LendingPoint Personal Loans Review [2021]

LendingPoint offers personal loans for credit challenged borrowers up to $25,000
Our Rating
Credit Karma

Installment Loan Facts

15.49% to 35.99%
Minimum Credit Score
Loan Amount
$2,000 to $25,000
Minimum Age
18 Years
Loan Term
2 to 4 Years
Time to Funding
1 Day
Origination Fees
0.00% to 6.00%
Hard Credit Check

Pros and Cons

  • Suitable for borrowers with poor to fair credit
  • Good for repairing your credit history
  • Helpful for consolidating debt
  • Funds are deposited quickly
  • Easy application process
  • Doesn’t currently allow co-signers
  • Loan amounts are lower than those of other lenders

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Industry Average
$2,000 to $25,000
$500 to $5,000
15.49% to 35.99%
79% to 299%
Origination Fee
0.00% to 6.00%
1% to 3%
Minimum Credit Score
Time to Funding
1 Day
1 Day
Hard Credit Check

LendingPoint Personal Loan Facts

LendingPoint is an online lender that specializes in providing loans to borrowers that don’t have high credit scores. Their mottos include “your score is not your story” and “we believe in saying yes.”

The company offers flexible payment plans and a speedy application process. They claim that loan capital can be delivered as little as one business day after loan approval.

LendingPoint’s focus is on customers with fair credit (as opposed to good, very good, or excellent credit). Specifically, they work with clients that have FICO scores between 580 and 680.

What Types of Loans Does LendingPoint Offer Their Customers?

LendingPoint offers personal loans of up to $25,000. How much a client qualifies for depends on their credit score and financial history. A loan from LendingPoint can be used anywhere it’s needed, but a few common uses LendingPoint lists include:

  • Debt consolidation
  • Buying a car
  • Paying for a wedding
  • Moving expenses
  • Home renovations

When assessing your loan application, LendingPoint looks beyond your credit score and examines a variety of factors, including your employment record and financial history, which they call your “credit story.”

Borrowers with an existing loan from LendingPoint may qualify for a further loan under certain extenuating circumstances. Borrowers looking to take out a second loan should contact customer support.

When reviewing your loan application, LendingPoint reviews your credit score, job history (a minimum of one year at your current job is a plus), income, recent credit behavior, and financial history. Borrowers with average to low credit scores will find it easier to qualify for a loan from this lender if other areas show promise.

This lender offers flexible payment terms, which make it a good choice for anyone looking to improve their credit by making payments on time or consolidate their debts into a single payment (possibly with a lower interest rate).

LendingPoint Personal Loans: Rates and Terms


LendingPoint lets customers repay their loans over a period of 24-48 months. They allow borrowers to request one loan modification during the period of their loan. Automatic payments are recommended, and can be set up on LendingPoint’s website.

LendingPoint offers the option on a 28-day repayment cycle, which can be divided into biweekly or monthly payments. As with all loans, a shorter repayment term will mean a higher payment every month, so make sure you have the assets on hand to make the payments as scheduled. You’ll most likely end up paying less money in interest if you choose a shorter term.

LendingPoint’s speed can be a plus; they can get you the loan amount in as little as one business day, although it can take a few business days in some cases. Waiting until you’re pressed for cash and need an immediate loan isn’t recommended, so make sure you’ve got the time and resources to wait for the cash to go through if at all possible.

These are not payday loans, and can serve as a much more desirable alternative, since payday loans often have prohibitively high interest rates, and can further damage a borrower’s credit should they be unable to repay them.  


LendingPoint charges an APR of between 15.49% and 35.99% on its loans, which is on par with its competitors, and in some cases less. One Main, for example, charges an APR of between 18% and 35.99%, while Avant charges 9.95% to 35.99%. Your interest rate will ultimately be determined by your credit score, credit history, and the state in which you’re applying for your loan.


LendingPoint does not charge a prepayment or early payment fee. In the event that you choose to pay your loan off early, you won’t get hit with a penalty.

They charge an origination fee of between 0% and 6%, and a $30 late fee after a 15-day grace period.

Loan Amounts

LendingPoint offers customers personal loans of between $2,000 and $25,000, depending on their credit score and history.

