LendingPoint Personal Loans Review
If you have high balances on your high-interest credit cards, or you need to consolidate your medical bill debt, one solution would be to take out a personal loan. This is an excellent way to pay down debt and reduce how much interest your charge doing that in the process.
If you use personal loans the right way, they can be valuable financial tools. The key is to choose the loans for getting out of a debt trap rather than digging yourself into a deeper hole.
Don’t use personal loans to fund extravagant getaways or a huge consumer good purchase. Do use the loans to pay off credit cards or other high-interest loans. The next step would be to choose the right personal loan lender.
There are so many different personal loan lenders claiming to be the best of the best, it’s hard to determine which wonders are really is reputable as they appear. As you sift through the competitors and compare loan products, here’s what you need to know about LendingPoint Personal Loans:
Who is LendingPoint?
LendingPoint is an Atlanta-based personal loan lender that has adopted a much more progressive process than other traditional personal loan lenders.
The alternative online direct loan lender was established in 2014 to offer qualified borrowers fast loans at fair rates. With a quick underwriting process, some borrowers have reported getting their funds the next day.
What Minimum Credit Score Do You Need?
LendingPoint Personal Loans targets what they refer to as “Fair Credit” or “NearPrime” consumers.
This means that you’ll qualify for a loan of your own if you have a credit score that falls between 600 and 680.
If your credit score falls in the 600’s, you’ll be able to find a fair and affordable loan option that can help you start a business or start fresh financially.
What Are The Income Requirements?
LendingPoint has really lenient underwriting requirements. This is part of their business model that they’re “Making Fair Credit Fair Again”.
Borrowers who are applying must make at least $20,000. Documentation showing proof of income and proof of deposits through your bank are required. All of this document you can conveniently be submitted online.
What is a Credit Story and Why is it Important?
Everyone falls into hard times at some point. It’s not reasonable to assume that you won’t be forced to live paycheck to paycheck at some point in your life.
When you’re already managing all of your bills on a limited income, it’s difficult to improve your score so that you can take advantage of lower interest loans to pay off your climbing debt.
One of the great things about LendingPoint Personal Loans is that your interest rates are determined by looking at more than just your credit score.
The company has adopted an underwriting process where you’re approved or denied because of your credit story and not just your credit score.
The credit story will show the lender the big picture and not just one aspect of yourself as a responsible borrower. Here’s what’s included in your credit story:
- Job History– having 1 year or more at your current job will help
- Income– verifiable income through a job, self-employment, or retirement
- Financial History– a responsible banking track record
- Credit History– recent financial behaviors that show that you’re improving your credit score
How Much Can You Borrow and For How Long?
Borrowers who apply for loans through LendingPoint can request loan amounts from $3,500 to $20,000.
The loans offered are short terms solutions, so they must be paid off in 24 to 48 months.
The amount that you borrow and the lending term will be used to determine what your final rate will be. LendingPoint prides itself in offering fair rates to fair credit consumers.
How Do You Start The Personal Loan Application Process?
With LendingPoint, you can do the entire application process from start to finish online. This is one of the most convenient applications that exist today for fair credit personal loans.
To apply, simply click the secure “Apply” button on the official web page. Once you press that button, you’ll select a loan amount and enter your personal information.
After you provided your personal information, he will be asked to agree to LendingPoint’s terms and policies.
If you agree to receive electronic communications, you click the “Yes” button and see all of your offers. You don’t have to run your credit immediately to see how much you can borrow and to see your estimated interest rate.
When Do Yo Submit Verification Documents?
Once you’ve reviewed your offers online, the next step is deciding if you want to proceed.
LendingPoint has some of the most competitive rates for NearPrime consumers. If you want to proceed, still need to submit online documentation.
The company asks for your driver’s license, proof of income for the last month, and your bank statements. All of this can be submitted to the underwriter by setting up your profile.
What Are Your Repayment Options?
The flexibility does an end once you qualify for a loan. LendingPoint also offers extremely flexible repayment terms.
As the borrower, choose your due date and the interval of your payments. Some consumers choose to pay once a week and split up the amount due and others will pay all at once every 28 days.
The company even allows borrowers to modify your loan once during the term if needed.
What Makes LendingPoint Different?
You don’t often hear the word fair to describe the personal loan lender. It’s common for lenders to target people in a credit trap by charging exorbitant rates and making the process difficult.
LendingPoint is different. It’s all about “Making Fair Credit Fair Again”.
The company has established a unique data modeling process that helps qualify customers by looking more than just credit.
While creditworthiness is considered, it’s not the sole factor the company looks in. Even better is LendingPoint is a direct lender. Easily apply for your loan online, and in minutes you can find out whether or not you’ll get next-day funding.
Specifically, this lender issues loans for people with fair to average credit.
If you have other than average credit or would like to get rates to compare from multiple lenders, you can apply online for a personal loan through PersonalLoans.com. They offer one easy form to fill out and you will get access to multiple lenders so you get the lowest rate based on your credit score and history.