LendingPoint Personal Loans Review

If your credit isn’t great but you need to borrow money for whatever reason, LendingPoint may be one of the only lenders willing to grant you a personal loan. Keep reading to learn more about this lender’s personal loan options, who they’re good for, and how to apply.

APR Range
Loan Amount
24–60 months
3 / 5.0
SimpleScore LendingPoint 3
Rates 2
Loan Size 3
Customer Satisfaction N/A
Support 4
Fees 3

Founded in 2014, LendingPoint is an innovative online lender with headquarters in Kennesaw, Georgia. With help from its robust digital platform, LendingPoint offers personal loans of up to $25,000 with repayment terms that last up to 48 months.Unlike some other lenders in the online space, LendingPoint doesn’t just focus on borrowers with excellent credit; they offer personal loans for consumers with credit scores as low as 585. While LendingPoint unsecured loans can be used for any reason, many of their customers use their funds to consolidate high-interest debt.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

Get Started

with our trusted partners at Bankrate.com

In this article

    LendingPoint Personal Loans: Key Takeaways

    • Borrow up to $25,000 and receive your loan funds as soon as the next business day.
    • You may be able to qualify with a credit score as low as 585.
    • Fixed interest rates range from 9.99% to 35.99%.
    • Repay your loan with terms between 24 and 48 months.
    • You may be required to pay an origination fee of up to 6% of your loan amount.
    • There are no prepayment penalties for paying your loan off early.

    LendingPoint: Personal Loans for Borrowers with Bad Credit

    While some personal lenders focus their offerings on prime borrowers, LendingPoint takes the opposite approach. This lender dedicates most of their business to those with low credit scores and shaky credit histories, which is good news for consumers with few bad credit loan options available to them.

    That’s part of the reason LendingPoint loans can charge an origination fee of up to 6% as well as interest rates as high as 35.99% APR. This lender charges higher rates and fees to make up for the additional risk, which is passed on to the consumer upfront and in each monthly payment they make.

    If you’re wondering why anyone would take out a personal loan with an APR up to 35.99%, the answer is simple — cost. Consumers stuck in a cycle of taking out payday loans with APRs up to 400% can use a loan from LendingPoint to consolidate their debt and pay it off once and for all.

    LendingPoint personal loans may not be the cheapest option available, but they do offer a way for consumers to consolidate debt with exorbitantly high interest rates. A personal loan can also help you go from making multiple loan payments to just one each month, which can help you simplify your financial life.

    A final upside of LendingPoint personal loans is the fact you can apply for a loan and receive funding without ever stepping foot into a bank. The entire process can be completed online, including your full loan application.

    LendingPoint even makes it possible to get preapproved for a loan without a hard inquiry to your credit report, which can be beneficial if you want to gauge your ability get funding but worry about harming your credit score.

    Where LendingPoint Comes Up Short

    LendingPoint does make their loans available to borrowers with poor credit, but those who qualify will pay heavily for the privilege of borrowing. We already mentioned the fact you may be required to pay an origination fee of up to 6% of your loan amount — and that borrowers with poor credit could be stuck paying interest rates as high as 35.99% APR.

    These terms can make LendingPoint loans an expensive proposition. The lender even offers the following loan example on their website to illustrate:

    “A $10,000 loan with an origination fee of 6% for a period of 24 months with an APR of 24.0980% may have a payment of $529.20 per month (actual terms and rate depend on credit history, income and other factors). The total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to loan amount, which is $12,700.80.”

    Aside from cost, also note that LendingPoint doesn’t offer personal loans in West Virginia. They do offer loans in 49 states, however, along with the District of Columbia.

    Finally, you’ll want to think long and hard about applying for a loan from LendingPoint if your credit is in good shape. It’s true their loans are available to borrowers with a wide range of credit scores, but LendingPoint doesn’t offer the best starting rates for individuals with excellent credit. If you have a high credit score and strong credit history, you’ll probably qualify for some of the best personal loans out there, with lower starting APRs and no origination fees.

    LendingPoint Personal Loans are Best for:

    • Consumers with poor credit who need to borrow up to $25,000.
    • Anyone with payday loans they need to pay off at a lower interest rate.
    • Consumers who can’t qualify for a loan with the lowest APR available and no fees.

    How to Apply for a Personal Loan With LendingPoint

    To qualify for a personal loan from LendingPoint, you must meet the following requirements:

    • Be at least 18 years of age.
    • Be able to provide a government-issued photo ID.
    • Have a valid Social Security number.
    • Earn at least $20,000 per year from employment, retirement, or another source.
    • Have a verifiable bank account in your own name.
    • Live in a state LendingPoint operates in.

    If you meet the minimum requirements for a LendingPoint loan, you can start the process by getting pre-qualified for one of their loans. To check which offers you may qualify for, all you need to provide is your desired loan amount, your name, your birth date, your email, your address, your income, and the last four digits of your Social Security number.

    If you like the offers you’re matched with, you can move forward with a full loan application by submitting your full Social Security number, driver’s license, bank account information, a voided check, and pay stubs or proof of income.

    Based on the information you submit, your credit score, and your income, LendingPoint may be able to approve your loan within a few minutes. After all loan documentation is verified, it’s possible you could have your loan funds deposited in your bank account as soon as the next business day.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.


    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)


    We awarded higher scores to lenders with the most channels for customer support.


    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Holly Johnson

    Contributing Writer

    Holly Johnson is a frugality expert and award-winning writer who is obsessed with personal finance and getting the most out of life. A lifelong resident of Indiana, she enjoys gardening, reading, and traveling the world with her husband and two children. In addition to The Simple Dollar, Holly writes for well-known publications such as U.S. News & World Report Travel, PolicyGenius, Travel Pulse, and Frugal Travel Guy. Holly also owns Club Thrifty.