LendingPoint Loan Requirements

There are six factors LendingPoint considers when reviewing loan applications. To qualify, you must:

  1. Be at least 18 years of age
  2. Be able to provide a U.S. federal, state, or local government issued I.D.
  3. Have a social security number
  4. Have a minimum yearly income of $20,000 from a job, retirement, or other source
  5. Have a personal bank account in your name that can be verified
  6. Live in one of
  7. where LendingPoint conducts business

They list a minimum credit score of 600, although borrowers with scores as low as 300 might qualify for a loan from LendingPoint if other aspects of their financial background are in good standing (they have held their current job for at least a year, have made past payments on time, and have a stable income).

You can also apply for a loan from LendingPoint if you have a discharged bankruptcy, as long as it’s at least 12 months in the past. They also look to see if there are any open tax liens or charge-offs in the last year, and examine your debt-to-income ratio.

LendingPoint does not currently allow co-signers on its loans.


LendingPoint conducts a soft pull credit check to determine creditworthiness prior to the actual application. Required information for their soft credit check includes your name, date of birth, email address, phone number, street address, income information (e.g. pay stubs), the last four digits of your social security number, and your desired loan amount. The soft check phase does not affect your credit score, and it will not appear on your credit report.  

Once you’ve provided the required information, LendingPoint will show you a range of offers.

Application Phase

Once you’ve been approved for a loan, LendingPoint will conduct a hard credit check, requesting information from major credit reporting agencies. This inquiry does show up on your credit report and can affect your score by a few points.


LendingPoint offers repayment terms of 24-48 months, and lets you choose between monthly and biweekly payments. They also let you enable automatic payments to make sure you don’t forget to pay your statement.

Most loans will charge your first payment 30 days after the loan is funded, but LendingPoint gives customers the option of a 28-day payment cycle, which can change the due date of the payment from month to month.

Checks, money orders, and automatic payments via debit card or ACH account are all accepted methods of payment. Borrowers also have the option to log in through an online portal to pay with a debit card or bank account saved to their profile. There are no fees for additional payments or early repayment of your loan balance.

Customer Support

LendingPoint’s customer support department can be contacted by phone or email. They also actively respond to customer inquiries and input on feedback sites like TrustPilot and Better Business Bureau.

Email: customerservice@lendingpoint.com

Phone: (888) 969-0959

Customer Feedback and Reports

LendingPoint was accredited by the Better Business Bureau in 2014, and maintains a grade of A+ as of this writing.

On Trustpilot, LendingPoint has a rating of five stars after over 1,500 reviews and is rated “excellent.” Their “Trust Score” is 9.8 out of 10. LendingPoint recommends that its customers leave reviews on TrustPilot to share their experiences.

Positive reviews for the company praise it for the helpfulness of its customer service representatives, the ease with which they were able to secure a loan, and the speed at which the funds were deposited into their accounts.


Overall, LendingPoint is a good option for those with fair credit (580-680) looking for personal loans. They may not lend as much as other companies, but the money they lend can be put toward any use the borrower would like, offering them greater flexibility.

The language on LendingPoint’s website indicates that they report your activity to “one or more” major credit bureaus, so a smaller loan repaid quickly could help rebuild your credit if you’re currently struggling with a low credit score. Borrowers may want to double-check which credit agencies will receive their data.

Customer reviews indicate that LendingPoint’s application process is straightforward, and that funds are transferred quickly following approval. LendingPoint representatives can be reached via their customer service line and actively engage with their customer base on review platforms like Better Business Bureau and TrustPilot, offering solutions to clients with negative experiences. Past borrowers have rated their customer service highly and say their customer service representatives are knowledgeable, friendly, and thorough.

About the Company

LendingPoint is headquartered in Kennesaw, Georgia, and was established in 2014. They initially conducted business solely in Georgia, but have since expanded to most of the continental United States and Washington D.C.

They offer personal loans of anywhere from $2,000 to $25,000. Borrowers should be aware that this lender does not currently operate in Colorado, Connecticut, Nevada, Vermont, West Virginia, Wisconsin, or Wyoming.

LendingPoint has been featured in the Atlanta Business Chronicle, winning a 2018 Pacesetter Award for being the fastest-growing private financial services company in the Atlanta metro area. Moreover, LendingPoint’s CEO, Tom Burnside, was recently chosen as an Entrepreneur of the Year finalist for the southeastern United States by Earnst and Young (EY) in 2019.

The company has also expanded into point-of-sale and point-of-need loans via their recent acquisition of point-of-sale loan company Loan Hero. They consider themselves a balance sheet lender, and handle all loan funds themselves.

LendingPoint also runs a blog where they review common financial topics like budgeting, taxes, good financial practices, credit tips, and staff updates.