Tips and Advice

LendingPoint Personal Loan Review 2023: Top Features, Pros & Cons

LendingPoint offers personal loans with quick funding. Learn how a LendingPoint personal loan works and decide if it's the right borrowing option for you.
A woman uses her computer to apply for a LendingPoint personal loan as she sits in her van
Written by:
Rebecca Lake
Edited by:
Kristin Marino verified
Editor's Rating

Personal loans can come in handy for meeting different financial needs. Whether you’ve fallen behind on bills, have a large unexpected expense to pay, want to consolidate your debts into one payment, or simply want to get ahead, a personal loan can help to fill the gaps.

You can also use a personal loan to consolidate high-interest debt and save money.

LendingPoint is an online lender that provides personal loans to borrowers who need money for a variety of reasons. Founded in 2015, LendingPoint is unique in that it looks beyond traditional credit scoring models to approve people for loans.

If you’re looking for a personal loan, this LendingPoint review offers a closer look at how the platform’s loans work.

Compare Your Personal Loan Rates
Check Your Personal
Loan Rates
Choose a purpose for your loan
Always free and will not impact your credit score.

Pros and Cons of a LendingPoint Personal Loan

As you shop for the best personal loans, remember that no lender is 100% perfect.

With that in mind, here are the main pros and cons to know about borrowing with LendingPoint.

Who Is a LendingPoint Personal Loan For?

LendingPoint personal loans are designed with a certain type of borrower in mind. These loans may be best suited for people who:

  • Don’t need to borrow more than $36,500
  • Have at least $25,000 in annual income
  • Plan to use their loan for an approved purpose
  • Are comfortable with repayment terms of 24 to 60 months
  • Have a minimum 580 credit score

Because LendingPoint uses an algorithm model to determine creditworthiness rather than credit scores alone, it may be appropriate for borrowers with fair or bad credit.

If used responsibly, LendingPoint loans could help with building a good credit history.

So what can LendingPoint loans be used for? Some of the ways you can put these loans to work include:

  • Getting caught up on bills
  • Financing home improvement projects
  • Paying for wedding expenses
  • Planning a vacation
  • Funding a move
  • Covering medical bills
  • Refinancing credit card debt
  • Consolidating debt

Debt consolidation and debt refinancing could save you money if you’re able to get a lower rate on a LendingPoint loan than what you’re currently paying on credit cards or other loans.

You may also be able to pay off your debts faster. Remember that you can check your rates without affecting your credit score.

Top Features of LendingPoint Personal Loans

Every personal loan lender is different, in terms of the features and benefits they provide.

If you’re wondering what’s special about LendingPoint, here are some of the highlights to know.

Soft credit check

If you want to check your rates with LendingPoint, you can do so without impacting your credit scores. LendingPoint performs a soft credit pull for rate quotes, though you will be subject to a hard credit pull if you decide to move ahead with the full application.

Credit approval

With most lenders, your ability to get a personal loan relies on your credit scores.

LendingPoint uses a different approach that revolves around a proprietary credit model to determine a borrower’s ability to repay a loan.

That means it may be easier to get approved if you’ve been denied for a personal loan elsewhere.

Fast funding

When you need money quickly to pay a bill or cover an emergency expense, funding speed matters.

LendingPoint offers fast loan funding, with proceeds deposited to your bank account in as little as 24 hours after approval.

No prepayment penalties

Some lenders penalize you for paying off a personal loan early. This penalty is to make up for any interest lost on the loan.

LendingPoint charges no prepayment penalties for making extra payments or paying your loan in full ahead of schedule.

Choose your payment date

LendingPoint makes it easy to choose your payment due date to find a schedule that fits your budget. If needed, you can change your payment date once a year. So you have flexibility in managing loan payments.

How to Apply for a LendingPoint Loan

LendingPoint offers personal loans in every state except Nevada and West Virginia.

If you don’t live in either of those states, you can apply for a loan online, starting with getting a rate quote. Remember, this won’t hurt your credit score.

