LendingPoint Recognized for “Best Consumer Lending Product” with FinTech Breakthrough Award

USA - English

• USA - English

Kennesaw, GA (PRWEB) April 26, 2017 -- LendingPoint, the company working to revolutionize access to credit, today announced that it has been recognized as the “Best Consumer Lending Product” by FinTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in today’s global FinTech market.

“It’s an honor to be recognized by FinTech Breakthrough, especially among so many innovative companies around the world,” said Tom Burnside, co-founder and CEO of LendingPoint. “Until now, lending has relied too heavily on FICO, which overlooks a lot of creditworthy people and leaves them stuck between bank declines and few other responsible borrowing choices. Our mission at LendingPoint is to provide fair loans to millions of people in the NearPrime market who deserve better access to credit, helping them improve their financial story.”

The goal of the FinTech Breakthrough Awards is to honor excellence and recognize the creativity, hard work and success in a range of FinTech categories, including Lending, Payments, Personal Finance and Wealth Management, RegTech, InsurTech and many more. This year’s program attracted more than 3,000 nominations from over 15 different countries worldwide. All nominations were evaluated by an independent panel of experts within the FinTech industry, including media, analysts, and technology executives.

“We extend our sincerest congratulations to LendingPoint on their well-deserved industry recognition for innovation in the consumer lending category,” said James Johnson, managing director at FinTech Breakthrough. “With sophisticated real-time risk assessment models and the use of predictive analytics, the LendingPoint platform provides an innovative approach to managing risk while extending credit to a wider range of consumers. We absolutely look forward to seeing their continued growth and innovation in the consumer lending industry.”

“A lot of lenders lack the experience to understand the NearPrime market, and so they price unfairly and decline unjustly. This creates a lot of unnecessary barriers,” said Juan Tavares, co-founder and Chief Strategy Officer of Lending Point. “At LendingPoint, we use a combination of data and technology that looks beyond customers’ credit scores to understand the human element of their stories. We’re more interested in where they’re going, not where they’ve been.”

LendingPoint combines data and technology to create a proprietary risk model that adds other dimensions to credit analytics. This model allows the company to get a more complete financial story of the customer and approve more people who otherwise may have been declined based on traditional FICO results. Loans range from $3,000 to $20,000, with terms from 24 to 48 months. LendingPoint typically responds to customers in a matter of seconds* with a decision, with loan offers and transparent terms that take the guesswork out of repayment.

LendingPoint has provided more than $200 million in loans to-date, helping customers across the U.S. plan their dream weddings, vacations, home renovations, or cover emergency medical or veterinary expenses.

About LendingPoint

LendingPoint is a balance sheet lender with a vision to revolutionize access to credit for Near Prime consumers. The company is creating a better lending environment by looking for more reasons to say “yes” -- helping NearPrime customers with credit scores in the 600-700 range unlock access to affordable loans. Its award-winning leadership team brings unmatched experience in FinTech, credit, data modeling technology and risk scoring. Founded in September 2014, LendingPoint is a privately-held company with headquarters in Atlanta. For more information, visit https://www.lendingpoint.com.

About FinTech Breakthrough

FinTech Breakthrough is an independent organization with an awards and recognition platform devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit http://www.FinTechBreakthrough.com.

*If additional identity verification is needed, the loan offer process may take longer.

Michelle Green, Pitch Public Relations, +1 703-350-1345, [email protected]