Low Credit Score? Feel relaxed with LendingPoint

Low Credit Score? Feel relaxed with LendingPoint

LendingPoint is a quick loan platform designed for fair- and bad-credit borrowers but comes with high rates.

The platform considers more than just credit information to offer quick loans to consumers with fair or bad credit. It’s a solid choice for those with low credit scores, but lacks some flexible features.

Pros

  • Accepts near-prime credit
  • Streamlined approval and application process
  • Soft credit check with pre-qualification.
  • Option to choose and change your payment date.
  • Can fund a loan the business day after approval.

 Cons

  • Origination fees from 3% to 6%
  • Not available in Nevada or West Virginia
  • Rates can be higher than other lenders
  • Doesn’t offer direct payment to creditors with debt consolidation loans.

LendingPoint quick loans are best for you if you:

  • Don’t have great credit
  • Need a smaller quick loan fast
  • Want the option to pay your loan off early

LendingPoint interest rates and loan details

LendingPoint can offer loans for just about any purpose, including home improvement projects, car repairs, medical bills, moving, or getting married. Due to the fact that it primarily serves “near-prime” borrowers with fair credit, the rates make credit card refinancing and other forms of debt consolidation worth it.

Loan size     

$2,000 to $36,500

Loan terms 

2 to 5 years

Min. credit score  

580

Time to get funds

As soon as the next business day

Fees

  • Origination fees from 3% to 6%
  • No prepayment penalty

Residency

  • Photo I.D. issued by U.S. federal, state, or local government required
  • Social Security number required
  • Not available in NV and WV

Loan use

Any quick expense or purchase

 Key benefits

  • Available to “near-prime” borrowers with credit scores as low as 580
  • Streamlined approval and application process
  • No prepayment penalty

Best for

  • Below average credit
  • Unexpected expenses
  • Smaller loan amounts

How to qualify

There are four very important criteria that must be met in order to qualify for a quick loan with LendingPoint:

  • Credit score: One thing LendingPoint has going for it is that it’s comfortable lending to “near-prime” borrowers with credit scores as low as 580.
  • Employment: If you’ve been at your current job for at least a year, LendingPoint will consider that as a “plus.” It does not really matter if you’re retired or self-employed, as long as you have a verifiable source of income.
  • Annual income: The minimum income to get approved for a loan is $20,000, but the more you make (and the lower your current level of debt) the more you’ll be able to borrow. Having a “responsible banking and financial track record” will also score points with this lender.
  • Residency: You must have a Social Security number and a bank account in your name. You’ll be expected to provide other documentation, including proof of income, statements from your financial institution, and a driver’s license or other government-issued photo I.D.

Quick loan approval

Once you’ve submitted all the required documents, LendingPoint can provide a final review and loan approval in just a few hours, allowing you to get your funds as soon as the next day.

Repayment

You can pay your loan back online or by mail, but LendingPoint says most customers set up autopay and have payments taken directly out of their bank account when its due. You can make bi-weekly or monthly payments, but most LendingPoint customers use a 28-day payment schedule that syncs with their paycheck.

How to get a quick loan from LendingPoint

When getting a quick loan, it’s wise to compare rates you may qualify for with other lenders to find the best quick loan for your needs. In addition to interest rate, look for a repayment term and monthly payment that works for you.

How to apply

You can apply for a LendingPoint Quick Loan from HERE

To learn more about LendingPoint, CLICK HERE    

Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small  businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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