LendingUSA point-of-sale financing review June 2017

LendingUSA provides a dependable point-of-sale financing solution for businesses. With the portal, your customers can easily purchase what they want, when they want.

What is LendingUSA?

LendingUSA offers competitive financing for your clients so you can sell more at a faster rate. You can grow your revenues with point-of-sale financing through a seamless loan process using LendingUSA’s proprietary lending portal.

Product NameLendingUSA Point of Sale Financing
Min Loan Amount$1,000
Max. Loan Amount$35,000
Min APR From
RequirementsMust have a business in the elective medical or consumer services industry.

Pros

  • Live chat available.
  • Gain more approvals.
  • Simple online process.
  • In-full payments.

Cons

  • Loans not offered in Connecticut, New York, West Virginia and Vermont.
  • Principal loan amount includes 8% origination fee.

What is point-of-sale financing?

Point-of-sale financing provides customers a borrowing option at the time of purchase/payment. For example, a customer buying a $2,000 item online may be offered the option to pay for that purchase in installments at checkout. The lender gives the business owner the amount owed in full while the customer makes payments to lender to pay off the loan.

How does LendingUSA work?

LendingUSA’s one-step solution can help solve your customers’ financial needs quickly and affordably. Its portal specializes in direct-to-customer and point-of-sale lending options. The company follows three simple steps:

  • You become a participating merchant on the portal.
  • You offer your customers LendingUSA’s program.
  • Your customers apply for a loan.

Who is LendingUSA for?

LendingUSA’s point-of-sale financing could be ideal for businesses whose customers may not be able to pay upfront for their entire purchases. Its program is directed toward merchants specializing in consumer services and elective medical industries. However, LendingUSA may offer financing businesses to companies in other industries. Be sure to check LendingUSA’s website for more information.

What makes LendingUSA unique?

  • Technology-driven portal. LendingUSA’s portal offers a smooth financial process. It’s an uncomplicated way for your customers to purchase the goods and services you sell.
  • Free demo. Schedule a free 15-minute demo to learn how simple it is to offer financing options to your clients.
  • Fast funding. The portal makes quick ACH funding possible, and all deposits can go straight into your bank account.
Did you know?
The Automated Clearing House (ACH) is a network that moves money and information between bank accounts through direct deposits and payments. It processes more than $40 trillion each year and supports more than 90% of all electronic payments in the United States.

Benefits of LendingUSA’s point-of-sale financing

  • Live chat. Instead of waiting for an answer to your questions, chat with a representative for immediate help.
  • More approvals. The lending portal was created to maximize loan approvals.
  • Simple online process. LendingUSA boasts that its financing process offers quick credit decisions with low rates and affordable payment options — all online.
  • In-full payments. With LendingUSA, you are paid upfront and in full for a risk-free process, even if your client defaults.

What to watch out for

  • A limit on funding. The company offers financing from $1,000 to $35,000 only.
  • Not available in all states. Loans are not offered in Connecticut, New Hampshire, New York or West Virginia.
  • Origination fee. An 8% origination fee is included in the principal loan amount.
  • APR. Your APR is based on your credit score, application information, loan amount, loan term and credit history, with a maximum possible APR of 29.99%.

How do I use LendingUSA?

Enroll online with your full name, company name, title, phone number and email address. After filling out an online form and getting approved, you can set up the LendingUSA portal for your customers to use. Borrowers will receive a quick credit decision, and can sign the loan agreement electronically. Once the customer loan is approved, LendingUSA will send the funds to your business’s bank account.

Have more questions about LendingUSA?

LendingUSA’s process is 100% online. In fact, you can sign documents with a few clicks.
You can offer your customers an affordable financing program option to aid people who might’ve otherwise turned down your product or service because of cost.
LendingUSA is always looking for partners that can refer applicants or merchants. Contact the company if you want to become an affiliate partner.
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