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LendingPoint: Personal Loan Review

The basics

Estimated APR

7.99% - 35.99%

Min. Credit Score

620+

Max. DTI Debt to Income Ratio

50%

Origination Fees

0% - 8%

Late Penalties

$30

Prepayment Fees

$0

Good for: Fast funding

Our verdict

LendingPoint offers consumers loans with a quick approval and funding process, even for people with fair credit. However, the maximum APR is on the high side.

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Beyond the basics

Fast funding

Low credit scores eligible

No prepayment penalty

Loan Amounts

$2,000 to $36,500

Loan Terms

24-72 months

Time to Funding

1 business day

Full review

Lender description LendingPoint's loans are designed to help credit rebuilders and people with newer credit profiles reach their financial goals.

Best used for

  • Debt consolidation
  • Home improvement and appliances
  • Car repairs
  • Weddings
  • Credit card refinancing
  • Medical expenses
  • Moving expenses
  • Wedding

Suitable for you if

  • You have least fair credit and a consistent income looking to help fund a home improvement project or do debt consolidation.

Pros & cons

ProsCons
Low credit score thresholdHigh maximum interest rate
Fast loan approval and funding Doesn't allow cosigners or co-borrowers
No prepayment fee Possible origination fee

Do you qualify This is what LendingPoint looks for in qualified borrowers: Credit history: Minimum of six months| Credit score: Minimum of 660 (FICO version 9 and VantageScore version 3.)| Debt-to-income ratio: 50% (not including mortgage payments)| Income: Minimum of $35,000. Lender will accept income from employment, alimony, retirement, child support and Social Security. Partner’s income is not accepted.

How to apply Apply online or by phone at 888-969-0959.

Footprint LendingPoint loans are available in 47 states and Washington, D.C. LendingPoint loans are unavailable in Nevada and West Virginia.

Loan example $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month

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