Latest news with #LendingPoint
Business Wire
5 days ago
- Business
- Business Wire
LendingPoint Launches New Loan Flow Programs With First Issuance of Passthrough Securities Program
ATLANTA--(BUSINESS WIRE)--LendingPoint, the award winning, AI-driven fintech facilitating consumer credit origination and loan servicing, announced its closing of the first loan flow program established under a new passthrough securities issuance program. Dan Shuntich stated, 'Seeing new investor participation in our loan originations is testament to the resiliency of the platform and of our view that consumer credit performance continue to be an attractive investment.' The loan flow program marks the first loan sales since LendingPoint revitalized their loan marketplace offerings with a new management team and credit tiers spearheaded by Chief Financial Officer and interim CEO Mark Freeman and Chief Risk Officer Dan Shuntich. The passthrough securities are a simplified way for investors to access and manage LendingPoint personal loan investments while also having the operational ease of securities ownership. 'It is exciting to bring new investors into our platform and to have them see the progress we have made over the last year,' said Mark Freeman. 'Our platform is poised to meaningfully scale our consumers access to credit and provide institutional investors an attractive entry point to consumer credit investments.' Dan Shuntich stated, 'Seeing new investor participation in our loan originations is testament to the resiliency of the platform and of our view that consumer credit performance continue to be an attractive investment.' Performance Trust Capital Partners functioned as sponsor of the securities issuance. 'We are pleased to bring to market the first of a series of issuances for LendingPoint,' said Paul Limanni, Managing Director and Co-Head of Capital Markets at Performance Trust Capital Partners. 'We believe LendingPoint has a compelling mix of credit and scale, and we look forward to helping more investors gain exposure to the platform.' About LendingPoint LendingPoint is an award-winning, AI-driven online loan origination and servicing platform that provides financing solutions for consumers and lending institutions. The company's fraud prevention, risk, and asset management algorithms are used to create financial opportunity across the credit spectrum. In 2023, LendingPoint was recognized as the Best Consumer Lending platform by Finovate and was named to the Inc. 5000 list of fastest-growing private companies for four consecutive years. LendingPoint has been honored on Deloitte's Technology Fast 500 annual list for five consecutive years and recognized as one of the top 40 fastest-growing companies in Atlanta by the ACG. LendingPoint has also been named one of the Best Places to Work by the Atlanta Business Chronicle. LendingPoint is a privately held company headquartered in metro Atlanta with an office in Dallas. LendingPoint, LLC owns and operates the LendingPoint platform.
Yahoo
20-05-2025
- Business
- Yahoo
How much can I borrow with a personal loan if I have bad credit?
Lenders that offer loans for bad credit may accept FICO scores as low as 550 or may not require a credit score at all. Every lender has different eligibility requirements and maximum loan amounts. Upstart, Avant and LendingPoint are three of the best lenders for poor credit due to their lending models, APR ranges and repayment terms. Many lenders offer personal loans between $1,000 and $50,000. If your credit is poor, the amount you qualify for will depend on multiple factors. You may also face higher rates with a bad credit loan, which can make your monthly payment pricey. This makes it important to shop around and find the best bad credit loan rates available. That said, there are lenders that will work with you regardless of your credit history — but it might limit the amount you are eligible to borrow. The lower your credit score, the less likely you are to qualify for a lender's highest advertised loan amount. However, lenders may still consider you based on your credit history, your current debts and your income to determine how much you can borrow. Your credit score is among the most important factors to lenders when you apply for a loan. Most consider a bad credit score as a FICO score below 580 or a Vantage score below 601. When you apply, lenders will conduct a hard credit check to look at your credit report. Your credit report houses all of your repayment information and credit history, including any missed payments, open accounts and your debt-to-income ratio. Lenders also evaluate your credit score to gauge your creditworthiness — the higher your score, the more likely you are to be offered a larger loan. If you apply with a bad credit lender, you could be approved with a score as low as 550. Still, a higher credit score could mean access to more funds. Your debt-to-income (DTI) ratio is the percentage of how much you owe versus your income. To calculate your DTI, add your monthly debt payments — such as student loans, auto loans, mortgage payments and credit card balances — and divide them by your gross monthly income. You can also use a debt-to-income