LendingPoint Personal Loans Review: What You Need to Know
Quick Take: LendingPoint is an online platform that uses proprietary AI-driven technology to offer unsecured personal loans to borrowers of most credit types, including people who may not qualify under traditional underwriting standards. If you have good-to-excellent credit, however, you might be able to find a more competitive annual percentage rate (APR) or lower fee structure.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.
Pros & Cons
Pros
Uses non-traditional, AI-enabled underwriting
May consider borrowers with fair or developing credit
Low borrowing minimum in most states
Flexible loan terms
Pre-qualification with a soft credit check
Cons
Potentially high APRs
Potentially high origination fees
Unavailable in some states
Loans capped at $36,500
No co-signers or joint applicants
Company Overview
Founded in 2014, LendingPoint is a financial technology platform that partners with several fully chartered banks to originate and service unsecured personal loans. Its mission is to use AI-enabled, proprietary technology to provide fast financing to qualified borrowers, including those shut out by traditional credit scoring models like FICO.
LendingPoint is currently headquartered in Kennesaw, Georgia.
Key Features
Interest Rates
LendingPoint offers fixed APRs ranging from 7.99% to 35.99%. That’s a relatively standard rate range for personal loans. However, you can find lenders, including LightStream and LendingClub, with lower fixed starting APRs at around 6.5%. You can also find lenders with lower maximum APRs, around 18% to 25%.
Granted, lenders with highly competitive APRs tend to cater to borrowers with good credit and reserve their best rates for those with excellent scores. If you can qualify for a low rate, however, even a percentage point or two could make a big difference.
This chart demonstrates how total borrowing costs and monthly payments can vary by APR for a 2-year, $5,000 personal loan.
Lender | APR | Total Fees and Interest | Monthly Payment |
|---|---|---|---|
LendingPoint (low) | 7.99% | $427 | $226 |
Lender B | 6.5% | $346 | $223 |
LendingPoint (high) | 35.99% | $2,085 | $295 |
Lender B | 18% | $991 | $250 |
Were you to qualify for Lender B’s maximum 18% APR as opposed to LendingPoint’s maximum 35.99% APR, you could save $45 each month and close to $1,100 in total fees and interest across the life of yr loan.
👉 How to Calculate Interest on Your Loan
Loan Amounts
LendingPoint offers unsecured personal loans from $1,000 to $36,500. That’s a relatively low maximum borrowing amount; many lenders offer unsecured personal loans up to $50,000, while others, including SoFI and Wells Fargo, offer up to $100,000.
It does make LendingPoint an option if you’re looking for a smaller-dollar loan, as quite a few big-name lenders, including Best Egg and Discover, have minimum borrowing amounts of $2,000 or higher.
If you live in the following states, LendingPoint personal loans are either unavailable or subject to different borrowing minimums.
Connecticut (unavailable)
Iowa (unavailable)
Maine (unavailable)
Maryland (unavailable)
Nebraska (unavailable)
Vermont (unavailable)
West Virginia (unavailable)
Washington, D.C. (unavailable)
Colorado ($3,001 minimum)
Hawaii ($2,000 minimum)
Georgia ($3,500 minimum)
Repayment Terms
LendingPoint offers repayment terms of 2 to 6 years. That’s a relatively robust suite of options, especially given LendingPoint’s $36,500 loan cap. However, some lenders, like PenFed, offer shorter 1-year repayment terms, while others offer 7-year or longer repayment terms.
Shorter repayment terms can help you save money on total fees and interest, while longer repayment terms can help you secure a lower monthly payment. This chart illustrates the difference for a $10,000 personal loan with slightly different LendingPoint terms at a mid-range APR.
Term | APR | Total Borrowing Costs | Monthly Payment |
|---|---|---|---|
4-year | 26.59% | $6,344 | $341 |
6-year | 26.59% | $10,103 | $279 |
Funding Speed
LendingPoint can provide offers in minutes and verify loan applications within 1 to 3 business days, depending on documentation requirements.
Once a loan is fully approved, you could receive funds via ACH direct deposit as soon as the next business day, though that timeline is contingent on your bank’s processing capabilities.
Some lenders, like OppLoans, advertise same-day funding, though their offers typically come with similar caveats around bank availability and the exact time of finalization.
Other Notable Features
LendingPoint lets you pre-qualify, meaning you can check rates and get a sense of your approval odds without filling out a full application or triggering a hard credit pull, which could impact your credit score.
The platform’s mobile app lets you manage your loan, monitor your credit and apply for new financing down the road. It’s highly rated in the Apple App Store and moderately rated on Google Play.
LendingPoint scored below-average in J.D. Power’s 2025 Consumer Lending Satisfaction Study, though it edged Upgrade and OneMain Financial, two other fintech lenders known to service non-traditional borrowers. LendingPoint also has a strong Trustpilot score.
Costs & Fees
Like most personal loan providers, LendingPoint doesn’t charge prepayment penalties. However, it charges origination fees of up to 10%, depending on your state and credit profile.
