|Basic requirement to get the loan|
|APR up to||35.99%|
|Time to money||Next business day|
|Funding Method||Bank account|
LendingPoint Loans — Quick & Excellent Lending
Are you looking for a painless loan option? Don’t want to face a drawn-out bank loan process or speak to a loan officer? Quick, painless and discretionary loans are a reality. You can borrow them from LendingPoint with fair credit scores.
LendingPoint Loan Review
LendingPoint has been in business for over five years. The company was founded in Georgia. They are present in the District of Columbia and 49 states (except West Virginia). You can clinch their online installment loans of up to $25,000.
LendingPoint Loan Review: Loan Terms
Borrowers just need to have a minimum score of 580 to apply. They also get lower APRs in general ranging from 15.49% to 35%. It’s worth mentioning that similar products from other lenders come with triple-digit rates, which makes this lender cheaper.
You can also borrow from $2,000 to $25,000. The average duration of the loan is from 24 to 48 months. Choosing a longer term lowers your monthly payments. For instance, a simple online loan calculator predicts that a $5,000 loan at an interest rate of 16% for 4 years would yield monthly payments of $141.70. But if the term was 2 years, the payment amount would be $244.82.
What Customers are Saying About LendingPoint
Trustpilot collects independent reviews from previous customers, and on this review site, Lendingpoint maintains an excellent, 5-star rating. Their stats are equally impressive. In over 2,000 reviews, 93% of reviewers have given the company 5-star ratings and only 1% of all reviews are one-stars.
Many borrowers report having a good experience with the company’s representatives, who have been deemed knowledgeable, patient, responsive, and caring.
How Can You Use LendingPoint Loans?
Personal loans are versatile. The lender doesn’t specify how you use the funds once you receive them. The money is good for big purchases, paying down debts with higher interest rates, funding weddings, clearing medical costs, home renovations, car repairs, etc.
LendingPoint Review: Benefits
- Know if you qualify for a loan without having a hard pull on your credit file, which decreases your credit score.
- Comparatively higher loan amount than what’s offered by similar lenders.
- With a longer-term, your installments will be more manageable.
- There are no pre-payment fees should you choose to repay your loan early. Early payments reduce the interest amount.
- Compared to bank loans, a LendingPoint Loan has less strict entry requirements.
- See your scores improve with on-time payments. The lender reports to Experian and Trans-union.
- With auto-pay, the lender can take automatic payments from your checking account. You’ll be less likely to incur late fees.
- Take advantage of biweekly payments to pay off your loan quickly and reduce your interest amount.
How Will I Receive or Pay a Lendingpoint payment
You’ll receive your loan amount in your bank account. When your loan is due, you can pay the company with your debit card, certified checks, money order, etc.
Does LendingPoint Charge Origination Fees?
Yes, the company charges administrative or processing fees, which are between 0-6% of the principal amount. Some lenders will deduct the origination fees from the principal amount. Others will include the fees as part of the loan’s APR.
You can apply with a credit score of 580+ and a low yearly income of $20,000. After qualifying for the loan, your DTI ratio should not be above 40%.
To apply, you’ll also need to be at least 18 years old, a U.S. citizen or permanent resident, and earning a monthly or biweekly income. If you have been bankrupt in the past, you can also apply provided your last bankruptcy filing is at least 12 months old.
Is LendingPoint Legit?
LendingPoint Loans are legit with millions of people assisted. The company also takes precautions to safeguard your data. There have been some Lendingpoint complaints as it’s typical with any business.
Whether it’s on Trustpilot or BBB.org, the company responds to complaints and tries to resolve them to the benefit of both parties. Their replies are usually public, and you can view some of them.
Can I Find a LendingPoint Mortgage?
They don’t issue mortgage loans. Additionally, most mortgage companies don’t permit borrowers to use personal loans to pay for the downpayment.
How to Get Started
Simply visit their website and click on the “APPLY” button for a chance to fill out your loan form. You can also check your loan options without incurring a hard credit pull.