ratio calculator if you don't want to do the math by hand. Ideally, most lenders prefer DTIs under 36 percent, but some will accept ratios as high as 50 percent. The lower your DTI, the more confidence a lender will have in your ability to take on more debt. If your DTI is well over 50 percent, consider dedicating time to paying down your existing debt before taking out another loan. If you need the cash immediately, look for lenders that don't have a DTI specification or accept high ratios. Lenders that accept borrowers with bad credit typically use nontraditional aspects of your finances to determine how much you can borrow. This may take the form of a monthly or annual income requirement. Upstart, for example, offers unsecured loans up to $50,000 and doesn't have a credit score requirement. But it does have a minimum income requirement of $12,000. In addition, Upstart — and some other lenders — considers your education history alongside your credit profile. Adding a cosigner with a good or excellent credit may persuade a lender to approve you for a higher loan amount. A cosigner shares legal responsibility for repaying the loan with you. When you have a cosigner, the lender knows that if you miss a payment, it still has an alternate way to get the money that is due. Not all lenders allow you to add a cosigner to their loan application. Instead, they may only allow you to apply with a co-borrower. A co-borrower, unlike a cosigner, has a right to access the personal loan funds. They also share a responsibility for repaying the loan. If you want to use a cosigner or co-borrower, check on the lender's website or with its customer service before applying. There are personal loan alternatives available if you don't qualify for other options. Although these can be the easiest loans to get if you have poor credit, they have risks. You should be wary of the high interest rates and fees often associated with payday loans and no-credit-check loans. Emergency loans: Many emergency loans often have a high interest rate and fees if your credit score is poor. Payday loans: Because of minimal regulation, payday loans often have triple-digit interest rates and fees. You should consider them as a last resort. No-credit-check loans: A no-credit-check loan is another last-resort option. This type of loan is made for people with poor credit, and the APRs and fees can be extremely high. Should you take out a personal loan if you have bad credit? Some types of bad credit loans are more risky than others, and a bad credit personal loan may be the least risky of your options. They have long repayment periods, and the APR maxes out at 35.99 percent. By comparison, you only have two weeks to repay a payday loan and APRs may exceed 650 percent. Even when you have a poor credit score, there are many places to get a bad credit personal loan. The potential for high fees and a high annual percentage rate (APR) makes it important to compare bad credit lenders and find the best loan terms possible. You can find bad credit personal loans online. Lenders like Upstart, Avant and LendingPoint offer prequalification, which allows you to preview your possible rates without hurting your credit score. But while their minimum rates are low, you will likely receive a higher APR if you don't try to improve your credit score before applying. Lender APR range Loan amount Loan term Minimum credit score Upstart 6.60%-35.99% $1,000–$50,000 3 - 5 years No Requirement Avant 9.95%-35.99% $2,000–$35,000 2 - 5 years 550 LendingPoint 7.99%-35.99% $1,000–$36,500 2 - 6 years 600 Loans for bad credit may allow you to borrow anywhere from $1,000 to $50,000. Getting approved for a personal loan with bad credit may be difficult, but it's not impossible. Look for lenders that specialize in poor credit borrowers or use a qualifying co-signer to increase your chances of being approved. While it may seem tempting to apply when you find a lender you qualify for, read the terms and conditions first to check for hidden fees or requirements not advertised online. Also, if the lender offers prequalification, try it before starting an application. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
The easiest personal loans to get: 2025's best options
If you need money now but can't get a loan, products like emergency loans and payday loans may be appealing. These options may come with higher interest rates and shorter repayment timelines than a standard personal loan. Payday loans and some no-credit-check loans can have fees that translate to triple-digit interest rates, meaning they should only be used as a last resort. Emergency loans, bad credit loans, no-credit-check loans and payday loans are easier to get than traditional personal loans. Some lenders promise ultra-fast funding or cater to borrowers across the credit spectrum with less restrictive eligibility requirements. However, these easy loans often come with higher-than-average interest rates and unfavorable terms. This is especially true of no-credit-check and payday loans, which should be avoided whenever possible. If used carefully, alternative loans can help meet urgent financial needs in tough situations. They can