LendingUSA Personal Loan Review 2024

• Who is LendingUSA Best For?
• LendingUSA Personal Loans Pros and Cons
• How to Apply for a LendingUSA Personal Loan
• Why You Should Trust Us
• LendingUSA Personal Loan Frequently Asked Questions

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LendingUSA 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. See Insider's picks for the best personal loans.

LendingUSA Loan Overview

LendingUSA has a rate range of up to 29.99% APR, no interest on principal if repaid within six months and a loan amount range of $1,000 to $47,500. 

LendingUSA's distinguishing feature is if you repay your loan within half a year, the lender won't charge any interest  on your loan's principal. This is a significant benefit for borrowers with speedy repayment timelines. 

LendingUSA isn't available in all 50 states. You can't take out a loan with LendingUSA if you live in Connecticut, Iowa, North Dakota, New Hampshire, Nevada, Vermont, or West Virginia.

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. 

Compare Personal Loan Rates

LendingUSA Personal Loans Pros and Cons

Lending USA Personal Loan 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. 

Lending USA Personal Loan 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.

How to Apply for a LendingUSA Personal Loan

1. Fill out a loan application on LendingUSA's website. Submit an online form to find out your interest rate and APR. You'll need to input your basic contact information, Social Security number, details about your employment, income, loan purpose, and loan amount. The company will run a soft credit check, which won't impact your credit score. 

2. Look over your loan offers and pick one. The company will give you with multiple loan offers with varying rates and term lengths. Change the loan amount to see different offers. Choose one you can afford to make monthly payments on. 

3. Submit an application and await approval. When submitting a formal application, the lender may ask you to send in proof of income, like a W-2, tax returns, or other financial documents. 

4. Devise a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities. 

Are LendingUSA Personal Loans 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. 

LendingUSA Personal Loan Alternatives

LendingUSA vs. Achieve Personal Loans

Achieve allows borrowers with poor credit to get approved. While Achieve has a clearly defined minimum credit score to apply for a loan, LendingUSA is more vague on requirements. 

Achieve has a loan minimum of $5,000, while LendingUSA's minimum is just $1,000. 

Achieve Personal Loan Review

LendingUSA vs. Upstart Personal Loans

Both companies charge an origination fee. Upstart's and LendingUSA's personal loans can have origination fees up to 8%.

Both LendingUSA and Upstart allow borrowers with poor credit to get approved. For borrowers who meet Upstart's minimum credit score requirement of 600, this lender could have an advantage with a wider range of interest rates and higher loan amounts. 

Upstart Personal Loans Review

Why You Should Trust Us: How We Rated LendingUSA

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

See more on how we rate personal loans >>

LendingUSA Personal Loan Frequently Asked Questions

LendingUSA is a legitimate company. It is accredited by the Better Business Bureau, which gives it an A+ rating. 

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. 

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. 

No, when you get your rates with LendingUSA, the lender will conduct a soft credit inquiry, which won't impact your credit score.

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