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LendingUSA Personal Loans: 2024 Review

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Jennifer Calonia
Jennifer CaloniaUpdated January 2, 2024

Overview of LendingUSA

LendingUSA provides point-of-sale financing for borrowers who want to pay for a particular service, such as healthcare, dental work, veterinary care, funeral services, or other services over time. It offers loans from $1,000 to $47,500, depending on the purpose of the loan, the term, and the state you reside in. You typically apply for the loan online at the time and place you’re purchasing the service.The Takeaway: Consumers who need to pay for things like medical, veterinary, or funeral services over time might be interested in a LendingUSA personal loan, which has fixed monthly payments. However, there is an origination fee of up to 8% and an APR of up to 29.99%.

Pros and Cons of LendingUSA

ProsCons
• Convenient point-of-sale financing• No-interest promotion• Fast preapprovals• Loans available for good and bad credit• Charges an origination fee• Varying loan limits depending on purchase• Some loan details are unclear• Not available in all states 

Pros of LendingUSA

Point-of-sale option offers convenience 

Sometimes you’re confronted with expenses you didn’t expect, such as a medical procedure, veterinary bill, or funeral cost. Although you can apply for a LendingUSA personal loan on your own, the lender also works with merchants across specific industries to give consumers easy access to financing. For example, if you need to cover out-of-pocket expenses for LASIK eye surgery, LendingUSA might offer its loan at your ophthalmologist’s office.

No-interest promotion

Certain LendingUSA personal loans offer a no-interest promotional period. With this option, you pay no interest on your purchase as long as you repay the entire loan within the specified promotional period.

Quick preapproval 

By answering a few questions on the LendingUSA website, such as the amount you need, the type of loan, and financial details, you can see if you’re preapproved for a personal loan within seconds. You also submit a loan application online and sign the online agreement to move forward.

Loans for all credit types

LendingUSA provides a variety of loans for individuals who have good or bad credit

Cons of LendingUSA

Origination fee

A downside of LendingUSA personal loans is that an origination fee applies. Up to 8% of your loan amount is added onto your loan principal, which will incur interest charges over time.

Loan limits vary by purchase type

LendingUSA’s maximum loan limit of $47,500 is not available for every purchase. The lender imposes varying loan amount limits on different services. For example, LendingUSA offers up to $15K for elective cosmetic and plastic surgery procedures and up to $12K for funeral expenses. If you need financing that’s higher than these limits, a LendingUSA loan might not be right for you.

Key loan details not disclosed

Although LendingUSA provides convenience and a streamlined loan process, it does not disclose key details related to its personal loan offers. This includes the personal loan APR range, available repayment terms, whether a cosigner is permitted, and specifics around credit and income requirements. You typically have to provide personal information about yourself to review any loan options.

Not available in certain areas

The lender doesn’t provide loans in unincorporated U.S. territories and a handful of states. You may not be eligible for a LendingUSA personal loan if you live in Connecticut, Iowa, Massachusetts, North Dakota, New Hampshire, Vermont, West Virginia, or Puerto Rico.

LendingUSA Personal Loan Terms, Rates, and Fees

Loan amounts: $1,000 to $47,500APR range: Up to 29.99%Loan terms: Not disclosedPrepayment penalty: NoneApplication fee: Not disclosedOrigination fee: Up to 8%Co-borrowers allowed: Not disclosedApproval speed: Rapid preapproval, but can take 3–5 business days to receive fundsInformation accurate as of Jan. 2, 2024.

Who May a LendingUSA Personal Loan Be Right For?

  • Borrowers who are purchasing a service from a merchant that works with LendingUSA. If the business you’re purchasing from works with LendingUSA to offer financing for customers, the application and funding process may be easier and smoother.
  • Borrowers who can pay off the purchase within the loan’s promotion period. Some loans may include LendingUSA’s no-interest promotion. If you’re approved for a loan that includes this feature and can confidently pay off the purchase within the stated promotional period, you can avoid interest charges.
  • Borrowers who don’t have strong credit. LendingUSA says it approves loans for borrowers with a range of credit histories. If you have poor credit, you might find a loan option through this lender.

Who LendingUSA May Not Be Right For

  • Borrowers who want to avoid origination fees. LendingUSA’s origination fees are up to 8%.
  • Borrowers who want a one-on-one lending experience. Every step for obtaining a personal loan from LendingUSA is conducted online. Those who prefer a hands-on borrowing experience, like being guided through the process by a live loan agent, won’t find it here.
  • Borrowers whose financing needs exceed the limit for the service they’re buying. LendingUSA’s maximum loan amount of $47,500 isn’t available for every purchase type. For example, the limit is $12,000 for funeral expenses and $15,000 for cosmetic surgery.

What to Watch Out for With LendingUSA Personal Loans

  • LendingUSA personal loans are not available in all states
  • A loan approval is valid for up to 30 days after receiving your initial preapproval
  • Loans are typically funded within three to five days after signing your loan agreement
  • LendingUSA might contact your employer to verify your employment and income

LendingUSA Personal Loan Eligibility Requirements

  • US status: Reside in an eligible U.S. state with a valid Social Security number.
  • Age: At least 18 years old.
  • Minimum credit score: 620.
  • Income requirements: Not disclosed.
  • Maximum debt-to-income ratio: Not disclosed.
  • Cosigners allowed: Not disclosed.
  • Co-applicants allowed: Not disclosed.

Repayment Options for LendingUSA Personal Loans

LendingUSA doesn’t disclose the available repayment term options for its personal loans. However, it suggests that different terms are offered, since one of the factors that determines your approved loan amount is your chosen term.If a borrower unexpectedly faces financial hardship or an event that makes payments challenging, LendingUSA encourages them to reach out.

How to Apply for a LendingUSA Personal Loan

  1. Complete the online preapproval form. Enter the loan amount, and product/service type for the loan. Then provide your personal information, contact information, and financial and employment details. A soft credit check will be performed.
  2. Review your rate. If you’re preapproved, you’ll see your rate and other loan details.
  3. Select your merchant or business. Next, choose a merchant from LendingUSA’s options or enter the merchant’s name into the search field to find the business.
  4. Submit a loan application. To move forward with the loan, complete the remaining online application. Note that a hard credit inquiry will be conducted during this step, which may temporarily affect your credit score.

Alternatives to LendingUSA Personal Loans to Consider

LendingUSA personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
LendingPoint$[LDC_PL_lendingpoint_minAmount] to $[LDC_PL_lendingpoint_maxAmount][LDC_PL_lendingpoint_minApr]% to [LDC_PL_lendingpoint_maxApr]%[LDC_PL_lendingpoint_term]
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 months
(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders all in one marketplace. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.Lantern can help you find personal loan offers.

Frequently Asked Questions

Does LendingUSA do a hard inquiry?
What credit score do you need for a LendingUSA loan?
Is LendingUSA the same as LendingClub?
How long does it take LendingUSA to deposit money?

About the Author

Jennifer Calonia
Jennifer CaloniaJennifer Calonia is a Los Angeles-based finance writer who has covered the gamut, including student loans, credit card rewards, consumer loans, and debt. Her work has been featured in outlets like Bankrate, NerdWallet, Business Insider, Yahoo Finance, and U.S. News.
Brand namesNo brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
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