LendingPoint Review
LendingPoint
LendingPoint, LLC
APR Range 7.99% - 35.99%
Loan Amount
$2,000 - $36,500
Term Length 24 - 72 months
Loan Type personal
Pros
- ✓ Longer maximum term (up to 72 months)
- ✓ Same-day or next-day funding
- ✓ No prepayment penalty
- ✓ Soft credit pull for rate check
Cons
- ✗ Origination fee up to 10% in some states
- ✗ Not available in NV or WV
- ✗ Longer terms mean more interest paid over time
What LendingPoint does well
LendingPoint targets the fair-credit segment (FICO 600+) with two distinguishing features: a longer maximum term (up to 72 months vs the 60 most competitors offer) and a soft-pull rate check that doesn’t affect your credit score during shopping.
Best for
- Borrowers who want lower monthly payments by stretching to 6 years
- Fair-credit applicants comparison-shopping multiple lenders (soft pull)
- Same-day funding needs for $2,000-$10,000
Watch out for
The longer term is double-edged. A $10,000 loan at 22% APR over 36 months costs ~$3,800 in interest; the same loan over 72 months costs ~$8,200 — more than double. If you can comfortably afford a shorter term, take it. Also: the origination fee (0-10% depending on state and credit) is rolled into APR, but it’s a real upfront cost worth comparing across lenders.
Requirements
- At least 18 years old
- Minimum FICO score around 600
- Verifiable annual income of $20,000+
- Active US bank account