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Since 2015, LendingPoint has provided over $9 billion in funding to individuals and businesses. While traditional personal loan companies only lend to prime and super-prime borrowers, LendingPoint set out to unlock credit for consumers across the credit spectrum. Our LendingPoint personal loan review will show you the key benefits and drawbacks of applying.
LendingPoint has flexible credit requirements. The maximum loan limit may be lower than average, but so is the minimum. This could be a great option for someone who needs a smaller loan, as well as someone still building their credit.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
Soft credit check: Once you provide LendingPoint with basic personal and financial information, it runs a soft credit check. A soft credit check will not hurt your credit score.
Low minimum credit score: Loans are available for borrowers with FICO® Scores as low as 620. Rather than require a high credit score, LendingPoint says it looks for a "responsible banking and financial track record."
Available loan amounts: Loans are available in amounts from $2,000 to $36,500. While other lenders offer larger loans, it's less common to see loans as small as $2,000, which you can get with LendingPoint.
No prepayment penalty: Whether you plan to pay the loan off early from the outset or just come into some extra cash, there is no penalty for doing so.
Funding time: In most cases, funds from your LendingPoint loan will be deposited in your account in one business day.
Instant approval: No need to wait to learn if you qualify.
APR range: Loans have a wide range of possible APRs. The low end makes sense if you're consolidating high-interest debt through LendingPoint, but the upper end is among the highest in the industry.
Origination fee: Depending on your credit rating, LendingPoint's origination fees can be up to 10% of the loan amount. Let's say you're offered an acceptable interest rate on a $20,000 loan, but your origination fee is 10%. LendingPoint will take $2,000 off the top (10%), and deposit the remaining $18,000 in your bank account. However, the amount you're expected to repay remains $20,000, plus interest.
Directions:
You'll generally need the following to qualify for a LendingPoint personal loan:
You can apply for a LendingPoint personal loan on its secure website. Once you've filled out some basic information, you'll be able to see what interest rate and terms you should qualify for. If you decide to move forward as a borrower, you'll be asked to provide proof of income and employment, your most recent bank statements, a voided check, and current driver's license or government-issued ID.
The next step is to choose the loan offer that best suits your needs and formally apply. A hard credit inquiry will be conducted, and if approved, your LendingPoint loan will be deposited into your account (generally by the next business day).
Still on the fence about whether LendingPoint is a good fit for you? If all the statements below apply to you, you'll want to include LendingPoint as you rate shop.
Lenders save their lowest rates for highly-qualified borrowers. Typically, that means a borrower with an exceptional credit score (800 or higher). However, if you have a high credit score, there are other lenders with lower interest rates.
Typically, funds hit a borrower's bank account within one business day.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
Citi Personal Loan disclaimer:
**Rates as of 05-31-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.