Unsecured personal loans for a fresh start are some of the most difficult loans to acquire since there is no security needed when getting the loan. The loans are different from guaranteed loans that require a security for one to take them. Because of the unguaranteed nature of the unsecured personal loans, many companies only consider individuals with good credit scores. This is because they are sure that the probability of the individual repaying the loan in a timely manner is high.
Sometimes, people with a low credit score may be legible for an unsecured loan depending on the assessment conducted by the lender. At LendingPoint, the management ensures that your credit score does not hinder you from accessing quick loans. The company considers the individuals with a fair to bad credit score in the range of 600-699 and gives them an opportunity to better their credit history.
This is made possible by the company’s decision to assess more than just your credit score. As a result of this, LendingPoint has become one of the cheapest online lenders today. Its interest rates are among the lowest as evidenced by their annual percentage rate (APR), which ranged between 15.49 and 34.99 percent.
You should also know that unsecured personal loans are a great option if you are buried in a huge credit card bill. Lendingpoint will provide you with the immediate cash you need and you will receive it in less than 24 hours. This means that when you apply for an unsecured personal loan, you will receive the cash the same day via an agreed upon payment method.
LendingPoint is a good way for you to make a fresh start and improve your financial management. This is besides the low interest rates associated with the unsecured loan. The low rates work to keep your liabilities low allowing you to improve your financial health. The unsecured personal loans from LendingPoint can be viewed as a low cost solution for your need for instant funds. Similar to car title loans, you can use unsecured personal loans to meet your emergency expenses like hospital bills.
Factors that LendingPoint uses to determine whether you qualify for a loan
• Credit score
LendingPoint provides unsecured personal loans to individuals with bad to average credit scores. The company, however, insists that your credit score should be at least 600 for them to consider your loan application. The company conducts soft credit checks on its clients to determine their creditworthiness.
• Your salary
Like the other lenders, LendingPoint has to obtain information about your earnings so as to determine your ability to repay the loan. For you to qualify for their unsecured quick loans, you have to earn at least $20,000.
• Your location
You can only assess Lendingpoint unsecured personal loans if you live in Alabama, Alaska, California, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, and Washington.
An overview of the LendingPoint unsecured personal loans description
The typical annual percentage rate (APR) of LendingPoint loans varies between 15.49 and 34.99 percent. The lender provides loan amounts ranging from $3,500 to $20,000 depending on the amount you have requested and what you qualify for.
LendingPoint ensures that your loans requests are processed within hours of application, which in most cases is between 7 minutes and 24 hours. However, some loans may take longer to be processed such that you can receive the amount you qualify for a day after its approval.
The origination fee for the unsecured personal loans from LendingPoint varies from one state to another. This means that each of the 28 states accessing this company’s services has a different origination fee from the other. Some states, however, may have the same origination fee.
LendingPoint only approves loan applications from individuals with a debt-to-income ratio of 35 percent and below. Your credit history should also be a minimum of 24 months. If you satisfy these requirements, you can enjoy the amazing opportunity to have a fresh start!
You should consider applying for an unsecured personal loan with Lendingpoint today because your creditworthiness will be determined by a number of factors alongside your credit score.
These factors include:
• Your credit history and the amount of credit card debt you are liable for.
• Your employment status and salary.
• All current delinquencies and bankruptcies associated with you.
• Charge-offs in the last one year.
• Any pending tax liens.
• Your debt-to-income ratio.
With all these factors being taken into account, your chances of qualifying for an unsecured personal loan with LendingPoint are pretty high.
Application and repayment of unsecured personal loans from LendingPoint
If you are looking to apply a loan from LendingPoint, you should access their website and follow the steps indicated therein. Being one of the best online lenders, LendingPoint is also profiled in most lender market places like NerdWallet. You can also apply for a loan from this company via the lender marketplaces.
Lendingpoint allows you to customize the loan repayment options. This flexibility gives you a chance to request for a loan modification while you still have a pending loan.
You can choose the best loan due date for yourself with payments being expected every 7 days or 28 days. However, the larger the loan amount, the wider the payment period associated with it and vice versa.
You can also opt to pay the origination fee upfront or request for it to be added to your interest rate for later payment.
LendingPoint is one of the least expensive online lenders in the marketplace today because of its customer-friendly features. Its interest rates are appealing and their payment options among the best in the industry. The credit check also takes into account a variety of other factors other than just the credit score, which enables people with average and bad credit scores to borrow.
Your chances of qualifying for an unsecured personal loan from LendingPoint are high. If you are in need of quick cash, visit their website today, apply for their loans, and enjoy the hottest deals in town! Click Here To Apply for a Personal Loan up to $20,000 at LendingPoint.com! *This will not affect your credit score.