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LendingUSA has a maximum loan amount of $47,500.
Lending USA/Insider
The bottom line: LendingUSA Personal Loan is a great option for borrowers who can pay off their loans quickly and take advantage of the company’s no-interest deal. However, it doesn’t disclose key loan details up front, including minimum credit scores to qualify, minimum APRs, and term lengths. Lacking that information can make it difficult to know if you’re going to get the best deal.
LendingUSA personal loans
Pros and cons of LendingUSA personal loans
Pros
Pay no interest on principal in certain scenarios. LendingUSA’s signature feature is that if you pay off your loan within six months, no interest will be charged on your loan’s principal. This is a significant benefit for borrowers with speedy repayment timelines. High maximum loan amount. If you need to cover a large expense — such as a home repair or medical bill — you’re able to borrow as much as $47,500 to do so. Low minimum loan amount. For borrowers who only need a small amount of cash, LendingUSA has a minimum loan amount of just $1,000. Fast approval decisions. You’re able to check your rate within minutes and get a preapproval decision within seconds with the lender.
Cons
Origination fee. You’ll as much as an 8% origination fee — which is deducted from your overall loan proceeds — with LendingUSA. Some other companies don’t charge fees at all. Not available in all states. If you live in Connecticut, Iowa, North Dakota, New Hampshire, Nevada, Vermont, or West Virginia, you can’t take out a loan with LendingUSA. Minimum rate undisclosed. The maximum rate you’ll pay with LendingUSA is 29.99%, but the lender doesn’t list its minimum rate publicly. Other companies make it clear the rate they’ll charge for their borrowers with the best financial situations.
Compare Personal Loan Rates
Who is LendingUSA best for?
LendingUSA is best for borrowers who have the ability to pay off their loans quickly. The lender has a unique perk which allows you to pay no interest on the principal if you pay it back within six months. Most other lenders will charge you interest on your loan no matter how quickly you pay it back.
On the other hand, borrowers who want to avoid losing a portion of their money to fees may look to steer clear of the company. LendingUSA charges as much as an 8% origination fee, which will take a chunk out of your overall loan proceeds.
How LendingUSA personal loans compare
Both FreedomPlus and Upstart allow borrowers with poor credit to get approved. While those two lenders have clearly defined minimum credit scores to apply for a loan, LendingUSA is more vague on requirements.
All three companies charge an origination fee. Upstart’s and LendingUSA’s personal loans can have origination fees up to 8%, while the origination fee on FreedomPlus loans ranges from zero to 4.99%.
Frequently asked questions
Is LendingUSA trustworthy?
LendingUSA is a Better Business Bureau-accredited company with an A+ grade from the organization. The BBB is a nonprofit focused on consumer protection and trust, measuring a company based on its response to customer complaints, honesty in advertising, and transparency about business practices.
LendingUSA doesn’t have any controversies in the past few years. Between its squeaky clean history and sparkling BBB grade, you might feel comfortable borrowing from the lender. Just make sure you ask other borrowers who have used the company before about their experience with the lender before signing on the dotted line.
How long does it take to get a loan from LendingUSA?
LendingUSA will check your rate in minutes and receive a pre-approval decision within seconds. It’s unclear how long it will take you to actually receive your money.
What credit score is needed for LendingUSA?
LendingUSA does not list a minimum credit score to qualify for its loans. But the better your credit score, the more likely you are to get a loan. A higher credit score is also more likely get you a lower rate.