LendingPoint loans give borrowers access to unsecured loans with less-than-stellar credit, including applicants who are able to meet a credit score as low as 620. OneMain Financial, which allows borrowers to apply for a secured loan when they’re not qualified for an unsecured loan to bad credit.
For unsecured loans count on Lendingpoint Loan first, if you need to borrow above Lendingpoint maximum amount of $36,500, you might consider other financial institutions such as SoFi Personal Loans which guarantees qualified applicants to apply for up to $100,000.
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LendingPoint Loan Methodology
To find out which personal loans are suitable and the best for consumers with bad credit, choose an analyze dozens of U.S. personal loans randomly offered by both online and brick-and-mortar banks, including large credit unions.
Loans with no origination or sign-up fees are picked randomly when possible, while there are options for borrowers with a low credit score on this list meanwhile some of those options have origination fees.
Here, are the major key factors to consider when ranking a person’s personal loans:
- Fixed-rate APR: Several rates can go up and down over the lifetime of your loan. You lock in an interest rate for the duration of the loan’s terms, this simply means your monthly payment won’t vary. With a fixed rate APR you are good to go making your budget easier to plan.
- Flexible minimum and maximum loan amounts/terms: Every lender provides one or more than one financing options that you can customize based on your monthly budget and the duration to repay your loan.
- Streamlined application process: Lenders are considered if they offered same-date of approval decisions and a fast online applicant process
- No early payoff penalties: The lenders on the LendingPoint list are not charged for paying off their loans early.
- Customer support: LendingPoint provides its esteemed customers with their list of available resources and services via telephone, email, or secure online messaging. It also provides an advising center to help customers educate themselves and get acquainted with the personal loan process and their finance.
- Fund disbursement: Some lenders which we observed offered the ability to pay your creditors directly. Hence, LendingPoint delivers funds instantly to the loans list through electronic wire transfer to your checking account or in a paper form check.
- Creditor payment limits and loan sizes: The lenders provide loans in an array of sizes from $1,000 to $100,000. Furthermore, each lender advertises its respective payment limits and loan sizes, once the preapproval process is completed it gives you a clue idea of what your interest rate and monthly payment would be for such an amount.
- Autopay discount: Lenders enroll in an autopay by lowering their APR by 0.25% to o.5% which rewards them instantly.
The personal loans are structured and subjected to the advertised rates and fees to fluctuate according to the Fed rate. Once you accept your loan agreement, a fixed-rate APR will assure your interest rate and monthly payment will remain consistent throughout your enter loan term. Hence, your APR monthly payment is considered and it depends on your credit history and creditworthiness.
LendingPoint Loan Eligibility Status
LendingPoint offers loans within 48 states and Washington, D.C. The only states where residents can’t apply are West Virginia and Nevada. You can get approved with LendingPoint if you are having problems with other lenders.
You can as well get paid if you have a bankruptcy on your credit report, provided it was discharged at least 12 months ago.
Here, are the Criteria:
- Income requirements are $35,000 and above
- The credit score requirement is 600.
- Co-signer and co-borrowers are not permitted/granted.
Eligibility Requirements:
- You must be at least 18 years and above
- You must have a Social Security number
- Have a photo ID issued by a federal, state, or local government
- Have a verifiable personal bank account bearing your name.
How to Apply for LendingPoint Personal Loan
To apply for the loan, you will enroll yourself in the lender’s prequalification process. While in this process you are requested to provide and avail the following documents:
- Email address and phone number
- Date of Birth
- Income information
- Desired loan amount
- Loan purpose
- Last four digits of your Social Security number.
After filling in those required documents LendingPoint will run a soft credit check test based on the information you provided and respond back immediately.
Here, you are required to provide additional information to get your best suit loan approved, this includes your proof of income, bank statements, a voided check, and driver’s license. While LendingPoint will process a hard credit check which would give show up on your credit report__ to finalize its offer.
Upgrade on LendingPoint Loan
An upgrade is another factor to be considered in terms of borrowing a loan to fix your financial challenges. It helps you to move bit by bit from minimum to maximum transaction limit, the lower minimum of $1,000 caters to those who may have poor credit.
This feature enables borrowers and gives them the ability to receive funds instantly after applying, still on this benefit you will be offered direct payments to creditors shortly__ It’s available to those securing a debt consolidation loan.
Lendingpoint Loan Mobile App
The LendingPoint App is available in the Play Store and Google Play, Kindly locate your App Store on your device.
To login to Lendingpoint Mobile App you must have an account with a Lendingpoint loan.
- Move to the search option and type LendingPoint Loan App
- Click on it and install the app
- After installation click on open
- Sign-Up using your valid information
- Proceed to confirm your email with the verification code on your email
- Create a strong password and PIN containing upper and lower case characters, numerical, alphabets, and number
- You have successfully created an account with the LendingPoint loan
- Leave the page and log in
- To log in enter your email and next is your password
- You can now access your account
Note: Do not disclose your account information to anyone or any unknown person in other to protect your account from fraudsters. Always contact Lendingpoing Customer Support for further assistance and help.
Positive Impact of LendingPoint Loan
Your options for borrowing a LendingPoint personal loan may be limited if you have poor or damaged credit scores. Luckily, LendingPoint offers secured loan options for borrowers with fair treatment of credit (FICO score below 670) without stipulating high-interest rates for payday loans.
You may find it difficult somewhere else to obtain loans, Lendingpoint is here to credit you instantly ranging from $2,000 to $36,000.
- Offers loan options for borrowers with fair credit scores
- There are no prepayment penalties
- Quick funding after loan approval
- Lets you prequalify online with a soft credit check
Negative Impact of LendingPoint Loan
LendingPoint also has its negativity. The origination fee can range up to 8% (percent) which can easily eat all the value of your loan, Lendingpoint is counted as the top borrowing site with bad or fair credit facilities for those who need loans right away and don’t want to resort to payday loans.
- Joint loans not permitted
- Origination fee up to 7%
- High maximum APR. loan amount to $36,500
LendingPoint Loan Customer Support
You can reach LendingPoint loan through email or Call (888) 969-0959
Email: CustomerService@LendingPoint.com or FAQs – LendingPoint