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.

How Does LendingUSA Work?

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. 

What Are LendingUSA's Rates and Fees?

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.

How Much Money Can I Borrow from LendingUSA?

LendingUSA offers loan amounts ranging from $1,000 to $35,000.

Which States Does LendingUSA Operate In?

LendingUSA’s loans are available in all states except Connecticut, New York, Vermont, and West Virginia.

What Is LendingUSA's Application Process Like?

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.

How Is LendingUSA Better Than Other Lenders?

Here is what we like about LendingUSA’s financing platform:

  • Easy to use point-of-sale financing options
  • Fast credit decisions
  • Paperless application and approval process
  • APRs are never higher than 29.99% APR
  • High approval rates
  • 0% APR six-month promotion (8% origination fee) for clients who pay within six months
  • Loan Amount
    $1000 - $35000
  • Payment Options
  • APR
    16.39% - 29.99%
  • Max Loan Term (Months)
  • Credit Score Range
    500 - 850
  • Immigration Status Considered
    U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Supported Income Types
  • Verification Documents Required?
  • No Prepayment Fee
  • Origination Fee
    Starting at 8%
  • Institution Type
  • Approval Speed (Hours)
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
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LendingUSA is either a SCAM COMPANY WHO IS GOING TO STEAL YOUR INFORMATION, A COMPLETELY UNPROFESSIONAL AND RUDE COMPANY, OR BOTH. This experience has pretty much set me off of getting any type of loan all together, outside of the major banks that is. I AM ASTOUNDED AT WHAT I HAVE BEEN THROUGH WITH THIS GROUP OF PEOPLE THAT CALL THEMSELVES A BUSINESS. The process was extremely stressful and exhausting because of how they act throughout and I was naïve to keep going with it.

At every single step, ... they tell you that it’s the last but that’s not even close to true. To start off everything was going well; I got pre-approved instantly online with a soft credit inquiry. Then came photos of myself and my ID which they asked me for several after the initial. Then there was account verification which would have been simple but their system fails sometimes and didn’t show anything correctly. They asked me for more accounts and a blank check (which I voided, thank goodness). Then they made me wait only to send a generic email from the LendingUSA general email account saying I was denied when the underwriter told me explicitly I would get a call from the loan agent I had been dealing with.

I called the loan officer, Manuel Silva and I asked if my information would be safe and how did I know that they didn’t just make me do the whole process to steal my info. Why would they not tell me I’m not eligible since the beginning when they saw my income on the initial application? Manuel started laughing and wouldn’t answer my questions. They were so interrogative and rude during every phone call. He could barely think of a reason I was denied. My income was exactly as I said since the beginning and still they said that it was the reason they couldn’t approve the loan.

THE WAY I WAS TREATED AS A WOMAN WAS UNACCEPTABLE AND HORRIBLE. They made me lose my time and spend my energy as well as waste a hard credit inquiry. I just can’t believe that I spent so much time doing this while I could’ve been dealing with a reputable bank. I DON’T SEE ANY ADVANTAGE OF APPLYING FOR A LOAN WITH AN UNREALIABLE AND UNTRUSTWORHTY COMPANY. Never do business with them! The only thing using this company would accomplish is give you stress. If I was treated this way since the beginning, I’m glad I didn’t have a loan with them because imagine how they treat those who owe them money!
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