Getting a loan when you have mediocre credit is no easy task.
you might face astronomical interest rates or outright rejection.
LendingPoint is a personal loan company that makes loans to people with credit scores as low as 620.
Here’s our roundup of thebest personal loans for bad credit.
Pros and Cons of LendingPoint
What Are LendingPoint Personal Loans?
LendingPoint requires a minimum credit score of 620 and provides funding from $2,000 to $36,500.
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However, its high interest rates may make it a poor choice for everyday shopping.
Here are a few important factors youll want to consider when choosing LendingPoint as your personal loan provider.
It is generally best to select a loan term that is shorter, due to typically lower interest rates.
While longer personal loans may provide lower monthly payments, youll pay more in the end.
Interest Rates
LendingPoints interest rates range from 7.99% to 35.99%.
LendingPoints base interest rate is a bit high compared to the competition.
Once your loan is underway, be sure to make on-time payments.
Lastly, LendingPoint does not impose a penalty for paying off your personal loans early or making extra payments.
Availability
LendingPoint is widely available in the U.S.
The only two states that LendingPoint does not currently service are Nevada and West Virginia.
How to Get Started With LendingPoint
To apply for a personal loan, visit theLendingPoint website.
This does not affect your credit score.
It is important to note that LendingPoint offers only individual credit loans at this time.
Joint and co-signed loans are not an option.
Once approved, money can be delivered as soon as the next business day.
Should I Get a Loan With LendingPoint?
In general, we would recommend reviewing other companies personal loans before proceeding with LendingPoint.
Here are a few personal loan lenders that you may want to consider as alternatives to LendingPoint.
Other Personal Loan Lenders
Other lenders offer loans to individuals with a fair credit score.
Compare products before you sign for a loan.
A balance transfer card could offer a lower APR than what youre currently paying.
Weve reviewed a few of these services and recommend checking outAffirmorKlarna.
The company approves loans for people with scores as low as 620.
LendingPoint also charges an origination fee, which is comparable to other lenders fees.
Once approved, you might receive funding as soon as the next business day.
In short, yes, LendingPoint will verify your income in one capacity or another.
Michael Archambault is a senior writer for The Penny Hoarder specializing in technology.
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