Investopedia’s Rating 3.0 Our Take LendingUSA offers flexible loan amounts and a chance to pay no interest if you can repay the debt within six months. The lender's personal loans are accessible to borrowers with fair credit. That said, the lender has a high origination fee, so it may not be a good fit for excellent-credit borrowers. Pros & Cons Pros Available to borrowers with fair credit Wide range of loan amounts Borrowers who pay off the loan quickly can avoid interest Cons High origination fee Loans aren't available in all states Lack of transparency Key Takeaways Company Overview LendingUSA was founded in 2015, primarily to provide point-of-sale loans. Since then, the lender has developed a network of more than 10,000 merchants and funded loans for more than 150,000 borrowers in 43 states. The lender has an A+ rating from the Better Business Bureau and stellar customer reviews. specifications APR Range 0.00% - 29.99% Loan Amount $1,000 - $47,500 Loan Terms 36 months - 60 months Recommended Minimum Credit Score N/A Average Origination Fee 0.00%-8.00% Late Fee $5.00-$15.00 Why Trust Us 70 Lenders reviewed 31 Loan features considered 1,680 Data points analyzed 173 Primary data sources used Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs. Read our Full Methodology Table of Contents LendingUSA Personal Loans Review 2024 Pros Explained Cons Explained Types of Loans Time to Funding Borrower Requirements Loan Features Customer Service Customer Satisfaction How to Apply Other Services Alternative Lenders The Bottom Line Frequently Asked Questions (FAQs) Methodology LendingUSA offers unsecured personal loans that you can use for various purposes, such as: The lender doesn't specifically exclude certain types of uses, but the application has a set of pre-approved uses with no "other" option. According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons. After you submit your application, you can typically get a decision in seconds. If you're approved and agree to the loan terms, funding time will depend on which lending partner you choose. In some cases, you can receive the funds the same day you're approved. LendingUSA requires a minimum credit score of 620, but it doesn't disclose any other eligibility requirements. Borrowers must live in an eligible state to get approved. LendingUSA does not allow co-signers or co-applicants during its pre-qualification process. However, some partner lenders may allow you to add a co-signer or co-applicant after you select an offer. LendingUSA does not allow borrowers to use one of its personal loans to pay off an existing LendingUSA personal loan. LendingUSA has an A+ rating from the Better Business Bureau, with an average customer rating of 4.55 out of 5 stars across more than 260 reviews. On Trustpilot, the lender has an average rating of 4.5 out of 5 stars across more than 700 customer reviews. In addition to personal loans, LendingUSA also offers debt settlement services through its Freshstart Loan program. LendingUSA offers a wide range of loan amounts and repayment terms through its partner lenders and, while its website lacks transparency, you can get pre-qualified to get an idea of what terms you can qualify for. And if you apply for a LendingUSA point-of-sale loan through one of its partner merchants, the lender will pay for the purchase on your behalf. If you can afford to pay off the loan quickly, you may be able to avoid interest charges. But if not, interest rates can be high, especially for borrowers with fair credit. Even if you can avoid interest, however, you may be on the hook for a steep origination fee. Even if your credit is less than stellar, research and compare several options to determine whether LendingUSA is right for you. LendingUSA is a legitimate company that partners with online lenders to help borrowers finance purchases, debt consolidation, and other expenses. It receives high customer reviews on sites like the Better Business Bureau and Trustpilot. To get approved for a LendingUSA personal loan, you need a credit score of 620 or higher. This is considered at least a “fair” credit score by FICO. No, getting pre-qualified with LendingUSA and its partner lenders involves a soft credit inquiry, which won't affect your credit score. Once you officially apply for a loan, the lender will conduct a hard inquiry, which can have a short-term negative impact on your credit score. The amount of time it takes LendingUSA to deposit your money will depend on which partner lender you choose. In some cases, the funds can be deposited on the same day you're approved. In other cases, it can take several days. LendingUSA operates in 43 states and the District of Columbia. The company doesn't offer loans in Connecticut, Iowa, Massachusetts, North Dakota, New Hampshire, Vermont, or West Virginia. It also doesn't operate in Puerto Rico or other unincorporated U.S. territories. To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas: Learn more about how we evaluated personal loans in our complete methodology. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. LendingUSA. “Frequently Asked Questions.” LendingUSA. “Our Company.” Better Business Bureau. “LendingUSA.” Trustpilot. “LendingUSA.”:fill(white):max_bytes(150000):strip_icc()/LendingUSA-cd7c635944eb45e5991402a2865a03a9.jpg "LendingUSA Personal Loans Review 2024 (1)")
Pros Explained
Cons Explained
Types of Personal Loans Offered by LendingUSA
Time to Receive Personal Loan Funds
Borrower Requirements
LendingUSA Personal Loan Features
Co-Signers and Co-Applicants
Can You Refinance a Personal Loan With LendingUSA?
Customer Service
Medium Contact When Telephone 800-994-6177 Not disclosed Email customerservice@lendingusa.com 24/7 Online Form Contact Us 24/7 Customer Satisfaction
How to Qualify For and Apply For a LendingUSA Personal Loan
Other Banking Services and Loans Offered by LendingUSA
Compare LendingUSA With Other Personal Loan Lenders
LendingUSA Achieve Upgrade APR Range 9.99%–29.99% 8.99%–29.99% 8.49%–35.99% Loan Amounts $1,000–$47,500 $5,000–$50,000 $1,000–$50,000 Loan Terms 36–60 months 24–60 months 24–84 months Recommended Minimum Credit Score 600 620 620 Origination Fee 8.00% 6.99% 9.99% Time to Receive Funds 3 days 1 day 1 day The Bottom Line
Is LendingUSA a Legitimate Company?
What Credit Score Do You Need to Get a Personal Loan from LendingUSA?
Does Pre-Approval From LendingUSA Require a Hard Pull?
How Long Does It Take LendingUSA to Deposit Money?
Where Does LendingUSA Operate?
Methodology
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