To understand is tripoint lending legit or not, it is important to look into the company’s background, services, and customer reviews. The company has been in business for few years and has consistently gained positive feedback from its customers.
But recently it has gained negative publicity due to a few customers claiming they have had trouble with their loans and customer service.
Customers claimed scams, fraud, and hidden fees among other issues. While this does not necessarily mean that Tripoint Lending is a scam, it’s important to be aware of the potential risks associated with the company.
How Tripoint Lending Works?
It is important to understand how Tripoint Lending works before deciding whether it is a legitimate option for you. Tripoint Lending operates using a peer-to-peer lending model.
This means that borrowers are matched with investors in the platform to secure the funds they need.
The process is simple: borrowers submit their loan requests, investors review them and decide which ones to approve, and Tripoint Lending facilitates the loan agreement.
The repayment process is also managed by Tripoint Lending, which collects payments from the borrower and distributes them to investors.
Who Owns Tripoint Lending?
Tripoint Lending is based in Irvine, California and is owned by the parent company, Tripoint Global Equities.
The company was founded in 2012 by experienced mortgage professionals with a vision to provide customers with innovative loan options. It offers loans upto $3 million with competitive rates and provides customer service support.
Tripoint Lending is licensed in multiple states across the U.S. and is an approved lender by the Department of Housing & Urban Development (HUD).
Tripoint Lending Reviews
Tripoint Lending has recently gained few complaints and negative reviews from customers. The primary complaints are about the long turnaround time for loan approval and the confusing sign-up process.
Complaints also included that customers were scammed out of their hard-earned money by Tripoint Lending.
Despite these complaints, many customers have reported positive experiences with the company and have been able to get loans quickly and with minimal hassle.
These customer reviews also confirm that Tripoint Lending is a legitimate business and they are committed to providing quality loan services.
Customers have also reported that Tripoint Lending offers competitive interest rates and low fees on their loans. Additionally, the company’s customer service is top-notch, with quick responses and a friendly attitude.
Is Tripoint Lending Legit or Scam?
Due to having negative reviews and high-interest rates, many have asked if Tripoint Lending is a legitimate lender. While the company itself is technically legal, some underlying issues make it questionable at best.
Customers complaints include inadequate customer service, difficulty cancelling accounts, and hidden fees. Additionally, since Tripoint Lending is not a traditional financial institution, it does not benefit from the same regulations and protections as other lenders.
Tripoint Lending also charges unusually high-interest rates that are often higher than those of other lenders. This is because Tripoint Lending is a non-traditional lender and is not subject to the same industry regulations.
This can result in customers paying more than they should, particularly if they do not completely understand the terms of their loan.
While Tripoint Lending may be technically legal, it is important to consider both the negative customer reviews and high-interest rates before deciding to use its services.
You can say it is legal as a lender, but it is not the best option for those looking for a secure loan.
What are Tripoint Lending Credit Score Requirements?
Tripoint Lending is a online lender that offers installment loans and lines of credit to qualified borrowers. To qualify for the loan, borrowers must have a minimum FICO credit score of 600 or above. The company reviews the borrower’s financial information before deciding on the best offer and terms.
Tripoint Lending also considers other factors such as the borrower’s income, debt-to-income ratio, and employment history in their decision.
Ultimately, the company takes a holistic approach to assess loan applications, giving borrowers with lower credit scores a fair chance of approval.
Tripoint Lending also offers its customers financial education resources to help them improve their credit score and become more financially literate.
This commitment to helping customers understand their financial situation and make the most of it is another reason why Tripoint Lending is considered to be a reliable lender.
How to get loan from Tripoint Lending?
There are several factors to consider when determining if Tripoint Lending is the right loan provider for you. To get started, you’ll need to fill out a loan application and provide documentation that verifies your identity and income.
The company’s website states that they use a “robust” risk scoring system to determine whether or not an individual qualifies for a loan with them. Once approved, funds can be deposited directly into your bank account in as little as 24 hours.
Here are the steps to follow to apply for a loan through Tripoint Lending:
- Visit Tripoint Lending’s website and fill out a loan application form. Make sure to provide accurate information, as any false or incorrect statements can negatively impact your chances of approval.
- Submit the required documentation that verifies your identity and income levels. This could include things like copies of recent pay stubs, W-2s, bank statements, etc.
- Once all of the above is complete, a representative from Tripoint Lending will review your application and decide whether or not you are approved for the loan amount requested.
- If approved, funds can be deposited directly into your bank account in as little as 24 hours.
Frequently Asked Questions
Question: What credit score is needed for Tripoint?
Answer: Tripoint Lending does not require a minimum credit score to apply for a loan. However, to get competitive interest rates, applicants should have a score of 680 or higher.
Question: What does Tripoint lending do?
Answer: Tripoint Lending is an online lender that offers short-term loan products to individuals and small businesses. They specialize in providing fast, convenient financing solutions with competitive interest rates.
Question: Can I get a loan with a 582 credit score?
Answer: It depends on the loan product you are looking for. For most loan products, a credit score of 582 may not be sufficient for approval. However, Tripoint Lending does offer some products that do not require a specific minimum credit score. You can contact them directly to discuss your options further.
Question: How do I know if a lending company is legit?
Answer: Before working with any lender, it is important to research the legitimacy of the company. Look for reviews from customers and independent financial advisors. Additionally, make sure that the company is registered with relevant government agencies and is clear about their loan terms and conditions.