LendingPoint Reviews - What Is It?
DO NOT USE LendingPoint!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
LendingPoint is a lending company that offers loans from $3,500 to 25,000 to their consumers with fair credit. It was founded in 2014 in Atlanta, Ga, and faced media coverage in 2015 as soon as it started pushing its credit loans to customers. Juan E. Tavares, the company's CSO, reported to Huffington Post in 2015 that it has become difficult for people to get loans because of the modern credit-scoring systems. Millions of people cannot get money at fair rates. Credit scores of many consumers prohibit them from getting the best rates. For this reason, Tavares decided to help these frustrated consumers by offering them better loan opportunities. Traditional banks would not offer such opportunities to their customers. The main goal of any lending company is to make money from your loan, not to be your friend.
To understand whether LendingPoint is really right for you it is necessary to consider what services they offer, what fees they charge, what kind of application process they require, and what real users are saying about them. It should be remembered that LendingPoint is a non-bank lender, so their investment money has been gathered from multiple sources to fund the loans given to their consumers. Another advantage of this company is that they can lend money even to a consumer with a score of 600's. Their loans have repayment terms of between 12 and 24 months and range from $3,500 to $25,000. At the time of our research, the loans from this company were only available to borrowers in the following states: California, Alabama, Colorado, Michigan Delaware, Missouri, New Jersey, Montana, North Dakota, Oregon, Ohio, Washington, South Dakota.
Consumer Reviews of LendingPoint
There is a great number of consumer reviews about the company's work online. The majority of those testimonials for LendingPoint can be found on the company's Better Business Bureau page. The average result is an A rating, which means that the company has a positive consumer reputation. There were only eight consumer complaints filed with the BBB at the time of our research. We thoroughly studied all of them and concluded that most of those complaints concern poor customer service. As a specialist, I can say that it is a very subjective opinion because most customers are on the contrary pleased with this service. Another issue that bothers several customers was numerous phone calls and emails from the company's representatives. I agree, this can be annoying but those people need to inform you of important issues somehow. It is good news that most customers found LendingPoint's phone representatives very polite and helpful. One woman even wrote that she has never had such wonderful customer service as with this company. She was informed about her loan via text messages, email, and phone calls. Her loan specialist was kind and never made her feel like she was incompetent. In general the woman was pleased with her great experience and would highly recommend LendingPoint to all people who need financial assistance.
What people like about the company is that most loans are approved and funded in less than 24 hours. Loan payments can be made two times a month and can be completed via automatic payments from your checking account. Payments can be set up through your account on the internet. The majority of expert and consumer reviews of the company report that its clients are very grateful to LendingPoint for help and understanding. This positive customer feedback is enough to insure that it is a reputable online lender that deserves your attention. One man writes that his experience was easy, quick and painless. His expert, Chad, was just awesome with patience and highly informative. The man applied on Thursday and his expert called him back on Friday to inform him of his approval! Chad's dedication and care were incomparable. This expert was extremely professional and always returned the man's calls immediately. The client was grateful for his help in such a nervous time. He highly appreciated Chad's hard work. In general many people write of the personnel's kindness, professionalism, positive approach, helpfulness, and experience throughout the whole process. Let's check whether other customers also find their customer service excellent by looking at some of their reviews left online.
"I had a great experience with Lending Point! I would recommend this loan company to anyone who needs finances. The process was fast and easy. In fact, money was in my bank within 18 hours after we finished the process, although usually this takes 2-3 days. This was the most friendly experience with a lender I have ever had. I was sure there would be something to disappoint me, but I was mistaken. My expert Blake was there to answer any question of mine. I'm impressed. Thanks for making my life easier."
"Lendingpoint is a wonderful lender but what surprised me the most was excellent customer service. These people were marvelous, helpful on each step of the process. I felt their care constantly. This was one of the best application processes with a lender in my life. My consultant was very pleasant and professional. I will recommend this company to my friends, family, and colleagues."
"I am grateful to LendingPoint for making the process of getting a loan fast and simple. I uploaded my documents via a secure website and my needs were met within just 24 hours. I appreciate the responsiveness and professionalism of the loan specialist named Jeff. I gave this company five stars and would recommend them to everyone!"
My Final Summary
LendingPoint is a lender with good customer reputation. The company offers a worthy loan alternative to people whose credit scores are too low to get a personal loan at from banks and many non-bank lenders. This lender comes with reasonable rates, no or low origination fee (it depends on your score and amount of your loan). Fair credit scores are what actually attracts borrowers with the credit score below 620. It is a well-known fact that most credit scoring systems classify scores below 620 as sub-prime. It can be concluded that LendingPoint is a sub-prime lender but there is nothing bad in it, to my mind.
The good thing about this company is that their rates are provided in their fine print. Their repayment terms are 12-24 months, due to which your payments are cut down on and your APR is realistic. If you are a person who doesn't mind applying for a loan online and doesn't require face-to-face interaction, LendingPoint be a great solution. However, you can interact with your expert through phone calls or your online account. Taking into account all pros and cons I can certainly recommend this company to everyone who needs money.
LendingPoint Pricing and Rates
The bottom of the website page contains detailed information on LendingPoint's fees and interest rates. Origination fees can vary from 0% to 5% depending on your credit rate. APR varies from 15.49% to 34.99%. You will have to repay your loan over 24 months.