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LendingPoint is a personal loans company that has been receiving a lot of negative attention lately. There are a lot of reviews online from people who say that LendingPoint scammed them, and they are warning others to stay away from this company. So, is LendingPoint safe? Should you trust them with your personal information? In this LendingPoint review, we will take a closer look at this company and see what its pros and cons are.
LendingPoint is a personal loan company that offers loans to people with bad credit. LendingPoint claims to have a 95% approval rate, which is much higher than most other personal loan companies. It also offers very flexible repayment terms, which is another plus. However, there are some major negatives about LendingPoint as well.
The first negative is that LendingPoint has been accused of being a scam by many people. There are a lot of complaints online from people who say that LendingPoint scammed them out of money. These people claim that LendingPoint promised them a loan with low-interest rates and no fees, but then they were charged high-interest rates and hidden fees. Some of these people even say that LendingPoint threatened to sue them when they tried to get their money back.
The second negative is that LendingPoint has very high-interest rates. The interest rates on LendingPoint loans are much higher than the interest rates on other personal loan companies. For example, LendingClub has an average APR of 14%, while LendingPoint has an APR of 29%. This means that you will end up paying a lot more in interest if you choose LendingPoint over another company.
The third negative is that it’s not transparent about its fees. When you apply for a loan, they do not tell you what the origination fee or the late payment fee is. You only find out about these fees after you have been approved for the loan. This is not very transparent, and it can be very confusing for borrowers.
So, should you trust LendingPoint? There are definitely some red flags about this company, but there are also some positive things to consider as well. It has a high approval rate and flexible repayment terms, which are both good things. However, the high-interest rates and hidden fees make LendingPoint a risky choice for borrowers.
If you decide to apply for a loan with them, make sure that you understand all of the fees involved before you sign any paperwork. And if you have any doubts about LendingPoint’s legitimacy, it might be best to choose another lender.
LendingPoint Pros and Cons
In this LendingPoint review, we’ll go over the pros and cons of this lender so you can make an informed decision about whether or not they’re right for you.
The first thing to know about LendingPoint is that they are a direct lender. This means that they will work with you directly throughout the entire loan process. One benefit of this is that it makes the process much simpler and more streamlined than working with a traditional bank.
Another benefit is that it offers loans to people with less-than-perfect credit scores. So if your credit score has been holding you back from getting a personal loan in the past, LendingPoint may be a good option for you.
Now let’s take a look at some of the cons. One downside is that their interest rates are on the high side. So if you’re not careful, you could end up paying a lot of money in interest over the life of your loan.
Another thing to watch out for is their late payment fee, which is $38. This isn’t an outrageous fee, but it’s something to be aware of if you think there’s a chance you might miss a payment.
How does LendingPoint work?
LendingPoint does not have a minimum credit score requirement, but you will need to have a minimum income of $20,000 per year. It also does not have a maximum loan amount, but the typical loan amount is between $500 and $35,000. Its interest rates are fixed and range from 14.99% to 35.99% APR depending on your creditworthiness. You will need to have a bank account in order to qualify for a loan.
LendingPoint offers two types of loans: term loans and line of credit loans. Term loans are traditional installment loans that have fixed payments and a fixed loan term. Line of credit loans is similar to credit cards in that you can borrow up to your limit and make minimum payments each month. Its repayment terms for both types of loans range from 24 to 48 months.
To apply for a loan, you will need to fill out an online application. LendingPoint will then perform a soft credit pull, which will not impact your credit score, in order to pre-qualify you for a loan.
If you are pre-qualified, they will provide you with a list of loan offers that you can choose from. Once you select an offer, LendingPoint will perform a hard credit pull and verify your information. If everything checks out, LendingPoint will deposit the loan amount into your bank account within a few days.
How much does LendingPoint cost?
LendingPoint is a personal loan provider that offers loans ranging from $2,000 to $36,000. The company charges an origination fee of up to $150 and a late fee of up to $38. It also charges a monthly maintenance fee of $15 after the first six months.
LendingPoint’s fees are relatively high when compared to other personal loan providers. It is also one of the few personal loan providers that charge a late fee.
