when you apply. To put this in perspective, most other lenders' credit score requirements for personal loans range between 600 and 700. This company specializes in lending to consumers who have credit scores in the 600-680 range customers who typically have a harder time getting funding than people with higher scores. LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. You can apply for a LendingPoint personal loan online or over the phone with one of its loan specialists. If you dont have a credit card (or prefer not to use one) and you dont have enough in savings to cover the entire expense, a personal loan can spread payments out over several months or even years. Your FICO credit score is determined based on your payment history, total outstanding debt, the length of your credit history, your credit mix and any new debt youve taken on. Eligibility: Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. You might be using an unsupported or outdated browser. Approval and funding in 2 to 3 business days. That said, Avant does not allow co-signers or co-applicants. You can get a small loan for 2 - 4 weeks by putting your car up as collateral. Editorial Note: We earn a commission from partner links on Forbes Advisor. Cut up the card. How much should you contribute to your 401(k)? May charge an origination fee (0.00% - 8.00%) LendingPoint will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. All lenders have their own unique underwriting requirements, but these typically include information from an applicants credit profile and other factors that demonstrate the ability to repay the loan, such as income. Upgrade has a lower credit score requirement of 580 with APRs starting a little over 8%. The lower your credit score is, the higher the interest rate on your loan is likely to be. Weve maintained this reputation for over four decades by demystifying the financial decision-making With many Americans making fewer purchases at the start of the pandemic, credit card usage went down and credit scores went up. These arent the lowest rates youll encounter in the personal loan space, but Prosper may still be a good choice if youre in a pinch. What You Need for Good LendingPoint Approval Odds. Begin enrollment and be ready to go in as little as 48 hours. Thats on par with or better than many other lenders who cater to people with bad credit, but there are far better rates elsewhere for people with good or excellent credit. Our editorial team does not receive direct compensation from our advertisers. Wallethub doesnt charge for this service. Once you get approved for a LendingPoint personal loan, the money will be delivered through an electronic funds transfer to your bank account. The only exceptions are West Virginia and Nevada. Every smile is unique. That means the LendingPoint personal loan credit score requirement is in the bad credit range. We reached out to Avant to find out what theyve done to adjust practices since the settlement but did not receive a response. If you pay late or fail to make payments altogether, you can expect your credit score to drop. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. !function(e,i,n,s){var t="InfogramEmbeds",d=e.getElementsByTagName("script")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement("script");o.async=1,o.id=n,o.src="https://e.infogram.com/js/dist/embed-loader-min.js",d.parentNode.insertBefore(o,d)}}(document,0,"infogram-async"); Taking out a loan of any kind will have a slight immediate negative impact on your credit score because you are taking on more debt. Key points: LendingPoint's personal loans are best for borrowers with fair or poor credit. Eligibility: Universal Credit requires a minimum credit score of 560, making it suitable for a wide range of borrowers. If you make on-time payments, your score should steadily increase as a result. Yes, LendingPoint personal loans are legit because the lender is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Repayment terms range from 24 to 60 monthsor two to five years. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 23.72% and origination fee of 6% will have a payment of $324.48 per month. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. At Bankrate we strive to help you make smarter financial decisions. You may want to hire a professional before making any decision. What is the easiest bank to get a personal loan from? Happy customers said the loan application process was seamless, with one writing that LendingPoint did an amazing job getting me approved and funded quick and easy!, Another had positive feedback about LendingPoints customer support, writing, The team helped me step by step to ensure my loan [went] through. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. What personal loans can I get with a credit score under 600? Where can I get a small loan for bad credit? BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Something went wrong. Avant offers a similar personal loan product to LendingPoint, with unsecured loan amounts ranging from $2,000 to $35,000 and comparative APRs. You might be using an unsupported or outdated browser. Upstart borrowers cannot use personal loans to finance illegal activity or purchase weapons, firearms or illegal drugs. You should have a good chance of approval if you meet all the requirements, but it is never guaranteed. