Dorina O.
Verified BorrowerWould you recommend this product? Yes
I went pretty quickly. It was good. I mean, it went pretty quickly. No issues.
LendingPoint 2026 Personal Loan Review
LendingPoint personal loans are best for borrowers with at least fair credit who want a quick application process and fast funding.
4.1
Est. APR
7.99 - 35.99%
Min. credit score
640
Time to fund
same - day
Loan amount
$1K - $36.5K
Loan term
2 to 6 years
Origination fee
0% to 10%
Best if you
- Have fair credit or better.
- Want to pre-qualify with a soft credit check.
- Need the funds quickly.
- Want a small loan.
Not Ideal if you
- Don't want to pay an origination fee.
- Want to add a co-borrower or co-signer.
- Need a secured loan.
- Want to qualify for rate discounts.
What to know about LendingPoint personal loans
LendingPoint is an online lender that provides unsecured personal loans primarily to borrowers with at least fair credit. Though the lender is light on perks, I think it’s worth considering if you pre-qualify for its competitive lower rate, and particularly if you need the funds fast.
Annual percentage rates start at less than 10%, but the lender doesn’t disclose the average rate a typical borrower receives. It’s unclear how close to the lowest rate the typical borrower gets, so it’s good that you can see what LendingPoint offers with just a soft credit pull.
LendingPoint doesn’t currently offer rate discounts to most customers. However, the lender told NerdWallet it’s testing a program to provide customers a discount if they use their loan to pay off debt and opt to direct-pay their creditors.
I don’t see LendingPoint’s lack of rate discounts as a dealbreaker if you qualify for a competitive APR. The best personal loan is usually the one with the lowest APR, regardless of whether the rate includes a discount.
Keep in mind, though, that LendingPoint has an origination fee of up to 10%, depending on your state. By default, the lender adds the charge to the amount financed, but you may have the option to have the fee deducted from loan funds. This is somewhat unusual, as most lenders that charge an origination fee subtract it from the funds you receive.
Regardless, make sure you account for this fee when you’re deciding how much to borrow. If the fee is added to the loan amount, you’ll wind up borrowing more. On the other hand, if you opt to have the charge deducted from your loan funds, you’ll receive less money.
If you don’t meet LendingPoint’s underwriting criteria based on your credit profile, income and debt level and you can’t qualify on your own, you’ll need to look for a different lender. LendingPoint doesn’t allow you to apply with a co-borrower or co-signer or offer secured personal loans — all of which can strengthen a loan application if you have less-than-perfect credit.
While some lenders have minimum loan amounts as high as $5,000, LendingPoint’s minimum in most states is just $1,000. I see it as a good option if you’re facing an emergency expense — maybe if you need to fix your car or you get hit with an unexpected vet bill. It’s especially worth a look if the alternative is charging the cost to a high-interest credit card that you can’t pay off quickly.
Meanwhile, LendingPoint’s maximum loan amount is $36,500. If you need to borrow more because you’re consolidating a large amount of debt or financing for a major expense, like a home remodel, several lenders offer loans as high as $50,000, or even $100,000.
» MORE: Compare the best personal loans
What we like most about LendingPoint
- Allows pre-qualification with a soft credit: Like many lenders, LendingPoint lets borrowers pre-qualify for a loan with a soft credit check, which doesn’t affect your credit score. Borrowers who pre-qualify can see multiple offers that include their potential loan amount, rate, repayment term, monthly payment and total interest costs.
- Fast funding: LendingPoint provides an instant decision when you apply for a loan. If approved, you can receive your funds as soon as the next business day. Some loans from banks and credit unions take up to a week to fund.
- Offers small loans: LendingPoint personal loans start at just $1,000 (though a few states the lender operates in have higher minimums). It’s best to limit loans to the amount you actually need to avoid paying unnecessary interest, so I like the fact that LendingPoint offers fairly small loans.
- Offers direct payments to creditors: If you’re consolidating debt, LendingPoint gives you the option to send loan funds directly to your creditors. Doing so can streamline things and eliminate the temptation to spend loan money instead of using it for debt payoff. If you choose to directly pay creditors, that funding typically takes two or three days.
Why LendingPoint may not be right for you
- Requires at least fair credit: LendingPoint personal loans require a 640 credit score, which is generally considered fair credit, and the lender says it primarily works with borrowers who have good to excellent credit. The lender also has a maximum debt-to-income ratio of 45%, excluding mortgage payments.
- Origination fee: LendingPoint personal loans have an upfront origination fee of up to 10%, which is in line with what other lenders charge. Not all lenders assess this fee, but it’s most common among online lenders. The lender told us that you may have the option to finance LendingPoint’s origination fee into your loan or have it deducted from your loan funds.