Despite LendingPoint’s high fees, the company is still worth considering for a personal loan. LendingPoint offers loans with terms of 24 to 48 months and APRs as low as 15.49%. LendingPoint is also one of the few personal loan providers that do not require a minimum credit score.
How does LendingPoint affect your credit?
LendingPoint does a hard pull on your credit when you apply for a loan, which can affect your credit score. It is not a scam, but you should be aware of the potential impact on your credit before applying for a loan.
If you’re considering applying for a LendingPoint loan, it’s important to understand how hard pulls can affect your credit. A hard pull is when a lender checks your credit report in order to determine whether or not you’re eligible for a loan. This type of inquiry can lower your credit score by a few points, although the effect is usually temporary.
LendingPoint BBB Review
LendingPoint is accredited by the Better Business Bureau (BBB), the BBB has given them an “A+” rating.
However, there are many complaints about LendingPoint on the BBB website. Some of the most common complaints include:
- Not providing promised services
- Making it difficult to get a loan
- Charging hidden fees
Michael C 03/16/2022
BEWARE OF LENDING POINT I was misled and deceived the app stated I was approved not preapproved said to select to finish loan it showed the contract with the rate term and payment and my name accepting offer then got to the last step the app disappeared and it said there was an error in the app but no problem we can finish I signed out then signed back in then it said, unfortunately, we can not do the loan they ran my credit now I have inquiries on my credit from the lending point I want the hard pulls removed asap I have contacted BBB lending point is a terrible misleading deceptive company beware I signed a contract stating I was approved and they do this error scam thing to make you think something went wrong terrible company should be closed down I’m not done with them I have copies of every screen that was done again I want hard pulls removed asap LENDING POINT REMOVE INQURIES ASAP
Rebecca H 03/14/2022
After having this company come on credit karma letting me know I had an outstanding chance of approval with 3 DIFFERENT loans, I decided to click on take the offer to help my family out. After putting in a series of PII into their program and even signing a contract with autopay and waiting to see what the next steps are and nothing happening, I decided to call the phone number listed just to find out I did not get approved even though I exceed their requirement by roughly 100 points!! **************** just said sorry and try again in 90 days! So now I have another inquiry on my credit with an account that no longer exists even though they have my bank information and a contract and I don’t have a loan!!! Absolutely the worst place to go through, no one has any explanations for anything. DO NOT USE IT!!! SCAM!!
Ralph V 03/01/2022
I’ve had a terrible experience. Firstly, loan officer **** never bothered to give me a call. We were emailing back and forth due to my work schedule sent her all the documents she requested. One document was tricky to work with but she didn’t bother to explain anything to help get us to a resolution. I have my husband call in and she refuses to talk to him and proceeds to tell me I was declined. I called customer service to see what happened and I was told I met all requirements and they needed a substitution document. I provided that then was told I’d be getting a call. Two weeks later I never got a call. I call in to be told then that I don’t have enough employment history when previously I was told they just need one more paystub. Everyone was very rude and short, with no real explanation or resolution. They put a hard inquiry on my credit just to blow me off. I understand there are requirements and guidelines but why prequalify, and also have me sign a contract that I am approved just to blow me off and pull my leg the whole time. This experience was not at all pleasant nor helpful. Some people have real needs and it isn’t okay to treat a human-like that.
Is LendingPoint Legit or a Scam?
If you’re considering taking out a loan with LendingPoint, you might be wondering if the company is legitimate or not. After all, there have been some negative reviews floating around online, and the interest rates are pretty high.
So, what’s the verdict? Is LendingPoint a Scam?
We can’t say for sure. However, we would recommend that you proceed with caution if you’re considering borrowing from them. There are better options out there with lower interest rates and fewer fees.
Have you had any experience with LendingPoint? Let us know in the comments below!
If you’re considering taking out a loan with LendingPoint, you might be wondering if the company is legitimate or not. After all, there have been some negative reviews floating around online, and the interest rates are pretty high. So, what’s the verdict? Is LendingPoint a Scam? We can’t say for sure. However, we would recommend that you proceed with caution if you’re considering borrowing from them. There are better options out there with lower interest rates and fewer fees.
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