Personal loan can be a good choice for those looking forward to get some extra money for any personal use. Right from consolidating other debts, paying off high interest credit card bills, settling your medical bills or paying off a dream vacation, personal loans can be used for any reason. LendingPoint is one among few lenders that has made borrowing a pleasant experience.
LendingPoint personal loans are offered only to those who have a fair credit. The maximum amount of loan you can apply is $20,000. They have easy and automatic online payments with flexible loan terms ranging from 24 months to 48 months. The lender understands your past, based on which it approves loan for your future.
How to Apply for a LendingPoint Personal Loan?
Applying for a personal loan through LendingPoint is fast and easy. You can do so over the phone or even online. The minimum credit required is 600, as the lender caters only to those with a fair credit.
Borrowers will have to submit their income details, employer information, personal details, pay stubs, recent bank statements, government issued ID, Social Security Number and also state the reason behind applying for a personal loan. Its interest rates are low as compared to other banks. The minimum rate offered is 15.49% APR and the maximum is 34.99% APR.
Once all your supporting documents are received and approved, funds are transferred into your account the next business day. Loan officials assure complete transparency throughout the loan process. All customer documents are encrypted thus ensuring total safety.
What are the Factors Affecting LendingPoint Personal Loan’s Approval?
Customer credit score plays a major role in getting a personal loan approved. However, LendingPoint looks beyond the credit score and keeps in mind a number of factors while assessing a loan application. Some of them are as follows:
- Job History – The lender looks at the customer’s total number of work experience and job history. A minimum of one year at your current job would make things easy.
- Verifiable Income – You need to have some income whether you are employed, self-employed or retired. This ensures that you will be able to pay back your loan.
- Financial History – LendingPoint entertains only those customers who have a healthy financial track record. This speaks volumes about your financial conditions and the ability to repay the loan.
- Credit Score – As said earlier, LendingPoint offers loans only to those who have a fair credit.
How to Apply for a Personal Loan with a Bad Credit?
There are a number of reasons because of which people have a bad credit. Financial crisis and emergencies have become quite common. Increasing debts and bankruptcies might stop you from getting approved for any loan.
Although the minimum credit as stated on the company’s website is 600, the lender goes beyond the FICO score and uses both traditional as well as non-traditional means to extract data and approve a loan. This means that the lender does not rely only on people’s FICO score to determine customer’s creditworthiness.
Having said so, this further allows customers to get qualified for a personal loan despite of being in bad credit. The lender may charge high interest rates and fees but you are sure to get the money you want. Personal loans are usually not preferred by customers because of its high interest rates. But, if you remember to repay your loan diligently and become financially responsible, personal loans can be a great way to obtain extra cash.