on LendingPoint website
LendingPoint Review 2019
By: Heather Hanks Feb. 16, 2019
LendingPoint can help you get approved for a personal loan of up to $25,000 even if you have bad credit. They also offer flexible customizable loan payments. These include bi-weekly, every 28 days, or monthly payments for 24 to 48 months.
You should expect to get your funds within the next business day if you quality. But you will need to meet strict qualifications to get approved. These include an annual income of $20,000 and a debt-to-income ratio of less than 35%. Be prepared to pay higher than normal interest rates in exchange for quick funds.
Is a personal loan from LendingPoint right for you? Find out here.
What is LendingPoint?
LendingPoint is a credit lender company who specializes in personal loans. Personal loans can be used for just about anything you need them for. Many people use a personal loan when paying back consolidated loans. Personal loans are dependent on your past credit. If you have good credit history, then you will be able to borrow more money.
LendingPoint specializes in distributing personal loans of up to $25,000 as soon as the next business day. You must have a credit score of 585 to quality. The company’s website claims that they have affordable payments with flexible repayment options. Their mission statement says that they will help you rewrite your credit story. They do this by becoming familiar with your past credit behavior to help you build a good financial future. The company provides personal loans at fair rates and flexible terms to help you pay off your existing debt.
LendingPoint offers loans that range from $2,000 to $25,000. According to the website, the company reviews more than 75,000 financing requests per week. They also claim that they they’ve loaned more than $950 million throughout the United States. More than 3.9 million people applied for their services last year alone.
Here are some of the highlights of a personal loan at LendingPoint
Applying for a personal loan at LendingPoint is simple and easy to do. The company agrees that you should not take out a loan if you cannot pay it back. They give you several options after pulling a soft check on your credit history. This helps determine what you are eligible for. The company offers guided support for future financial decisions. They also help you determine which loan option is best for you based on your past credit behavior. You can contact customer support for further questions or concerns about your account
How Does LendingPoint Work?
It can be hard to get the money you need if you have bad or no credit. LendingPoint is a financial institution that will extend you a personal loan even if your credit is bad. You may have to pay higher-than-normal rates in exchange for the service. The company recommends that you consolidate your debt before taking out a personal loan to help minimize your payments.
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The loan process is easy. First, you'll need to fill out an application online.
Then you will be given a list of options based on your eligibility. LendingPoint uses your past credit history to determine what you are eligible for.
A personal loan at LendingPoint is a good idea for borrowers who have fair or average credit. This is because the company does not offer APR’s below 15.49%. They cater to people with bad credit. Because the APR’s tend to be high, it's a good idea to check elsewhere if you have good credit and can get a lower APR. Remember that if you have bad credit, you will pay higher APR’s in exchange for a personal loan. This is because you are considered a higher risk and someone who has good credit.
For example, other lenders may have interest rates that start at 5% or 6%. If you take out a $10,000 loan for three years, this would save you $1,500 in interest. If you have good credit, it's a good idea to shop around and find a lender with better interest rates. LendingPoint is a good option for someone with a FICO score of a round 600 to 680. You will also need to have an annual income of $20,000 to apply. You must provide proof of your income when applying. This income may include money from self-employment, retirement, employment, or other sources. The company claims that it will help you if you have been at your current job for at least one year. This means that the company likes to see that you have stable income and are in good standing with your employer.
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After you are given your loan options, you can make a decision by clicking on the loan option you wish to choose.
You will then be connected with a team member at LendingPoint who will help you with the rest of the loan process. In some cases, you can expect to receive your funds the next business day. To speed up the funding process, make sure you have all of your documents ready upon applying. If LendingPoint needs more information from you regarding your past credit history, this may delay your funds. Gather all your paperwork before applying. This includes all bank statements, proof of residency, and any other information requested by the lender.
Lendingpoint is flexible with their repayment terms. You can choose between a repayment date bi-weekly, every 28 days, or monthly. Loan terms range from 24 to 48 months. The company allows you to change your payment date temporarily if you choose to. You can make this request by emailing the customer service team five days before your payment is due.
You can also use auto pay to help ensure that your payments are made on time every month. The company will look at your monthly budget and financial behavior via your bank account to help you determine a date that works best for you. Not many loan providers offer a twice monthly repayment schedule. This is one of the benefits of working with LendingPoint. Other lenders tend to be less flexible in regards to giving you wiggle room with your repayment date.
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Lastly, LendingPoint allows you to use your money anyway you want.
They encourage you to consolidate your loans into one small monthly payment to help you get out of debt. The company uses your past credit history and FICO score to determine your eligibility. They also look at your current bankruptcies and delinquencies.
They take into consideration your charge-offs over the past year. They look at your open tax liens and your debt to income ratio. They also look at your credit history and credit card debt. Borrowers with a lower credit score tend to do better with LendingPoint. This is because they will qualify for more money then what they would get at another lender. A borrower who has average credit can take out a loan of $20,000. The repayment term would be 36 months at 21.8% interest. This would mean that you have to pay back $762 per month.
