LendingPoint is an online lender that specializes in financing fair credit borrowers. It’s one of a few lenders that accepts credit scores as low as and it allows you to opt for a biweekly pay schedule if that better fits your paycheck. And like many providers, you can apply with a joint applicant.
But payments are due every 28 days, rather than once a month. And it only offers loans from $2,000 to $36,500 to $2,000 to $36,500 with higher-than-average rates from 7.99% to 35.99% APR — including an origination fee of up to 10%. For some borrowers, these alternatives might offer a more favorable deal than you’d find at LendingPoint.
What’s changed?
We removed the peer-to-peer lending platform Peerform from our list of alternatives — it’s no longer accepting applications as of July 2022. We replaced that slot with another peer-to-peer lending site, LendingClub. It has a low credit score requirement of , accepts coapplicants and is available in all 50 states.
Our top 5 sites like LendingPoint
These online providers accept fair credit scores and may offer a wide range of loan amounts or lower rates and fees than LendingPoint.
Upstart specializes in funding borrowers who are just building their credit. It accepts credit scores as low as 300. But beyond that, it considers education and career during the underwriting process and accepts fair credit to help you qualify for lower rates than you might elsewhere. Its rates range from 7.4% to 35.99%, which are slightly lower than LendingPoint's. But its origination fees can run as high as 8% — higher than LendingPoint.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Instead of emphasizing your credit score, this online lender focuses on your monthly cash flow when you apply — or income after bills and debt payments. This makes it a good option for people who have a negative mark on their credit report but otherwise healthy personal finances. It's also more flexible than LendingPoint, allowing you to change your payment due date, defer two payments or even make partial payments. But its minimum credit score of 580 is slightly higher than LendingPoint's. And its origination fees run high, from 1.85% to 9.99%.
Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
If you can't meet LendingPoint's credit score cutoff, OneMain might be a better option. This lender is one of the few personal loan providers that works with all credit types. It also offers the option to back your loan with collateral to help you qualify for lower rates. But avoid OneMain if you can qualify with a fair credit lender. Its rates are high for a personal loan, ranging from 18% to 35.99%, including an origination fee as high as 10%.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Monevo is an online connection service that can help you quickly compare multiple offers — even if you have bad credit. You can you can find loans as high as $500,000 and rates as low as 5.4% through Monevo, but you likely won't qualify for that amount or rate unless you have near-perfect credit and a high monthly cash flow. But it can speed up the process of searching for the best deal available to you without impacting your credit. And unlike many other connection services, it's upfront about the lenders that it works with so you know where your information is going.
LendingClub is a peer-to-peer lending platform, a solid choice for borrowers with an average or fair credit score. While LendingPoint can accept borrowers with a credit score at 585, rates offered with LendingClub are lower with a starting APR of 8.98%. LendingClub accepts coapplicants if you want to shoot for a better rate and there’s a soft credit check to see your available rates. It advertises a 24-hour approval time, with an average two-day turnaround time. However, it has a rough history — with an FTC complaint in 2018.
LendingPoint is known for accepting fair credit scores, with a low minimum credit score requirement of 585. However, downsides include a high origination fee up to 6%, and rates can start at 9%. On a more positive note, it is BBB accredited with an A+ rating, and it’s holding a 4.9-star rating on Trustpilot with nearly 7,000 reviews.
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
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