Learn all you need for the application
LendingPoint is a prominent player in the personal loan market, offering loans ranging from $2,000 to $36,500 with repayment plans spanning from 24 to 72 months.
Established in 2015 as a fintech lender, LendingPoint has evolved into a comprehensive online ecosystem for on-demand financial services. The company operates entirely online, connecting customers to financial loans through its advanced software.
Apart from personal loans, LendingPoint facilitates financing and loans for businesses across diverse sectors, emphasizing business growth and sales expansion.
One notable aspect of LendingPoint is its client-centric approach, emphasizing strong customer relationships despite its fully online operation. The company values a good customer relationship and provides phone support alongside its online services. LendingPoint’s application process involves customers submitting information for a credit check. If eligible, customers receive a loan offer, and upon acceptance, they can sign the contract, with funds potentially available in their account as soon as the next business day.
LendingPoint’s efficiency extends to its user-friendly app, designed like internet banking, allowing customers to manage loans and transactions seamlessly.
Who can Apply?
According to Lending Point itself, the company’s personal loans can be used for any personal purpose, from emergencies to investments in travel and vehicles. The main selection criterion for the loan is the credit score, which is fully taken into account when determining the approval or disapproval of financial amounts. Additionally, the conditions for the borrower include:
- Being over 18 years of age
- Having a government-issued photo ID that is valid
- Having a valid social security number
- Having a minimum annual income of $35,000 from sources such as employment, retirement, or any other verifiable source
- Having a personal bank account in one’s own name that is verifiable and in full operation
Furthermore, Lending Point’s services are not available in the states of Nevada and West Virginia. Apart from that, there are no other major distinctions in the audience for personal loans.
How is the application process at Lending Point Personal Loans?
The application process for a personal loan with Lending Point can be completed entirely online through a form available directly on the company’s platform. The initial information requested by the form includes:
- Full name
- Desired loan amount
- Loan purpose: debt consolidation, unexpected urgent expenses, home improvement, dental/medical, travel, taxes, wedding, and personal reasons.
The purpose question aims to gain a comprehensive understanding of the client’s intentions and guide them towards the best options, rather than judging functionality. Subsequently, the client needs to provide details such as:
- Full name
- Identification number
- Social security number
Additionally, the client will need to provide all information about their source of income, expenses, and bank account details. During the application process, Lending Point may request the following documents:
- Driver’s license
- Pay stubs
- Bank statements
- Proof of employment
After submitting the contact form, Lending Point conducts a comprehensive credit score check and delivers a yes-or-no response.
If approved, the client signs the contract and can receive the money within one business day, depending on the conditions of their bank account. If not approved, the client receives an explanation of the reasons from the company.
Repayment plans range from 24 to 72 months, with fixed rates of 7.99% to 35.99% APR, depending on the loan conditions.
Want to look at another option?
Lightstream Personal Loans is a company that provides personal loans for various purposes, offering up to $100,000, with the possibility of receiving the funds on the same day as the application. You can learn more about the brand.