Originally posted on https://bonsaifinance.com/lending-point-reviews/
LendingPoint is a debt consolidation and poor credit lending company. It focuses on getting you approved for a loan with a credit score as low as 600. You can borrow between $2,000 and $25,000, but there are some caveats to keep in mind. If you are interested, check out Lending Point reviews, including this one.
How Are The Fees?
LendingPoint has some of the lowest fees of any bad credit lender. Their origination fee is as little as 0% but can be as high as 6% on some loans. The origination fee depends on the amount you hope to borrow as well as your creditworthiness. Not just your credit score.
LendingPoint also has a set late fee of only $30. The best part about its late fee policy is that you get a 15 day grace period before it charges you interest. This is in stark contrast to some predatory lenders who charge a late fee as soon as they are legally able in your state.
Why About Early Payoff Penalties?
LendingPoint does not have any early payoff penalties. This means that if you can pay off your loan ahead of time, you can save a significant amount of money in unpaid interest. This is the reason many lenders have such fees; they don’t want to lose out on the interest.
How Long Does It Take To Get My Money?
Getting your money through LendingPoint is fast and easy. In most cases, they can transfer the funds to your bank account the next day after your loan is approved. This can take longer, especially with more significant amounts. Your bank may also place a hold on the deposit which LendingPoint has no control over.
How Long Can I Borrow According to Lending Point Reviews
LendingPoint provides several repayment options. You can pay your loan back over 24 to 48 months, or you can pay it off early. Expect to pay a higher interest rate if you opt for the 48-month repayment option.
LendingPoint also offers several payment schedules. You can set your payment to come out as one large payment per month or break it down into smaller amounts each week. It also allows you a free loan modification during the life of the loan.
What About The Interest?
Interest rates vary from between 15.49% to 35.99%. The higher your credit, the lower your interest rate, according to Lending Point reviews.
How Does LendingPoint Determine Credit Worthiness?
LendingPoint does not only look at your credit score but also looks at your payment history, outstanding debt, employment status, among other factors. Specifically, underwriters tend to look for charge-offs and delinquency in the past 12 months.
Underwriters also look at your current employment status and income. Have you been employed for the past 12 months? Do you make at least $20,000 per year? Then you have good odds of being approved.
Conclusion: A LendingPoint Review
LendingPoint, while not unique among its peers, offers fast service with low fees and flexible repayment options. Interest rates are average for similar loans on the market, and you can reduce it by reducing the duration of the loan or the loan amount.
Unlike traditional lenders, LendingPoint does not rely solely on credit score, but instead looks at your actual payment history over the past year and determines based on the findings as well as your credit score. You can be denied fro your credit score, but if it is over 600 you should not expect problems.
One of the most significant advantages of LendingPoint over the competition is the flexible repayment options. You can break your payments into smaller weekly payments or one large monthly payment. There are also no penalties for paying off the loan early, according to Lending Point reviews.
If you have further questions, feel free to reach out to the team at Bonsai Finance to get the customer service you deserve.