Former President of CareCredit Has Major Ambitions for Marketplace Lender.
Sherman Oaks, Calif., February 28, 2016 – LendingUSA, a leading marketplace lender and provider of consumer point-of-need financing, has today announced the appointment of Mike Testa, former President of CareCredit, as its new President. Mike will immediately assume his role, working with LendingUSA founder and CEO Camilo Concha to scale and grow the company’s point-of-need financing and direct-to-consumer financing business.
“Recent advances in technology are transforming both the personal lending and point-of-need lending industries in massive ways,” says Testa. “With its sophisticated merchant portal enabling fast access to affordable installment loans, LendingUSA effectively bridges the gap between point-of-need lending and direct-to-consumer loans,” says Testa. “This puts LendingUSA squarely at the forefront of our rapidly changing industry. It’s a privilege and an honor to be named as President, and I look forward to helping LendingUSA grow in this dynamic landscape.”
Under Mike’s leadership, CareCredit – a specialty credit card company focused on the health, wellness and beauty markets, became a leader in its industry. During his tenure as President, he oversaw CareCredit’s exponential growth, taking it from $100 million a year to close to $5 billion a year in loan volume.
“Along with his stellar track record, Mike brings a wealth of experience and expertise that will fuel our continued growth,” says Camilo Concha, founder and CEO of LendingUSA, “We’re looking forward to benefiting from his customer-focused, results-oriented thinking as we continue our push to the top of the mountain.”
LendingUSA specializes in point-of-need and direct-to-consumer financing solutions with a special focus on a wide range of elective medical services and consumer goods and services. The Company’s proprietary technology combines traditional and next generation underwriting and fraud detection techniques to approve loan applications in real-time – often in a matter of seconds. LendingUSA builds strong relationships with its merchant partners by providing the tools and training necessary for them to provide the appropriate financing to customers at their point-of-need. LendingUSA also powers a proprietary network of websites that help thousands of people each month research and obtain financing for healthcare and plastic surgery loans, fertility loans, dental loans, legal loans, pet loans, and many other needs. All loans are made by Cross River Bank, a New Jersey State Chartered bank, Member FDIC. Loans are not currently available in Connecticut, New York and Vermont.