Online lender LendingPoint is for personal loans focusing on funding borrowers with fair credit. It's one of the few lenders that would take credit ratings as low as 620, and if it better suits your pay period, you can choose to have payments made every two weeks. You may also apply jointly with another candidate, just like with numerous suppliers.

But payments are needed every 28 days rather than once a month. In addition, it only offers loans between $2,000 and $36,500 with higher-than-average rates, ranging from 7.99% to 35.99% APR, plus origination fees of up to 8%. Borrowers are able to find a better deal from these sources than from LendingPoint.

Consider These Amazing Alternatives of LendingPoint

In addition to accepting fair credit ratings, these online lenders could give a more extensive range of loan sizes or more affordable rates and fees than LendingPoint.

Upstart Personal Loans

Upstart focuses on providing loans to customers who are still establishing their credit. Credit scores as low as 300 are accepted. Beyond that, though, it considers your employment and education when underwriting and takes fair credit to assist you in getting a cheaper rate than you might otherwise be able to. Rates vary from 6.4% to 35.99%, a little less than what LendingPoint charges. However, it charges origination fees that are greater than LendingPoint, up to 8%.

Pros

• Gives fair credit
• Your education and career can lower your rates.
• 6.4% annual percentage rate to start

Cons

• Possibly expensive origination fee
• examines personal income as opposed to household income
• longer turnaround time for costs associated with education

Upgrade Personal Loans

Instead of emphasizing your credit score, this online lender focuses on your monthly cash flow when you apply for income after bills and debt payments. For those with a bad credit report but otherwise sound personal finances, this makes it an appealing option. Additionally, it offers greater flexibility than LendingPoint, letting you delay two payments, modify the due date, or even make partial payments. However, compared to LendingPoint, their minimum credit score 620 is marginally higher. Additionally, its origination fees range from to.

Pros

• Flexibility in payments
• Accepts 620 as a fair credit score
• Prioritize cash flow above credit.

Cons

• Hefty origination costs in contrast to LendingPoint
• Needs a minimum of $1,000 in monthly cash flow.

OneMain Personal Loan

OneMain could be better if your credit score is lower than LendingPoint's minimum requirement. This one is one of the few lenders for personal loans that accepts all credit kinds. To assist you in qualifying for cheaper rates, you can back your loan with security. If you are eligible with a fair credit lender, stay clear of OneMain. With interest rates ranging from 18% to 35.99% and an origination charge of up to 10%, it has expensive rates for a personal loan.

Pros

• Compatible with all credit kinds
• Loans, both secured and unsecured
• Financing available same day Cons

Cons

• Elevated initial APR of 18%.
• A 10% origination fee is possible.
• Collateral requires property insurance.

Monevo Personal Loan

Even if you have poor credit, Monevo is an internet connection service that may assist you in swiftly comparing several offers. Through Monevo, you may discover loans up to $500,000 with rates as low as 5.4%, but unless you have excellent credit and a sizable monthly income, you won't be eligible for that amount or rate. However, it might accelerate your search for the most ideal offer without affecting your credit score. In addition, it is transparent about the lenders it works with, which sets it apart from many other connection services and lets you know where your information is going.

Pros

• Qualify quickly with various suppliers
• Choices for every kind of credit
• Open about partners' drawbacks

Cons

• Only options available to partners of Monevo
• May get calls and emails from marketers
• Manual loan underwriting is done by certain of its partners.

LendingClub Personal Loan

LendingClub, a peer-to-peer lending network, is suitable for borrowers with ordinary or acceptable credit scores. LendingPoint may approve borrowers with a credit score 585, but LendingClub provides lower rates, starting at 9.57% APR. If you wish to try for a better rate, LendingClub allows applicants, and you can view their possible rates by doing a soft credit check. With an average turnaround time of two days, it advertises a 24-hour approval period. It has a troubled past, as evidenced by an FTC complaint in 2018.

Pros

• Gives fair credit
• Fast turnaround
• Reasonable prices
• Co-applicants acknowledged the Trustpilot rating of 4.6 stars.

Cons

• 2018 FTC lawsuit and claims regarding LendingClub recreations

Conclusion

LendingPoint only requires a minimum credit score of 585, and the company is well renowned for accepting fair credit ratings. On the downside, rates can begin at 9%, and there is a hefty origination cost of up to 6%. Positively speaking, it has an A+ rating from the BBB and a 4.9-star rating with approximately 7,000 reviews on Trustpilot.

Ultimately, there are more than five alternatives to LendingPoint personal loans, but we will focus on only five that are top-most. For fair credit, look into better possibilities than LendingPoint personal loans. Upstart takes career and education into account; it offers 6.4% rates.

In addition, Upgrade places a higher priority on cash flow and offers flexibility. OneMain has higher interest rates but accepts all forms of credit. LendingClub offers a 24-hour approval period and a 9.57% APR.