LendingPoint is a leader in providing near-prime borrowers access to credit
Lendingaydayoint was recently recognized for its focus on creating access to credit for near-prime borrowers. In an article in Bankless Times, a FinTech and Alt-Finance industry publication, two of LendingPoint’s founders, Tom Burnside and Juan Tavares, were cited as leaders in expanding credit to customers who may not find what they need at other lenders.
Mr. Burnside and Mr. Tavares respectively are the CEO and and chief strategy officer of LendingPoint, a provider of personal loans for fair credit customers. While they have the technology down pat, they combine it with experience in both traditional finance and marketplace lending.
“What sets us apart in the marketplace is we have extensive credit experience first,” Mr.Burnside said.
LendingPoint’s focus on near-rime consumers is a key point of difference for the company and its growing portfolio of customers.
What they saw was a space where near prime consumers, those with credit scores between 600 and 700, were in need of better credit products, with many resorting to predatory lenders.
“Our vision is we want to be the voice of the near prime space,” Mr. Burnside said. “Through technology we want to tell their story in a unique way and to price loan products appropriately.”
That unique way includes looking at a more comprehensive set of factors than many traditional lenders. While many will reject an applicant if their credit score is below a specific number, LendingPoint considers verifiable income sources, current employment of at least 12 months, a history of responsible banking and financial decisions and recent credit behavior that suggests responsible future decisions.