LendingUSA, a Sherman Oaks, CA-based point-of-need financing company, secured a $60m credit facility.
The funding was provided by CapitalSource, a division of Pacific Western Bank, and a provider of commercial lending and banking solutions.
The proceeds will allow company to continue to grow its portfolio of consumer loans in specialty industries, including cosmetic surgery, dental care, chiropractic, pet, and funeral services.
Founded in 2015 and led by President Mike Testa, LendingUSA specializes in giving businesses the opportunity to offer financing to their customer. Using underwriting techniques, the company can pre-approve applicants in seconds, giving enrolled merchants the ability to provide their customers with access to financing that integrates with their existing point-of-sale.
LendingUSA operates nationwide, with the exception of Connecticut, New Hampshire, New York, West Virginia and Vermont. Loan amounts range from $1,000 – $35,000. It offers financing for consumers in specialty markets including the elective medical industry, dental care, pets and pet care, and more.