Review: LendingPoint Personal Loans

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Taking a personal loan could be a good way to do any number things, like refinancing high interest rate credit card debt into one monthly payment at a lower interest rate or using the funds to make a home repair or finance a critical need. Unfortunately personal loans often get a bad reputation because people don’t always use them for the right reasons (think engagement rings and weddings), but the truth is that personal loans can be a good financial tool when used responsibly.

LendingPoint considers itself to be a progressive alternative to the typical loan process, by offering short-term personal loans with fair interest rates. The entire process of applying, qualifying, and receiving personal loan funding through LendingPoint can also be completed online.

Personal Loan Details

LendingPoint offers personal loans for a variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase.

You can apply for a personal loan from $3,500 to $20,000 on Lending Point’s website. It is important to note that these are short-term personal loans with a repayment term of 24-36 months. The interest rate is also important to be aware of and depending on your creditworthiness, it can be quite high. The interest rate offered on personal loans by LendingPoint is between 17.47% APR and 34.99% APR.

Pros and Cons

One of the big cons of taking out a personal loan with LendingPoint is obviously the interest rate. It is quite a bit higher than several other personal loan lenders. However LendingPoint does offer fast credit approval in as little as 24 hours and, according to its website, LendingPoint evaluates more than just your credit score when determining your creditworthiness. Plus after you accept the loan, you can receive an electronic funds transfer into your bank account in 24 hours.

LendingPoint’s personal loan origination fee varies by state and can be up to 5%. However there is no pre-compute interest and no fee for prepayment if you decide to pay off your personal loan early.

Although LendingPoint looks at more than just your credit score, it’s important to note that the minimum FICO score needed for approval is 600. LendingPoint can do a soft-pull of your credit score, which will avoid you getting dinged just for checking interest rates. Once you decide to move forward and accept a personal loan offer from LendingPoint, a hard credit pull will be used and will show up on your credit report.

Application Process and Documents Needed to Apply

As mentioned, you can complete the entire loan application process online at LendingPoint’s website and it takes only minutes to apply.

You will need to have your basic information prepared when you get ready to apply, as well as knowing how you will use the funds from your personal loan. You also need the following information handy to complete the application:

  • Annual income
  • Employer information

It’s only a short two page web application, after which LendingPoint will pull your credit report before showing you their financing offers.


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How Lending Point Compares

Lending Point is a short-term personal loan lender so it’s hard to compare it to other personal loan lenders who offer longer repayment terms and lower interest rates. However, these lenders also offer personal loans you should consider.

SoFi allows personal loan borrowers to take out between $5,000 and $100,000, however most personal loan lenders are limited to between $25,000 and $35,000. The interest rate on SoFi’s personal loans also make it a more attractive option than LendingPoint with fixed APRs starting at 5.50% and variable APRs starting at 4.28%. SoFi also charges no origination fee and terms are 3 years, 5 years, or 7 years. Like LendingPoint, SoFi using a soft credit inquiry when you first apply to compare rates.

Read SoFi review


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Earnest is a shorter term personal loan lender a little closer in comparison to LendingPoint. Earnest offers 1, 2, and 3 year repayment terms with borrower limits between $2,000 and $50,000. However, with Earnest you need a credit score of 720 to be eligible, which means borrowers with poor credit history will be turned away. Earnest does take other factors into consider, like LendingPoint, to help determine you creditworthiness. When you apply your employment history, education, and salary are taken into account.

Read Earnest reivew


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It Pays to Shop Around

If you are considering taking out a personal loan, it’s important to shop around to find the best interest rate possible as well as a lending that offers terms to fit your needs. With many online personal loan lenders, like LendingPoint, using only a soft pull on your credit history until you are ready to make a decision and take out a loan, you can easily shop around to find interest rates and repayment terms that fit with your needs without harming your credit score.


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