Lending Point Personal Loans Review

LendingPoint is a provider of unsecured personal loans, targeting consumers with fair or bad credit. While LendingPoint advertises competitive starting rates, stronger applicants may still qualify for lower rates elsewhere.

Loan Options

• Lending Point offers only unsecured personal loans between $1,000 and $36,500 (higher minimum amount in some states- Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000).

• Loan lengths range from 24 to 72 months.

• Lending Point does not currently support joint loan applications or the inclusion of cosigners.

Interest & Fees

• APR: 7.99%-35.99%

• Origination Fees: Up to 10%, depending on your state of residence.

• Prepayment Penalty: Borrowers do not incur any fees if they wish to pay off their loan early or make additional payments.

• Late Payment: Not disclosed on their website.

• Unsuccessful payment: Not disclosed on their website.

Geographical Availability

Lending Point does not currently accept applications from residents of Nevada and West Virginia.

Loan Eligibility

Lending Point has publicly disclosed no minimum credit score requirement.They will actively consider alternative non-credit data points (e.g. employment history) in the qualification process.

Income Requirements

Borrowers must have a minimum annual income of $35,000 (from employment, retirement, or some other source).

Are they legit?

Yes. Depending on your state of residence, Lending Point may provide the funds directly or they will instead be a facilitator of loans issued by one of their partner banks, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC. In all scenarios, Lending Point handles the customer service, application process and loan management.

Reviews & News

At the time of writing, Lending Point had approximately 95% 5-star reviews on Trustpilot from a total of just over 8,500.

On their A+ accredited BBB profile, they have an average rating of 1.9/5 from just nearly 250 reviews, with 47 complaints closed in the last year.

Do They Report to the Credit Bureaus?

Yes and no. Lending Point snapshots of loan and payment status to two of the three major credit reporting agencies: Experian and Transunion. They do not report to Equifax, which may cause your credit score to differ significantly across the bureaus. Regular on-time payments in your credit file will likely increase your credit score and improve your chances of qualifying for credit in the future. However, failure to satisfy your repayment obligations could damage your credit score, making it more difficult to borrow again.

Get in touch

You can contact the Lending Point customer service team at 888-969-0959 8AM-Midnight ET (Monday-Friday), 10AM-9PM ET(Saturday) and 10AM-4PM (Sunday). Alternatively, you can email your questions to customerservice@lendingpoint.com.

What we like?

Loan Flexibility: Lending Point personal loans cater to all types of borrowers. With loans between $1,000 and $36,500, they can be used to overcome short-term emergencies, as well as fund longer-term projects.

Check your Rate: Borrowers can check their rate on the Lending Point website or app, without any impact to their credit score. Completing the application process will trigger a hard inquiry, which could impact your credit score. Even if you have an offer elsewhere, it might be worth seeing if Lending Point can beat it.

Hardship Program: Many online reviewers have complimented Lending Point for temporarily reducing their monthly payments during financial difficulties. The duration of this program may vary, but some reviews state that it lasted 3 months.

App: The free Lending Point app makes it easy to manage your account- you can make payments, receive updates on your loan and even track your credit score. The app is available for both Apple and Android.

What we don't like?

Origination Fees: LendingPoint may charge origination fees of up to 10% of the approved loan amount. These fees are deducted from the loan proceeds before funding. For example, if you are approved for a $10,000 loan with a 5% origination fee, you'll only receive $9,500 in your bank account. Many competing lenders either charge lower fees or no origination fee at all.

Incomplete Credit Bureau Reporting: Many lenders report to all three credit bureaus: Transunion, Experian and Equifax. Lending Point do not currently report to Equifax. This means that regular on-time payments of your loan will not be reflected in your Equifax credit report. Any lender that pulls your Equifax file to assess your credit risk will not have access to this information, which could reduce your chances of approval.

No joint/cosigned loans: Lending Point does not support loans with multiple applicants, either joint or cosigned applications. A cosigner or joint applicant can sometimes increase your chances of approval or give you better terms, so it might be worth checking out alternative lenders that provide this option.

Negative customer reviews: While LendingPoint scores well on Trustpilot overall, its BBB complaint history paints a more mixed picture. Common complaints include billing disputes, payment processing issues, difficulties resolving account problems and frustration around collections or settlement arrangements. As with many lenders serving higher-risk borrowers, experiences appear to vary significantly depending on the customer's financial situation.

Summary

LendingPoint is a reasonable option for borrowers with fair or limited credit history, particularly those who value fast funding and flexible qualification criteria. While rates and fees can become expensive for some applicants, the ability to prequalify without impacting your credit score makes them worth considering.