Getting a loan when you have mediocre credit is no easy task. You can face astronomical interest rates — or outright rejection.
LendingPoint is a personal loan company that makes loans to people with credit scores as low as 620. In this LendingPoint review, we’ve taken the time to research and analyze the company’s offerings and compare everything to the competition.
From the interest rate range to the minimum credit score needed to secure a LendingPoint personal loan, we’ll help you determine whether this online lender is the right option for your particular financial situation. After all, you may need a bit of extra money, but you won’t want to get stuck in a high APR loan with an awful repayment schedule and unfairly high fees.
Pros and Cons of LendingPoint
Pros
Approval for borrowers with credit scores as low as 620 Funds deposited by next business day Preapproval with only a soft credit check to avoid affecting your credit score
Cons
Interest rates are higher than the competition, even those specializing in loans for poor credit Co-signed and joint loans are unavailable Doesn’t report to Equifax, which prevents credit building What Are LendingPoint Personal Loans?
LendingPoint is a financial technology (fintech) company that provides affordable personal loans to individuals with lower credit scores. The company puts an emphasis on evaluating factors outside general FICO scores, looking at overall debt-to-income ratios and payment-to-income ratios, making it
