GOBanking Rates Score

Quick take: LendingPoint is an online lending platform that connects people with fair credit looking for a personal loan with lenders who look beyond credit scores for approval. Approved applicants can receive funds quickly, but annual percentage rates and origination fees may be higher than other loan options. Borrowers may use the funds for any lawful purpose.

  • Availablity
  • Affordability
  • Customer service
  • Features

How did we calculate this?


  • No prepayment penalties
  • Borrowed funds may be available the next business day after loan approval
  • Minimum required credit score of 580
  • APR reduction after six months of on-time payments for eligible borrowers

The inconvenients

  • Minimum annual income requirement of $20,000
  • Set-up fees of up to 7% for certain borrowers
  • Does not allow co-signers or co-borrowers

LendingPoint Overview

LendingPoint offers fixed rate unsecured personal loans to borrowers in all states except West Virginia and Nevada. Consumers with fair credit and a minimum annual income of $20,000 can borrow $2,000 to $36,500 at an APR of 7.99% to 35.99%. Repayment terms are two to five years.

Main characteristics

GOBankingRates gave LendingPoint a rating of 4.3 based on the following factors.


LendingPoint Personal Loans are available to qualified applicants who are at least 18 years old with a minimum credit score of 580, a verifiable bank account, and a minimum annual income of $20,000. Income may come from employment, pension distributions or some other source.


With loan origination fees of up to 7% and annual interest rates of up to 35.99%, a LendingPoint loan may be unaffordable for some borrowers. However, loan rates are fixed and some borrowers may qualify for a lower APR after six months of on-time payments.

Customer service

Applicants and borrowers can receive customer service by email or by phone at [email protected] or 888-969-0959. Borrowers also have access to an online account on the LendingPoint website.


Eligible LendingPoint candidates can benefit from the following features:

  • Pre-approval without serious credit investigation
  • Same day loan approval
  • Funding can be done as early as the next business day
  • APR reduction after six months of on-time payments

How LendingPoint Stands Out

LendingPoint’s mission is to help those with fair credit find lenders who look beyond an applicant’s credit score. The firm’s belief that not everyone with a lower credit rating is at credit risk is supported by the policy that eligible borrowers who make six months of payments on time can qualify for a reduced APR .

Comparable LendingPoint options

Here are two emergency lenders comparable to LendingPoint that those with poor to fair credit might consider.


SeedFi is a secured personal loan option that holds a portion of the loan as collateral in an FDIC-insured savings account. A borrower will not have access to all borrowed funds, but those with weak or insufficient credit may have a better chance of qualifying. Once the loan has been fully repaid, the borrower has access to his savings account. SeedFi APRs range from 11.59% to 29.99%.

OneMain Financial

OneMain Financial has no minimum credit score requirements, but those with a lower credit score generally have a higher interest rate. APRs range from 18.00% to 35.99%. OneMain origination fees can reach 10% of the loan amount for some borrowers.

How to register

Applicants can complete and submit an application on the LendingPoint website. Once the initial application is submitted, the applicant will receive loan offers, often within seconds. The applicant then selects an offer, which may require additional information or documents for approval.

Upon final approval, the borrower can receive loans in their bank account, sometimes as early as the next business day.

Who is LendingPoint Best For

Due to its higher interest rates and origination fees, LendingPoint is ideal for those with fair credit who need cash quickly to cover an emergency expense and who have limited loan options.

Final take

LendingPoint can help borrowers with fair credit get money fast and build credit. Those with bad credit will likely have to look to other lenders for a personal loan. Those with good to excellent credit may find better personal loan rates and terms elsewhere.

Anyone in need of a personal loan should compare the terms, rates, fees, and qualifications of multiple lenders before applying.


Here are answers to common questions about LendingPoint.

  • What credit score do you need for LendingPoint?
    • Applicants must have a minimum credit score of 580 to qualify for a LendingPoint loan. Applicants will need to meet additional requirements to gain approval.
  • Is LendingPoint real?
    • With the many online financial platforms, confirming the legitimacy of a platform is crucial before using it. So, is LendingPoint legit and trustworthy?
    • LendingPoint has been accredited by the Better Business Bureau since 2014 and has an A rating. It has an excellent Trustpilot rating, with a customer rating of 4.9 out of 5 stars from over 6,300 reviews.
  • How long does it take LendingPoint to approve a request?
    • LendingPoint can provide loan offers within seconds of applicants submitting their information. However, once an applicant has chosen an offer, the approval time varies depending on the lender and the amount of additional documentation required.
  • Does LendingPoint do a thorough investigation?
    • LendingPoint uses a soft credit check to pre-qualify applicants for offers. A thorough investigation is performed once an applicant selects a loan offer and proceeds with the application process.

Data is accurate as of June 21, 2022 and is subject to change.

Editorial Note: This content is not provided by LendingPoint. Any opinions, analyses, criticisms, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by LendingPoint.

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About the Author

Andrea Norris has worked in the web publishing industry for 15 years, both as a content contributor and editor specializing in topics related to personal finance, frugal living, home and automotive . She writes short and long content and is well trained in SEO keyword research and writing.