LendingPoint is a privately held company headquartered in Kennesaw, Georgia. It provides personal loan and business financing options to borrowers with fair credit in 48 states. Even if you have a good credit history, you can get a loan amount between $2,000 and $36,500.
While LendingPoint charges a processing fee, it offers fast financing and relatively low loan amounts. It’s best for bad or fair borrowers who need quick access to credit and doesn’t want to resort to payday loans.
Other details
LendingPoint’s loans are smaller than many of its competitors, the lender doesn’t accept co-applicants or seek guarantees, and it reports payments to two of the big three credit bureaus.
Personal loans, on the other hand, are a solid financing option, they have reasonable interest rates and faster than average financing, and you can pre-qualify to check your interest rate before applying without affecting your score.
Borrowers can use LendingPoint loans to refinance loans from LendingPoint or other lenders. This is useful when you have accumulated enough balance to qualify for a lower interest rate at LendingPoint or elsewhere.
LendingPoint has a customer service team dedicated to helping struggling borrowers and plans to reduce payments, lower interest rates, or extend payment terms over time.
Learn more about LendingPoint Personal Loans
Founded in 2014, LendingPoint has distinguished itself by using algorithms and artificial intelligence to analyze loan requests and make instant decisions.
LendingPoint’s unsecured personal loans are worth between $2,000 and $36,500 at 7.99% to 35.99% APR.
To qualify for a LendingPoint loan, you must reside in a state where the lender is licensed, be at least 18 years old, have a Social Security number, and earn $25,000 or more per year.
Other Benefits of the Loan
- Online Prequalification: Check your rates instantly on the LendingPoint website without affecting your score.
- Flexibility to change payment due dates: Adjust payment due dates after you make your first payment.
- Low credit requirements: To qualify for a personal loan, lenders typically require a good or excellent credit rating (around 670 to 850). On the other hand, LendingPoint requires only fair credit (minimum credit score of 580)
- Fast Decisions and Loan Payments: When you need fast cash for unexpected emergencies, LendingPoint provides fast funding, in the next business day.
- Variety of loan amounts: Lenders who provide fair credit to borrowers typically have lower loan limits. But LendingPoint offers loans ranging from $2,000 to $36,500.
Is this loan for you?
LendingPoint can get you approved if you have low credit in your name or if it is difficult to get approval from other lenders.
This lender’s loans are designed for borrowers with fair or good credit ratings. It has relatively low credit rating requirements and pays off loans quickly, so you can get cash quickly in an emergency.
Step-by-Step Guide to Applying for a LendingPoint Personal Loan
Are you considering a LendingPoint Personal Loan? This guide walks you through the application process, making it simple and straightforward. Let’s dive in!
Understanding LendingPoint Personal Loans
Before applying, it’s essential to understand what LendingPoint offers. They provide personal loans, ideal for individuals with fair to good credit scores. These loans are versatile, suitable for debt consolidation, home improvements, or other significant expenses.
- Step 1: Check Your Eligibility
Firstly, visit LendingPoint’s website. Use their eligibility checker to see if you qualify without impacting your credit score. This step requires basic information like your income and the loan amount you need.
- Step 2: Gather Necessary Documents
Prepare necessary documents including proof of income, identification, and bank statements. Having these ready streamlines the application process.
- Step 3: Complete the Application Form
Fill out the online application form. Be accurate and honest with your details. Mistakes or inaccuracies can delay approval.
- Step 4: Review Loan Offers
If pre-approved, you’ll receive loan offers. Review the terms, interest rates, and monthly payments. Choose the one that best fits your financial situation.
- Step 5: Verification and Approval
Once you select an offer, LendingPoint will verify your documents. If everything checks out, your loan gets approved. Funds are typically disbursed quickly, often within a day.
Conclusion
LendingPoint Personal Loans are a viable option for those with fair credit. Their straightforward application process, quick approval, and flexible loan amounts make them an attractive choice. However, always consider the interest rates and ensure the monthly payments align with your budget. Applying for a loan is a significant financial decision, so choose wisely and responsibly.
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