LendingPoint Personal Loan Review

See if LendingPoint personal loan rates are right for you

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overall rating

A good choice for borrowers who are struggling to find an affordable loan, LendingPoint markets itself as a consumer-friendly alternative for borrowers whose credit scores are too low for many other lenders to consider. The lender sets itself apart from more traditional lenders by looking at a broad picture of an applicant’s financial life, beyond their income and credit score. As a result, borrowers with subprime credit scores may have better luck getting approved.

  • Product Specifications
  • Pros and Cons
  • Fees
  • Company Overview
Product Specifications
  • APR Range 9.99% to 35.99%
  • Loan Amounts $2,000 to $36,500
  • Loan Terms Two to four years
  • Recommended Minimum Credit Score 585
Pros and Cons
  • Accessible for borrowers with low credit scores

  • Approval based on a variety of factors

  • Customizable payments

  • Pricey origination fees for some borrowers

  • Joint applications not allowed

  • Loans capped at $36,500

  • Origination fee: 0% to 6%
  • Late payment fee: Up to $30
  • Insufficient funds fee: Up to $20
Company Overview

Founded in 2014, this Atlanta-based online lender uses nontraditional data and high-tech underwriting algorithms to assess borrowers with below-average credit scores. Operating in 48 states and Washington D.C., it has originated more than $2 billion in loans since 2015 and has been recognized as one of the fastest-growing companies in the country.

Pros of LendingPoint Loans

  • Accessible for borrowers with blemished credit: LendingPoint may lend to you even if you have negative marks on your credit report, such as bankruptcies that are at least one year old. It is one of the few online lenders that we’ve found willing to give personal loans to borrowers who often feel shut out from affordable financing altogether.
  • Approval based on a variety of factors: LendingPoint considers a broader range of information when approving borrowers than the average online lender. This includes how long you’ve stayed at your current job, and how you’ve handled your finances beyond consumer loans or credit cards.
  • Customizable payments: LendingPoint lets you schedule biweekly payments, rather than one monthly payment, if you prefer to pay smaller sums more often throughout the month, or if you want to make extra loan payments.

Cons Explained

  • Pricey origination fees for some borrowers: Like several alternative lenders, LendingPoint may charge you an origination fee of 0% to 6%, depending on what your state regulations allow. You may be able to have the fee deducted from your loan amount when the funds are disbursed, or you may be able to finance it into the loan amount and pay it off over time.
  • Joint applications are not allowed: LendingPoint doesn’t allow you to have a co-signer or joint application. This may be troublesome if your credit score is below 585. Because of this, you may be better off with a lender that does allow co-signers.
  • Loans capped at $36,500: If you’re planning a project or expense that requires you to borrow more than $36,500, you may have to look at other options. Other lenders offer bigger loans ranging from $40,000 to as high as $100,000.

LendingPoint Personal Loan Rates & Terms

LendingPoint personal loans come with fixed interest rates that range from 9.99% to 35.99% APR, with repayment periods of 24 to 60 months.

Since LendingPoint loans are fixed-rate loans with simple interest, you can expect to have the same monthly loan payment for the life of the loan. However, the repayment terms o two to four years are fairly short—some lenders offer repayment for up to seven or more years.

How Much Can You Borrow With LendingPoint?

You can borrow up to $36,500 if you’re planning a big expense, such as a wedding or home repair project, or if you need to refinance a lot of debt. Alternatively, if you’re looking for a way to finance smaller purchases or add more breathing room to your budget, you can borrow as little as $2,000. LendingPoint allows you to use your funds for any purchase—as long as it’s legal.

LendingPoint Personal Loan Fees

While it doesn’t charge a prepayment penalty if you settle your debt early, LendingPoint does include several other fees:

  • Origination fee: 0% to 6%
  • Late payment fee: Up to $30
  • Insufficient funds fee: $20

Compared to many online lenders with similar terms and customer profiles, LendingPoint’s fee schedule isn’t especially noteworthy. However, other lenders that do not charge an origination fee, which could help you save. If you decide to borrow from LendingPoint, just be sure to calculate how much you need to borrow if you’ll pay the origination fee upfront, or how much you can afford to pay per month if it’s financed into the loan.

Always check a lender’s fees before applying for a personal loan. Charges to watch out for include origination and late fees. Banks and credit unions tend not to charge origination fees, as do some online lenders like SoFi and LightStream. 

How to Get a Personal Loan From LendingPoint

To get a LendingPoint personal loan, you’ll need a credit score of at least 585. You also will need to apply independently, as LendingPoint does not offer the ability to apply with a co-signer.

When you’re ready, visit its website and click either “apply” or “check my options.” LendingPoint will first do a soft credit check––meaning it will check your credit history without affecting your credit score––and provide you with a tentative offer. If you decide to move forward, it will then proceed with a formal credit application and hard credit check, which could lower your score temporarily.

LendingPoint may also ask you for additional documents, such as bank statements and paycheck stubs, to help verify your information. Once you accept LendingPoint’s formal loan offer, you may be able to get your money as soon as the next business day.

Depending on your personal and financial history, LendingPoint’s use of alternative data may not help your application. For example, if you've only been at your job for a few months, LendingPoint's scoring algorithm may see it as a detriment. A conventional credit score, by contrast, won't measure job history.

Final Verdict

LendingPoint personal loans may be best suited for borrowers with a credit score of 585 or higher—that fits into the FICO score range for fair credit (580 to 669). If your credit score is substantially higher, in the good-to-excellent range, you’re likely better off shopping elsewhere, as you’ll be eligible for a lower interest rate from other lenders. If your credit score is below average, though, and you think a fuller picture of your job and financial history will help bolster your application, then investigating LendingPoint could be worth your time.

Although there are lower interest rates and fewer fees elsewhere, LendingPoint personal loans may still be less expensive than many of the other options for borrowers with fair credit. However, if you don’t meet all of its qualifications, you may need to find a lender that offers a co-signer, since LendingPoint does not. If you have fair, or even bad credit, consider all of your options before locking in a rate and term with a lender.


We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weight that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores.

Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score just by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization.