LendingPoint signature loans opinion: Good choice for those who have a reduced credit rating

LendingPoint signature loans opinion: Good choice for those who have a reduced credit rating

The bottom line: LendingPoint is actually a good choice when your borrowing from the bank isn’t really from the top profile and you never qualify for financing that have some other lender. not, the variety of mortgage number is more minimal than almost every other lenders promote, of course you’ve got a good credit score, you could potentially most likely get a better rates somewhere else.

LendingPoint unsecured loan quantity and you will rates of interest

LendingPoint also offers personal loans of $dos,one hundred thousand so you can $36,five hundred. It minimal exceeds almost every other similar consumer loan organizations; as an example, Upgrade and you can Upstart have minimums out-of $step 1,100000. Posting and Upstart supply that loan maximum off $50,100000, that’s notably greater than LendingPoint’s limitation.

The interest costs with the LendingPoint finance start around 9.99% in order to %, that is roughly basic to possess an unsecured loan for people with reasonable credit. Update and you will Upstart enjoys all the way down carrying out costs, but you will probably you desire an excellent credit rating to meet the requirements.

Advantages and disadvantages away from LendingPoint unsecured loans

  • Lower lowest credit history to qualify. LendingPoint keeps the absolute minimum credit rating requirement of 580 as qualified to receive a loan, which is less than many similar lenders.
  • High Better business bureau rating. New Better business bureau gets LendingPoint an one+ get, and also the company does not have any current scandals.
  • No prepayment punishment. You could pay the loan early which have LendingPoint without paying a fee.