We have the answers to the internet’s most common LendingPoint questions. Here we go!
What is the maximum loan amount for LendingPoint?
$36,500 (kind of an odd top number, but it is what it is, I guess)
Can I pay LendingPoint off early?
Absolutely. There is no prepayment penalty, so you can pay off the loan early. And you should!
Is LendingPoint the same as Lending Club?
No. Very different companies.
Does LendingPoint allow you to take a second loan?
Yes, but in only some cases.
What credit score do you need for LendingPoint?
They don’t say, directly. But you are likely to struggle to get approved if your credit score is less than 620.
Does LendingPoint call your employer?
They very well could. They are going to want to verify your employment, especially on the higher loan amounts.
Does LendingPoint need proof of income?
Yes. You will need to provide a pay stub and a bank statement. Both of which will help them verify your income.
What does your credit score need to be to get a $30,000 loan?
Hmm, credit score is probably not as important to a $30,000 loan as your debt-to-income ratio, your payment-to-income ratio, and your overall income. But, to get approved for a loan of that size you’ll likely need a score of at least 650.
Will LendingPoint allow me to refinance after I get the loan?
Yes. After making six months of on-time payments, you may qualify to refinance your loan for a lower rate. But, you need to be careful that refinancing isn’t a trojan horse for borrowing more money. If you can drop your interest rate, do it! But don’t take more money when you do and don’t reset the length of your loan.
Will applying to LendingPoint affect my credit score?
No. They will only do a soft credit pull when you apply. They will conduct a hard inquiry on your credit report if you decide to take the loan. The hard inquiry will impact your credit score.
Does LendingPoint have a mobile app?
Yes. You can make payments, manage your finances, and monitor your credit score with it. Right now, the Android version has mixed reviews, but the Apple version has a high overall rating.
If you have more LendingPoint questions, please let us know!