Personal loans from US$2,000 to US$36,500 for various purposes!
LendingPoint Personal Loans is a credit provider offering personal loans ranging from $2,000 to $36,500 with repayment plans spanning from 24 to 72 months, featuring different interest rate conditions in accordance with U.S. regulations.
The financial services company provides solutions for contractors, healthcare providers, and financial institutions, catering to both businesses and the general public with personal loan services.
Unlike traditional bank loans, personal loans from LendingPoint do not require collateral such as real estate but are instead based on monthly income and credit score.
Therefore, it’s crucial to familiarize yourself with the key operational requirements of the credit service to avoid surprises. If you are in need of a personal loan service, read on.
Who is Lending Point?
LendingPoint Personal Loans is an unsecured personal loan provider for consumers. Established in 2015 as a fintech lender, it has grown into an on-demand money ecosystem with operations entirely online.
Over the years, the company has received awards from Deloitte and Inc. for the quality and technology of its financial services and client-connecting software.
LendingPoint serves as a bridge to other partner lenders, including FinWise Bank, Coastal Community Bank, and Midland States Bank. The company values maintaining a strong customer relationship and, despite operating entirely online, provides customer support through a telephone channel.
In addition to personal loans, LendingPoint also engages in financing and lending for businesses across various sectors, focusing on business growth and sales expansion.
How do Lending Point work?
LendingPoint Personal Loans operates in line with the trends in the personal loan market. First, potential customers can submit their information for a credit check. If the customer is eligible for a personal loan, LendingPoint sends an offer. If accepted, the customer signs the contract and can receive the money in their account on the next business day, depending on feasibility.
LendingPoint offers personal loans ranging from $2,000 to $36,500 with repayment plans of 24 to 72 months. The fixed interest rates vary from 7.99% to 35.99% APR, depending on the amount and term. Additionally, the company checks the customer’s credit score. Therefore, a lower score may make it more challenging to receive an offer, especially for larger loan amounts.
The brand provides a comprehensive app for managing the loan, requiring a login and password to review the contract and loan disbursement. The Autopay payment system automatically debits the monthly repayment amount, notifying the customer via email and SMS 10 to 3 days before the due date. If a loan application is rejected, the customer receives an informative email explaining the decision.
What are the benefits of applying for a loan at Lending Point?
- Efficient and Comprehensive App: The LendingPoint app features a well-designed interface that consolidates key information about the loan. The service operates similarly to internet banking, facilitating transactions and providing complete money management.
- Excellent Customer Service: Lending Point emphasizes the importance of customer communication, offering support channels to address inquiries and clarify key points related to personal loans.
- Cutting-Edge Technology: One of LendingPoint’s significant advantages, as claimed by the brand, lies in its proprietary software for collecting and processing customer data. The company’s service establishes an efficient connection to verify credit and formulate proposals swiftly and accurately.
Possible Drawbacks
Firstly, the loan amounts provided by LendingPoint may pose obstacles for clients needing sums lower than $2,000—a scenario that is challenging—and those requiring amounts surpassing $36,500, as there are companies that offer higher loan limits.
Moreover, the structure, more akin to personal loans than payday loans, prevents clients from repaying the loan on their next payday, given that the repayment plans start at 24 months.
Want to learn how to apply?
LendingPoint is a secure company aiming to provide efficient personal loan services for its clients. If you believe that the brand aligns with your needs, you can learn more about the application process for the service.