MyUSAFinance review

MyUSAFinance quotes APR of 5.99% to 35.99% across its personal loans. That is a wide spread, and the top of it sits above the 25.03% upper quartile for this category, so the rate you are offered will depend heavily on your credit file.

Yes, there is an origination fee of 8% of loan amount ($400 on $5,000). It is charged as a share of the amount borrowed, so a larger loan carries a larger fee, and it adds to the total you repay beyond the interest rate.

The representative example shows a fee of 8% of loan amount ($400 on $5,000) added to a fixed rate loan repaid over 0.5 to 84. Because the fee is a share of the balance, borrowing more than you need raises both the fee and the monthly payment.

The application uses a hard credit check, which is recorded on your credit file. A hard search counts when lenders assess affordability, so it is worth applying only once rather than shopping around with repeated submissions.

Applicants must be adults and US residents. Eligibility excludes residents of Arkansas, New York, Vermont and West Virginia, so if you live in one of those states you cannot use this broker at all.

No, it works as a broker rather than a direct lender. Your application is passed to lenders, which means the offer and the rate depend on which lender responds and on the credit file you present.

Yes, debt consolidation is one of the two loan types offered alongside personal loans. The trade-off is the same origination fee, so consolidating only pays off if the new rate and one repayment beat what you pay across your existing balances.

Terms run 0.5 to 84. A longer term lowers the monthly payment but leaves the fee and interest spread over more months, so the cheapest option is often the shortest term you can comfortably afford.