LendingPoint has employed its own credit modeling process to fund more than $185 million in loans to “fair credit” consumers, defined as those with credit scores between 600 and 700. It holds 26 state licenses.
FinWise Bank offers access to tens of millions of customers across the country and an effective scaling of standardized rates, loan agreements, product portfolios and marketing. The nationwide rollout should be completed before summer’s end.
“We founded LendingPoint on the core belief that a person’s credit score is not their complete financial story,” LendingPoint founder and CEO Tom Burnside said. “By partnering with FinWise Bank, we can bring better loans to more people across the U.S., helping them improve their financial story and live better lives.”
Traditional approaches are limited, LendingPoint chief strategy officer Juan E. Tavares said.
“This leaves a lot of good customers with little to no responsible borrowing choices.”
LendingPoint loans orange from $3,000-$20,000 with terms between 24 and 48 months.