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|
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:
- 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.
You’ll also provide information on your income, work history, and a personal reference.
Finally, you’ll indicate the purpose of the loan and sign your name.
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 firstname.lastname@example.org. 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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** 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||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|