LendingTree was founded in 1997 with the express purpose of making the loan research process easier for borrowers. With the option to evaluate offers from several trustworthy lenders at once, LendingTree has swiftly emerged as one of the top online loan markets. It lets you compare loan options from mortgage lenders, home equity loans, auto loan companies, credit card companies, and more.
LendingTree Personal Loan Summary
Loan Amounts: $1,000 to $50,000
APR: 3.99% to 35.99%
Minimum Credit Score: 629
- Loan Type: Personal loans that are secured and unsecured.
- Repayment Terms: Depending on the Lender.
- Direct Lender or Marketplace: Marketplace.
- Turnaround Time: Based on the Lender.
- Best For: Contrasting several loan possibilities.
With its main office located at 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203, LendingTree, LLC is a Marketing Lead Generator and a Duly Licensed Mortgage Broker, as required by law.
LendingTree Pros & Cons
- A single application to pre-qualify for multiple personal loan lenders at once.
- Loans up to $50,000.
- Use your loan for any purpose.
- Free credit score.
- High ratings on BBB and Trustpilot.
- Responsive customer support.
- Instantly compare personal loan offers from 5 lenders
- Interest rates may change.
- You must have good to exceptional credit.
- Its network partners may make a lot of calls and send a lot of emails.
With its partnerships with some of the leading lenders across the country, LendingTree is able to provide a wide range of personal loan options to its customers. Even if you have a bad credit score, you may still be able to find a lender. That is one of the biggest advantages that you will have.
There are far more pros than cons, particularly when so many other, better options are available. APRs can go up as high as 35%, and there are a lot of fees for lateness, prepayment, and other things. Neither they report to credit bureaus nor do they offer pre-approvals with soft credit checks.
How Much Does A LendingTree Loan Cost?
The personal loan yields from LendingTree have an average APR range of 3.99%-35.99%. For the low end of this range, however, only people with high to outstanding credit will be eligible. The lender will determine the additional costs. In most cases, you are able to apply with the lender right away – though you may also simply compare rates if you are not ready to move forward with a specific offer.
There is a significant correlation between the interest rate you receive on different loans and the credit score you have. In addition, it is a good practice to monitor your credit score to detect any fraudulent activity in your name. The higher your credit score, the more creditworthy you are to lenders.
How To Qualify For LendingTree
There are a few requirements you must fulfill before you can sign up with LendingTree:
- US citizen or lawful permanent resident.
- At least 18 years of age is required.
- A valid bank account
- Proof of income.
You must also have access to the following details in order to submit an application for a LendingTree loan:
- An ID issued by the government.
- Most recent pay stubs.
- Proof of Address.
- 629 score or higher on the FICO scale.
Following these simple steps will allow you to begin using LendingTree once you’ve fulfilled all the requirements:
- To launch the application, select the Go to LendingTree option.
- Choose the loan’s purpose and the loan amount you desire.
- Send your contact details and a few financial details.
- The option to apply with a co-borrower must be selected. If yes, provide their details in the appropriate fields.
- It is possible for some lending partners to accept credit scores as low as 600.
- To submit your application, enter the last four digits of your Social Security number and click See Your Results.
You will be presented with at least 5 alternatives that meet the standards for your credit score and loan amount once you have been authorized, which takes only a few minutes in most circumstances. After determining which option is ideal for you, you will complete your application by contacting the lender you’ve chosen directly.
LendingTree Reviews And Ratings
The BBB has rated Lendingtree with an A+.
Customer feedback on LendingTree is more favorable than unfavorable. It has received over 8000 ratings on Trustpilot, and the average rating is an impressive 4.4 out of 5. Negative ratings on Trustpilot are linked to clients who couldn’t contact lenders or, in certain circumstances, those who were matched with lenders but couldn’t discover anything that suited their needs.
One of the most common complaints from those who gave negative reviews to LendingTree was the volume of phone calls they received after they submitted their information. One customer said they received over 20 phone calls per day, as well as multiple texts from LendingTree’s network partners after they submitted their information.
Is LendingTree Legit? Remember This…
- Your entered personal information is shared by LendingTree with their affiliated lenders, but this is nothing to be concerned about. If you are concerned about this, you should think to consider submitting an application directly to a lender of your choosing.
- Lending Tree is an online marketplace for personal loans; it does not finance loans. Instead, it exists to help you find and select an appropriate lender, as well as to assist you in comparing loans.
- Your interest rates and payback period are not specified by Lending Tree; rather, you must consult your lender’s repayment policy for details on repayment options and possible penalties for late payments.
- Personal loans are available from Lending Tree for a range of purposes, such as debt consolidation, large purchases, and medical costs.
- Hard credit checks are not performed by Lending Tree. Although submitting the internet form won’t harm your credit score, you should anticipate that your lender will ultimately do a credit check, which could momentarily drop your credit score.
