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U.S. News & World Report Names LendingPoint One of 2017’s Best Personal Loan Companies

LendingPoint, the company working to revolutionize access to consumer credit, was named one of nation’s six best personal loan companies by U.S. News & World Report.

The media company evaluated personal loan companies in five key areas, reviewing data on eligibility, loan terms, fees, repayment methods and additional features. LendingPoint was cited as 2017’s top lender for people with fair to good credit, who have merit-based qualifications beyond FICO scores that make them worthy loan candidates.

Founded in 2014, LendingPoint is a balance-sheet lender that uses data and technology in a proprietary model to paint a more complete financial picture of a customer. This model allows LendingPoint to approve loans for more people who may be passed over by traditional FICO results. Loans range from $1,000 to $26,500, with terms from 24 to 48 months. LendingPoint responds to customers in a matter of seconds with an approval decision, creating loan offers aligned with the customer’s financial profile and transparent terms that take the guesswork out of repayment.

“We’re thrilled to be recognized by U.S. News & World Report on this prestigious list, especially alongside a great peer group of companies,” said Tom Burnside, CEO of LendingPoint. “We created LendingPoint because we recognized a dire need in the market to provide access to fair and affordable products for a deserving yet underserved group of people. We’re grateful that U.S. News agrees with the unique value our model offers, helping customers meet their goals and live better financial lives.”

The U.S. News recognition caps off a year of impressive growth, as the company expanded its services and is now offered in 30 states plus the District of Columbia. In September, LendingPoint announced it closed an up to $500 million credit facility, arranged by Guggenheim Securities, to fuel the growth of its consumer installment loan portfolio -- one of the largest credit facilities raised in 2017 in the online consumer lending industry for a balance sheet lender. The company, which issued its first loan in 2015, expects to have originated more than $400 million in consumer loans by the end of this year.

Last month, the company also was lauded for its social responsibility efforts. The nonprofit organization Devereux Advanced Behavioral Health nominated LendingPoint for the 2017 Sam Olens Business Community Service Award, an honor given by the Cobb Chamber and Georgia Trend magazine to a local business that serves the community. The nomination recognizes LendingPoint’s support of Devereux’s services for people with developmental disabilities and other behavioral challenges.

About LendingPoint

LendingPoint is a balance sheet lender with a vision to revolutionize access to credit. The company is creating a better lending environment by looking for more reasons to say “yes” -- helping NearPrime consumers unlock access to affordable loans and live better financial lives. Its award-winning leadership team brings unmatched experience in FinTech and credit. LendingPoint is a privately-held company with headquarters in Kennesaw, Ga. LendingPoint loans are issued by LendingPoint directly or by FinWise Bank, a Utah-chartered bank, Member FDIC. For more information, visit https://www.lendingpoint.com.

FICO is a trademark of Fair Isaacs Corporation.

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