LendingPoint Personal Loans Review

LendingPoint Personal Loans logo

Editor’s Rating

4.0/5.0

LendingPoint Personal Loans Key information

Lending Point offers you affordable personal loans if you are drowned in debt and are a borrower, with bad to average credit score, to pay up for the debt. Lending Point offers you to pay twice a month, to help you manage and maintain your budget. Lendingpoint takes information about your maximum loan amount and the credit points, to help you with several options, according to your budget and a fair interest rate. Lending Point might have affordable criteria for you if you have bad credit or debt consolidation. It just requires a credit score starting from as low as 600, annual earnings of $20,000 or higher, and the current residence. Lending Point also enquires about the job history and debt-to-income ratio.

Borrowers can adjust multiple loans, within a single payment with a fixed payment and at a lower interest rate. You can schedule your payments to be done every week, but primarily, payments are due every month.

Lending Point reviews from different people show that you can even modify your loan plan, once your application is approved and the loan is granted. Lending Point reviews also indicated that they had received the funds as early as possible. Lending Point reviews show a positive impact of Lendingpoint on people drowned, under the debts.

  • You can borrow up to $25,000 and can receive your funds as soon as possible. Lendingpoint is legit on rules while handing over the funds. Lendingpoint is also legit in keeping up with the loaner every month, to receive payments that are due every month.
  • According to Lending Point loan reviews, you might be eligible to receive funds with a credit score as low as 585. However, Lending Point loan reviews do not mention the other factors, which lead to approval
  • Interest rate is fixed and ranges from 9.99% to 35.99%.
  • You only have 1 or 2 years to repay the loan to the Lending Point.
  • You are required to pay 6% of your loan amount as the origination fee.
  • There is no fine and hidden charges in paying the loan off early.

Pros and Cons of LendingPoint Personal Loans

Pros of LendingPoint Personal Loans

  • The procedure is 100% online
  • Beneficial for those who have credit scores higher than 600
  • Lendingpoint leniently checks the credit score and information after the approval
  • Has an online calculator
  • You can also submit your queries and Lendingpoint complaints on the website

Cons of LendingPoint Personal Loans

  • You have to pay 6% of your loan amount
  • There are no co-signers
  • The loaner must earn $20,000 annually
  • Lendingpoint payment could change every month
  • Unsuitable for taking the personal loan by people with bad credit
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Advantages Of Lendingpoint Personal Loans

  •   The procedure is 100% online, through lendingpoint.com. You have to submit the online applications and electronic documents, directly to lendingpoint.com. If the application is approved, you can receive the funds directly into your account overnight. Lendingpoint.com itself is a complete guide for lenders.
  •   It is beneficial for those who have credit scores higher than 600. There is a comprehensive guide to lenders, on lendingpoint.com, which describes many loan options, better than traditional bank loan options.
  •   Lendingpoint leniently checks the credit score and information after the approval. After choosing a loan plan, it checks the credit score and the job history strictly, before providing you with funds.
  •   Lendingpoint.com has an online calculator, from which you can calculate the payment that you have to return.
  • You can also submit your queries and Lendingpoint complaints on the website. The website is very responsive in terms of replying to the Lendingpoint complaints.

Disadvantages of Lendingpoint Personal Loans

  •   You have to pay 6% of your loan amount as the origination fee.
  •   There are no co-signers. You are alone responsible for the repayment.
  •   Lendingpoint requirements for the loan to be approved are strict. In Lendingpoint conditions, it states that the loaner must earn $20,000 annually, for approval of the loan.
  •   The due date of Lendingpoint payment could change every month. The unpredictable change of Lendingpoint payment’s date has created issues to many of the loaners.
  •   Lendingpoint may be unsuitable for taking the personal loan for people with bad credit. As, the application is likely to be rejected. Also, even if they allow the people with bad credit to take the loan, they can only receive funds up to $25,000, which is not sufficient to repay a weighty debt, all at once.

Is it safe to apply with LendingPoint Personal Loans?

Yes, it is entirely safe to apply with Lendingpoint personal loans. It uses SSL encryption, which protects every data that you enter on Lendingpoint.com. It does not share your personal information to the third party for marketing. It adheres to its privacy policy strictly.

Why choose Lendingpoint Personal Loans?

Lendingpoint personal loans are the best option among all the other options available on the internet. First, the process and criteria for lending the loan are far better than traditional banks’ loan services. They provide a wide range of options, to repay your debt. They make out a monthly plan for you to repay as quickly as possible, without stressing about your budget. It requires a minimum credit score, which is best for people having bad to average credit score. Other personal loan lending websites often reject loan applications, based on credit scores.

LendingPoint Personal Loans Application Process

To begin with the application process, you must fill out the application which requires your necessary background information such as the name, birth, designation, social security number, information about any insurance plan, credit score and your annual income. Furthermore, after approval of this application, you are required to fill out another form, which asks about the amount you want to borrow, along with the best monthly payment method, suitable to you. In the end, if the application is approved, Lendingpoint makes a hard check on you, for verification, before lending you the funds.

Who Can Apply For Lendingpoint Personal Loans?

As discussed earlier, you have to be eligible enough to fulfill certain criteria to apply for Lendingpoint personal loan. You must earn up to $20,000, annually, you must have a credit score of more than 600, you must not be a bankrupt since the past year, you must live in an eligible state, and you must have a stable and consistent job since the previous year.

LendingPoint Personal Loans Quick Facts

  • The minimum loan term is 2 years.
  • The maximum loan term is 4 years.
  • Interest rate is fixed.
  • The minimum loan amount is $2,000.
  • The maximum loan amount is $25,000.

Summary

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