LendingUSA is a financing portal that specializes in direct-to-customer and point-of-sale lending options. Point-of-sale lending allows merchants to offer their products and services to a wider audience and increase sales. Although LendingUSA provides its services to most business types, it typically focuses on medical services, consumer goods, bridal, and legal services.
LendingUSA was founded by Camilo Concha in 2007 and is based in Sherman Oaks, California. In 2005, Concha launched a series of loan origination websites that provided financing for niche services, such as pet loans, dental loans, surgery loans, and medical financing loans. All those brands are now under the LendingUSA umbrella.
LendingUSA is a marketplace lender that focuses on offering loans to the clients of partnering business. Let’s say you need expensive plastic surgery but you don’t have the cash to pay for the operation. If your surgeon is a partner of LendingUSA, she can offer you a loan through LendingUSA’s portal. That way you can pay for your treatment with budget-friendly installments.
All loans are provided by Cross River Bank, a New Jersey State Chartered Bank that is a FDIC member.
LendingUSA’s rates vary widely depending on the applicant’s credit score, loan amount, loan term, and credit history. However, an 8% origination fee is attached to all loans. The maximum APR, which includes the origination fee, is 29.99% APR.
Notice that the origination fee is non-refundable and that it is part of the loan principal, but not deposited in the borrower’s account. For example, if your borrow $10,000, you will only receive $9,200, but you’ll pay interest on the full $10,000.
LendingUSA also offers approved borrowers a six-month 0% APR financing. Notice, however, that the 0% APR only applies to loans paid in full within the first six months. The client still has to pay the 8% origination fee.
LendingUSA offers loan amounts ranging from $1,000 to $35,000.
LendingUSA’s loans are available in all states except Connecticut, New York, Vermont, and West Virginia.
The loan application starts by filling an online form. Borrowers receive a fast credit decision and can sign the loan agreement online without the need of printing or scanning documents. If approved, LendingUSA sends funds directly to the business’ bank account.