Unlike most lenders, LendingPoint’s default is to add this fee to your borrowing amount so that you receive the full requested loan amount at disbursement. You may be able to have the funds deducted upfront, but that will reduce your loan size. So, if you’re asking for $15,000 and incur a 10% origination fee, you'll receive only $13,500 in funds.
Conversely, increasing your total borrowing amount to account for the origination fee will also increase your total borrowing costs.
LendingPoint may charge a $35 fee once your loan payment is 15 days late. Some lenders, like Best Egg, skip late fees, while others charge lower late fees (around $15).
Eligibility Criteria
To get a LendingPoint loan, you must be 18 or older and have a:
U.S. government-issued ID
Social Security number
Personal bank account in your name
LendingPoint requires a minimum yearly income of $35,000. It doesn’t disclose its minimum credit score requirement, but its proprietary underwriting algorithm may weigh this number less heavily than other factors, like your wages or debt-to-income ratio. As a result, borrowers with fair or thin credit might be able to secure financing.
Users in online forums, like MyFico, report approvals for a LendingPoint loan with scores in the mid-to-high 600s, albeit at pricey APRs.
How To Apply
To apply for a LendingPoint personal loan:
Visit its website and request rates. This step allows you to get an idea of your approval odds without dinging your credit.
Formally apply if you’re satisfied with an offer, especially when comparing it against other lenders that offer pre-qualification.
Stand by to see if LendingPoint needs additional documentation, like pay stubs or bank statements, to fully approve your loan.
Receive funds, usually within 1 to 3 business days of final approval.
Comparable Options
LendingPoint isn’t the only provider using an alternative lending model to provide wider access to credit. See how it compares to similar online platforms.
Feature | LendingPoint | Upstart | Prosper |
|---|---|---|---|
APR range | 7.99% – 35.99% | 6.5% – 35.99% | 8.99% – 35.99% |
Loan Amounts | $1,000 – $36,500 | $1,000 – $75,000 | $2,000 – $50,000 |
Terms | 2 – 6 years | 3 or 5 years | 2 – 5 years |
Origination Fee | 0% – 10% | 0% – 12% | 1% – 9.99% |
Upstart
Upstart also uses AI-enabled technology to offer unsecured personal loans to borrowers with thin or spotty credit. Its main draw over LendingPoint is its lower starting APR of 6.5%, though Upstart’s best rates are generally reserved for borrowers with strong credit. Upstart has a higher maximum origination fee of 12%.
Prosper
Prosper is a peer-to-peer marketplace that connects borrowers to investors who fund unsecured personal loans. Given its alternative business model, it has less stringent underwriting standards, including a minimum credit score of 600, a minimum income of $0 and a minimum debt-to-income ratio of 50%.
Prosper’s minimum APR is higher than LendingPoint's, and it doesn’t offer a 0% origination fee option. However, it does allow co-borrowers to increase your approval odds.
Who It’s Best For
LendingPoint is best for applicants who think they may benefit from an alternative underwriting model. It’s also a good option for smaller-dollar personal loans, as it has a borrowing minimum of $1,000. It’s not a fit if you need large-dollar loans of $36,500 or more. Plus, if you have top-tier credit, you might be able to qualify for cheaper financing.
Final Take
LendingPoint allows you to pre-qualify and check rates with only a soft credit pull, so there’s little risk involved in requesting and comparing its offers against pre-qualified offers from other lenders. In fact, that’s one of the best ways to find a good deal. If you have an untraditional credit profile, consider requesting personal loan offers from non-traditional or less stringent lenders to up your odds of finding affordable financing.
FAQs
Is LendingPoint a legitimate loan company?
Yes, LendingPoint is a legitimate loan company. Founded in 2014 and headquartered in Kennesaw, Georgia, it has an A+ rating and accreditation from the Better Business Bureau (BBB), though customer reviews on this platform are mixed.
Does LendingPoint verify income?
LendingPoint may verify your income during loan approval, usually by requesting bank statements, pay stubs or an employment verification form.
What fees does LendingPoint charge?
LendingPoint charges origination fees of up to 10%, depending on your state and applicant profile. It also may charge a late fee of up to $35, depending on where you live.
Sources
LendingPoint.com - Personal Loans Official Website
Lightstream.com - Personal Loans Official Website
LendingClub.com - Personal Loans Official Website
BestEgg.com - Personal Loans Official Website
Discover.com - Personal Loans Official Website
SoFi.com - Personal Loans Official Website
WellsFargo.com - Personal Loans Official Website
PenFed.com - Personal Loans Official Website
OppLoans.com - Personal Loans Official Website
Upgrade.com - Personal Loans Official Website
OneMainFinancial.com - Personal Loans Official Website
MyFico.com - Lenders using different scoring model but claiming another?
Upstart.com - Personal Loans Official Website
Prosper.com - Personal Loans Official Website
JDPower.com - Consumer Loan Satisfaction Stagnant as Financial Health of Customers Declines, JD Power Finds
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