the bank because of an inadequate balance.

Borrowing/Origination Fees Up to 6%
Prepayment Fees None
Late Payment Fees Up to $30 after 15-day grace period
Other fees Insufficient funds fee of $20
Interest Rates 9.99% to 35.99%

LendingPoint Qualification Requirements

Borrowers must be at least 18 years old with a valid social security number, government issued I.D., and personal bank account in their own name. The minimum income requirement for LendingPoint loans is $25,000 per year. Applicants must have at least a 580 FICO score to be approved. LendingPoint also looks at other factors including debt-to-income ratio (DTI) and length of employment, but no requirements are given for these qualifications. Because it looks at borrowers’ full credit profile and allows lower credit scores, LendingPoint is able to serve 85% of the FICO credit score population.

Membership Requirement None
Minimum Credit Score 580
$25,000 annual income
Co-signer/Joint Application Requirements Not permitted

LendingPoint Application Process

The application process for LendingPoint loans is quick and easy. You start by navigating to LendingPoint’s home page.
LendingPoint Review

On the home page, you’ll be asked to enter how much money you’d like to borrow (between $2,000 and $36,500) and for what purpose. The options for loan purpose include unexpected urgent expense, debt consolidation/pay off credit cards, medical/dental, home improvement, travel, taxes, wedding, and personal financial reasons. Once you’ve entered that information, click the “Check Your Rate” button to proceedOn the home page, you’ll be asked to enter how much money you’d like to borrow (between $2,000 and $36,500) and for what purpose. The options for loan purpose include unexpected urgent expense, debt consolidation/pay off credit cards, medical/dental, home improvement, travel, taxes, wedding, and personal financial reasons. Once you’ve entered that information, click the “Check Your Rate” button to proceed.

On the next page, you’ll provide several pieces of information, including:

  • Name
  • Address
  • Date of birth
  • Mobile phone number
  • Email address
  • Income amount
  • Source of income
  • Last four digits of your social security number

You’ll also need to reenter your desired loan amount and loan purpose at the top of the page. You must also create an account in order to prequalify, which can be done by entering your email address at the bottom of the page and generating a password for the site.

Once that information has been provided, click the “Check My Rates” button at the bottom of the application. This will allow LendingPoint to conduct a soft credit inquiry to authenticate your identity and make a preliminary credit decision. Your credit score will not be affected until you accept an offer and complete a formal application.

In just a few seconds, LendingPoint will provide you with several prequalified offers. (Though you may need to enter a code sent to your cell phone to access them.) Once you review your choices then select an offer, you’ll be asked to complete a full application which requires:

  • Verification of your identity
  • Bank information
  • Income information
  • Payment setup
  • Signing an agreement
  • Uploading documentation.

Providing this information should only take a few minutes of your time. Once your application has been completed and approved, you can expect to receive your money in as little as one business day.

LendingPoint Customer Support

There are two ways to contact LendingPoint’s customer service team:

  • By phone at 1-888-969-0959
  • By email at

Though LendingPoint doesn’t provide an online chat option for customer service, they do offer extensive business hours; you can reach customer service Monday through Friday from 8:00AM to midnight, Saturday between 10:00AM and 9:00PM, and Sunday from 10:00AM to 4:00PM. (All times are Eastern Standard.) For maximum convenience, you can email or call LendingPoint directly from their mobile app.

Their customer service team consistently receives high marks from borrowers; many of the LendingPoint loan reviews found on Trustpilot mention the superior customer service they received. For example, one customer said,

    “Very fast and professional! The process for my loan was user friendly and easy, customer service was friendly, thorough, and helpful. Highly recommend!”

While another commented,

    “Applied for a personal loan and received it within two days. Customer service was great over the phone - they were very clear and concise about what was needed and returned communication in a timely manner.”

You can also refer to LendingPoint’s website to find answers to many of the questions you may have; LendingPoint offers an insightful Knowledge Center that includes articles, FinTech news, and an extensive FAQ page.

