LendingUSA Personal Loans Review: Niche Loans With High Origination Fees

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

lendingusa personal loans

Personal loan borrowing is on the rise. According to TransUnion, the national personal loan balance grew to a high of $107 billion in Q2 2017.

Part of this surge might have to do with innovative lenders such as LendingUSA. According to its website, the lender pairs with merchants and consumers to offer a variety of personal loans for “life’s important moments.”

More specifically, LendingUSA offers personal loans that can be used to cover medical, funeral, and pet costs, among other expenses. You could also qualify to consolidate debt. The company also partners with merchants that want to offer point-of-sale loans for consumer products and services.

If LendingUSA’s personal loans are calling to you, first read this full review to learn about the pros and cons of borrowing from this lender.

LendingUSA personal loans: Rates and terms

Here are the rates and terms for LendingUSA personal loans, as of April 17, 2018. The rate you get depends on your creditworthiness and your credit score, so make sure to check with LendingUSA for the latest available rates.

Keep in mind, LendingUSA currently offers personal loans with no interest charges for six months. If you pay off your loan in full within those six months, you won’t be responsible for any interest.

Borrowing limits $1,000 – $35,000
APRs 16.39% – 29.99%
Special promotion 0% APR if you repay within 6 months
Origination fee 8%

When you take out a personal loan with this lender, you’ll be charged an 8% origination fee. That fee can amount to a lot of money. On a $10,000 loan, for instance, the fee would total $800. The origination fee will be included in the principal loan amount.

You can use LendingUSA personal loans for a variety of purposes, including:

  • Bariatrics
  • Cosmetic surgery
  • Debt consolidation
  • Dental care
  • Funeral costs
  • Legal services
  • Medical devices
  • Pet purchase
  • Travel expenses
  • Veterinary expenses

The lender also partners with merchants to offer financing options for big purchases. It has an exclusive partnership with the American Academy of Cosmetic Surgery, for example. It’s also the official financing option for the National Funeral Directors Association.

If you’re buying something from a partner, the merchant will help you choose a LendingUSA financing option.

Using the LendingUSA online platform

LendingUSA offers an easy online application process. If approved, you’ll get funds in your account fast.

Before submitting a full application for a LendingUSA loan, get an instant rate check. This rate check won’t impact your credit, and it’ll give you a sense of your loan offers.

Keep in mind, though, that these are just preliminary offers. Your final offer might look different after you submit a full application. And if you decide to submit a full application, LendingUSA will run a hard credit check.

To get started, you’ll indicate your loan amount, as well as provide some basic personal information.

lendingusa loan application

Image credit: LendingUSA

You’ll also provide information on your income, work history, and a personal reference.

lendingusa personal loan

Image credit: LendingUSA

Finally, you’ll indicate the purpose of the loan and sign your name.

lendingusa loan application

Image credit: LendingUSA

At this point, LendingUSA will show you preliminary offers for a personal loan. If you decide to move forward, you can choose an offer and fill out a full application.

LendingUSA personal loans have basic eligibility requirements

LendingUSA has similar eligibility requirements to other personal loan lenders.

You must be a U.S. citizen or permanent resident who’s at least 18 years old. You also have to meet credit and income requirements.

Finally, you must be a resident of an eligible state. LendingUSA doesn’t lend to residents of Connecticut, New Hampshire, New York, Vermont, or West Virginia.

Customer reviews for LendingUSA personal loans

Even though LendingUSA doesn’t offer the lowest APRs around, customers have left generally positive reviews about their experiences.

On the Better Business Bureau (BBB) website, 128 out of 140 customer reviews are positive, as of April 19, 2018. One customer wrote that the “service was quick and easy” and the company had “very friendly and patient people.” Another explained that the process was “very quick and friendly” and that they got a good rate.

The few negative reviews on the BBB were mainly critical of the high origination fee. So before taking out a personal loan, do the math so you know how much your loan will cost.

Customer reviews of LendingUSA on Credit Karma are similarly positive, with the company getting an overall rating of 4.5 out of five stars over 48 reviews. Customers there also praised the easy application and speed at which they received their loan funds.

For even more information on LendingUSA personal loans, you can call customer service at 800-994-6177 or email borrower@lendingusa.com. You can also use the site’s chat feature.

LendingUSA has a strong reputation for its easy and fast online application process. But before taking out a loan, you might want to shop around first with other lenders, such as SoFi or FreedomPlus. Compare offers from multiple lenders to find a personal loan with the lowest long-term costs of borrowing.

Note: Student Loan Hero has independently collected the above information related to LendingUSA personal loans. LendingUSA has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 5.950% APR to 14.740% APR (with AutoPay). Variable rates from 5.825% APR to 14.365% APR (with AutoPay). SoFi rate ranges are current as of May 18, 2018, and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.825% APR assumes current 1-month LIBOR rate of 1.90% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank


Upgrade Bank Disclosures


  • Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.
  • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
5.83% - 14.74%1$5,000 - $100,000
Check rate nowon SLH's secure site
5.96% - 35.97%*$1,000 - $50,000Visit Upgrade
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% - 29.99%$10,000 - $35,000Visit FreedomPlus
4.99% - 16.24%2$5,000 - $50,000Visit Citizens
15.49% - 34.49%$2,000 - $25,000Visit LendingPoint
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.49% - 18.24%$5,000 - $75,000Visit Earnest
9.95% - 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.