LendingPoint Personal Loans Review 2023

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Getting a loan when you have mediocre credit is no easy task. You can face astronomical interest rates — or outright rejection.

LendingPoint is a personal loan company that makes loans to people with credit scores as low as 620. In this LendingPoint review, we’ve taken the time to research and analyze the company’s offerings and compare everything to the competition.

From the interest rate range to the minimum credit score needed to secure a LendingPoint personal loan, we’ll help you determine whether this online lender is the right option for your particular financial situation. After all, you may need a bit of extra money, but you won’t want to get stuck in a high APR loan with an awful repayment schedule and unfairly high fees.

Pros and Cons of LendingPoint

  • Approval for borrowers with credit scores as low as 620
  • Funds deposited by next business day
  • Preapproval with only a soft credit check to avoid affecting your credit score

  • Interest rates are higher than the competition, even those specializing in loans for poor credit
  • Co-signed and joint loans are unavailable
  • Doesn’t report to Equifax, which prevents credit building

What Are LendingPoint Personal Loans?

LendingPoint is a financial technology (fintech) company that provides affordable personal loans to individuals with lower credit scores. The company puts an emphasis on evaluating factors outside general FICO scores, looking at overall debt-to-income ratios and payment-to-income ratios, making it a smart choice for those with fair credit.

LendingPoint requires a minimum credit score of 620 and provides funding from $2,000 to $36,500. Interest rates start at 7.99%, which is a bit high compared to other lenders, and can go up to 35.99%.

A positive is its fast next-day funding once you’ve been approved — a strong contender if you need money immediately for an emergency.

Overall, LendingPoint is a relatively new company, having been launched in the U.S. in 2014 and issuing its first consumer loan in 2015. It has healthy backing from equity investment firms, and executives from major companies, including American Express, have joined its team.

Things to Know About LendingPoint Personal Loans

Companies such as LendingPoint that accept individuals with lower credit scores can be strong solutions if you run into an unexpected emergency. However, its high interest rates may make it a poor choice for everyday shopping.

Here are a few important factors you’ll want to consider when choosing LendingPoint as your personal loan provider.


Personal Loans for Fair Credit

2.5 out of 5 Overall

Key Features
  • Approval for credit scores as low as 620
  • Funds deposited by next business day
  • Loan preapproval with only a soft credit check
Borrowers with sub-optimal credit can take out a personal loan with LendingPoint and get their money in as little as one business day. But as with all loans deemed risky, the interest rates can run high.

Interest rate range
Minimum credit score
Loan amounts
Loan terms
2 to 5 Years

Lending Terms

LendingPoint personal loans start at $2,000 and can be extended up to $36,500 with approval. Initial approval involves only a soft credit check, so you won’t need to worry about your credit score being affected.

Once approved, LendingPoint offers personal loan terms from 24 months to 60 months (two to five years). It is generally best to select a loan term that is shorter, due to typically lower interest rates. While longer personal loans may provide lower monthly payments, you’ll pay more in the end.

Interest Rates

LendingPoint’s interest rates range from 7.99% to 35.99%. The exact interest rate you receive will be based on factors including your credit score, overall debt-to-income ratio and payment-to-income ratio.

LendingPoint’s base interest rate is a bit high compared to the competition.

Here’s our roundup of the best personal loans for bad credit.

Fees and Penalties

A personal loan from LendingPoint may include an origination fee of up to 8% — the exact percentage depends on your state of residence.

This origination fee is a one-time fee that lending companies charge to cover processing and other administrative expenses; it falls within a reasonable percentage for an origination fee when compared to other lenders.

Once your loan is underway, be sure to make on-time payments. If you miss a payment, you may face a late fee of up to $30, and late payments may be reported to credit bureaus.

Lastly, LendingPoint does not impose a penalty for paying off your personal loans early or making extra payments.


LendingPoint is widely available in the U.S. The only two states that LendingPoint does not currently service are Nevada and West Virginia.