also be the easiest loans to get. But it's important to consider the long-term financial risks, like rapid, high-interest debt accrual or significant credit damage. Knowing the risks before you sign can empower you to make the right decision for your current and future finances. These are the easiest loans to get, especially when you have trouble qualifying for traditional loans. An emergency loan helps you cover unexpected expenses, such as medical bills or car repair costs. Lenders typically have low borrowing minimums of $1,000, and some offer loan amounts of up to $50,000. Although specific funding timelines vary by lender, some deposit funds the same day you're approved. There are multiple emergency loan types. Some are traditional personal loans that offer faster funding. Others include payday and title loans, but beware — these are predatory lending products that are often marketed as emergency loans. Emergency loans generally come with higher interest rates than other forms of lending. This is especially likely if you have a poor credit score, a large amount of debt or a low or unstable income. Emergency loan rates from online lenders may reach 35.99 percent, but payday loans can have rates up to 600 percent or higher. If you don't have a good credit score (at least 670) and a solid income, your loan may come with high rates and fees. Look for a loan with an interest rate below 36 percent. Here are a few Bankrate-reviewed personal loan lenders that offer emergency loans. Lender APR range Loan amounts Funding timeline Minimum credit score Rocket Loans 8.01%-29.99% $2,000–$45,000 As soon as the same day 640 LightStream 6.49%-25.29% (with autopay) $5,000–$100,000 As soon as the same day 670 LendingPoint 7.99%-35.99% $1,000–$36,500 As soon as the next business day 600 If you need quick cash to cover an emergency expense, consider Bankrate's picks for the best emergency loans. Learn more A bad credit loan is a personal loan for borrowers with less-than-stellar credit or minimal credit history. Although bad credit loan requirements vary by lender, you'll typically need a credit score above 500. Since the lender assumes additional risk by lending to borrowers with bad credit, you may not get approved for the amount you need. Also, expect to be charged origination fees of up to 12 percent of the loan amount. You may not qualify for the longest loan terms, but your term will be at least 12 months — far longer than the two weeks you have to repay a payday loan. These loans are still a better option than payday loans as long as they're offered by regulated institutions, including online lenders, credit unions and community banks. If you have fair or poor credit, you will likely face rates closer to the lender's maximum, rather than their minimum. Failure to make on-time payments will damage your credit score. On the plus side, keeping up with payments should help you improve your credit score. Check out Bankrate's reviews of these lenders before applying. Lender APR range Loan amounts Funding timeline Minimum credit score Avant 9.95%-35.99% $2,000–$35,000 As soon as the next business day 550 Upstart 6.60%-35.99% $1,000–$50,000 As soon as the next business day 300 OneMain Financial 18.00%-35.99% $1,500–$20,000 As soon as the same day None If you need to borrow money but you don't have great credit, consider Bankrate's picks for the best bad credit loans. Learn more If you don't meet the lender's minimum credit score requirement, getting a no-credit-check loan is a possible alternative. But exercise caution — these loans have high fees that translate to a triple-digit APR. No-credit-check loans should be treated as a last resort due to the potential risk involved. In addition to the substantial fees, no-credit-check loans often have short repayment periods that make it difficult to manage. You risk incurring triple-digit interest rates and high fees with a no-credit-check loan. Failing to repay could trap you in growing debt. Payday loans are typically $500 or less and are designed to be repaid by your next pay period. Most payday lenders don't check your credit, so these are among the easiest loans to get approved for. But beware: These loans come with serious drawbacks, including sky-high interest rates and exorbitant fees. Interest rates on a 14-day payday loan can be more than 600 percent in some states — compare that to the maximum rate of 36 percent on personal loans. The ease of approval makes it possible to borrow beyond your means and get trapped in a cycle of debt. In fact, the Consumer Financial Protection Bureau found that 75 percent of the fees collected by payday lenders are from borrowers with more than 10 loans. Payday loans pose a serious risk to your financial health. Due to the short repayment term, excessive fees and high interest rates, only consider these loans if you've exhausted all of your other options and are certain you can pay back the balance. Getting approved for an easy loan may yield temporary financial relief. But these debt products often become more costly than borrowers initially imagined, leading to long-term financial distress. Falling behind on loan payments could also mean adverse credit