Quick financing for fair credit

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If your credit score is far from perfect, you can assume that you can’t get a personal loan, but that’s not always the case.

LendingPoint offers quick personal loans between $ 2,000 and $ 36,500 for qualified borrowers with a minimum credit score of 585, a verifiable bank account, and a minimum annual income of $ 35,000 (from employment, retirement or other source).

Select LendingPoint ranked the best lender for fast approval from our list of the best personal loans for bad credit. Applicants can receive same-day approval and possibly next-day funding once final documents are verified and approved.

In advance, Select reviewed LendingPoint, looking at the APR, benefits, fees, loan amounts, and term lengths. (Learn more about our methodology below.)

LendingPoint Personal Loan Review

LendingPoint personal loans

On the secure LendingPoint site

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt consolidation, marriage, auto repair, home improvement and more

  • Loan amounts

  • terms

  • Credit needed

  • Original fees

  • Prepayment penalty

  • Late charge

    Up to $ 30 per late payment


LendingPoint APR ranges from 9.99% to 35.99%. At the bottom of the scale, this interest rate is average (at the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed). But borrowers with less than perfect credit are unlikely to qualify for the best rates, so they should check their interest rates to make sure the loan is really affordable.

The final APR you are eligible for is based on your individual loan application. Factors like credit score, income, loan amount, and loan term are always taken into account when generating an APR.

LightStream, in comparison, lends to borrowers with good or excellent credit. Therefore, it’s no surprise that the APR is lower, ranging from 2.49% to 19.99% * when customers use automatic payment.


Most notably, LendingPoint offers same-day approval and the possibility of next-day financing for qualified borrowers with average to poor credit – it can approve applicants with a minimum credit score of 585. Lendingpoint also allows applicants interested applicants to perform a gentle credit check, which will not adversely affect their credit score, to verify the type of loans to which they are entitled.


The origination fee can go up to 6%, which is not as high as the other loans on our bad credit list. Compare, OneMain Financial charges an assembly fee of up to 10% in some states. For loans with no set-up fee, check out our best personal loan list.

Fortunately, there are no prepayment charges or penalties for paying off your LendingPoint loan faster than your original term.

Amount of the loan

LendingPoint offers loans ranging from $ 2,000 to $ 36,500.

Mandate’s duration

Borrowers can take out a LendingPoint loan for a term of 24 to 60 months.

Who can apply for a LendingPoint loan?

Here are the requirements for those who wish to apply for a personal loan from LendingPoint:

  1. You must be at least 18 years old.
  2. You must be able to provide photo identification issued by the federal, state or local government.
  3. You must have a social security number.
  4. You must have a minimum annual income of $ 35,000 (from employment, retirement or other source).
  5. You must have a verifiable personal bank account in your name.
  6. You must live in one of the states where LendingPoint does business (except Nevada and West Virginia).

At the end of the line

LendingPoint lends to borrowers with less than stellar credit, including applicants with a credit score as low as 585. Unlike OneMain Financial, which allows borrowers to apply for a secured loan when they cannot qualify for an unsecured loan due to bad credit, LendingPoint only offers unsecured loans.

For another secured loan option, check out Before personal loans. Learn more about secured and unsecured loans.

Our methodology

To determine which personal loans are best for consumers with bad credit, Select has analyzed dozens of US personal loans offered by online and traditional banks, including major credit unions. Where possible, we have chosen loans with no origination or enrollment fees, but we have also included options for borrowers with a lower credit rating on this list. Some of these options have origination fees.

When selecting and ranking the best personal loans, we focused on the following features:

  • APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts / conditions: Each lender offers several financing options that you can customize based on your monthly budget and the length of time it takes to pay off your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers for prepayment of loans.
  • Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
  • Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
  • Creditors payment limits and loan amounts: The above lenders offer loans in a range of sizes, from $ 1,000 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment for such amount.

The rates and fee structures advertised for personal loans are subject to fluctuation based on the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee your interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will do a credit check and ask for a full application, which might require proof of income, identity verification, proof of address, etc.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

About Wanda Wall

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