LendingUSA Personal Loans Review 2024

Pros Explained

• Available to borrowers with fair credit: LendingUSA has a minimum credit score of 620, giving some borrowers with fair credit a chance of getting approved. Some other personal loans may require a score in the upper 600s or even 700s to get approved.
• Wide range of loan amounts: While the lender's loan limit isn't the highest among the lenders we analyzed, it offers a wide range of lending amounts that can provide funds for both small expenses and large ones. It offers a variety of loan terms to help you find one to fit your needs.
• Borrowers who pay off the loan quickly can avoid interest: Some of LendingUSA’s loans have a "No Interest on Principal Option Promotion," which waives interest charges if you pay off the loan within six months. 

Cons Explained

• High origination fee: The lender's origination fee can be as much as 8% of the loan amount, which is high compared to other top personal loans.
• Loans aren't available in all states: You're not eligible to apply for a LendingUSA personal loan if you live in Connecticut, Iowa, Massachusetts, North Dakota, New Hampshire, Vermont, or West Virginia. Puerto Rico and other unincorporated U.S. territories are also excluded.
• Lack of transparency: LendingUSA doesn't disclose a minimum interest rate on its website, and it has conflicting information about loan amounts and repayment terms, making it difficult to know what to expect.

Types of Personal Loans Offered by LendingUSA

LendingUSA offers unsecured personal loans that you can use for various purposes, such as:

• Debt consolidation
• Medical bills
• Home improvements
• Legal expenses
• Pet services
• Funeral expenses

The lender doesn't specifically exclude certain types of uses, but the application has a set of pre-approved uses with no "other" option.

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Time to Receive Personal Loan Funds

After you submit your application, you can typically get a decision in seconds. If you're approved and agree to the loan terms, funding time will depend on which lending partner you choose. In some cases, you can receive the funds the same day you're approved.

Borrower Requirements

LendingUSA requires a minimum credit score of 620, but it doesn't disclose any other eligibility requirements. Borrowers must live in an eligible state to get approved.

LendingUSA Personal Loan Features

• Specialized loans: LendingUSA offers specialized personal loans for costs like medical expenses, vet expenses and funeral expenses. 
• Pays merchants directly: If you apply for a loan at the point of sale, LendingUSA will pay the merchant directly, making the process go more smoothly.

Co-Signers and Co-Applicants

LendingUSA does not allow co-signers or co-applicants during its pre-qualification process. However, some partner lenders may allow you to add a co-signer or co-applicant after you select an offer. 

Can You Refinance a Personal Loan With LendingUSA?

LendingUSA does not allow borrowers to use one of its personal loans to pay off an existing LendingUSA personal loan.

Customer Service

Customer Satisfaction

LendingUSA has an A+ rating from the Better Business Bureau, with an average customer rating of 4.65 out of 5 stars across more than 260 reviews. On Trustpilot, the lender has an average rating of 4.3 out of 5 stars across more than 720 customer reviews.

How to Qualify For and Apply For a LendingUSA Personal Loan

1. Check your rate. You can get rate quotes from multiple lenders with just a soft credit check, which won't impact your credit score. You'll need to provide some basic information about yourself, including your name, date of birth, Social Security number, address, income, and employment information, as well as your desired loan amount and purpose. 
2. Compare offers. If you're pre-approved, you'll be able to compare multiple offers and choose the one that works best for you.
3. Complete your application. Once you select an offer, you'll be redirected to the partner lender's website to complete the application. Before you submit it, you may be able to make some changes to your application. You may also be asked to provide proof of income and other documentation.
4. Accept the loan offer and receive the funds. If you're approved, carefully review the loan terms before you sign the agreement. You'll receive the loan funds based on the partner lender's funding terms.

Other Banking Services and Loans Offered by LendingUSA

In addition to personal loans, LendingUSA also offers debt settlement services through its Freshstart Loan program.

Compare LendingUSA With Other Personal Loan Lenders

The Bottom Line

LendingUSA offers a wide range of loan amounts and repayment terms through its partner lenders and, while its website lacks transparency, you can get pre-qualified to get an idea of what terms you can qualify for. And if you apply for a LendingUSA point-of-sale loan through one of its partner merchants, the lender will pay for the purchase on your behalf. 

If you can afford to pay off the loan quickly, you may be able to avoid interest charges. But if not, interest rates can be high, especially for borrowers with fair credit. Even if you can avoid interest, however, you may be on the hook for a steep origination fee. Even if your credit is less than stellar, research and compare several options to determine whether LendingUSA is right for you.

Is LendingUSA a Legitimate Company?

LendingUSA is a legitimate company that partners with online lenders to help borrowers finance purchases, debt consolidation, and other expenses. It receives high customer reviews on sites like the Better Business Bureau and Trustpilot.

What Credit Score Do You Need to Get a Personal Loan from LendingUSA?

To get approved for a LendingUSA personal loan, you need a credit score of 620 or higher. This is considered at least a “fair” credit score by FICO.

Does Pre-Approval From LendingUSA Require a Hard Pull?

No, getting pre-qualified with LendingUSA and its partner lenders involves a soft credit inquiry, which won't affect your credit score. Once you officially apply for a loan, the lender will conduct a hard inquiry, which can have a short-term negative impact on your credit score.

How Long Does It Take LendingUSA to Deposit Money?

The amount of time it takes LendingUSA to deposit your money will depend on which partner lender you choose. In some cases, the funds can be deposited on the same day you're approved. In other cases, it can take several days.

Where Does LendingUSA Operate?

LendingUSA operates in 43 states and the District of Columbia. The company doesn't offer loans in Connecticut, Iowa, Massachusetts, North Dakota, New Hampshire, Vermont, or West Virginia. It also doesn't operate in Puerto Rico or other unincorporated U.S. territories.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.