reporting, damaging your credit score. For starters, easy loans generally come with exorbitant interest rates and fees, which means you'll pay hundreds or thousands of dollars in interest over the loan term. Although some easy loans don't require a credit check, they may come with extremely short repayment periods that are difficult to manage and trap you in a cycle of debt. If you want to avoid the potential borrowing costs associated with the riskier loan options above, here are some alternatives to consider. If you're a member of a community bank or local credit union, contact your institution to determine whether you qualify for a personal loan. You may receive better rates and terms since you have an existing relationship with the institution. Select federal credit unions offer unsecured payday alternative loans (PALs). Although the interest rate is based on your credit score, rates are capped at just 28 percent. These loans are easier to get approved for than traditional loans, but only come with maximum amounts of $2,000. To borrow a PAL, you must be a member of a credit union that offers this product. Check with your local Chamber of Commerce or library, or dial 211 to see if grants are available in your area. Your income level may qualify you for federal or state rental or food assistance programs. If you need help paying for rent, the U.S. Department of Housing and Urban Development may offer a rental assistance program in your area. Can't afford to pay for a phone bill or medical bill in full? Ask the company if you can establish a payment plan. Although you'll probably be charged an additional fee or interest, it may cost less than getting a loan. While you won't have to undergo a credit check, you may still have to apply and be approved. If you need to pay for an expense immediately but don't get paid until next week, ask your employer for a paycheck advance. You'll be borrowing money from yourself, which prevents you from racking up debt and having to repay interest and fees to a lender. But, of course, it means your next paycheck will be smaller, potentially impacting your budget. If your employer doesn't offer advances, consider using a third-party payday advance app. These apps allow you to access a portion of your paycheck early for a small fee (or for free). Keep in mind that you'll likely need to repay the borrowed amount from your next paycheck. And be careful not to use these advances to support a pattern of overspending. The Center for Responsible Lending found that more than one in four app users (27 percent) take out more than 25 advances a year. If you need more money than you could get with a paycheck advance, consider asking for a 401(k) loan or hardship assistance. There's no credit check, and you can access the funds quickly in most cases. You can expect to pay interest on the loan amount even though you're borrowing from yourself, but rates are reasonably low. Any interest you pay is deposited back into your retirement account, but on a post-tax basis. But if you lose or leave your job while carrying a balance, you'll need to repay it by the following tax day. If you have a loved one who is willing and able to lend you money, you may avoid paying interest and can collaborate on repayment options. Be sure to get the terms of your agreement in writing and repay the loan as promised to avoid damaging your personal relationship. Credit counseling isn't a borrowing option, but it can be another way to tackle your debt. You work with a certified credit counselor, who can help you obtain copies of your credit reports, create a budget and establish a debt management plan. The best credit counseling services may even be able to negotiate your payments down so you can eliminate debt faster. However, there may be fees for this service, so be sure to check total costs before signing up. Before you take out an easy loan, make sure you explore all of your borrowing options. When considering the easiest personal loans, do your research and weigh each alternative's benefits and drawbacks to decide which makes the most financial sense. Before turning to a payday loan or similar option, try prequalifying for bad credit personal loans with several lenders to compare potential rates. Regardless of your choice, assess your spending plan and only borrow what you can afford to pay back promptly. What do you do when you need money now but can't get a loan? If you need money but don't qualify for a loan, consider turning to financial assistance programs. For example, you could dial 211 to find a local assistance program that helps with bills or groceries. What is a hardship money loan? A hardship money loan is a personal loan designed to help you through hard times. To qualify, you may have to submit documentation, such as past-due bills, to prove you're experiencing financial hardship. Can I get a loan with a 450 credit score? Getting a personal loan with a 450 credit score may be possible, but fewer lenders will consider your application, and if you qualify, you can expect to pay high rates. If possible, consider working to improve your credit score before applying. 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