LendingPoint Phone Number: LendingPoint is a financial technology platform. To evaluate a person’s creditworthiness, the company considers all aspects of their financial situation, including employment history, credit history, earning potential, and other information. Customers with credit scores between 500 and 850 can apply for more affordable loans through LendingPoint. Which also discounts traditional creditworthiness metrics like FICO scores, debt-to-income (DTI) ratios, and payment-to-income (PTI) ratios. Victor J. Pacheco, Juan E. Tavares, Franck Fatras, and Tom Burnside founded it in 2014.
| Name | LendingPoint |
| Founded | July 2014 |
| Phone Number | +1 888-969-0959 |
| Email Address | info@lendingpoint.com |
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Contents
History
In January 2015, LendingPoint introduced its initial consumer loan offering. A $100 million credit facility, managed by Ares Management’s Tradable Credit and Direct Lending groups, was announced by LendingPoint in October 2015. Two months later, LendingPoint and Aeterna Capital Partners signed a second credit facility for an additional $5 million in financing.
Houman Motaharian, a former executive at American Express, became Chief Revenue Officer of LendingPoint in August 2016. LendingPoint had funded over $100 million in consumer loans in 13 states by the end of 2016.
For a new service called ezCarePoint, which enables patients to estimate their out-of-pocket costs and apply for loans and flexible payment plans to cover the costs of medical procedures, LendingPoint and ezVerify signed an exclusive partnership in 2017. Guggenheim Securities arranged a $500 million credit facility, which LendingPoint closed on August 22, 2017.
Are you eligible for a personal loan from LendingPoint?
For a LendingPoint personal loan, you don’t need to have perfect credit or high income, but the company prefers to work with clients who have average or better credit and steady income. In most states, you have to be at least 18 years old and a citizen of the United States to apply for a personal loan from LendingPoint. A personal bank account and Social Security number are also required.
According to LendingPoint, you need the following to be eligible for a personal loan:
- Credit score minimum: 660. VantageScore version 3 and FICO version 9 are utilised by LendingPoint.
- Credit history requirement: six months.
- The maximum debt-to-income ratio, exclusive of mortgage payments, is 50%.
- $35,000 is the minimum income. This lender does not accept income from a partner. Instead, it only accepts income from employment, alimony, retirement, child support, and Social Security.
The lender, LendingPoint, provides the following information about the typical borrower.
- Credit score on average: 698.
- $80,000 is the average annual income.
- $10,750 is the average loan amount.
- The typical loan term is 51 months.
- Home improvement and debt consolidation are the two most frequent causes of borrowing.
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Pros and Cons
Pros
- The application process is simple and quick.
- Funding for some loans the following day
- Possible six-month interest rate reduction
Cons
- origination fees up to 10% of loans
- The maximum rate is 35.99% APR.
- Co-applicants and co-signers are not permitted.
Customer Satisfaction
With a score of 714 out of 1,000, LendingPoint is positioned towards the bottom of the J.D. Power Consumer Lender Satisfaction Study for 2023. Out of 18 lenders, that ranked it in 14th position.
On Trustpilot, however, LendingPoint has received 4.9 out of 5 stars from reviewers; as of July 2023, there were over 8,000 reviews. Reviewers commend the loan and customer service teams for their help with loan applications.
FAQs
Q. When did LendingPoint get its start?
Ans. In 2014, LendingPoint was established.
Q. Who is Lendingpoint’s founder?
Ans. LendingPoint was founded by Tom Burnside.
Q. Where is Lendingpoint’s main office located?
Ans. The US headquarters of LendingPoint are located in Kennesaw, Georgia.
Q. What is the number of employees at LendingPoint?
Ans. LendingPoint employs 115 people.
Q. Which industry does LendingPoint work in?
Ans. The financial services industry includes LendingPoint.
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