How to Get Started With LendingPoint

To apply for a personal loan, visit the LendingPoint website. To be eligible for a personal loan, applicants must meet all of the following six requirements:

  • Be at least 18 years old
  • Provide a U.S. federal, state or local government-issued photo ID
  • Have a Social Security number
  • Have a minimum annual income of $20,000 (from employment, retirement or some other source)
  • Have a verifiable personal bank account in your name
  • Live in one of the states where LendingPoint does business

A soft pull or soft credit check is performed when you apply for a loan, allowing the company to determine how much you qualify for. This does not affect your credit score. If you decide to proceed with the application for final approval, a hard inquiry will be performed, which may lower your credit score by a few points.

During the approval process, you may need to provide documents such as a driver’s license, pay stubs, bank statements or employment verification. It is important to note that LendingPoint offers only individual credit loans at this time. Joint and co-signed loans are not an option.

Once you select your loan terms and sign your loan agreement, LendingPoint notes it will “provide a decision as soon as possible.” Once approved, money can be delivered as soon as the next business day. If you opt for a debt consolidation loan, LendingPoint does not offer an option for paying creditors directly, so you will need to pay each balance manually.

Should I Get a Loan With LendingPoint?

In general, we would recommend reviewing other companies’ personal loans before proceeding with LendingPoint. While the company lends money to people who may otherwise have trouble securing loans, there are other alternatives with lower interest rates.

If you have fair or bad credit, you should still shop around for the best personal loan with the best terms.

Alternatives to LendingPoint Personal Loans

If you are looking for options beyond LendingPoint, there are quite a few companies with the same low-credit focus. Here are a few personal loan lenders that you may want to consider as alternatives to LendingPoint.

Other Personal Loan Lenders

Other lenders offer loans to individuals with a fair credit score. Compare products before you sign for a loan.

Our best installment loans guide features lenders that approve credit scores as low as 300 (and individuals with no credit scores at all) on your credit report.

Secured Loans

While LendingPoint offers unsecured personal loans, there are also secured loan options. Secured loans are solid options for individuals with a lower credit score who have collateral that they are willing to put up.

Because these loans use collateral, there is typically less risk to the lender, resulting in lower interest rates. Of course, if you default on your payments, you risk losing what you have put up for collateral.

Balance Transfer Cards

If you want to consolidate existing debt, a balance transfer card may be a solution. Balance transfer cards are similar to traditional credit cards, except that they allow you to move existing lines of credit over to them.

A balance transfer card could offer a lower APR than what you’re currently paying.

Buy Now, Pay Later Services

If you are looking to secure money for a smaller purchase, a personal loan may be more than you need. Instead, a buy now, pay later service could allow you to pay for something large with small payments. We’ve reviewed a few of these services and recommend checking out Affirm or Klarna.

Frequently Asked Questions (FAQ)

Is LendingPoint a Good Company to Borrow From?

LendingPoint is a solid option for obtaining a personal loan, especially if you have a lower credit score. The company approves loans for people with scores as low as 620.

We’ve found that LendingPoint’s interest rates are high compared to the competition, so you may wish to shop around for a better interest rate before signing. LendingPoint also charges an origination fee, which is comparable to other lenders’ fees.

What Credit Score Do I Need for LendingPoint?

You need a credit score of only 620, and LendingPoint takes other factors into consideration for approval, including your overall debt-to-income ratio.

How Long Does LendingPoint Take to Make a Decision?

While most applicants will be approved almost immediately, LendingPoint says they “provide a decision as soon as possible,” so the experience may be different for you. Once approved, you can receive funding as soon as the next business day.

Does LendingPoint Verify Income?

As one of LendingPoint’s eligibility requirements, it may verify your income via a bank statement, pay stub or a direct request for employment verification. In short, yes, LendingPoint will verify your income in one capacity or another.

Michael Archambault is a senior writer for The Penny Hoarder specializing in technology.