LendingPoint Personal Loans Review: Rates, Fees, & Terms

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If you need money for unexpected or expected expenses and don’t want to use your home’s equity or a credit card, a personal loan is the next best choice. You have many options to secure a personal loan today, including a loan from LendingPoint.

Check out my review on LendingPoint personal loans to see if it’s right for you.

Best for Online Personal Loans
LendingPoint Personal Loans
  • Loan Amount
    $2,000 - $36,500
  • Est. APR
    9.99 - 35.99%
  • Learn More
  • Loan Details

LendingPoint Personal Loans Pros and Cons:


  • Fast funding
  • You don’t need perfect credit
  • Doesn’t hurt your credit score to qualify
  • No prepayment penalties


  • Most borrowers pay an origination fee
  • APRs could be high depending on your credit score
  • Co-signers aren’t allowed

LendingPoint Features and Benefits

Quick Funding Times

For most loans, LendingPoint can fund the loan the business day following the day of approval. This means if you get approved Monday – Thursday, you’ll have the funds the next day. If you get approved on Friday, you’d have to wait until Monday to get your funds.

No Prepayment Penalties

You are free to pay your LendingPoint loan off at any time. There aren’t any penalties if you pay it off earlier. This means you can make extra principal payments along the way or pay the loan off in one lump sum if you have the funds.

Change Your Payment Due Date

Not only can you choose the payment date that’s most convenient for you, but LendingPoint allows you to change your payment date once a year too. If you find the date no longer works for you, go ahead, and change it at no cost.

>> More: Best Personal Loans

How to Qualify for a Personal Loan from LendingPoint

LendingPoint makes it easy to qualify for a personal loan. You don’t need great credit or high income. Here’s how to qualify.


You must prove income of at least $25,000 to qualify for a LendingPoint loan. The average applicant, however, has an annual income of $80,000.

Credit Score

The credit score requirements are where LendingPoint shines. You don’t need good credit – you can get by with fair credit with a score as low as 580. The average applicant has a credit score of 673, even though LendingPoint allows scores as low as 580.


LendingPoint doesn’t state what they expect out of your employment, but you must prove you have adequate income, which means you have stable employment. It’s always best to have a solid 2-year employment history when applying for a personal loan.


You must prove you are at least 18 years old and a resident of the United States to qualify for a LendingPoint loan.

How to Apply for a LendingPoint Personal Loan

LendingPoint’s application process is 100% online and takes only a few minutes. From your computer or tablet, you’ll complete a simple application. From this application, the LendingPoint system can tell you almost instantly what payment options you have. You can look at the loan amount, terms, and payment and decide if it’s right for you.

At this point, LendingPoint only does a soft credit check. This doesn’t hurt your credit score and helps you decide if the loan is right for you first.

If you decide to move forward, you’ll finish the application by selecting the loan terms that are right for you. The application will ask for a little more information to complete the underwriting, and at this time, they’ll do a hard inquiry on your credit.

Once your application is completed, and underwriting is done, you’ll receive your funds the next business day.

How Do LendingPoint Personal Loans Compare to Other Lenders?

#1. LendingPoint vs. Upstart

Upstart is also a digital lender, like LendingPoint, but rather than credit scores, Upstart focuses on your future potential. They pull your credit, of course, but they also consider your education and industry experience to determine your eligibility for a personal loan.

Upstart requires applicants to make just $12,000 per year and offers loans from $1,000 to $50,000 with APRs similar to LendingPoint. Something to watch out for, just like LendingPoint, is the origination fee, which Upstart charges up to 8% of the loan amount.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. LendingPoint

Upgrade caters to borrowers with great credit with loan amounts from $1,000 – $50,000. They offer loan terms from 2 to 7 years, and they offer an option for a secured loan for borrowers with bad credit. Like LendingPoint, most loans have an origination fee.

However, what makes Upgrade different is that they’ll allow debt-to-income ratios up to 75%, which is unheard of for personal loans. If you set up autopay, you can decrease your rate by 0.5%.

>> More: Upgrade Personal Loans Review

#3. LendingPoint vs. Payoff

Payoff offers personal loans too, but not at the same pace as LendingPoint. If you’re approved with Payoff, it could take up to 6 business days to receive your funds. If you’re in a hurry for the funds, it may not be the best option.

Payoff requires a 640-credit score and offers 2 to 5 years loan terms. They don’t always charge an origination fee. Sometimes it’s included in the interest rate, which is always competitive. Payoff also doesn’t charge late fees, and they allow you to choose your payment date, changing it once a year as needed.

>> More: Payoff Personal Loans Review

#4. Avant vs. LendingPoint

Avant is a good option for borrowers with bad credit, but the tradeoff is they charge higher interest rates. Avant rates start at 9.95%, with no opportunity for a lower rate. You’ll need a credit score of 580 and can borrow up to $35,000, which is less than LendingPoint.

Like LendingPoint, you can get pre-qualified without damaging your credit score. But unlike LendingPoint, Avant also charges an administrative fee, which gets deducted from your loan proceeds.

>> More: Avant Personal Loans Review

What Can LendingPoint Personal Loans be Used For?

LendingPoint allows its borrowers to use funds for any legal reason. Some common uses are home improvements, debt consolidation, wedding funds, and unexpected medical funds, among others.

Frequently Asked Questions

How Long Does LendingPoint take to Approve Personal Loans?

You should get an answer on your LendingPoint loan instantly. Unless they need further information, you should know right away what loan options you have. Once you finalize your application, it can take a few hours to a few days to secure approval.

Does LendingPoint Offer Personal Loan Refinance?

If you want to lower your personal loan refinance rate, you must make 7 – 9 monthly payments before LendingPoint will refinance your loan.

What Credit Score is Needed for a LendingPoint Personal Loan?

Most borrowers need at least a 580-credit score to qualify for a LendingPoint loan, but most borrowers have a score over 600.

Does LendingPoint Charge Any Fees?

LendingPoint charges an origination fee on ‘most’ loans. It depends on your qualifying factors. The higher your credit score and the better your qualifying factors, though, the less likely it is you’ll pay an origination fee. If you do, it will be low.

Bottom Line: LendingPoint Personal Loans Review

If you need money and don’t want to put up collateral, a LendingPoint personal loan can be a great option. It offers flexible terms, affordable rates, and you can prepay your loan without a penalty. You don’t need perfect credit, and you only need to make $25,000 per year to be eligible.

As is the case with any personal loan, weigh your options and make sure a personal loan is within your best interest.

Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.