What Does LendingPoint Cost?
Lendingpoint will provide you your pricing plans after you apply. They will pull a soft credit pull to determine your credit standing. This information will determine what your pricing plans will be. If you have good credit, you will be offered more money. The company tends to cater to people with low FICO scores. This is because they will work with you despite not having perfect credit.
After you fill out an application and the company does a soft credit pull on you, you can view your pricing plans. This information is based on your credit history, employment status, and outstanding debt or bankruptcies that you have. In some cases, your pricing plans may also depend on the state you live in. It's a good idea to check with LendingPoint to see what your state requirements are before signing a contract. They should be able to tell you what you qualify for based on the state you live in.
Once you choose a pricing plan that works for you, LendingPoint may assign you a team member to help make sure it's the right decision. They will look at your financial activity through the bank account that you provide to determine when you should make payments. You may also be able to help you decide on a pricing plan that fits your needs. You should expect to see your funds and as little as one day after being approved. Most borrowers see their funds within several days. Having all of your information ready to go when you apply is a good way to speed up the funding process.
LendingPoint PROS and CONS
One of the key beneficial features of a LendingPoint personal loan is the ability to make payments twice a month. This allows borrowers to stay on track without falling behind or becoming subject to a late payment fee. LendingPoint charges $30 every time you are late. You get a 15-day grace period to make up any payments you miss before being charged. This means that if you are late on one of your two monthly payments, then you have until your next payment you make it up. LendingPoint also offers monthly repayments or repayments every 28 days.
One of the major downsides to working with LendingPoint is the high interest rates. If you have good credit, then you may want to apply elsewhere or shop around for a lender with better rates. LendingPoint caters to people with bad credit as a way to help them get out of debt or consolidate their loans. Keep in mind that you will pay higher interest rates if your credit is bad because you are considered riskier than someone with good credit.
LendingPoint PROS
LendingPoint CONS
LendingPoint might be your only option for personal loan if you have bad credit. Other lenders may consider you too risky to work with. One thing to keep in mind is that LendingPoint has higher than average interest rates. This is because they are taking a risk by extending you credit if your income is lower than average or your FICO score is not great. If you have good credit, then you will want to check elsewhere to find a lender with better interest rates. This will help save you a lot of money in interest over the course of your loan.
Using a personal loan at LendingPoint can help you rebuild your credit or pay off your consolidated debt. They offer repayment plans twice a month to help keep your rates low so you can make payments on time. Other lenders only offer repayment options once a month. They are also less flexible then LendingPoint tends to be with their terms.
LendingPoint vs Other Lenders
LendingPoint can be a good company to sign with if you're looking for a loan and you have bad credit. But you will pay higher interest rates than you would with other companies. Before you decide one way or another, it's a good idea to shop around to weigh your options.
When shopping around for a personal loan, it's a good idea to see all rates available from each lender. Factors you should consider include interest rate, repayment dates and length, and required credit. If you have bad credit and you're looking for a loan, then you're better off going with LendingPoint. But if your credit is above 680, then you can probably get a better rate with another lender.
Most lenders we'll have an online calculator that you can use to determine your repayment options and price. Use these tools to your advantage by comparing prices, interest rates, and loan term options. Then go with the company that is best suited for you. Keep in mind that some companies offer additional services. You may find it helpful to go with a company that offers financial counseling over one that does not even if you have to pay more.
Here's how LendingPoint compares to other lenders:
You may also find it helpful to work with a company who will work with your personal needs. LendingPoint has flexible repayment options, which may be worth more to you than a company who is strict about their terms. It's a good idea to collect all the information possible from each company before making a final decision.
If you have several bills due the first week of the month, then LendingPoint may suggest you use the later half of the month to pay off your loan.
You may also want to ask yourself whether or not a personal loan is best for you. If you are small business owner, then taking out a small business loan makes sense. You may also wish to look into secured or unsecured loans. Other options include taking out a line of credit or asking friends and family for money if all you need is help for one month. If your goal is to rebuild your credit, then look into a credit repair service instead.
LendingPoint is a financial institution that specializes in personal loans. They will work with you if your credit is not perfect. Be prepared to pay higher than average interest rates in exchange for cash. One of the benefits of working with LendingPoint t is that they have very flexible terms. They will provide you with several pricing plans before having you sign an agreement. They will also help you pick out which one is best for your needs based on the financial activity in your bank account.
LendingPoint allows you to spend more personal loan on anything you wish. You can also pick your repayment date and change this date as needed. All you have to do is send an email five days prior to the date your payment is due. LendingPoint offers personal loans of up to $25,000 with terms of up to 48 months. To find out what you're eligible for, visit the LendingPoint website and fill out your information using their online calculator. Then compare this information to that of other lenders to determine whether a personal loan at LendingPoint is right for you
Disclaimer
CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.
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