LendingPoint Online Reviews

The vast majority of reviews that LendingPoint receives are positive; in fact, a whopping 95% of customers who left LendingPoint personal loan reviews on Trustpilot gave them 5-star ratings. Many borrowers rave about LendingPoint’s customer service team, often mentioning the specific representative they worked with by name. The easy loan application process also far exceeds borrowers’ expectations. One reviewer commented,

    “Very positive and seamless experience with this lender! The agents here are helpful, knowledgeable, and efficient. It took a day from the start of the application to finish (approval). Two days for my loan to be direct deposited! The interest rate is a little high, but you are not penalized if you pay the loan off early and save on the interest! A+ accredited BBB rating, and very good customer reviews as well!”

Several customers also praise the ability to refinance their loans, with one customer saying,

    “I have loved my experience with LendingPoint! They made it easy to get approved for a loan, and the funds were available in my account the next day. After several months of on-time payments they made me an offer to refinance and, again, the whole process was very easy and seamless, and my payments are very affordable. I would definitely recommend them to anyone looking for a loan.”

Other positive reviews mention adjustable due dates, the responsiveness of the customer service team, fast loan disbursement, and loan availability despite a low credit score.

Most of the negative reviews came from people who ultimately did not take out loans with LendingPoint. The majority of these customers complained about being preapproved for a loan then having their application rejected after LendingPoint did a hard credit inquiry. Others complained about not being able to meet the minimum loan requirements (such as having a checking account) and higher than average interest rates.

The positive reviews are related to The negative reviews are related to
Quick and easy loan approval process Loan application rejected
Soft credit inquiry for prequalification Hard credit inquiry to complete application
Fast loan disbursement Inability to meet loan requirements
Adjustable due dates High interest rates
Loan availability despite poor credit The need to provide documentation

LendingPoint Perks and Bonuses


  • Loans available to borrowers with low credit scores
  • Customers can choose their own payment due dates
  • Payments can be made weekly, bi-weekly, or monthly
  • Autopay is available, but with no discount offered
  • LendingPoint loans can be refinanced
  • Loans available in all states except in Nevada or West Virginia
  • Offers a 15-day grace period for late payments


  • LendingPoint is accredited by the Better Business Bureau with an A+ rating
  • The LendingPoint loan application process is quick and easy
  • Customer service is always willing to help if any issues arise
  • APRs, loan terms, and minimum requirements are clearly stated on their website
  • Many of customers’ most commonly asked questions are addressed in LendingPoint’s Knowledge Center


  • LendingPoint’s website is clear and easy to navigate
  • The website is optimized for mobile usage
  • LendingPoint offers a convenient mobile app
  • Payments can easily be made online or through the app
  • Borrowers can schedule automatic payments
  • Customer service can be contacted through the lender’s app
  • LendingPoint’s app provides FICO score tracking

LendingPoint Compared to Other Lenders

Lending Point Best Egg Upstart Payoff
Loan Terms 24 to 60 months 24 to 240 months 36 to 60 months 24 to 60 months
Loan amount $2,000 to $36,500 $5,000 to $100,000 $1,000 to $50,000 $5,000 to $40,000
Interest Rates 9.99% to 35.99% 2.99% to 19.99% with Autopay 4.37% to 35.99% 5.99% to 24.99%
Min Credit Score 580 Not disclosed (Good or Excellent) 580 600
Co-signer Requirement Co-signers not permitted No co-signers permitted (joint applications allowed) Co-signers not permitted Co-signers not permitted

Final Thoughts

LendingPoint makes it easy for borrowers with suboptimal credit histories to access the personal loans they need. Instead of just looking at customers’ credit scores, LendingPoint takes a variety of factors into consideration when making a loan decision, opening the door to a wider range of borrowers. The application, approval, and disbursement process is quick and straightforward making this an excellent option when you need money fast.

However, LendingPoint isn’t a match for everyone. If you have a FICO score that falls in the good to excellent range (670 and higher), you might want to shop for loans elsewhere. With a high credit score, it’s likely you’ll be able to qualify for a much lower APR than what LendingPoint offers.

About the Author

Christi Gorbett

Written by: Christi Gorbett

Freelance Content Marketing Writer

Freelance Content Marketing Writer specializing in finance, personal development, education, marketing, web development, food & beverage manufacturing, pet, and contracting/home improvement niches.

More about me
Dr. JeFreda R. Brown

Fact checked by: Dr. JeFreda R. Brown

DBA, CFEI and a highly respected expert in personal and business finance

Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal...

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