America & "Lending"
In 2019 22% or more of U.S. adults were reported utilizing financial services in the form of a personal loan. Large purchases, emergency expenses, and debt consolidation are among the top reasons why more Americans are looking to personal loans as a go-to in their financial toolbox.
Personal loans have many advantages when used responsibly, but some Americans struggle to get through the approval process. A contributing factor is the FICO-scoring model that evaluates creditworthiness, leaving thousands of potential consumers behind. Some lenders require a score of 670 or higher even to be considered for a personal loan. But LendingPoint asked the question: How to provide access to fair credit to those who need it most?
The “Point” Is to Say Yes to More Customers
LendingPoint has spent years perfecting a proprietary smart technology that sees a person's potential, not just numbers on paper or form fields. Its unique algorithm creates a complete picture of creditworthiness, providing more customers access to the money they need across the credit spectrum.
Why You May Need a LendingPoint Personal Loan
According to Bankrate's July 2021 Emergency Savings Survey, 75% of Americans report having little to no savings to deal with unexpected expenses. While lenders say that a common reason to apply for a loan is “emergency” or “urgent funds,” there are other reasons why a personal loan can be beneficial. For example, maybe you’d like to consolidate your credit card debt or take a much-deserved dream vacation? LendingPoint can find the perfect solution to fit your needs with a wide variety of options for you to choose from.
What People Love About It
LendingPoint uses a simple application that allows customers to see the loan options they qualify for without affecting their credit score. Customers appreciate the transparency of being provided a choice of loan terms, allowing them to choose the payment that's best for them before moving forward.
Once you select a loan offer, customers say the process is easy and fast, with most receiving funds deposited right into their bank account as soon as the next business day after their loan is approved.
Biggest Consumer Complaints
One customer reported that they received a notification of loan approval, but document verification issues resulted in a reversal of that decision.
Some customers reported that they had trouble accessing their accounts online.
Should you experience any trouble with your account or have any questions, LendingPoint has a dedicated staff that will help with any issues you might have.
How the Company Works
- Get started with a simple application to see your payment options without impacting your credit score.
- Then select the best loan terms and monthly payment for you and provide some additional information to complete your application
- Once approved, the funds could be in your account as soon as the next business day.
Frequently Asked Questions
How much can I borrow?
Personal loans range from $2,000 to $36,500. The loan amount you may be approved for depends upon your credit profile and the information you provide during the application process.
How can I use my LendingPoint loan?
You can use your loan for whatever personal expense or purchase you choose. Consider it a debt consolidation loan, a wedding loan, an unexpected medical expense loan, a fix-my-car loan, an I-need-a-vacation loan, or a kitchen remodel loan. It’s up to you.
Does applying impact my credit score?
In a word, no. Providing your basic information to view loan options does not impact your credit score. To determine how much you qualify for, LendingPoint conducts a soft pull of your credit; a simple data request so that LendingPoint can view your credit report. However, if you do select a loan option, then LendingPoint will require a hard inquiry to verify the information you’ve provided on the application. This hard inquiry will be seen as an inquiry on your credit report.
What fees are associated with a LendingPoint loan?
There are no fees or obligations to apply for a loan, LendingPoint does not charge for extra payments or loan prepayments. There may be an 0-6% origination fee included in your total loan amount, depending on your state.
Do you offer joint or co-signed loans?
At this time, LendingPoint does not offer joint or cosigned loans. They provide personal loans based on an individual credit profile, taking into account only the applicant’s information and income (not joint or household).
LendingPoint is a proven, reputable lender that helps consumers access loans from $2,000 to $36,500. However, what sets LendingPoint apart from others is its unique technology used to assess your application without focusing solely on credit score. As a result, some lenders may turn down those with less than perfect credit. LendingPoint utilizes its proprietary technology to help evaluate consumers fairly and paint a complete picture of the applicant.