- Keep in touch with Lending Tree and your lender if you have any queries, of course.
When researching potential lenders, you can save a lot of time and effort by using the free personal loan comparison tools that LendingTree Personal Loans provides. It offers a variety of services and has access to a wide range of lenders. Whether you need a mortgage, a car loan, a personal loan to fund a large purchase, or another form of financial assistance, LendingTree Personal Loans can help you quickly compare offers and find the best rates and terms for your situation.
Frequently Asked Questions
How Does LendingTree Work?
LendingTree is an online marketplace that connects you with an extensive lender network so that you can find the right personal loan for your needs. In addition to home loans, home improvements, personal loans, auto loans, business loans, debt relief, debt consolidation, credit cards, insurance plans, and credit repair services, its partner lenders provide various financial services. Depending on your needs, you can compare loans directly on LendingTree’s site or get in touch with a personal loan officer to negotiate rates.
Basically, they let you submit one form and get quotes from multiple lenders. When you decide to move forward with a mortgage, LendingTree will link you to the lender’s site, and you’ll do the underwriting and application through them.
In the event that your personal loan application is denied, you may need to work hard to improve your credit score and enhance your credit profile in order to be considered for a future personal loan. You can try strategies such as checking your credit report for errors or securing a steady income source to increase the chances of getting approved for a loan.
Can LendingTree Hurt Your Credit?
It is pertinent to note that when you request a personal loan offer on LendingTree’s website, a soft credit pull occurs that does not negatively impact your credit score. If you apply for a personal loan, however, the lender usually conducts a hard inquiry into your credit history. As a result, your credit score can be lowered by several points, but if you make on-time payments on your new account, you will be able to regain it.
There is no minimum credit score requirement for LendingTree, but the lender you’re matched with may require a credit score as low as 600 in order to lend to you. However, this will depend on which lender you’re matched with.
Currently, LendingTree reports that many of its partners are offering interest rates as low as 3.49% for those with excellent credit scores. However, it notes that interest rates can also go as high as 35.76% for those with less than excellent credit.
In order to estimate your monthly payments, you can use LendingTree’s personal loan calculator, input your credit score and the amount you wish to borrow, and get an estimate of how much you will have to pay each month before applying for the loan.
What Is The Relationship Between LendingClub And LendingTree?
While the two companies have very similar names, these two companies are completely different from one another. Lending Club is an online platform that connects private investors to borrowers, but it does not offer mortgages to its users. Consumers who are looking to consolidate debt or who would like to apply for a loan with a co-borrower may prefer LendingClub.
How Long Will It Take For My Personal Loan To Be Funded Through LendingTree?
In most cases, LendingTree will approve (or deny) a loan application within 24 hours and fund loans within 7 business days of the application having been approved. You can compare loans directly on LendingTree’s site or contact loan officers to negotiate rates.
Some of its lenders can fund loans in as little as 48 hours, so you can sign up for a free LendingTree account to check your credit score and start the process right away. If you are already paying off a loan, the company can help you find loans that will beat the rates you are paying now if you are already paying off the loan.
Is There An Origination Fee With LendingTree?
There may be an origination fee that is charged by some of LendingTree’s partners. This fee typically ranges from 1% to 8% of the amount you borrow.
Aside from the fact that it is possible to receive multiple quotes within minutes for a personal loan, there are also some drawbacks to this. It’s important to understand that each lender will have different costs, such as origination fees and prepayment penalties, so you still need to do some research before choosing the right lender. Furthermore, the quotes you’ll receive are not guaranteed by the lender.
Does LendingTree Charge A Penalty For Early Repayment?
Depending on the lender you choose, you may or may not be charged a penalty for prepayment. As a marketplace, LendingTree does not charge a prepayment penalty, but some of its lending partners do. Before signing any loan agreement, ensure that you find out whether a penalty will be charged, and what the amount will be.
With more than 350 lending institutions in its network, LendingTree can provide consumers with a variety of personal loan solutions to suit practically any requirement. The fact that LendingTree is not a straight lender should be noted. With the goal of assisting you in getting loan approvals, they function as an internet lending marketplace.
Unlike other loan providers, LendingTree connects borrowers with personal loan offers from their network of lenders rather than giving them a loan directly. Given that the loan offers that you see will only be available within LendingTree’s network, it may be worth checking out your interest rates with other lenders as well.
In order to help you get the best rate for your loan, LendingTree aggregates numerous lenders together on one web platform. By bringing together multiple lenders, there is more competition for your business. More competition for your business also means you will find better loan terms.
Nobody else has been in business as a marketplace for as long or as well. Positive customer feedback frequently emphasizes privacy, usability, and how quickly loans are approved.