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Lending Point

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James B. Lending Point
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Lending Point offers unsecured personal loans to customers with average credit. With a maximum loan amount of $25 000, this lender may be a good option if you’re looking to finance for new or existing medical expenses.

Lending Point is a fintech lender which delivers a speedy application process, looks well-beyond your credit score when assessing applications, and prides itself on fast turnaround times. The company has been underwriting loans for customers since its launch in 2014.

Most Lending Point reviews emphasize the company’s accommodating policy toward customers with credit scores between 500-700. Lending Point is definitely a good choice if your credit history is less than perfect, because their approval decisions take multiple factors into consideration.

The big advantage of LendingPoint loans is the simple online application and fast processing time. After you enter a few personal and income details, you’ll receive provisional approval along with your estimated rate.

The LendingPoint payment process is flexible, offering payment dates and frequencies that are tailored to suit your needs.

What I Think About The Lending Point

LendingPoint is focused on customers who have average credit, and they also consider applications from people whose credit records are less than perfect. If your credit score is between 300 and 600, you may still have a good chance of being approved if your overall finances are looking good.

The LendingPoint payment terms are definitely a plus. You can choose the dates when your payments will be debited from your bank account and select a payment frequency that suits your income and budget. The options include weekly, twice monthly, and monthly debits.

As a fintech company, it’s no surprise that the LendingPoint portal has streamlined the entire process from application to underwriting, while making the who application effortless as well. The company invests heavily in its technology infrastructure, and the quick processing times and easy access to your loan information via their portal is definitely a positive feature for prospective borrowers.

Lending Point Refinancing Option

If you’re looking to refinance your existing debt, Lending Point loans may be a good choice. With a range of APRs between 10.99%-35.99%, your consolidation loan may come with a significantly lower interest rate when compared with your outstanding loan balance.

While some Lending Point reviews don’t emphasize the refinancing option that the company offers, it’s a great way to save money on your current medical loan repayments. A difference of a few percentage points can save you hundreds of dollars over the term of the loan.

Lending Point Customer Service

LendingPoint customer service is one of the company’s strong points. Their policy of finding reasons to say yes to loan applications seems to extend to all aspects of customer service.

If you have any queries about your loan or would like to take advantage of your one penalty-free loan modification, you can either reach customers service via a Lending Point login using the online portal or speak with a representative by phone on the Lending Point phone number (888 969-0959).

While no loan company can ever satisfy 100% of its customers, the LendingPoint complaints you’ll see online aren’t especially serious. Better yet, the company is good at following up with customers and taking action to improve their experience, focusing their attention on delivering a very satisfying borrower experience.

Lending Point Fees

Loan approval aside, one of the biggest factors to consider when applying for a loan to cover medical expenses are the fees involved. The LendingPoint requirements for loan repayment and fees are as follows:

  • An origination fee of 0.00%-6.00%
  • A late payment fee of $30 will apply after a 15-day grace period
  • No prepayment fees are charged

If you’d like to see a full breakdown of the accompanying fees, you can always visit the company’s website or call the LendingPoint customer service phone number.

Lending Point Pros and Cons

Pros

  • An initial soft credit check that won’t harm your credit record
  • No prepayment penalties or fees
  • LendingPoint payment terms are flexible
  • Quick loan processing times
  • Less stringent credit score requirements - your entire financial story will be considered
  • Refinancing options are available for existing outstanding medical debt

Cons

  • LendingPoint does not offer secured loans or feature a loan cosigning option
  • No direct settlement of existing debts - you will need to repay your debts manually with the funds you receive

How to apply to Lending Point

One of the best aspects of Lending point is the efficient application process. You can complete all of the application’s steps on the LendingPoint portal and you’ll usually receive a decision on the same day.

Using your Lending Point login, you can enter the portal to create a new loan application. Note that Lending Point serves customers with a minimum FICO score of 585, at least $20,000 in annual income, and a debt-to-income ratio of less than 40% in all states except West Virginia.

As you may have read in other Lending Point reviews, the application process is streamlined and geared toward approving loans where possible, even when a borrower’s credit score isn’t perfect.

Lending Point With Bad Credit

If you have bad credit or a weaker credit history, you may be wondering whether Lending Point is a good option. Even if your score is between 300-500, you can go ahead and apply. The LendingPoint pre approval process employs a soft credit check that won’t affect your credit score adversely even if an application is declined.

LendingPoint approval odds aren’t as strongly affected by your credit score as certain other lenders. Your credit history, credit card debt, stable employment status, current delinquencies and bankruptcies, charge-offs over the past year, and open tax liens will all be taken into consideration before issuing a decision about a loan application.

My conclusion about lending point

Overall, Lending Point is an excellent option for someone with less than stellar credit but a solid job situation and reasonably low debt levels. While their personal loans can be used to pay for almost any expense, covering medical debts and medical loan refinancing are some of their most popular uses.

Before you apply for a loan it’s always a great idea to request a free credit report, check the income requirements, and calculate your debt-to-income ratio. Before you get started, you can also learn more by reading other Lending Point reviews online to explore other customers’ experiences.