If your credit rating is a work in progress, applying for a loan from LendingPoint can be a good idea. Key advantages of this company include considering loans for customers with bad to fair credit and providing a quick funding process. Learning about what real-world customers have to say about their experience with LendingPoint can help you decide whether it’s the right choice for you. Keep reading for a LendingPoint loan review based on the key features of loan products and consumer feedback.
What Is LendingPoint?
LendingPoint is a financial institution that offered its first personal loan products in 2015. The lender focuses on people with lower-than-average credit scores and credit history. This capital provider provides lending services in almost every state except West Virginia and Nevada. With headquarters in Georgia, LendingPoint is a popular choice for unsecured personal loans. Key features of a LendingPoint personal loan include:
- It has a minimum credit score requirement of 585, which is lower than the typical score of 600 and above.
- Loan amounts range from $2,000 to $36,500.
- Annual percentage rate (APR) ranges between 9.99% and 35.99%.
- Loan term length can vary from 24 months to 60 months.
- Cosigners are not allowed.
- A $25,000 minimum annual income is necessary to qualify.
- The applicant must be at least 18 and have a valid driver’s license.
- LendingPoint uses innovative technologies to determine the fiscal strength of each loan applicant.
- You can check your interest rate without influencing your credit rating.
LendingPoint Loan Review
Customers of this lender have provided feedback on their experience and summarized their satisfaction or dissatisfaction. You can use reviews, like this one, to identify the strengths and weaknesses of a lender and decide whether choosing one of its loan products is right for you. It’s best to review a financial institution like LendingPoint across several key categories, based on primary research and secondary data on what customers think of the vendor. Here’s a look at the key highlights of LendingPoint and its loan offerings:
LendingPoint Brand
LendingPoint has made a name for itself in unlocking credit to individuals who are typically considered ineligible to lenders. It’s a popular option for borrowers, and over 7 million people applied for loans in 2021.
A key negative about the brand is that it does not report payments to one of the three credit bureaus. If you’re new to using credit and want to build yourself a credit history, this could be an obstacle. However, it’s a very trustworthy brand, with an A rating from Better Business Bureau and a 4.9 Trustpilot score. The Trustpilot ranking was from a maximum of five stars and based on over 6,000 reviews.
Application Process
Based on company data and customer reviews, you can expect a fairly straightforward application process. Loan approval and funding can take place within one business day. According to customer feedback, the majority of successful loan applicants are pleased with the quick loan approval and fund transfer. LendingPoint provides pre-approvals, and as long as a consumer understands that neither the loan approval nor the potential offer amount specified is a guarantee of financing, they can avoid misunderstandings.
Credit Record
A key feature of LendingPoint is that it keeps its services accessible to people with less than stellar credit. Essentially, the lender checks for financial status indicators beyond credit score, such as an applicant’s job, income, and financial history. In relation to financial history, the credit check will focus on whether your credit has been improving. Even a small improvement will increase your eligibility for qualifying for a LendingPoint loan.
According to this lender, it’s looking for customers with financial track records that indicate responsibility. Expect to face a soft credit check that does not harm your financial record.
Fees and Penalties
Customers can typically expect to pay an origination fee up to 6% of the loan amount. LendingPoint’s customers with poor credit records are likely to be charged the highest fees. A key advantage is that the lender does not charge a prepayment fee, so you can pay off your loan before your loan term ends without incurring any additional costs.
Customer Service
Many customers report enjoying positive experiences with LendingPoint’s client representatives. For example, a customer reported getting their loan approved and funded when other lenders had failed to do so. Additionally, a returning customer reported having several positive interactions with the lender, noting that they were asked for less fiscal information after the initial transaction.
Another positive factor is that you can complete the entire application process from the ease of your home since it’s completely digital. Consumers can use email and their phones to access support services. LendingPoint has a high industry ranking for customer service. For example, the brand has a Net Promoter Score of 86, which is much higher than the financial industry’s average of 34.
Overall Benefits of LendingPoint Loans
Applying for a LendingPoint loan can offer you several benefits. If you have been unable to meet your financial obligations in the past or you’re trying to build a positive credit history for the first time, this provider is a viable option for you. Additionally, with its fast approval process and its focus on helping people gain access to loans, LendingPoint is a great choice if you need a loan during an emergency. In general, the majority of customers are satisfied with their product and service experiences.
Now you have an overview about LendingPoint loans. Based on its product and service offerings, this lender can meet and exceed customer expectations. It can be a great option for people who want to build or rebuild their credit records, access small amounts of money, fund an emergency, or settle quickly using prepayment. Use this LendingPoint loan review as a starting point to find out more and choose a loan that best suits you.
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