LendingUSA Launches Instant ID Verification Feature

LendingUSA, a U.S.-based fintech lender that provides loans to small businesses ranging from $1000 to $35,000, announced the launch of its instant ID verification feature. According to LendingUSA, the feature will improve identity security for borrowers, and streamlining the entire loan application & funding process for merchants.

The lender further claims that the instant ID Verification feature accelerates and simplifies the borrower application flow. Not only does the automation enhance the borrower experience, but it also improves the validation process, while staying compliant with KYC.

“Upon selecting an offer, the instant ID verification will send a text message to the borrower, prompting them to confirm their identity. The borrower will then take three photos: front and back of their government-issued identification card, as well as a selfie. As soon as the borrower submits their photos, LendingUSA’s new Instant ID verification feature verifies the borrower’s government-issued identity automatically in under 30 seconds. Upon confirmation, both the borrower and merchant are notified.”

While sharing more details about the feature, Camilo Concha, Founder and CEO of LendingUSA, stated:

“At LendingUSA, we are committed to consistent enhancements and product innovations that will continue to protect our borrowers and merchants from fraud, while also enhancing their overall experience with us. This is just one of many product innovations our teams are working on in the months to come that will elevate the LendingUSA experience.”

Founded in 2015, LendingUSA specializes in point of need and direct-to-consumer financing solutions for the elective medical industry, dental care, pets, pet care, consumer goods and services and much more. It also powers a proprietary network of websites that provide thousands of personal loans each month to meet a variety of needs.

The launch of the verification feature comes less than a year after sources revealed to Crowdfund Insider that LendingUSA was letting go of employees.  LendingUSA notably received capital from a variety of sources but it appears the firings are related to their relationship with Direct Lending Investments (DLI).

The partnership between LendingUSA and DLI goes back to the beginning when the founder of LendingUSA was introduced to Brendan Ross, former CEO and founder of DLI. The pair met up at LendIt and, according to a report, the relationship progressed to the point where DLI provided $55 million in debt capital. Ross was jettisoned from DLI by the company’s board of directors when the Securities and Exchange Commission (SEC) came knocking on the company’s door accusing the firm of  “a multi-year fraud.”

Sponsored Links by DQ Promote


Send this to a friend