What You Need to Know
To repay your LendingPoint loan, you can set up payments for twice monthly, instead of just once. Setting up two loan payments per month can make the repayment easier on your budget. You can make payments by check, ACH payments, online, or over the phone.
You do not have to have excellent credit to apply for a loan with LendingPoint. They offer loans to those with credit scores from 580 to 850. Higher credit scores typically mean better loan rates and terms. But, if you have bad credit, you can still apply for a loan.
LendingPoint does not offer joint loans or loans with a cosigner. They do not offer loans for a household. Qualifying for LendingPoint loans is based entirely on the applicant's personal information. You cannot have another person listed on the loan.
The personal loans for LendingPoint have a small range of lending amounts. The minimum loan available is $2,000. The maximum loan available is $25,000. The loan amount you receive depends on your qualifications.
Qualifications to Apply for LendingPoint Loans
- Annual Income: >$20,000
- Job History: >12 months
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: 580
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: >12 months
- Past Loan Denial: >180 days
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information for LendingPoint Loans
- Business Loans Offered: No
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 9.99-35.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, check, online, phone
- Payments Due: Monthly or twice monthly
- Payment Methods Fees: No
- Smallest Loan: $2,000
- Largest Loan: $25,000
- Loan Term Lengths: 12-60 months
History and Achievements
LendingPoint started in 2015, in Atlanta, Georgia. The company started as a way for people with lower credit scores to still receive a loan. By 2016, LendingPoint had funded over $100 million in consumer loans. They were also offering loans to people in 13 states.
Today LendingPoint loans are available in 49 states. They are on track to hit $100 million in loan originations per month in 2019.
LendingPoint was one of the fastest-growing banks in August of 2019. In the first half of 2018, they funded more loans than all of 2017. Over the years they have received awards for:
- "Best Personal Loans" by NerdWallet in 2018
- One of the nations "Best Consumer Loan Companies" by U.S. News & World Report
- "Best Consumer Lending Company" by FinTech Breakthrough in 2018
- "Best Personal Loans" by U.S. News & World Report in 2017
Company headquarters are in Atlanta, Georgia. They also have offices in New York City and San Diego.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for LendingPoint loans online.
What is the lowest my credit score can be?
LendingPoint offers loans for people with credit scores from 580 to 850. Loan approval requires other qualifications as well.
What is the smallest loan amount available?
The minimum loan amount is $2,000.
What is the largest loan amount available?
The maximum loan amount with LendingPoint is $25,000.
What are the loan term lengths?
Term lengths for LendingPoint loans range from 12-months to 5-years.
Are the interest rates competitive?
The interest rates for LendingPoint range from 9.99% to 35.99%. These rates are competitive with other online lending companies. Your specific interest rate depends on your loan information and qualifications.
Are the interest rates fixed?
Yes. LendingPoint offers fixed rates for the life of the loan.
What types of loans are available?
LendingPoint offers personal loans. Once you receive the loan, you can use the money a variety of needs. Those include home improvements, debt consolidation, vacations and medical bills. You can also use the money for large purchases, and wedding or moving expenses.
What information do I need to apply for a loan?
To apply for a LendingPoint loan, you will need proof of employment and income. You need your most recent bank statement and a current driver's license.
How long does approval take?
Once LendingPoint has all the information they need, they can approve your loan in a few hours. Approval time is case-by-case. Some loan approvals may take longer.
How long will it take the money to enter my account after approval?
The money from LendingPoint can transfer into your bank account in one business day. Not all loans process that quickly.
If I have been denied a loan before, how long do I have to wait to apply again?
LendingPoint requires waiting more than 180 days before you reapply for a loan.
What are the payment options to repay my loan?
You can make a payment on your LendingPoint loan through ACH, phone, online, or by mailing in a check.
Can I pay my loan off early?
Yes. There is not a penalty for paying your LendingPoint loan off early.
Is my information secure?
LendingPoint offers security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure.
Does this loan company offer a mobile app?
The LendingPoint website does not list an app.
How do I contact customer service?
Through phone or email. You can follow LendingPoint online through Facebook, LinkedIn, Pinterest, and Twitter.
Bank Contact Information
LendingPoint
888-969-0959
