Frequently Asked Questions
About LendingPoint
LendingPoint takes extensive precautions to protect your personal information. We use robust industry-leading procedures and safeguards, including encryption, to secure and protect your personal information. Further information regarding LendingPoint’s security policies and procedures can be found here: www.lendingpoint.com/terms-of-use.
Applying For a Loan
At LendingPoint, we believe you are more than your credit score. Our model, using data and technology, looks beyond your credit score to allow us to see a more complete picture of you and your true creditworthiness.
To be eligible for a LendingPoint loan, you must:
- Be 18 years or older
- 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)
- Have a verifiable personal banking account in your name
- Not reside in Nevada or West Virginia
During the approval process, we may require a few documents to verify the information you provided on your application. Requested documents may include a driver’s license, pay stub(s), bank statements, or employment verification.
There is no obligation or fees to apply for a loan. There’re no prepayment penalties or charge for extra payments. Depending on your state, an origination fee up to 10% may be included in your total loan amount.
Managing Your Loan
You can access and manage your loan through our customer portal or by downloading the LendingPoint app. Once your loan is approved, you’ll receive an email with your account login information.
Most of our customers enroll in Autopay and enjoy the convenience of having their payment automatically deducted from their bank account on its due date. You can make or schedule a payment or enroll in Autopay anytime through your customer portal or the LendingPoint app.
If you’d prefer to use a money order, cashier’s check, or certified check, please make them payable to LendingPoint. Our mailing address is located on your payment reminders sent via email. You can also call us directly at (888) 969-0959
(888) 969-0959 or email us at customerservice@lendingpoint.com for the address.
Please do not send your check to our headquarters as this could cause a delay in posting the payment to your account.
Extra payments can be made at any time without penalty using the LendingPoint app or through your customer portal.
In some situations, we’re able to offer a second loan.
Please contact us at customerservice@lendingpoint.com or (888) 969-0959 (888) 969-0959 to speak to one of our loan specialists.
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USA PATRIOT Act Notice: Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
* Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms, and annual percentage rates ("APR") may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees up to 10% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $1,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $2,000. For a well-qualified customer, a requested loan of $10,000 serviced by LendingPoint over a period of 48 months that has an APR of 26.59% with an origination fee of 10% may have a payment of $340.52 per month. (Actual terms and rate depend on credit history, income, and other factors.) The total amount due under the loan terms provided is $16,345.12 and the disbursal amount is $10,000. In the example provided, the total financed amount is increased to receive the full requested loan amount after the origination fee is deducted. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
* Applications submitted may be funded by one of several lenders including First Electronics Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. Upon final underwriting approval to fund a loan, said funds are often available the next non-holiday business day. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary. Loans are offered from $500 to $10,000 (loan amount maximum based on MCC codes), at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 48 months. For example, for a well-qualified customer, a $5,000 purchase will have a 90-day promotional period with no interest, a 3% fee, and $100 monthly payments. After the promotional period, a remaining balance will be a 24-month term loan, and $263.72 monthly payments with an overall APR of 26.54%.
**Minimum initial transaction of $1,000 in Alabama, Idaho and Iowa.
1. Alimony, child support, or separate maintenance income need not to be revealed if you do not wish to have it considered as a basis for repaying this obligation.
2. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning FinWise Bank is the FDIC Consumer Response Center, 1100 Walnut Street, Box #11, Kansas City, MO 64106. The federal agency that administers compliance with this law concerning Coastal Community Bank is the Federal Reserve Consumer Help Center, P.O. Box 1200, Minneapolis, MN 55480. The federal agency that administers compliance with this law for LendingPoint is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
Click here to see our current list of state licenses
California residents click here ››
Wisconsin residents click here ››
Ohio residents click here ››
LendingPoint's NMLS #1424139 Visit NMLS Consumer Access