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. who ensure everything we publish is objective, accurate and trustworthy. subject matter experts, Requires a credit score of at least 620. You understand and agree that you are authorizing LendingPoint to obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion and Experian. Hard pull: Before you get funded for a LendingPoint personal loan, LendingPoint will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases. Please try again later. Borrowers also are charged an origination fee between 2% and 6% of the total loan amount, which is taken from the loan proceeds at funding. Avant borrowers cannot use personal loan funds to cover business expenses, but the platform does allow current borrowers to refinance their existing Avant loans with another loanpossibly with a lower APR. We may also ask to see your driver's license or other identifying documents. Its easy for people with bad credit to get a loan against their next paycheck from a payday lender. 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. 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 applicants income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. We'd love to hear from you, please enter your comments. Initially, a LendingPoint personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule. LendingPoint requires a minimum annual income of $35,000. All Rights Reserved. Requires a credit score of at least 620. Even so, Avant has a high 4.7 star rating on Trustpilot. They require money in a bank account as collateral, so theyre not useful for financing purchases. The company offers $2,000 - $30,000 in funding, repayment periods of 24 - 72 months, and APRs of 7.99% - 35.99%. Were transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. It also looks at exactly who is eligible to apply. Whats more, Upgrade will directly pay off third-party lenders, making debt consolidation more convenient than with some competing lenders. Where appropriate, we awarded partial points depending on how well a lender met each criterion. We rated LendingPoint based on the weighting assigned to each category: Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. Auto title loans: You can get a small loan for 2 - 4 weeks by putting your car up as collateral. No, LendingPoint does not approve everyone. LendingPoint personal loans are designed with a certain type of borrower in mind. You can choose repayment terms between 24 and 60 months. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. LendingPoint personal loans are good for people with credit scores as low as 620 who need a small loan quickly. However, many of them are incredibly expensive options that are not even worth considering. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. The platform also offers a prequalification process so you can see what rates youll qualify for without damaging your credit. While LendingPoint personal loans are legit, they may or not be the best choice for you. Your web browser (Internet Explorer) is out of date and no longer supported. ; LendingPoint may charge origination fees, and it offers lower loan amounts and term lengths than some other lenders. Something went wrong. 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. A Red Ventures company. However, loan amounts only go up to $2,000, so this wouldnt be a solution if you need a larger sum. APRs range from 9.95% to 35.99%. But theyll still require you to have some form of income, along with other basic requirements like providing identification or proof of a bank account. Upgrades Credit Heath tool also makes it easy to track your credit score over the life of your loan. What credit score is needed for a personal loan? You can request a personal loan ranging from $2,000 to $25,000. Information provided on Forbes Advisor is for educational purposes only. There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. Finally, we evaluated each providers customer support tools, borrower perks and features that simplify the borrowing processlike prequalification options and mobile apps. * 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. Setting up a loan arrangement with someone you know could be a way to avoid having to apply for a loan with a bank. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. By combining technology and proprietary algorithms, were driving a better lending and borrowing experience by finding more reasons to say yes. Now serving hundreds of thousands of consumers, weve expanded into small business, and merchant point-of-sale lending solutions to further unlock access to affordable loans. To qualify for a lenders lowest interest rate, borrowers typically need a score of at least 690. In addition to loan interest, upfront origination fees could range from 1% to 8% of your loan amount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds. How long does it take to get money from a LendingPoint personal loan? For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. if(document.querySelector('.lp-footer-year')){ LendingPoint's personal loans are available in amounts ranging from $2,000 up to $36,500 and with terms from 24 to 60 months. If you do find a lender you qualify with, your interest rate will be high and you will likely have stricter borrowing limits. accept people with bad credit. Low credit score requirements. The exact APR that you receive will depend on factors like your credit score, debt and income, too. However, as with other lenders, the funding timeline varies depending on the borrowers bank. Disclaimer: Editorial and user-generated content is not provided or commissioned by financial institutions. To qualify for a LendingPoint personal loan, you need to be at least 18 years old, have a credit score of 600 and have enough income to make the monthly payments, among other requirements. 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