Lendingpoint Review

LendingPoint Personal Loans: Features, Pros, Cons, Eligibility, Customer Service and Comparison

LendingPoint is an online lender that offers personal loans for a variety of purposes, including debt consolidation, home improvements, medical expenses, and more. Here are some key features of LendingPoint personal loans:

Features and Services

• Loan amounts range from $2,000 to $36,500
• Loan terms range from 24 to 60 months
• Fixed interest rates from 9.99% to 35.99%
• Fast online application process
• Funds can be received as soon as the next business day
• No prepayment penalty

Pros:

• Fast funding process
• Fixed interest rates
• No prepayment penalty
  

Cons:

• High origination fee
• High late payment fee

The Application Process

To apply for a Lending Point personal loan, borrowers can visit the lender’s website and complete a quick online application. The application will require some basic personal and financial information, as well as details about the loan purpose and amount requested. LendingPoint will perform a soft credit check to prequalify borrowers and provide loan offers. If the borrower decides to move forward with a loan, Lending Point will perform a hard credit check, which may affect the borrower’s credit score.

LendingPoint Personal Loan Terms

LendingPoints offers personal loans with fixed interest rates that range from 9.99% to 35.99%. The loan amounts range from $2,000 to $36,500, and the loan terms range from 24 to 60 months. There is an origination fee of up to 6%, and late payment fees can be as high as $30 or 6% of the late payment amount, whichever is greater.

Eligibility Requirements

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

• Be at least 18 years old
• Be a U.S. citizen or permanent resident
• Have a valid bank account
• Have a minimum credit score of 585
• Have a minimum annual income of $35,000

Customer Service

LendingPoint offers excellent customer support and has an informative website. Borrowers can reach LendingPoint’s customer support by phone or email. They can also contact them through social media channels like Facebook and LinkedIn. The customer support is responsive and more than happy to answer any questions. In addition, the website has an extensive knowledge center where borrowers can find various tips on handling unexpected expenses, consolidating debt, and improving their credit health.

How Does LendingPoint Compare to Other Lenders?

LendingPoint vs AceCash Express

While both lenders offer personal loans, LendingPoint may be a better option for borrowers who need larger loan amounts, longer repayment terms, and lower interest rates. AceCash Express may be a better option for borrowers who need smaller loan amounts and faster funding.

Is LendinPoint legit?

Yes, LendingPoint is a legitimate lender. The company has been in operation since 2014 and is headquartered in Georgia, USA. LendingPoint is also a member of the Online Lenders Alliance, which sets best practices and standards for the online lending industry. Additionally, LendingPoint has an A+ rating with the Better Business Bureau (BBB) and has been accredited since 2015.

In conclusion, a LendingsPoint personal loan may be a good option for borrowers who have fair to good credit, need funds quickly, want a fixed interest rate, have a specific financial need, and want to improve their credit. However, borrowers should carefully review the loan terms and compare rates and terms from multiple lenders before making a decision.