LendingPoint Installment Loans Reviewed and Explained

Why Get An Installment Loan From LendingPoint

If you have a hard time getting a loan due to a poor credit score, LendingPoint may be the answer. Here are some reasons why you might consider an installment loan from LendingPoint:

Online applications tailored for ease and convenience.

Loan pre-approval without a hard inquiry to your credit status.

The approval decision is reached in a matter of minutes.

The lender can help you get out of the cycle of taking out payday loans with APRs up to 400%.

What Does LendingPoint offer?

LendingPoint is well known for extending installment loans to people that have a low credit score. The online application makes it easy and convenient to apply and takes care of the entire process.

Flexible repayments allow you to customize certain repayment features. This includes scheduling monthly or biweekly payments and selecting a payment due date. The lender also provides a 14-day payment relief period without charging additional fees to customers who need it.

Funding is typically made available to the customer the day after the loan is approved.

A refinance option becomes available after six months of on-time payments. This means more money, lower monthly repayments, or a lower interest rate. It is important to note that extending the loan term may result in additional fees and interest charges.

How To Apply For A LendingPoint Installment Loan?

LendingPoint's loan application process is completely automated and accessible online via the website.

To start the process, click on 'Apply'. Simply fill in the requested information and then click 'Check My Options'. If you’re satisfied with the offers you were matched with, you can proceed with the formal loan application. Here, submit your driver's license, Social Security number, a canceled check, banking information, and proof of income.

Loan approval is based on your credit score, submitted information, and income. A decision is typically reached within minutes. If your loan is approved, the funds will generally be available in your bank by the following day.

Rates, Terms, and Fees

The most important thing to look at when you apply for an installment loan is the interest rate. LendingPoint's interest rates aren't transparent. The lender does, however, offer pre-approval, which matches you with a couple of loan offers.

According to several reviews, LendingPoint's interest rates range from 9.99% to 35.99% with repayment terms of 24, 36, or 48 months. Loans between $2,000 and $25,000 are available.

LendingPoint doesn't charge any fees on early loan repayment, but an origination fee of up to 6% may apply. Late payments made 15 days or more after the due date carry a penalty of $30.

Bottom Line

If you have a less than perfect credit score, LendingPoint loans may be the right choice for you. It is important to note that interest rates are above average, and you may end up paying more than you want to. For better, more competitive APR rates, you should consider consulting Prosper or SoFi.