Frequently Asked Questions

Top Questions

• Who is LendingPoint?
  LendingPoint is a provider of unsecured personal loans for consumers across the credit spectrum. By combining technology and proprietary algorithms, we’re driving a better lending and borrowing experience by finding more reasons to say “yes.” Now serving hundreds of thousands of consumers, we’ve expanded into small business, and merchant point-of-sale lending solutions to further unlock access to affordable loans.
• Privacy & Security Policies
  To review our privacy and security policies, please visit: https://www.lendingpoint.com/privacy-notice/
• How does LendingPoint keep my personal and bank information safe?
  LendingPoint takes extensive precautions to protect your personal information. We use robust industry-leading procedures and safeguards, including encryption, to secure and protect your personal information. Further information regarding LendingPoint’s security policies and procedures can be found here: https://www.lendingpoint.com/terms-of-use.
• What states are LendingPoint loans offered in?
  We offer loans to consumers in 48 states and the District of Columbia. Currently we do not offer loans to consumers in Nevada and W. Virginia.
• How much can I borrow?
  Our personal loans range from $2,000 to $36,500. The loan amount you may be approved for depends upon your individual credit profile and the information you provide during the application process. The maximum loan amount offered is based upon what is believed to be affordable for you. We take several factors into consideration including your current DTI (debt-to-income ratio) and PTI (payment-to-income ratio).
• How can I use my LendingPoint loan?
  You can use your loan for whatever legal personal expense or purchase you choose. Consider it a debt consolidation loan, a wedding loan, an unexpected medical expense loan, a fix-my-car loan, an I-need-a-vacation loan, or a kitchen remodel loan. It’s up to you.
• Does applying impact my credit score?
  In one word, no. Providing your basic information to view loan options does not impact your credit score. To determine how much you qualify for, we conduct a “soft pull” of your credit, which is a simple data request so that we can view your credit report. If you select a loan option from us, before final approval we require a “hard inquiry” to verify the information you’ve provided on the application. This “hard inquiry” will be seen as an inquiry on your credit report.
• What fees are associated with a LendingPoint loan?
  There are no fees or obligations to apply for a loan, and we never charge for extra payments or loan prepayments. Depending on your state, there may be an 0-6% origination fee included in your total loan amount.
• Do you offer joint or cosigned loans?
  At this time, LendingPoint does not offer joint or cosigned loans. We offer personal loans based on an individual credit profile, taking into account only the applicant’s information and income (not joint or household).
• How long does it take to receive a preliminary approval decision?
  Based on your credit picture and the information provided on the application, LendingPoint returns your loan offer(s) in just seconds. Once you have selected your preferred loan option, we’ll ask for some additional information and documents. After all required documentation has been received and verified, a final underwriting review and loan approval is completed.