LendingPoint is a leading online direct loan provider that offers personal loans to customers with credit scores between 600-700. The company is committed to redefining who is able to access money at fair rates and empowering consumers to build financial momentum.
LendingPoint operates as a non-bank direct lender that offers consumer installment loans. The company operates a cloud-based platform through which it offers short-term personal loans based on proprietary predictive analytics.
LendingPoint was founded in 2014 by Tom Burnside, Franck Fatras, Victor J. Pacheco, and Juan E. Tavares. The company is based in Kennesaw, Georgia with an additional office in Austin, Texas.
LendingPoint offers loans in the areas of debt consolidation, home improvement, credit card refinancing, vacations, medical bills, buying or repairing automobile, moving expenses, wedding, and home appliances.
LendingPoint personal loans were recognized among NerdWallet’s 2018 Best-Of Awards under the category of best personal loans for bad credit. Its loans can be used for any personal expense, including debt consolidation.
LendingPoint is backed by Guggenheim Partners, Ares Management, & Guggenheim Securities. The company raised $250M in its latest funding of a "Debt Financing" round on Aug 26, 2019. This brings LendingPoint's total funding to $1.5B to-date. LendingPoint has also acquired LoanHero on Jan 11, 2018.