LendingUSA Personal Loans Review, May 2025

If you're facing an unexpected expense, such as a veterinary or medical procedure, a personal loan can be a great way to get money quickly and affordably. You can get a LendingUSA personal loan at thousands of retailers and service providers, or you can apply online to receive the cash in your bank account.

LendingUSA includes a deferred-interest promotion with some loan offers, making the company an option for short-term borrowing needs. You may qualify even if you have credit issues. But LendingUSA isn't the best choice for everyone. We'll cover the benefits and drawbacks, so you can decide if a LendingUSA personal loan is right for you.

Compare personal loan rates

Who are LendingUSA personal loans best for?

Best for short-term borrowing

Some loan offers from LendingUSA include a no-interest promotion, which allows you to avoid interest by paying the loan in full within the promotional period. However, you would have to pay a loan origination fee.

The no-interest promotion may help you save money if you're able to pay back the loan quickly. For example, the promotion could be a good fit if you need short-term financing, such as upfront cash to get your home ready to sell or a point-of-sale loan to pay for a major purchase at one of LendingUSA's merchant partners. Just bear in mind that you'll owe interest from the loan origination date if you can't pay off the full balance before the promotional period ends.

Great for fair or bad credit

LendingUSA takes a different approach to lending that helps lead to more approvals, according to the company. The minimum credit score for a personal loan from LendingUSA depends on the loan type and lending partner — for example, you may be approved for a point-of-sale loan through one of LendingUSA's merchant partners with a FICO score as low as 620. LendingUSA may also provide unsecured personal loans to borrowers with bad credit.

Pros and cons

A personal loan from LendingUSA might or might not be the best option for you, depending on your circumstances and preferences. Consider the advantages and disadvantages before you apply.

Pros

• Available to fair-credit and bad-credit borrowers: LendingUSA offers unsecured loans for bad credit, and some merchant partners may accept credit scores as low as 620.
• Excellent Trustpilot rating: LendingUSA has a 4.5/5 star rating on Trustpilot based on more than 750 customer reviews. Many reviews praise the application process and customer support team. 
• Choice of first payment date: LendingUSA offers a list of payment dates to choose from for your first payment, so you can choose a day of the month that fits your schedule.
• Smaller loans available: LendingUSA offers personal loans starting at $1,000, though the minimum amount may vary by loan term and purpose. Combined with a zero-interest promotion, a small personal loan from LendingUSA may be a cheaper alternative to other types of short-term loans.

Cons

• Website lacks transparency: LendingUSA doesn't disclose important loan features, like the minimum APR, possible fees, and range of repayment terms and promotional periods.
• Potential origination fee: LendingUSA's lending partners may charge an origination fee of up to 8%. The fee is included in the principal, so you will also pay interest on the amount. This policy is different from the way other lenders typically handle origination fees, deducting them upfront from the loan amount.
• Your information may be shared: If you prequalify for a personal loan directly through LendingUSA's website, you must consent to the company sharing your information with Engine by MoneyLion and a network of more than 40 lenders, any of which may contact you by phone, text, or email. 

How to qualify for a LendingUSA personal loan

Eligibility requirements and application procedures vary from lender to lender. Here's a look at some of the factors involved in applying for and qualifying for a personal loan from LendingUSA:

Your credit score and financial history

LendingUSA doesn't publish a minimum credit score, and requirements may vary depending on the loan purpose, lending partner, and where you apply. LendingUSA's lending partners will consider your credit history when determining your rate, but the company notes that it may offer personal loans to borrowers with bad credit.

Your income and employment

Your monthly income may help determine the loan amount and rate you qualify for, but LendingUSA doesn't publish a minimum income requirement. When applying, you'll need to provide:

• Your gross monthly income
• Your employment status
• The name of your employer
• Number of years with your current employer

LendingUSA personal loan purposes

LendingUSA offers both direct personal loans through its lending partners and point-of-sale financing at the company's merchant partners, which include medical and veterinary service providers, funeral homes and cemeteries, and sporting goods retailers.

You can use a LendingUSA personal loan for expenses including:

• Debt consolidation
• Home improvement
• General healthcare
• Dental care
• Cosmetic surgery
• Funerals
• Major purchases

Note that LendingUSA's personal loans for debt consolidation are separate from the company's Freshstart Loan program, which requires that you work with a debt settlement company. We don't recommend debt settlement for most consumers due to the potential for high fees, credit damage, and legal action against you. However, a debt management plan (DMP) might be a less risky option than debt settlement.

Before e-signing your loan agreement, make sure to check for any restricted loan purposes, since LendingUSA doesn't publicly disclose a set of prohibited uses.

LendingUSA personal loan fees and penalties

Loan origination fees

LendingUSA charges an origination fee of up to 8% of the loan amount. An origination fee is a common fee lenders charge to cover the cost of processing your application and underwriting your loan. The fee is typically deducted from your loan proceeds, but LendingUSA includes the fee in your principal. That means the fee won't reduce the amount of funds you receive, but it also means the fee will accrue interest.

Early repayment penalties

LendingUSA doesn't charge an early payment fee or prepayment penalty, so you can pay off your loan early without incurring extra charges. In fact, paying your loan balance early can help you save money on interest or even avoid it altogether if you meet the requirements for the No Interest on Principal Promotion.

Other fees

Personal loan lenders often charge incidental fees such as late payment fees and returned check fees. LendingUSA doesn't disclose the range of possible fees, which may vary by loan type and lending partner. You can avoid these fees by paying on time and ensuring you maintain enough money in your checking account, but you should read your loan agreement so you know what to expect in a financial predicament.

How LendingUSA compares to other lenders

The LendingUSA No Interest on Principal Option is unique among personal loan lenders, so it's a good option for short-term borrowing. But if you're looking for a longer-term personal loan to consolidate debt or cover a major purchase, other lenders offer more transparent rates and terms. The chart below shows how LendingUSA compares to two similar online lenders. All three options may be available to borrowers with fair credit.

How LendingUSA compares to more lenders: Best Personal Loans

How to contact LendingUSA

To reach the LendingUSA customer support team, you can call or email:

• Phone: 1-800-994-6177
• Email: [email protected]

About LendingUSA personal loans

LendingUSA was founded in 2015 and is headquartered in Sherman Oaks, California. The lender works with more than 10,000 merchants to provide point-of-sale financing to customers and has served more than 150,000 borrowers across its loan programs. LendingUSA is a non-bank financial services company, not a direct lender. The company provides personal loans issued by Cross River Bank and other lending partners.

Rating LendingUSA personal loans

Credible evaluates 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.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.