No Min. credit score
Get A Loan With Lendingpoint: Unsecured Loans And Offerings For Low Credit Score
Whether you want to pay for your child’s tuition, the remaining balance on your credit card, or you have a debt to settle, a loan may help you stretch costs for several months or even years. The process of making a loan application is simple, but it helps to be prepared and learn how to increase your chances of being accepted.
You must compare lenders in order to find the best one. Consider many possibilities, including your bank, a nearby credit union, online lending platforms, and more. Inquire about charges, loan conditions, and all extra fees, then compare this information for each offer.
Getting a loan at LendingPoint is very accessible for people who have average or poor credit or those that are working to restore their credit. Their personal loans only require a short funding time and have a two to five-year repayment period.
Get A Loan With Lendingpoint: Unsecured Loans And Offerings For Low Credit Score
Whether you want to pay for your child’s tuition, the remaining balance on your credit card, or you have a debt to settle, a loan may help you stretch costs for several months or even years. The process of making a loan application is simple, but it helps to be prepared and learn how to increase your chances of being accepted.
You must compare lenders in order to find the best one. Consider many possibilities, including your bank, a nearby credit union, online lending platforms, and more. Inquire about charges, loan conditions, and all extra fees, then compare this information for each offer.
Getting a loan at LendingPoint is very accessible for people who have average or poor credit or those that are working to restore their credit. Their personal loans only require a short funding time and have a two to five-year repayment period.
Loan Details
Type of Loan Offered
While some lenders use the borrower’s properties as collateral when they can’t settle their loan on time, loans offered by LendingPoint are all unsecured and do not require collateral.
You can borrow money amounting from $2,000 up to $36,500 with an estimated annual percentage rate (APR) of 7.99% to 35.99%.
Refinancing
Borrowers can replace their existing loan contract with one with better terms. This means that you can take out a new loan to settle a current debt with new and revised conditions. Loans from LendingPoint and other creditors can be refinanced.
Loan Availability
Residents from Washington, D.C., and all the 50 states except Nevada and West Virginia can apply to LendingPoint.
How to Apply for LendingPoint Loan
Applying for a loan with LendingPoint only takes a few minutes and the process for loan approval is just a matter of time. They also have a fast funding time so you might get the money in as little as one business day.
But first, you must go through LendingPoint’s prequalification process before being able to submit an application for a personal loan. In addition to the amount and purpose of getting a loan, you’ll also need to provide some basic personal information, proof of yearly income, and your Social Security number’s last four digits. Using the information you gave, they will perform a soft credit check and provide you with a list of available loan plans and terms for you.
Pre-qualifying with LendingPoint, as with many other online lenders, enables borrowers to review their possible rate and repayment terms on a personal loan. This has no impact on your credit score and enables you to evaluate LendingPoint’s loan offers with those of other lenders.
Using its system and guidelines to assess loan applications, LendingPoint takes every step carefully and comprehensively in which they were able to be of service to 85% of clients with a FICO score.
Check out some of the requirements to meet below.
Credit Score
To qualify, your credit score must reach 600 at the minimum. However, candidates with test scores in the range of 673 and higher frequently get the best deals.
Income
You must earn at least $35,000 per year through a job, retirement, or any other means. Those with $80,000 yearly earnings are considered average clients. Additionally, you need to hold a personal bank account registered in your name. Additionally, you need to have less than 50% of debt to income, with mortgage excluded.
Additional charges and fees
Despite its speedy lending process and small loan amounts, LendingPoint also imposes an origination fee of up to 7%, which is something that many personal loan providers no longer do.
Making payments automatically might help you avoid missing any. The fear of missing the due date of your bills will be avoided when you sign up for automatic payment. With LendingPoint, however, you don’t get to have a rate reduction for recurring payments.
On the brighter side, six months following the loan’s disbursement date, borrowers are able to pay their loan off early or foreclose on their mortgage without incurring any penalties and fees.
Payments and Transactions
Repayment periods range from 24 to 72 months. After making your initial payment, you are granted to modify the payment deadline in case you need to. Changes are only allowed once every year.
If a borrower is having trouble making their loan payments, this can be an advantage in which they may be able to reduce their interest rate or lengthen the loan term.
Your loan can be repaid in a lot of different ways with LendingPoint. You can pay via money order, mailed-in check, ACH bank transfer, or using their mobile app. Customers may also sign up for Autopay, which offers them the ease of having their payment taken out of their bank account on the specified due date.
Additionally, loan applications can be submitted online so you can just conveniently wait for the decision of your loan approval.
LendingPoint versus Other Loan Companies
Against LendingClub
You might find it useful to know that LendingClub funds personal loans up to $40,000 if you’re intending to borrow a much larger amount. It likewise provides lower APRs and a similar minimum credit score of 600. If you are unable to satisfy this condition on your own, applying with a co-borrower—which LendingPoint does not now allow—may improve your chances.
Against Avant
LendingPoint’s rival, Avant, provides personal loans with comparable APRs and unsecured loan limits of $2,000 to $35,000. Additionally, a credit score of at least 580 is accepted. Unlike Lending Point, Avant offers a lesser loan period ranging from 24 to 60 months. Given how closely Avant’s conditions resemble those of LendingPoint’s, it could be worthwhile to compare your rates with the two creditors to determine which gives you a better deal.
Final Thoughts
Of all the three credit agencies, LendingPoint only reports to Experian and TransUnion. They do not record and submit payment transactions to Equifax. By reporting transactions to all three bureaus, you make sure that your credit repayment history is visible to every lender or company that does a credit check on you. A track record of regular payments that were made on time will help you build your credit rating and open the door to future lesser rates.
LendingPoint does not transfer loan proceeds to your creditors directly. Meanwhile, there are other lenders that specialize in debt consolidation. You may avoid the strong urge to use the borrowed funds other than paying your debt by opting for direct payments. This is one of the things that LendingPoint could change to provide their clients more convenience.
Cosigned or joint loans are not available with LendingPoint. As a result, borrowers cannot use additional collateral, such as a vehicle, or a co-signer to increase their chances of being accepted or receiving a better rate; they only provide unsecured personal loans. Although these offerings aren’t always available with personal loans, they allow those with bad credit more alternatives.
