What you need to know about this loan:
- Loan Amounts Offered: $2,000 to $36,500
- Loan Terms (monthly): 24 to 72 months
- Payment Methods: ACH (bank transfer), auto-pay, online dashboard
- Interest Rate (APR): 7.99% to 35.99%
- Origination Fee: Up to 10% of the loan amount
Pros ✅
- Accepts fair credit: Perfect for borrowers with credit scores starting at 600.
- Fast funding: Funds may be deposited as soon as the next business day.
- No prepayment penalties: Pay off your loan early with no extra fees.
- Change your due date: After your first payment, you can request a new payment due date.
- Mobile app with credit tools: Manage your loan and monitor your credit score for free.
Cons ⚠️
- High origination fee: Can go up to 10%, depending on your state.
- Reports to only two credit bureaus: Payments are reported to Experian and TransUnion, but not Equifax.
Why Choose LendingPoint for Your Loan?
Getting a loan from LendingPoint offers clear advantages when compared to lenders like OneMain Financial, SoFi, Upgrade, Upstart, and Marcus by Goldman Sachs.
LendingPoint accepts applicants with credit scores as low as 600, whereas SoFi generally requires excellent credit and higher income.
Compared to Upgrade, which offers secured loans for better rates, LendingPoint focuses on flexible, unsecured loan options.
Unlike Marcus, which can take longer to fund loans, LendingPoint often funds by the next business day.
Upstart uses AI-based underwriting that can result in variable outcomes, while LendingPoint provides a more stable fixed-rate structure.
And versus OneMain Financial, LendingPoint offers a fully digital experience and the ability to change your payment date — a rare benefit in the personal loan market.
How to Apply for Your LendingPoint Loan
It’s simple and fast — check your rate in minutes without affecting your credit score, upload your documents, and get funded as soon as the next business day.