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| Better Business Bureau Rating | A+ |
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LendingPoint Highlights
LendingPoint has many fantastic qualities, which is why it’s such an excellent company to borrow from. We are going to go over some specific highlights, and then you can decide if you want to take out a personal loan with them.
Pre Qualify with Soft Credit Pull
The application process for LendingPoint, which can be completed online, is quick and easy. First, the application page will ask potential borrowers how much money they are looking to take out. They will ask you some of your personal information for the loan at this stage, too.
Some of the personal information needed will be your name, contact information, the last digits of your social security number, and some financial information that you will self report without a background check.
LendingPoint will then do a soft pull on your credit score, but it will not affect your rating by doing this. Then, within a few minutes of submitting your application, you will receive your approved loan details, which include the amount, rates, fees, and other information.
Next, you can accept or deny the offer. If you agree, you will have to submit some more information about yourself and some documents. Those papers included, a bank statement, driver’s license number, a voided check, and proof of employment or an income. LendingPoint will do a hard credit score check at this part of the process.
Once all the paperwork is submitted and approved, you will get your money within a couple of days. At times it could be within 24 hours of acceptance. If there is a problem with the information, then the process could take longer.
High Debt to Income Ratio Allowed
In order to borrow from LendingPoint, one must have a debt to income rate that is lower than 40%. The people who take out loans with them usually have a 15% debt to income rate on average.
Line of Credit
You can take out any amount between $2,000 and $25,000 in the form of a personal loan. This can be used for a number of things, including consolidating your existing debt to help you manage your finances better.
With LendingPoint, a borrower is only allowed to have one loan at a time. If you wish to take out another loan with them, your first loan must be completely paid off before applying for another. There is a convenient refinancing option if you have started paying off your loan. This way, you can take out more money, a smaller monthly payment, or a lower interest rate.
The annual percentage rate or APR is 9.99% to 35.99%. The rates are on the higher side because LendingPoint aims to provide money to those with average to poor credit scores and history. The better your credit score, the lower your APR will be on your loan. However, if you have a bad credit score, the rates could be a bit high.
There are no extra fees on the money borrowed, only the interest rate. Also, there is no charge or penalties for paying the loan off early.
Credit Health Tools
Most people use LendingPoint as a way to consolidate their debt. By doing this, you can improve your credit score by lowering your credit utilization. This number is a ratio from the amount of available credit you have used based on the available credit you have in total. This ratio is responsible for 30% of an overall credit score.
If you consolidate all of your debt with LendingPoint, it is imperative to pay your monthly amount on time. Paying on time and consistently the minimum or more is the most critical factor in calculating a credit score. It is responsible for 35% of your overall rating.
By lowering your credit utilization and having a record of consistent monthly payments, you can use LendingPoint personal loan to make your credit score better.
Hardship Programs
Clients are able to customize their payment plans with LendingPoint. You can choose which day you will make payments each month and how often. One is able to make payments monthly, twice a month, once a week, or even twice a week.
If, for any reason, you are unable to pay on the scheduled date you choose, LendingPoint has a policy that provides only temporary relief. You can delay your payment up to 14 days after the selected day without any fees. After the grace period, you will be charged an additional $30. You can also refinance your loan if the payment amount is too high for your lifestyle.
No Prepayment Penalty
There are no penalties for anyone who pays more towards their loan per month or pays their loan off early.
Unsecured loans
LendingPoint does not secure its loan against your possessions and valuables. The company aims to provide those with lower or average credit scores a chance to get a hold on their debt without the risk of losing securities such as cars, homes, and jewelry.
A person’s credit score will determine how much they receive and also the interest rate for the loan. The APR is between 9.99%-35.99%, which is a high and broad range, but LendingPoint lends money to those with low scores or those with a lot of debt.
