Important disclosure

LendingPoint Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

LendingPoint logo

LendingPoint was founded in 2014 and is headquartered in Kennesaw, Georgia. This financial technology platform has $328.5 million of revolving and asset-backed security. They offer a full range of products and services for personal banking, including personal loans, investment management, and financial planning.

Can you afford to borrow money from LendingPoint? Use the LendingPoint personal loans calculator to see an estimate of your monthly repayments.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

General facts about LendingPoint personal loans

When you need a quick and easy way to get the money for an important expense, personal loans are just what we’re talking about. They can come in all different shapes with flexible repayment plans so there is something available no matter your needs or financial situation. Read this article to find out if a personal loan from LendingPoint is the right option for you.

What you need to know about the basic features and benefits of a personal loan from LendingPoint:

  • Loan amounts: minimum $2,000; maximum $36,500.
  • Loan terms: between 24 and 72 months.
  • Prepayment penalty: $0.
  • Origination fee: 0% to 8% of loan amount.
  • Interest rates: from 7.99% to 35.99% APR.

Requirements for a LendingPoint personal loan

To be eligible for a LendingPoint loan, you must:

  • Be 18 years or older
  • Have a verifiable personal banking account in your name
  • Not a residence in Nevada or West Virginia
  • 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)

 

LendingPoint personal loan calculator

Loan Amount

$20,000

Term

3 months

LendingPoint

LendingPoint personal loans

Estimated Month Repayments
Interest Rate
9.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$2,000
to $36,500
LendingPoint believes you are so much more than numbers on papers or filled-in form fields

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

 

Pros and cons of LendingPoint personal loans

Pros

  • No prepayment penalty
  • Option to change your payment date
  • Next business day funding
  • Offers mobile app to manage loan payments

Cons

  • Charges origination fee
  • Minimum loan amount applies in some states
  • No joint, co-signed or secured loans

Frequently asked questions

How much can I borrow from LendingPoint?

Eligible applicants can borrow between $2,000 to $36,500.

What are my options for repaying the full loan amount from LendingPoint?

A loan from LendingPoint can be repaid over a term between 2 and 6 years.

What are the potential rates for a personal loan from LendingPoint?

Potential interest rates start from 7.99% and up to 35.99%.

What are the credit score and income requirements for a personal loan from LendingPoint?

Applicants must have a minimum credit score of 620 and provide proof of regular income of $35,000.

Does LendingPoint charge an origination fee for its personal loans?

Yes. The origination fee for a LendingPoint personal loan can be up to 8%.

What is the turnaround time for a LendingPoint personal loan application?

LendingPoint deposits money in to your bank account as soon as the next business day if you’re approved.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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