To start your application, you’ll need to provide the following information:

  • Desired loan amount
  • Loan purpose
  • First and last name
  • Date of birth
  • Phone number and email
  • Home address
  • Annual income and income source
  • Last four digits of your Social Security number

Once you do that, LendingPoint will provide you with your rate quotes.

You can then decide if you’d like to move ahead with the full application.

If so, you’ll need to give LendingPoint your full Social Security number, along with any other financial information the platform requests.

You can get a preliminary loan approval in seconds.

Once your loan is approved, LendingPoint can deposit funds to your bank account in as little as 24 hours. Payments to the loan begin the next month and you can pay online, by phone, through the mobile app, or by mailing in a check.

Rating the Features

So far, this LendingPoint review has covered some of the most important things to know about borrowing this platform. To round things out here’s more on how some of the platform’s key features rate.

User Experience

LendingPoint’s website is simple and straightforward.

The homepage includes all the key information to know about the platform’s loans, including the interest rates, loan terms, and loan amounts.

The initial loan application to get a rate quote is one form that can be completed in under 2 minutes.

LendingPoint does have a mobile app as well for both Android and iOS users.

The app has a clean interface that makes it easy to check your loan balance and schedule payments on the go.

Fees and Rates

LendingPoint offers personal loans with a wide range of interest rates, from fairly low to very high.

Its rates are competitive, though there are some lenders that offer rates below what LendingPoint offers.

In terms of fees, there are no prepayment penalties.

But some borrowers may pay a loan origination fee, depending on which state they live in. This fee ranges from 0% to 6% and is deducted from the loan proceeds.

If you’re interested in a loan that has no origination fees at all, you may want to look for a different lender.


In terms of transparency, LendingPoint lets you see what rates you might qualify for before committing to a loan. So if you’re not happy with your loan offers, you can go elsewhere.

If you decide to go ahead with a loan from LendingPoint, your loan payments are reported to Experian and TransUnion. That can help you build credit over time, though again, they don’t report your loan activity to Equifax.

There’s an FAQ section that’s designed to answer commonly asked questions about LendingPoint loans. Customer support is also available via phone or email.


Loan terms range from 24 months to 60 months, so you can choose a term that best suits your budget and what you’re able to pay each month.

You can choose your payment due date and change the due date once a year. And you can even decide if you want to pay monthly or biweekly to speed up your loan payoff.

Again, loans are available in 48 states and the District of Columbia. So unless you live in Nevada or West Virginia, you should have access to LendingPoint loans.

Customer Support

LendingPoint offers customer support through email or by phone.

The website doesn’t specify what days of the week or hours customer support is available, however. And live chat help or instant messenger support are not available at this time.

In terms of additional resources or tools, LendingPoint offers an FAQ section and Money Smarts, which is a selection of educational articles on different finance topics.

Since LendingPoint’s primary business is making personal loans, it doesn’t offer any added services such as debt management or credit counseling.

Bottom Line

Getting a personal loan can help you achieve different financial goals.

LendingPoint is one lender to consider if you have fair credit or bad credit or if you need to be able to get loan funding quickly.

When comparing personal loans, it can be helpful to use an installment loan calculator to estimate your monthly payments and total interest costs. That can help you choose a loan option that meets your needs without putting a strain on your budget.

Frequently Asked Questions (FAQs)

How much of a personal loan can I get if my credit score is low?

The amount of your loan will depend on the lender, the amount of loan you need, and your income, but there are lenders out there who will loan you money with a credit score in the low 600s.

Are personal loans bad?

Like any debt, if you’re not careful about the amount you borrow and don’t make your payments on time, a personal loan could cause problems.

However, you may be able to get a lower interest rate and a higher loan amount than what you’d be able to get with a credit card, so a personal loan can help you manage your finances better.

Personal loans themselves aren’t bad, as long as you manage your finances with diligence and care.