LendingPoint personal loan lender based in Kennesaw, Georgia. The company offers personal loans to individuals with less-than-perfect credit, claiming to use advanced technology and data analysis to assess borrowers' creditworthiness. LendingPoint offers loan amounts ranging from $2,000 to $25,000, with 24 to 48 months terms. The company claims to have a fast and easy application process, with funds available as soon as the next business day for approved borrowers. LendingPoint charges an origination fee of 3% to 6% of the loan amount and has an annual rate (APR) range of 15.49% to 35.99%. The company states that it does not charge prepayment fees so borrowers can pay off their loans early without penalty. LendingPoint also offers a "LendingPoint Better Business Bureau (BBB) Accredited Business" seal on its website, indicating that it has received accreditation from the BBB and meets the organization's standards for trustworthiness.

Lendingpoint Personal Loans Overview

LendingPoint is an online lender that offers personal loans to borrowers with less-than-perfect credit. The company is headquartered in Atlanta, Georgia, and was founded in 2014. LendingPoint aims to provide fast and flexible financing options to borrowers who may not qualify for traditional bank loans.

Eligibility

To be eligible for a personal loan from LendingPoint, borrowers must meet the following requirements:

• Be at least 18 years old
• Have a valid government-issued ID
• Have a verifiable source of income
• Have an active checking account
• Have a social security number

Loan Types And Terms

LendingPoint offers personal loans ranging from $2,000 to $25,000. The loan term options range from 24 to 48 months. LendingPoint also offers a promotional rate for borrowers who make their first 12 payments on time, which can result in a lower interest rate for the remainder of the loan term.

Interest Rates And Fees

LendingPoint's interest rates are fixed and range from 9.99% to 35.99%. The specific interest rate a borrower offers will depend on the borrower's creditworthiness and other factors. LendingPoint charges an origination fee of 2% to 6% of the loan amount, which is deducted from the loan proceeds. There are no prepayment fees so borrowers can pay off their loans early without penalty.

Application And Approval Process

Borrowers can apply for a personal loan from LendingPoint online or over the phone. The application process is simple and only takes a few minutes. LendingPoint will perform a soft credit check as part of the application process, which will not impact the borrower's credit score. LendingPoint will provide a loan offer with the loan terms and conditions if the borrower is approved. The borrower can then review the submission and decide whether to accept it. If the borrower agrees with the offer, LendingPoint will disburse the loan funds to the borrower's checking account within a few business days.

Repayment

LendingPoint offers automatic loan repayment through ACH debit from the borrower's checking account. Borrowers can also make manual payments online or over the phone. LendingPoint provides a mobile app for borrowers to track their loan balance and make payments. If a borrower experiences financial hardship and cannot make a loan payment, they can contact LendingPoint's customer service team to discuss options such as a payment extension or modification.

Customer Service

LendingPoint has a dedicated customer service team that is available to assist borrowers with any questions or issues they may have. Borrowers can contact customer service by phone or email. LendingPoint also has an FAQ section that answers common questions about its loans.

Pros And Cons Of Lendingpoint Personal Loans

Pros

• The quick and easy application process
• Flexible loan terms
• No prepayment fees
• Personalized loan offers are based on more than just credit scores.

Cons

• Interest rates may be higher than some other lenders
• The origination fee may be higher than some other lenders
• Not available in all states

Conclusion

In conclusion, LendingPoint may be a good option for individuals with less-than-perfect credit who need a personal loan and are willing to pay higher interest rates in exchange for potentially being able to qualify for a loan. The company claims to have a fast and easy application process, with funds available as soon as the next business day for approved borrowers. LendingPoint does not charge prepayment fees so borrowers can pay off their loans early without penalty. The company has also received accreditation from the Better Business Bureau (BBB), indicating that it meets the organization's standards for trustworthiness. However, it is essential for potential borrowers to carefully consider the terms and fees of a loan before committing to one and to shop around to compare offers from multiple lenders to ensure they are getting the best deal. Borrowers should also be mindful of their ability to make timely and consistent payments, as defaulting on a loan can have serious negative consequences on their credit and financial well-being.