Borrowers with fair credit could qualify for next-day funding with LendingPoint personal loans
If your credit score is less than perfect, you might assume you can't get a personal loan — but that's not always the case.
LendingPoint offers fast personal loans from $2,000 to $36,500 for qualified borrowers with a minimum credit score of 580, a verifiable bank account and a minimum annual income of $20,000 (either from a job, retirement distributions or some other source).
Select ranked LendingPoint the best lender for fast approval on our list of best personal loans for bad credit. Applicants may receive same-day approval and possibly next-day funding once final documents are verified and approved.
Ahead, Select reviewed LendingPoint, looking at APR, perks, fees, loan amounts and term lengths. (Read more about our methodology below.)
LendingPoint personal loan review
LendingPoint Personal Loans
Annual Percentage Rate (APR)
9.99 to 35.99%
Debt consolidation, wedding, car repair, home renovations and more
From $2,000 to $36,500
24 to 60 months
Up to 6%
Early payoff penalty
Currently, LendingPoint does not charge any late fees but reserves the right to assess late fees of up to $30. Fees vary by state.
LendingPoint APR ranges from 9.99% to 35.99%. On the low end, this interest rate is about average (at the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed). But borrowers with less than perfect credit will likely not qualify for the best rates and should therefore double check their interest rate to make sure the loan is actually affordable.
The final APR you qualify for is based on your individual loan application. Factors like credit score, income, loan amount and loan term are always considered when generating an APR.
LightStream, in comparison, lends to borrowers with good or excellent credit. Therefore, it's no surprise the APR is lower, ranging from 2.49% to 19.99%* when customers use autopay.
Most notably, LendingPoint offers same-day approval and the possibility of next-day funding for qualified borrowers with fair, or even poor credit — it may approve applicants with a minimum 580 credit score. Lendingpoint also allows interested applicants to perform a soft credit inquiry, which will not harm their credit score, to check what kind of loans they qualify for.
Origination fees may be up to 6%, which is not nearly as high as other loans on our bad credit list. To compare, OneMain Financial charges origination fees as high as 10% in some states. For loans with no origination fees, check out our best personal loan list.
Fortunately, there are no early payoff fees or penalties for paying down your LendingPoint loan faster than your original term.
LendingPoint offers loans ranging from $2,000 to $36,500.
Borrowers may take out a LendingPoint loan with terms from 24 to 60 months.
Who's eligible to apply for a LendingPoint loan?
Here are the requirements for those who want to apply for a personal loan from LendingPoint:
- You must be at least 18 years of age.
- You must be able to provide a U.S. federal, state or local government issued photo ID.
- You must have a social security number.
- You must have a minimum annual income of $20,000 (from employment, retirement or some other source).
- You must have a verifiable personal bank account in your name.
- You must live in one of the states where LendingPoint does business (excludes Nevada and West Virginia).
LendingPoint lends to borrowers with less-than-stellar credit, including applicants with a credit score as low as 580. Unlike OneMain Financial, which lets borrowers apply for a secured loan when they can't qualify for an unsecured loan due to bad credit, LendingPoint only offers unsecured loans.
For another secured loan lending option, check out Avant personal loans. Read more about secured vs. unsecured loans.
To determine which personal loans are the best for consumers with bad credit, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions. When possible, we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list. Some of those options have origination fees.
When narrowing down and ranking the best personal loans, we focused on the following features:
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
- Flexible minimum and maximum loan amounts/terms: Each lender provides more than one financing option that you can customize based on your monthly budget and how long you need to pay back your loan.
- No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
- Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process.
- Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
- Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
- Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
- Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $1,000 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.
The rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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LendingPoint Personal Loans Review: Quick Loans for Poor Credit
Soft credit check: LendingPoint will conduct a soft credit check in order to tell you what your interest rate will be before you apply. The advantage of a soft credit check is that it won't negatively impact your credit score, meaning that you can compare rates before making a decision.
