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Where does LendingUSA do business?
LendingUSA is a direct lender based in Sherman Oaks, CA. It was founded in 2007 and offers access to business loans in 45 states (and Washington, DC).
What are LendingUSA’s rates?
LendingUSA offers business loans with fixed APRs starting from 16.39% to 29.99%.
Does LendingUSA charge an origination fee?
Yes, LendingUSA charges a loan origination fee starting at 8% of the loan amount. LendingUSA deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does LendingUSA set on the purpose of the loan?
LendingUSA considers loan applications for business purposes, such as:
What types of business loans does LendingUSA offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LendingUSA provides access to the following business loan types:
- Unsecured term loans
Does LendingUSA charge prepayment fees?Yes, LendingUSA charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from LendingUSA?Loan amounts start at $1,000 and go up to $35,000.
What is the maximum loan term you can get with LendingUSA?
LendingUSA offers business loans with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with LendingUSA?
Applicants with a credit score of at least 560 can apply for a loan via LendingUSA. LendingUSA does not require borrowers to have been in business for a minimum number of years.
Only U.S. citizens and permanent residents can apply for a loan LendingUSA only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
15303 Ventura Blvd., Suite 850
Sherman Oaks, CA 91403 USA
- Visit Site
- Washington, DC
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|Origination Fee||Starting at 8%|
|Credit Score Range||
560 - 850
850 300 560
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$1K - $35K|
|Loan Term (Months)||Up to 60|
|APR||16.39% - 29.99%|