LendingUSA partners with merchants and sites like Credible to offer fast personal loans for debt consolidation, home improvement, credit card refinancing, and merchant-specific financing. Through merchant partners, LendingUSA offers vet loans, cosmetic surgery financing, funeral loans, medical device loans, dental loans, chiropractic loans, and more.
Best for: Interest-free merchant financing
Lending USA offers funding for a wide array of products and services, and sometimes offers six-month interest-free promotions on loans made through its merchant partners. Loans made through Credible are available for debt consolidation, credit card refinancing, and home improvement, and are best for borrowers with good credit or fair credit.
Just note that you may be charged an origination fee, and loans aren’t available nationwide. If applying via Credible, you should have a minimum FICO score of 660 to qualify.
Best for interest-free merchant financing
LendingUSA
3.8
Credible Rating
Est. APR
-
Loan Amount
$5000 to $50000
Min. Credit Score
660
Pros and cons
More details
Pros
- Can fund within 1 business day of approval
- No-interest promotions for 6 months on some merchant-based loans
- Low maximum origination fee (through Credible)
Cons
- 5% origination fee (up to 8% through merchants)
- Unavailable in 18 states via Credible (CT, GA, HI, IA, IL, MA, MD, ME, MT, ND, NH, NM, NY, OH, SD, VT, WV, and WY)
- No autopay or direct-pay discounts
- No cosigners
- No mobile app
What to consider before applying
LendingUSA doesn’t offer the lowest rates in general, but you could still qualify for a competitive APR if you have good credit or almost have good credit (meaning, you’re at the top of the fair credit range, with a FICO score above 660). If you have excellent credit, look elsewhere.
And check whether the lender offers personal loans in your state. If it does, be prepared to pay an origination fee of 5% through Credible. Note that the company doesn’t offer a mobile app, secure personal loans, or personal loans with a cosigner at this time.
How to qualify for a loan with LendingUSA
You’ll need a minimum FICO score of 660 and a minimum annual income of $48,000 to be eligible through Credible, plus the following:
- Not reside in: CT, GA, HI, IA, IL, MD, MA, ME, MT, ND, NH, NM, NY, OH, SD, VT, WV, and WY.
- Be at least 18 years old.
- Have a valid Social Security number.
Note that meeting these criteria doesn’t guarantee that you’ll be approved for a LendingUSA loan.
How to apply for a loan with LendingUSA
Here are the steps to get a personal loan:
- Check your credit: The first step before submitting any loan application is to check your credit to make sure you meet the lender’s minimum eligibility requirements, and to correct any errors on your credit reports. Visit AnnualCreditReport.com for free weekly reports, and immediately dispute errors with the bureau reporting them.
- Prequalify: LendingUSA offers prequalification, which is a quick, risk-free way to get a sense of the rates and terms you might qualify for. Plus, if you prequalify via a marketplace like Credible, you may be able to get quotes from multiple lenders. Your credit score won’t be impacted when you prequalify, but you’ll need to provide personal identification so lenders can perform a soft credit check.
- Compare quotes and apply: Compare prequalification estimates to find the best one for your needs. Consider the loan’s APR, whether there’s an origination fee, available loan terms, discounts, and the lender’s reputation. When you apply for a loan, the lender will request your full credit report, which will result in a hard inquiry and could ding your score by a few points for up to a year.
- Provide documentation: Lenders, including LendingUSA, generally want to verify the information you provide on your application. Commonly requested documents include a driver’s license or passport, a recent utility bill or other proof of address, and pay stubs and/or bank statements to support income and employment. You’ll also need to provide your bank’s routing information, or your credit account number(s) if you’re refinancing or consolidating debt.
- Review the loan agreement: If you’re approved for a personal loan, review the agreement before signing. Confirm that terms are as you expect; check the loan amount, the amount that will be sent to you or your creditors, the APR, the interest rate, whether there’s an origination fee and how much, the loan’s repayment term, and the monthly payment. If everything is in order, sign.
- Receive the funds: LendingUSA can fund loans as soon as the next business day once you’re approved, but may take up to three business days.
Learn More:
How to contact LendingUSA
LendingUSA’s normal business hours are Monday through Friday, 7 a.m. to 6 p.m. PT. You can reach a representative via phone or email.
General contact number: 1-800-994-6177
Email: [email protected]
How LendingUSA compares
Credible rating
Credible rating
Credible rating
Frequently asked questions
What types of personal loans does LendingUSA offer?
LendingUSA offers unsecured personal loans from $5,000 to $50,000 that can be used for debt consolidation, credit card refinancing, home improvement, and merchant-specific financing. Loans made through merchants may be available for vet bills, dental bills, pet retail, cosmetic surgery, chiropractic services, funeral services, and more.
How does a LendingUSA loan affect my credit?
Like any loan, a LendingUSA loan will show up on your credit report. Late payments may hurt your credit score, while timely payments may help it. If the loan amount increases your total debt, it could have a negative impact on your score. However, using a personal loan to pay off or consolidate credit card debt can help your score by increasing your available credit, and decreasing your monthly payments (which can make it easier to make payments on time).
Is LendingUSA a reputable company?
Yes, LendingUSA has an A+ rating with the Better Business Bureau (BBB) and a 4.3 average rating with Trustpilot. It’s been in business since 2015 and has made loans to over 150,000 borrowers.
Methodology
Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication. Read more in our detailed personal loan methodology.
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