- No co-signed, joint or secured personal loans: LendingPoint only offers unsecured personal loans, which base approval on your creditworthiness and ability to repay on your own. Some lenders allow you to add a co-signer or co-borrower to your application — or take out a secured loan backed by collateral to boost your odds of approval or qualify for better terms.
- No rate discounts: LendingPoint doesn’t offer rate discounts, aside from a pilot program it’s testing to offer a discount to borrowers who choose to directly pay their creditors if they’re using the loan for debt payoff. Many lenders provide rate discounts for things like being an existing customer or signing up for automatic payments.
How much does a LendingPoint personal loan cost?
The total cost of your LendingPoint loan depends on the amount borrowed, annual percentage rate and loan term. Here is an example of how different rates affect the costs of a $3,000 loan with a two-year term. LendingPoint didn’t disclose the APR range for its typical borrower, so these examples are based on its general APR range.
APR | 10% | 30% |
|---|---|---|
Monthly payment | $138 | $168 |
Total interest cost | $322 | $1,026 |
Total loan cost | $3,322 | $4,026 |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a LendingPoint personal loan?
LendingPoint mostly works with borrowers who have good or excellent credit. The lender requires a credit score of at least 640, a DTI ratio of 45% or less (excluding mortgage payments) and income of $35,000 or higher.
You’ll also need at least a two-year credit history, but the lender doesn’t have a minimum number of accounts that need to appear in it.
The lender lets you pre-qualify with a soft credit check, and it’s a good idea to pre-qualify with a few lenders so you can compare your estimated loan amount, APR, total interest and fees, and monthly payment. If you apply for a loan offer, LendingPoint will conduct a hard credit check, which can temporarily lower your credit score by a few points.
LendingPoint personal loans are available in 42 states. They aren’t available in Connecticut, Iowa, Maine, Maryland, Nebraska, Nevada, Vermont and West Virginia, and Washington, D.C.
LendingPoint’s borrowing requirements
- Minimum credit score: 640.
- Minimum annual income: $35,000.
- Maximum debt-to-income ratio: 45%, not including mortgage payment.
- Minimum credit history: At least two years of credit history; no minimum number of accounts.
- Must be at least 18 years old and a U.S. citizen.
- Must have a Social Security number and a valid email address and U.S. bank account.
- Requires proof of residency and employment/income.
The lender didn’t disclose details about its typical borrower, such as average credit score, income or DTI ratio. However, the lender told us the most common reasons applications are declined: low credit score, insufficient income and unverifiable application information.
» MORE: How to get a personal loan
Frequently asked questions
Q: Does LendingPoint let borrowers change their monthly due date?
A: Yes, you can change your repayment date once a year after you finalize a loan with LendingPoint. It’s a common personal loan perk, and a helpful one if you want to balance expenses more evenly throughout the month.
Q: What is an unsecured personal loan?
A: An unsecured personal loan is a loan that doesn’t require collateral, like a car or savings account, for approval.
Instead, lenders determine whether or not to loan you money based on factors such as your credit history, income and total debts. This information also helps them decide your loan amount and interest rate.
Q: What is debt consolidation?
A: Debt consolidation is the process in which you take multiple debts — think credit cards, personal loans or other unsecured debts — and combine them into a single payment. This makes the debt easier to pay off. The two main ways to consolidate debt are through a 0% interest balance transfer credit card or a debt consolidation loan.
Q: What’s the difference between the APR and interest rate on a personal loan?
A: A personal loan annual percentage rate (APR) is the combined total of the interest rate plus the origination fee, calculated on a yearly basis and expressed as a percentage.
APR is important because it shows you the full cost of borrowing over one year. It’s usually the best point of comparison if you’re comparing multiple personal loan offers.
Q: What is an origination fee?
A: A personal loan origination fee is an upfront expense some lenders charge to cover administrative costs to process the loan. The fee is typically from 1% to 10% of the loan amount.
How does LendingPoint compare to the best lenders?
 |  |  |
|---|---|---|
Est. APRFrom 6.53% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $50,000 |
Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.1/5
Affordability25% of rating
3.6/5
LendingPoint may offer competitive APRs to well-qualified borrowers, but it loses points for its origination fee of up to 10% and lack of rate discounts.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
3.9/5
LendingPoint offers hardship accommodations to borrowers who encounter financial troubles and lets you manage your loan via mobile app, but it’s missing a few customer-friendly features. For example, it only reports to two of the three credit bureaus, and its customer service is limited to Monday through Friday.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
3.5/5
LendingPoint offers small and medium unsecured loans with five repayment term options. The lender offers a few flexible features, like direct payments to creditors, but secured loans, joint loans and co-signed loans aren’t available.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.7/5
LendingPoint lets you pre-qualify with a soft credit check and only conducts a hard credit check when you apply, but loans are only available in 42 states.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
5.0/5
LendingPoint makes its application process fairly painless by offering pre-qualification with a soft credit check and fast approval. Many borrowers receive funds within a day.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
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