Denny Ceizyk joined the Bankrate Loans team as a Senior Writer in 2023, providing 30 years of insight from his experience in loan sales and as a personal finance writer to help consumers navigate the lending landscape on their financial journeys.
Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
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Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate's take: Well-qualified borrowers may be able to take advantage of LendingPoint's low minimum rate, which can make for a low monthly payment.
Lender Details
Loan amount
$1,000-$36,500
APR from
7.99%-35.99%
Term lengths
24-72 months
Min Credit Score
600
Funds available in
As soon as one business day
LendingPoint is best for its low minimum rate on a wide range of repayment terms
Qualified borrowers may get a rate as low as 7.99 percent, which is among the lowest minimum rates of the lenders we surveyed, and well below the current national average. You can also choose a term as short as 24 months or as long as 72 months. This gives LendingPoint customers more options to pay their balance off quickly, or spread the payment out longer to make the monthly payment more affordable in the short term.
LendingPoint personal loan purposes
Funds from a LendingPoint loan can be used for nearly any legitimate purpose, ranging from debt consolidation to remodeling a kitchen or paying for a large car repair expense. The low starting rates and long terms also make LendingPoint a good choice for larger ticket items, like a boat or RV purchase.
These are unsecured loans, so you don’t need collateral to qualify for the lowest rates. You may even be eligible for a lower rate after six months of on-time payments, which is a feature very few personal loan lenders offer.
Where LendingPoint personal loans stand out
Low starting APR for eligible borrowers: LendingPoint offers one of the lowest minimum rates on the market for borrowers with excellent credit.
Wider variety of repayment terms: Borrowers have the flexibility to choose a term between 24 and 72 months, while most other lenders only offer terms between 36 and 60 months.
No prepayment penalties: You can pay extra monthly or pay the entire balance off without worrying about any extra charges.
Where LendingPoint personal loans fall short
Minimum income requirement: You’ll need to verify you make at least $35,000 per year to qualify for a LendingPoint personal loan. If you make below that, you’ll need to shop for a different personal loan lender.
No cosigners or joint applications allowed: Even if you have a friend or family member willing to help, they can’t be added as a cosigner or joint applicant for a LendingPoint personal loan.
High origination fees: Depending on the state you live in, you could be charged an origination fee of up to 10 percent. This cuts into the actual amount you can borrow — and may lead to paying more money on interest.
LendingPoint customer resources
Customer support
LendingPoint has customer service hours Monday through Friday from 8 a.m. to 9 p.m. ET and Saturdays from 10 a.m. to 4 p.m. ET. It is closed on Sundays.
Applications are only processed Monday through Friday, which means if you apply on the weekend, you won’t get an answer until Monday. Applications submitted after 5 p.m. on a business day won’t be reviewed for approval until the next business day.
Digital experience
LendingPoint offers a digital app with an average rating of 4.8 out of 5 stars based on over 3,000 App Store ratings. For Google Play, it receives a 4.0 out 5.0 star rating based on almost 1,200 reviews. Negative reviews received a personalized response from a LendingPoint representative.
The LendingPoint website features a knowledge center with helpful articles explaining how personal loans work, as well as a variety of personal finance topics for consumers that want to learn about other money management principles.
Both lenders offer personal loans for fair credit, but LendingPoint’s minimum rate is lower than Upgrade’s, which may make it a better option for borrowers with excellent credit. LendingPoint customers may also be eligible for a lower rate after making six payments on schedule, which is something Upgrade doesn’t offer.
Upgrade borrowers may be eligible for a loan amount of up to $50,000, which gives you $13,500 more in borrowing power than LendingPoint’s $36,500 loan maximum. You can also spread your payment out over seven years at Upgrade, giving you a slightly lower payment than LendingPoint’s six-year maximum term allows.
LendingPoint vs. Avant
With LendingPoint, you may be eligible for a significantly lower minimum rate of 7.99 percent, compared to Avant’s minimum rate of 9.95 percent. You can also choose a longer maximum repayment term of 72 months, whereas Avant doesn’t offer terms longer than 60 months.
