Frequently Asked Questions

Your questions, answered.

About LendingPoint

Who is LendingPoint?
LendingPoint is a provider of unsecured personal loans for consumers serving FICO® scores up to 850. Through proprietary technology and algorithms, we’re driving a better lending and borrowing experience by finding more reasons to say “yes.” After 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.
What are your Privacy & Security Policies?
To review our privacy and security policies, please visit: 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: www.lendingpoint.com/terms-of-use.

Applying For a Loan

Why is my credit score important?
According to Investopedia.com, a credit score is a number between 300–850 that depicts a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders. Many lenders, insurance companies, and other institutions use your credit score in making loan, credit, insurance, and even employment decisions.

At LendingPoint, we believe you are more than your credit score. Our model, using data and technology, looks beyond your credit score to allow us to see a more complete picture of you and your true creditworthiness.
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.
Does applying impact my credit score?
Providing your basic information to view loan options does not impact your credit score. To determine how much you could qualify for, we conduct a “soft pull” of your credit. If you select a loan option and continue your application, we require a “hard inquiry” to verify the information you’ve provided on the application for final loan approval. This “hard inquiry” will be seen as an inquiry on your credit report.
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).
What is the eligibility criteria for a LendingPoint loan?

To be eligible for a LendingPoint loan, you must:

  • Be 18 years or older
  • Be able to provide a U.S federal, state, or local government-issued photo ID
  • Have a social security number
  • Have a minimum annual income of $35,000 (from employment, retirement, or some other source)
  • Have a verifiable personal banking account in your name
  • Not reside in Nevada or West Virginia
What documents may be required for approval?

During the approval process, we may require a few documents to verify the information you provided on your application. Requested documents may include a driver’s license, pay stub(s), bank statements, or employment verification.

What is the loan process?
Our goal is to make the loan process as easy as possible. Simply apply online or call and speak to one of our loan specialists at (888) 969-0959. You’ll select the loan option that works best for you, set up your repayment preferences, then sign your loan agreement. You may be asked to upload a few documents to help verify your application information. Once we receive a complete application, we provide a decision as soon as possible.
How long does it take for my loan to be approved?
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. In some cases, you may be asked to provide some additional documentation to help verify information on your application. Once any additional documentation is received and reviewed a final loan approval is completed.
What’s the status of my loan application?
If we request additional documentation to complete your application, you’ll be notified of a decision within one to three business days once the information is received. You can check the status of your application by calling Customer Support at (888) 969-0959.
If I’m approved, how quickly will I receive my deposit?
After final loan approval, we’ll initiate the transfer of the funds into your bank account via ACH as soon as the next business day. Depending on your bank, it could take longer for the funds to be available in your account.
My friend received a pre-approved letter, but I did not. Can I still apply?
Everyone is welcome to apply. It’s easy to see what loan options you qualify for – just click on the Apply button found throughout our site and follow the simple steps.
Why was my application declined?
If your application was turned down, you’ll receive an email regarding the decision, including how to get a statement of specific reasons.
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.
What fees are associated with a LendingPoint loan?
There is no obligation or fees to apply for a loan. There’re no prepayment penalties or charge for extra payments. Depending on your state, there may be a 0-8% origination fee included in your total loan amount.
Will the interest rate on my loan ever increase?
Our loans are fixed rate loans so your interest rate will never go up. In fact, after 6 months of on-time payments, we will review your account to determine if there is an opportunity to lower your rate.
How can I protect myself from financial scams?
LendingPoint will never contact you requesting money via a gift card, prepaid card or cash reload card, or wire transfer, or a money transfer app as a condition for getting a personal loan. You can find more information and additional resources here to help protect you and your money from financial scams or what to do if you have been a victim of a scam.

Managing Your Loan

How can I access my loan information?

You can access and manage your loan through our customer portal or by downloading the LendingPoint app. Once your loan is approved, you’ll receive an email with your account login information.

When is my payment due?
Once your loan is funded you will receive an email with all your loan details – including your first payment due date. You can view your due date, make a payment, or enroll in Autopay anytime using the LendingPoint mobile app or in the customer portal.
I enrolled in Autopay when I applied. Do I need to do anything else to make my first payment?
You’re all set! We’ll send you a reminder of your Autopay via email and SMS 10 and 3 days prior to your due date.
How can I make a payment?

Most of our customers enroll in Autopay and enjoy the convenience of having their payment automatically deducted from their bank account on its due date. You can make or schedule a payment or enroll in Autopay anytime through your customer portal or the LendingPoint app.
If you’d prefer to use a money order, cashier’s check, or certified check, please make them payable to LendingPoint. Our mailing address is located on your payment reminders sent via email. You can also call us directly at (888) 969-0959 or email us at customerservice@lendingpoint.com for the address.

Please do not send your check to our headquarters as this could cause a delay in posting the payment to your account.

Can I make an extra payment?

Extra payments can be made at any time without penalty using the LendingPoint app or through your customer portal.

Is there a penalty for paying off my loan balance early?
There is never a penalty for paying off your loan early.
Can I get an additional loan with LendingPoint if I already have one?
In some situations, we’re able to offer a second loan.
Please contact us at CustomerService@LendingPoint.com or (888) 969-0959 to speak to one of our loan specialists.
How is LendingPoint offering support to customers who are financially impacted by COVID-19?
LendingPoint customers experiencing financial hardship should contact customer support to discuss their situation.
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USA PATRIOT ACT NOTICE: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 8% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.90% and origination fee of 8% will have a payment of $331.01 per month. (Actual terms and rate depend on credit history, income, and other factors.) Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

* Applications submitted may be funded by one of several lenders including First Electronics Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. Upon final underwriting approval to fund a loan, said funds are often available the next non-holiday business day. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary. Loans are offered from $500 to $10,000 (loan amount maximum based on MCC codes), at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 48 months. For example, for a well-qualified customer, a $5,000 purchase will have a 90-day promotional period with no interest, a 3% fee, and $100 monthly payments. After the promotional period, a remaining balance will be a 24-month term loan, and $263.72 monthly payments with an overall APR of 26.54%.

**Minimum initial transaction of $1,000 in Alabama, Idaho and Iowa.

1. Alimony, child support, or separate maintenance income need not to be revealed if you do not wish to have it considered as a basis for repaying this obligation.

2. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning FinWise Bank is the FDIC Consumer Response Center, 1100 Walnut Street, Box #11, Kansas City, MO 64106. The federal agency that administers compliance with this law concerning Coastal Community Bank and Midland States Bank is the Federal Reserve Consumer Help Center, P.O. Box 1200, Minneapolis, MN 55480. The federal agency that administers compliance with this law for LendingPoint is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.

Click here to see our current list of state licenses

California residents click here ››

Wisconsin residents click here ››

Ohio residents click here ››

LendingPoint's NMLS #1424139 Visit NMLS Consumer Access