LendingPoint Review: Personal Loans for Borrowers With Fair Credit

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Given that nine out of 10 top lenders use FICO scores to make lending decisions, having a fair credit score can be a barrier to entry when applying for a personal loan.

So, how do you get the money you need when your credit isn’t perfect? You could consider LendingPoint.

The company looks beyond your credit score to determine your risk. It lends cash to those who might not otherwise be approved by a traditional lender. Check out this LendingPoint review to see if this personal loan company is right for you.

LendingPoint review: Pros and cons

LendingPoint helps people with fair credit scores in the 600s get up to $25,000 in personal loans. While that might sound appealing if you fall into that category, here are some pros and cons you should consider before borrowing.

Pros of LendingPoint personal loans

LendingPoint’s focus on customers with fair credit is just one benefit to this lender. Here are some others:

  • Easy application process: Through LendingPoint’s online platform, you can apply for a personal loan in minutes.

  • Funds are quickly dispersed: You can get your money in as little as one business day.

  • Applying won’t affect your credit score: You can check rates and your eligibility without your credit score being affected; LendingPoint performs a soft credit check. If you select a LendingPoint loan offer, however, the lender will do a hard credit check.

  • Various repayment options: You have the option to make monthly or biweekly payments. Payments can be made through an autopay system, anytime online through your LendingPoint account, or using certified funds such as a money order or cashier’s check.

  • No fees for paying off your loan early: You can pay off your balance as quickly as you’d like.

Cons of LendingPoint personal loans

Getting the money you need with a less-than-stellar credit score is certainly a plus. But you should know the downsides as well.

  • Interest rates are high: While some lenders have interest rates starting lower than 6.00%, LendingPoint’s rates range from 15.49% to 34.49%. Make sure to check with LendingPoint for the most up-to-date rates.

  • There are origination fees: The lender reveals you could face an origination fee of 0% to 6%. Also, under their terms of use, LendingPoint states customers might incur a fee for late payments.

  • LendingPoint personal loans are not available everywhere: You can only borrow from LendingPoint if you live in one of 32 states or Washington, D.C.

LendingPoint personal loan products

You can use loan funds for “whatever legal personal expense or purchase you choose.” Consider the following uses for a personal loan.

  • Debt consolidation: Although the interest rates are higher than with some other personal loan companies, credit card debt can have an APR of over 20.00%. Getting a potentially lower rate on a personal loan through LendingPoint can help you consolidate your credit card debt.

  • Home improvements: You can use a LendingPoint personal loan to make home repairs. Doing so could add value to your home.

  • Medical expenses: You can use a LendingPoint personal loan to pay back medical bills or cover the cost of a procedure.

  • Wedding costs: In 2017, the average cost of a wedding in the U.S. was $33,391, according to The Knot. You can use a LendingPoint personal loan to cover the costs of your wedding day.

  • Car expenses: You can borrow money from LendingPoint to fix your current vehicle or purchase a new one.

If you’re considering using a personal loan to help cover education costs, research private student loan lenders instead.

Using the LendingPoint personal loan online system

Here’s a step-by-step guide to LendingPoint’s easy application process:

Step 1: Determine how much you want to borrow

How to get a LendingPoint loan

Image credit: LendingPoint

The first step of the process will ask you to state how much you need to borrow ($2,000 to $25,000) and why you’re borrowing the money.

Step 2: Input personal information

Applying for a LendingPoint loan

Image credit: LendingPoint

As you scroll down the page, you’ll be asked to input personal information, such as your name, birthdate, address, income, and Social Security number.

Step 3: Agree to the terms and finalize details

Get a LendingPoint personal loan

Image credit: LendingPoint

Before you can get your loan offers, you’ll have to agree to LendingPoint’s terms. Agreeing to these terms permits the lender to contact you via phone or text message when needed.

After agreeing to the terms, you’ll be shown a variety of offers with stipulated interest rates and terms. From there, you’ll select an offer and finalize the agreement. An internal review will take place. But you could receive your funds by the next business day.

LendingPoint personal loan interest rates and fees

Although your credit score might not be as heavily weighed when you apply for a LendingPoint loan, your financial background will affect the interest rate you’re offered. As stated above, rates range from 15.49% to 34.49%. And that’s in addition to an origination fee, which can be as high as 6%.

The LendingPoint website offers the following example: Say you have a $10,000 loan with an origination fee of 6% and an APR of 24.098%. If you have a repayment period of 24 months, your monthly payment would be $529.20. At the end of your repayment term, you’ll have paid a total of $12,700.80.

Your terms and rate will depend on a variety of factors, from your credit history to income. Keep in mind that LendingPoint offers repayment terms between 24 and 48 months.

LendingPoint personal loan eligibility requirements

The company looks “beyond your credit score to see your complete credit story” to determine your eligibility. But what does that entail? Here’s what the lender looks for:

  • A verifiable income
  • Proof that you’ve been at your current job for at least a year

  • Recent and current credit behavior

  • A positive financial history

You can still qualify if you have a discharged bankruptcy, as long as it’s at least 12 months in the past. Further, you must have a minimum annual income of $20,000.

Be sure to have proof of employment and income on hand, as well as your most recent bank statements. You’ll also need a U.S. federal-, state-, or local government-issued photo ID.

LendingPoint personal loan customer service

If this LendingPoint review didn’t answer all your questions, reach out to the lender’s customer service for more details. You can contact customer service by email or by phone at 888-969-0959.

You can also catch up on LendingPoint’s company news on Facebook or Twitter.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.