LendingUSA Personal Loans Review 2023| US News


Find the Best Personal Loans for You

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Loan Amount
Min. Credit Score
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Loan Amount
Min. Credit Score
Learn More
Loan Amount
Min. Credit Score

LendingPoint offers unsecured personal loans with fixed interest rates, focusing on borrowers with fair credit. Borrowers can use loans for purposes such as consolidating debt, paying for a wedding, fixing a car or remodeling a kitchen.

If you live where LendingPoint does business and meet the other basic eligibility criteria to apply, you can begin by prequalifying for a personal loan. You will provide some basic information – name, birthdate, income – to check your loan offers. The lender uses a soft credit inquiry, which won’t hurt your credit score, to provide preliminary offers.

LendingPoint’s personal loans range from $2,000 to $36,500, but the loan amount you may be approved for will depend on your credit and other information in your application.

If you accept an offer, you will need to provide the lender additional information and documentation. Have ready your most recent bank statements and a voided check, your driver’s license or a government-issued ID, plus proof of income and employment.

The loan application will trigger a hard credit inquiry, which can ding your credit score by a few points in the short term. Hard inquiries drop off your credit report after two years.

Funds may be available as soon as the next business day after the lender approves the loan and receives all documents.

LendingPoint issues fixed-rate personal loans from $2,000 to $36,500 to borrowers with fair credit, referring to a score of at least 580 on the FICO scale. Loans have APRs from 9.99% to 35.99% and repayment terms from two to five years.

The lender charges an origination fee of up to 6%, which can be deducted from the loan disbursement or financed. Borrowers can pay off loans early without penalty. Borrowers cannot apply for co-signed or joint personal loans.

LendingPoint requires a hard inquiry to verify information on the borrower’s loan application. The final loan amount, APR and terms could vary from the preliminary loan offer based on the lender’s review of the borrower’s credit, financial profile and other factors. Those who proceed may be able to receive same-day approval and disbursal the next business day.

For borrowers trying to build or restore credit, keep in mind that the lender does not guarantee reporting to all three major credit bureaus. Typically, loan activity is reported to one or more credit bureaus, according to the lender.

Borrowers need to check that they meet these basic eligibility requirements. If you want to apply, you must be at least 18 and:

  • Provide a valid photo ID.
  • Have a Social Security number.
  • Earn a minimum annual income of $25,000.
  • Have a verifiable personal bank account in your name.
  • Live somewhere that LendingPoint does business – anywhere in the U.S. except Nevada or West Virginia.

You can apply if you have a discharged bankruptcy at least 12 months ago, but your credit, income, employment and other factors may determine whether you will receive a loan offer.
The lender prequalifies borrowers using a soft pull, which does not affect credit, to check odds of approval and loan offers. Loan amounts and terms will depend on the borrower’s credit, income, job history and other information provided during the application process. If you choose an offer, the lender will perform a hard credit inquiry to verify the information on your application.

The lender does not allow co-signers or co-borrowers.

Borrowers need a minimum credit score of 580 to qualify for a personal loan through LendingPoint.

LendingPoint services all states except Nevada and West Virginia.

LendingPoint is accredited with the Better Business Bureau and has an A+ rating. The lender has a Trustpilot score of 4.8 out of 5 stars based on more than 5,000 reviews, which is an excellent rating.

The Consumer Financial Protection Bureau received 24 complaints in 2020 about personal loans from LendingPoint. The main issues were problems when making payments, unexpected fees or interest charges, and struggles to pay loans, and the company provided a timely response to all but one complaint.

In U.S. News’ ratings of personal loan lenders, LendingPoint received 4.1 out of 5 stars overall, 3.9 for affordability, 4.0 for eligibility and 4.3 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.

  • 8 a.m. to midnight Eastern Time Monday through Friday.
  • 10 a.m. to 9 p.m. ET on Saturday.
  • 10 a.m. to 4 p.m. on Sunday.

The entire LendingPoint loan process can be completed online, and support is available by phone or email.

  • Borrowers with fair credit.
  • Consumers who need relatively small loans.
  • People who plan to pay off the loan quickly to avoid high interest charges.


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