LendingPoint personal loans are a solid, no-frills financing option for a midsize expense or home improvement project.
LendingPoint is leading the way in approving loans for all audiences and promises to overtake big banks like Bank of America, Sofi Loans, HSBC, and Citi.
LendingPoint is based in Atlanta and offers personal loans and business financing options to borrowers in 48 states. With its personal loan product, you can borrow anywhere from $2,000 to $36,500 — even if you have fair credit. Once approved, you can receive funds as quickly as within a day.
If your credit score is less than perfect, you might assume you can’t get a personal loan — but that’s not always the case.
Select ranked LendingPoint the best lender for fast approval on our list of best personal loans for bad credit. Applicants may receive same-day approval and possibly next-day funding once final documents are verified and approved.
If you don’t have much credit to your name, or you’re having trouble getting approved with other lenders, you might get approved through LendingPoint.
You can even get approved if you have a bankruptcy on your credit report, as long as it was discharged at least 12 months ago. LendingPoint offers loans in 48 states and Washington, D.C. The only states where residents can’t apply are Nevada and West Virginia.
You also need to:
- Be at least 18 years old;
- Have a photo ID issued by a federal, state or local government;
- Have a Social Security number;
- Have a verifiable personal bank account in your name.
Of the three major credit bureaus, LendingPoint only reports to Experian and TransUnion. If improving your credit is your priority, find a lender that will report to all three national credit reporting agencies.
You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.
Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you would need to get a loan with affordable monthly payments.
Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses to repay the loan, it’s better to know that before you borrow.
Gather your documents. LendingPoint may require documents that prove your income, which can be a W-2 or paystub, as well as proof of address and a Social Security number. Having these documents handy can speed the application process.
LendingPoint may be perfect for you if you’re seeking a loan of up to $36,500 and have a minimum credit score of 590. You don’t have to be concerned about the company’s credit report check lowering your credit score as it uses a soft query. A higher credit score increases your chances of being approved and obtaining a lower annual percentage rate (APR).
Its gross income requirement of $20,000 per year can also benefit you if your annual income is somewhat low. Additionally, the firm is ideal if you’re looking to pay off your loan early as it doesn’t penalize prepayments.
LendingPoint may charge an origination fee up to 7%. Lenders typically deduct this fee from your loan proceeds, effectively shrinking your loan by a few hundred or thousand dollars. LendingPoint gives some borrowers the option to increase their loan size to include the cost of the fee, leaving them with their full approved amount.
This fee is somewhat common with lenders that target fair- and bad-credit borrowers (credit scores below 690). If your loan amount is reduced, be sure it is enough to cover your expense after this fee is applied.
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