Personal Loans

LendingPoint Personal Loan Review 2022-Top Features

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
By Rebecca Lake
Updated on: April 13th, 2022
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 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.

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Always free and will not impact your credit score.

Pros and Cons of a LendingPoint Personal Loan

As you shop for 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.

Pros Cons
Loans ranging from $2,000 up to $36,500, with repayment terms of 24 to 60 months Joint or cosigned personal loans not available
Uses a proprietary risk model that looks beyond credit scores to qualify borrowers Less competitive rates compared to other online personal loan options
You can check your rates without impacting your credit score Loan payments are reported to Experian and TransUnion but not to Equifax
There’s no prepayment penalty if you decide to pay your loan off early Some borrowers may have to pay an origination fee, depending on the state
Once approved, loans can be funded in as little as 24 hours Not available in Nevada or West Virginia

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 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 to 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 hinges 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 here 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 a personal loan off 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

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 give LendingPoint your:

  • 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 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.