Borrowers with credit scores below LendingPoint’s 600 minimum may be eligible for an Avant loan since its minimum credit score is set at 550. And while Avant offers terms as short as 12 months, LendingPoint doesn't charge a repayment penalty — so you could choose a 24-month term and still pay it off within a year, just like with Avant.
Do you qualify for a LendingPoint personal loan?
LendingPoint requires you to prove your income and meet its minimum credit requirements for a personal loan. To qualify, you’ll typically need:
A credit score of at least 600.
Proof that you earn at least $35,000 per year.
An address in a state other than Nevada or Virginia where LendingPoint loans are not available.
A valid bank account for direct deposit of the loan funds.
How to apply for a personal loan with LendingPoint
Get a quote: Use LendingPoint’s app or start your application on the website. The initial prequaification process won’t affect your credit score and isn't an official application.
Add information and finalize your application: Make sure you can prove you make at least $35,000 per year with a paystub or W-2.
Review the loan details: Your final rate and fees will depend on your verified credit score. Choose a longer term for the lowest payment, or the shortest term to pay your balance off quickly to save on interest. Funds may be available within one business day.
How Bankrate rates LendingPoint
Overall Score
4.4
Explanation
Availability
5.0
Online application with quick approval and funding.
Affordability
4.4
Lower starting rates than other lenders with more repayment terms than many lenders, but several fees.
Customer Experience
4.7
Highly rated app, website knowledge center and six-day per week customer service.
Transparency
3.8
Some rates, fees and requirements are listed on the website.
Methodology
Bankrate's trusted personal loans industry expertise
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
What customers think
What people across the web are saying about LendingPoint
LendingPoint gets a high amount of praise from its users — 95 percent of the over 8,500 Trustpilot reviews give it a 4.8 star out of 5 star rating as of February 4, 2025. Many of the reviews refer to the easy process, helpful customer service representatives and lower rate offerings versus other personal loan lenders they’ve applied to.
"This is my second time receiving a personal loan from LendingPoint. After paying off my last loan in 2021, we needed somewhat urgent home repair for our roof and siding. We applied and received an email to upload some documents. Within a few business hours of those documents uploaded we were approved and the funding hit our account the next day!"
The 2 percent of comments that were negative mostly came from consumers who didn’t understand how the payment schedule worked or were in financial distress.
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.
Community LendingPoint scores
PERSONAL LOAN
LendingPoint
Dive into community reviews below and see what others think about LendingPoint.
4.3
72
ratings
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are unedited and have not been reviewed or approved by the associated lender.
Score breakdown
5 stars
47%
4 stars
44%
3 stars
6%
2 stars
0%
1 star
3%
Score by category
Overall rating4.3 / 5
Fees & closing costs3.5 / 5
Funding time4.3 / 5
Customer service3.9 / 5
Application process4 / 5
Online portal or mobile app4 / 5
In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.
Community Reviews
See what users like you are saying about LendingPoint.
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
It was fast and easy at the time of an emergency.
Did you use any other financial products or services along with to achieve your goal?
No I did not but probably would in the future.
Loan purpose
Emergency loan
Score by category
Fees & closing costs4/ 5
Funding time3/ 5
Online portal or mobile app5/ 5
Customer service4/ 5
Application process5/ 5
Key Questions
Would you recommend this lender to a friend or family?Yes
Was the lender responsive/professional?Yes
Did this loan meet your financial needs?Yes
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
I appreciated their clear loan terms
Describe your experience with the application process
The loan process was quicker than I imagined
Loan purpose
Debt consolidation
Score by category
Fees & closing costs4/ 5
Funding time5/ 5
Online portal or mobile app4/ 5
Customer service4/ 5
Application process5/ 5
Key Questions
Would you recommend this lender to a friend or family?No
Was the lender responsive/professional?No
Did this loan meet your financial needs?Yes
We wanna know what you think about LendingPoint
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