LendingPoint Personal Loan Review: Best for Fair Credit Applicants

  • on LendingTree's secure website
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LendingPoint Personal Loan Review: Best for Fair Credit Applicants

LendingPoint caters to borrowers with fair credit scores, or any FICO score between 630 and 680. Borrowers with higher credit scores should look elsewhere for a personal loan.

Good for

  • Borrowers with credit scores between 630 and 680

Bad for

  • Borrowers with good to excellent credit
  • Borrowers in West Virginia

Editor's Rating


Get Personal Loan Rates

on LendingTree's secure website

By clicking "See Offers" you'll be directed to our ultimate parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

We suggest borrowers only consider LendingPoint if they have a FICO credit score between 630 and 680. The reason is that rates at LendingPoint start at 9.99%, which is high among personal loan providers. Borrowers with credit scores above 680 should consider other personal loan options. Even fair credit borrowers should check their rate at other lenders to make sure they get the best deal.

LendingPoint Personal Loan Review: Should You Apply?

LendingPoint only makes sense for borrowers with fair to average credit. This is because the company specifically caters to these types of individuals, and does not offer annual percentage rates (APRs) below 9.99%. However, due to these high APRs, we also advise that fair credit borrowers check the rate they'd get at other lenders, to see if they can get a better deal. Borrowers with excellent credit should consider an option like SoFi or Earnest rather than LendingPoint.

  • LendingPoint specifically looks for borrowers with fair to average credit scores (between 630 and 680).
  • Not good for borrowers with great credit due to high APRs.
  • Borrowers who live in CO, CT, HI, ID, IA, LA, ME, MD, MA, NV, NH, NY, ND, RI, SC, VT, WV, WI or WY are not eligible to apply.

LendingPoint bills itself as a personal loan option for individuals with fair credit. This means that the company actively looks for and approves applicants who have FICO credit scores between 630 and 680. While those with higher credit scores can also apply, we don’t recommend LendingPoint for these individuals because of the lender’s high starting annual percentage rates (APRs). We even recommend that borrowers with only fair credit check their rate at other providers, like Avant or Peerform, that have a lower range of rates. The lowest APR you can receive at LendingPoint is 9.99%. For comparison, many other online lenders have APRs starting at 5% or 6%. On a $10,000 three-year loan, this amounts to over $1,500 saved in interest if you have a 5.99% APR instead of a 9.99% APR.

We can’t recommend LendingPoint for individuals with little to no annual income or for those who are unemployed. In order to qualify for a personal loan from LendingPoint, you must demonstrate you have a personal income of $25,000 or more per year. This includes income from employment, self-employment, retirement or other sources. The company also states that it will help your application if you’ve been in your current job for at least one year.

One thing we do like about the company is the flexibility it offers in repaying your loan. You can make a request to change your payment due date temporarily by emailing the company’s customer service team at least five business days before the payment is due. You can also permanently change the due date by signing a loan modification agreement. If you opt to use AutoPay, the company will take a look at your monthly budget and cash flow from the connected bank account to pick a payment date(s) that work best for you. The company offers a twice-monthly repayment schedule—which is unusual among personal loan providers—in addition to the standard monthly repayment schedule.

Eligibility Criteria

To be eligible for a LendingPoint personal loan, you must meet the minimum criteria listed below. We also advise that applicants meet the recommended criteria to improve their chances of qualifying.

  • At least 18 years old
  • Must have government-issued photo I.D. and valid Social Security Number
  • Must have verifiable personal bank account
  • At least $25,000 in annual income
  • Credit score of 630 or higher

LendingPoint Personal Loan Rates, Terms and Fees

  • on LendingTree's secure website
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LendingPoint makes unsecured personal loans up to $25,000. One key point that differentiates LendingPoint from its competitors is the ability to make twice monthly payments.

