LendingPoint Consolidation Loans Review

Why should you consolidate your loans with Lending Point?

• No prepayment fee - If you’re able to pay off any or all of your consolidation loan ahead of schedule, you won’t be charged for the privilege to do so.
• Low income required - LendingPoint requires a minimum income of $35,000. The average wage in the US is over $56,000, and so the majority of those in employment should be eligible in this regard.
• Quick loan approval - Once your eligibility is confirmed and the loan amount approved, funds should reach your bank account the next business day.
• Low credit scores approved - 580 only just comes into the ‘fair’ category of credit ratings, and many lenders won’t consider approving loans to such candidates. At least with this provider, you’ll have a chance.

What are the eligibility requirements?

Eligibility requirements will differ depending on the loan amount and terms requested, but there are certain criteria which all applicants must fulfill:

• At least 18 years old
• Able to supply identification in the form of a US federal, state or local photo ID issued by the government
• A social security number
• Annual earnings of at least $35,000 (either from work, a retirement fund or other source)
• A resident of a state in which this provider offers loans (currently only residents of West Virginia can’t apply)

How to apply for a LendingPointconsolidation loan? 

Fortunately, applications are really simple and can be done online in just a few minutes. For an accurate assessment to be made, you’ll need to provide some key information on your employment, accommodation, and general debt situation. Once completed, the loan professionals will consider your eligibility and contact you (within a few hours in most cases).

Customer Service

• Fill in a request form online - Answers may be given via email or phone call
• Email directly
• Customer supports service available via phone 24/7

What types of debt can be consolidated with Lending Point?

Most kinds of debt can be consolidated with this loan. Popular options like credit card debts, payday loans, and medical loans are all accepted.

Bottom line

LendingPoint offers a valuable service for those without a good credit score, so if you’re struggling to be accepted elsewhere then this might be an option worth considering. However, APRs and origination fees are extremely high in some cases, so definitely look elsewhere if you’re able to.

Why not try LendingClub? Its maximum origination fee is just 4.75% and its loan terms extend up to five years. SoFi is another great service. Its APRs start at an impressively low 6%, which could save you thousands of dollars in comparison with LendingPoint or many other industry competitors.