Low minimum credit score: Loans are available for borrowers with FICO® Scores as low as 585. Rather than require a high credit score, LendingPoint says they look for a "responsible banking and financial track record."
Available loan amounts: $2,000-$25,000. While other lenders offer larger loans, it's less common to see loans as small as $2,000, which you can get with LendingPoint.
Noprepayment penalty: Whether you plan to pay the loan off early from the outset or just come into some extra cash, there is no penalty for doing so.
Funding time: Funds from your LendingPoint loan will be deposited in your account in one business day.
Instant approval: No need to wait to learn if you qualify.
- Qualify with a less-than-perfect credit score: You may qualify for a personal loan with a minimum credit score of 585, according to a representative.
- Pre-qualify with a soft credit check: You can check personal loan offers without a hard inquiry on your credit reports. Soft credit checks do not impact your credit score.
- Quick access to funds: LendingPoint may transfer the money as early as the following business day after approval.
- Flexible payment options: While most people choose a 28-day payment schedule, LendingPoint offers more choices. You may opt for bi-weekly payments. There’s also an option to temporarily or permanently change your payment due date.
- Possible origination fee: Depending on where you live, LendingPoint may charge an upfront origination fee of 0% to 6% of the total loan.
- Not available in all states: LendingPoint doesn’t offer personal loans in every state. You can see a complete list of states where the lender does business on its website.
- No joint or cosigned loans: If you want to apply for a personal loan with someone else, you need to look elsewhere. LendingPoint doesn’t allow joint or co-signed personal loans.
- High maximum interest rate: LendingPoint’s highest annual percentage rate (APR) is 35.99%, which may be offered to the least creditworthy borrowers. This high APR will add a lot to your monthly payments.
Types of Personal Loans Offered by LendingPoint
LendingPoint offers one unsecured personal loan, which has a fixed interest rate and repayment terms of 24 to 60 months.
Time to Receive Funds
LendingPoint can initiate a transfer as soon as the next business day after receiving the necessary paperwork and approving your loan.
LendingPoint Personal Loan Features
- Fast application and approval process
- Considers more than your credit score
- Bankruptcy won’t disqualify your application
- Use the money for any personal expense
- No prepayment penalties
Apply For a LendingPoint Personal Loan
You must meet these six requirements to qualify for a LendingPoint personal loan:
- You must be at least 18 years old.
- You must provide a government-issued photo ID.
- You must have a Social Security number.
- Your income (employment, retirement, or another source) must be at least $35,000 per year.
- You must have a bank account in your name.
- You must live in a state where LendingPoint does business.
LendingPoint offers an easy, online application process. You can prequalify for personal loan offers by submitting your name, address, date of birth, Social Security number, and annual income.
The lender provides offers with a soft pull, which won’t hurt your credit score. After picking one of LendingPoint’s personal loan offers, a hard pull on your credit will be applied which will temporarily lower your score.
Once you apply, LendingPoint may ask for more information—which may include—but isn’t limited to:
- Your driver’s license
- Bank statements
- Voided check to show proof of income
If you need assistance during any part of the application process, you can contact the customer support team by phone at 888-969-0959 or email the company at firstname.lastname@example.org.
Can I Refinance a Personal Loan with LendingPoint?
If you’re looking for a better interest rate, you will have the opportunity to refinance with a new LendingPoint personal loan after seven to nine on-time payments, according to a representative.
LendingPoint may be a good option if you have fair credit and an income of at least $35,000 per year. The easy application process and quick funding are competitive among other lenders that cater to fair credit borrowers. If you make on-time payments, your credit score should improve over time as the company reports to one or more credit bureaus.
You may find better interest rates elsewhere, though. If you’re itching to pay off high-interest credit card debt, LendingPoint’s highest APRs may be more than you’re already paying. Before applying for any personal loan, it’s always a smart idea to shop around and see what options may be available.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.
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