Loan Amount Range$2,000 - $25,000
APR Range9.99% - 35.99%
  • Origination fee: 0% - 6%
  • No late payment fee
  • No NSF/returned payment fee
  • No check processing fee
  • No prepayment penalty
Loan Terms2 to 4 years
Repayment OptionsMonthly or twice monthly
Direct Payment to CreditorsNo

Application Process

You can apply for a loan online or by phone. You can start the online application at the LendingPoint website. The first step in the application process is to check if you qualify for a loan offer. To do this, you’ll need to provide the following information to LendingPoint: loan amount and purpose, name, address, phone number, personal annual income, and the last four digits of your Social Security Number. At this point, the lender will conduct a soft credit inquiry, which will not impact your credit score, to determine your eligibility.

Application ProcessOnline or by phone
Time to Get FundsAs fast as next business day
Credit Check
  • Soft credit check to get rate
  • Hard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?No

If you’re presented with a loan offer, and choose to accept it, LendingPoint will conduct a hard inquiry, which can affect your credit score. The lender may also require documentation to verify your identity or income. This documentation may include a copy of your driver’s license, recent bank statements, a voided check, pay stubs, or a W-2 form from your employer. Once you submit this documentation, final loan approval will generally take only a few hours. If approved, you can receive funds as soon as the next business day.

How Does LendingPoint Compare to Other Lenders?

When it comes to getting a personal loan, it pays to shop around. We take a look at how LendingPoint stacks up to its competitors.

LendingPoint vs. LendingClub

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You should choose LendingClub over LendingPoint if you have a credit score of 680 or higher. While LendingClub has similar eligibility criteria to LendingPoint, the company offers lower starting rates. If you have great credit, there’s a good chance you can qualify for a single-digit APR at LendingClub (as a reminder, the lowest APR you can get at LendingPoint is 9.99%). LendingClub also allows joint applications, and in some cases, the company will directly pay off your creditors for you. The major downside to LendingClub is its speed of funding. Because the company offers peer-to-peer loans, you won’t receive money until investors have completely funded your loan offer. The process can take seven or more days.


  • APRs: 6.95% - 35.89%
  • Amounts: $1,000 - $40,000
  • Terms: 3 or 5 years
  • Origination fee: 1% - 6%

LendingPoint vs. Avant

  • on LendingTree's secure website
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If you think LendingPoint is a good fit for you, we also recommend that you check your rate at Avant. Similarly to LendingPoint, Avant caters to borrowers with average credit, stating on its website that most of its borrowers have credit scores between 600 and 700. The reason for suggesting checking the rate at Avant is because this lender has lower starting rates and a larger range of loan amounts and terms than LendingPoint. Avant provides payment flexibility, as you can change your upcoming and future payments up to one day before they are due. If you make a late payment, the company will refund its late fee provided you make three consecutive on-time payments after the late one.


  • APRs: 9.95% - 35.99%
  • Amounts: $2,000 - $35,000
  • Terms: 2 to 5 years
  • Origination fee: 0.00% - 4.75%

LendingPoint vs. Peerform

  • on LendingTree's secure website
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If you have a credit score between 600 and 630, Peerform may be a better option than LendingPoint. It’s also a better option if you have good-to-excellent credit. Peerform has a lower minimum credit score requirement than LendingPoint, requiring a credit score of only 600. You’ll also need to have a debt-to-income ratio under 40%, an open bank account, at least one credit card opened, and no recent derogatory marks on your credit report. While meeting these requirements won’t guarantee approval, you can check your rate at Peerform to see if you qualify. Peerform also has a lower range of APRs than LendingPoint, so borrowers with good to excellent credit will likely qualify for a rate under 9.99% here. There are two main downsides to Peerform: you can only borrow money for three years, and because this company is a marketplace lender, it can take up to two weeks to receive funds.


  • APRs: 5.99% - 29.99%
  • Amounts: $4,000 - $25,000 ($10,000 - $35,000 for consolidation loans)
  • Terms: 3 years (3 or 5 years for consolidation loans)
  • Origination fee: 1% - 5%

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.