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LendingPoint

October 27, 2017 by Leave a Comment

LendingPoint 1

LendingPoint

LendingPoint is ideal for borrowers in the 600-690 range, but the company focuses on the overall creditworthiness of the borrower and not just credit score alone.

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4.7
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Personal Loans › LendingPoint

The Good

The primary strength of LendingPoint is its unique credit scoring model, which considers the overall credit profile of the borrower instead of just the credit score. Its primary customers include subprime borrowers – anyone from bad to good credit.  You do need a minimum of at least a 600 FICO score.

Some of the key factors LendingPoint takes into account include:

  1. Job history: More than 12 months in the current job
  2. Verifiable income: Annual income of at least $20,000
  3. Financial history: No recent delinquencies or bankruptcies
  4. Credit behavior: Debt-to-income ratio (35% or below), recent charge-offs, open tax liens etc.

 

And you must be in one of the following 30 states: Alabama, Alaska, Arizona, California, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, Washington DC

 

The application process is simple and takes only a couple of minutes. Depending upon the borrower’s information, LendingPoint presents an offer and the funds are generally released within the next 24-48 hours.

 

 

Transparent with no pre-payment penalties

 

LendingPoint does not charge any pre-payment penalties, meaning borrowers can pay the loan off early without incurring any kind of fee.  They may charge an origination fee of up to 5%, but it varies state-by-state.  In instances where they do charge this, they are very clear and upfront about the fee.  Some lenders – like SoFi – do not charge an origination fee, but these are typically only going to be lenders that cater to borrowers with good and excellent credit.

 

LendingPoint offers custom loan repayment options, which means that borrowers can choose a due date and schedule their payments monthly, 28 days, and bi-weekly.

The Bad

  1. High APR rates
  2. Serviced states

 

High APR rate: APR rates of 15.49% to 34.99% are high in comparison with other online lenders, but what you would expect if in the 600-700 FICO score.  Borrowers with a higher credit score can get better rates from other providers.

 

Serviced states: LendingPoint offers its services in 30 states and Washington D.C, limiting access to their services.

The Summary

LendingPoint is an excellent credit option for borrowers with less than perfect credit score. Their unique loan eligibility model puts them ahead of their competition. At the same time, quick loan approval and next day funding are some of the most sought-after features by borrowers.

 

See if you qualify for a loan from LendingPoint

Ratings Breakdown

Loan Amount$25,000

Max Length48 months

Credit ScoreAbove 600 FICO

APR Range15.49-34.99%

Availability30 states
HeadquartersKennesaw, GA

Year Founded2014

Review Last Updated: October 27, 2017

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.