Lending Point engages in practices that…
Lending Point engages in practices that seem predatory, exploiting borrowers in dire financial situations. While obtaining the loan was straightforward, the interest rate was a staggering 31%. I took out an $8,025 loan in November 2022, and despite having paid nearly $4,000 by mid-2024, my current balance exceeds $9,000. This means my balance has increased by over $1,000 since the original loan, indicating that none of my payments have gone toward the principal. They offer a hardship program costing $26 per month for three months, but it primarily benefits them. I wish there were regulations to prevent such practices.