LendingTree Personal Loans 2020 Review
LendingTree was founded in 1996 by Doug Lebda and Jamey Bennet, who decided there should be an easier way to receive the best loan rate by having lenders compete for the customers' business (instead of the other way around).
The business was rebranded in 1998 as LendingTree and went public in 2000. Since then, they have helped fund over $251 billion in loans and helped secure over 55 million loan requests. Today, it is a free to use online loan marketplace that connects borrowers with good credit to trusted lending partners.
LendingTree makes it easy for you by having banks compete for your business and cater to your needs.
LendingTree's marketplace allows borrowers to easily compare multiple rates and terms for personal loans, auto loans, business loans, mortgages, student loans, and more. These unsecured loans ensure that you do not have to put up any collateral like your house, car, or savings.
LendingTree Marketplace Process
To see if you qualify, go to LendingTree's personal loans section and choose what type of loan you are in the market for, such as credit card consolidation, debt consolidation, home improvement, medical expenses, vacations, wedding expenses, and more.
After you have done this, you fill out a request from, either online or by phone. You must answer questions regarding the loan amount you need, available down payment, debt-to-income ratio, loan purpose, credit rating, employment, whether you rent or own, and income.
LendingTree requires that borrowers have a minimum credit score of 560, so they perform a soft pull on your credit score, which does not negatively affect it. However, individual partner lenders may perform a credit check, either in the form of a soft credit check or a hard inquiry (which could take a few points off your credit score).
Once the form is filled out, your information is sent to LendingTree's partners who look over your information and send loan offers that cater to you. They either contact you by phone or email. You are not obligated to accept any of these offers.
LendingTree is a loan marketplace (not a direct lender) that allows borrowers to easily compare rates from eligible lenders. All offers can be seen on your LendingTree account dashboard, allowing you to talk it over with a professional before choosing if you want to accept any offers. You may also negotiate with lenders using some of the other loans and their terms. The full loan funding process generally takes less than a month.
The APR (annual percentage rate) you receive from LendingTree's partners depends on your loan amount, loan terms, and credit score. The higher your credit score, the lower your interest rate. LendingTree's interest rates can range from 3.99% - 35.99% and loan amounts can range from $1,000 - $50,000.
LendingTree provides a 100% free comparison service for loans, but there may be origination fees and closing costs depending on the partner lender you choose.
When you have selected your loan offer, you work directly with the lender to finalize the process until all parties agree to the loan terms. You will have to provide documentation to verify your employment and income, like your bank account information, pay stubs, and W-2s. You must work with your lender directly to determine your loan terms and when your funds arrive.
LendingTree's value added perks include financial calculators and loan tutorials. Even after you choose your loan, they provide additional benefits by alerting you when a better deal becomes available for your credit profile, which allows you to decide if you want to refinance your loan. Their website also offers educational resources detailing loan types, financial advice, and reviews from customers about each lender.
Contact LendingTree: Hours: Monday through Thursday 8 am to 9 pm EST, Friday 8 am - 8 pm EST, Saturday 10 am - 7 pm EST Address: LendingTree, LLC 11115 Rushmore Drive Charlotte, NC 28277
LendingTree Pros
- Highly Rated Services: As of November 18th, 2019, LendingTree has an excellent 4.5/5 rating on Trustpilot over 7400+ customer reviews. Past customers cite LendingTree's convenience and smooth user experience when matching visitors with lenders.
- Helpful Customer Service: LendingTree's customer service department has numerous positive reviews, with consumers saying that they were helpful and willing to answer any questions. However, they cannot answer questions about your specific lender.
- Lenders Report To Credit Bureau: Lenders in the LendingTree marketplace report to all three credit bureaus (Experian, Equifax, and TransUnion), which helps build positive credit history and boost your credit score if you are diligent about paying on time.
- Credit Score Tracking: You can track your credit score for free if you have a LendingTree account.
- Additional Resources: LendingTree has extra resources like educational articles to help you make informed financial decisions.
- Online Calculator: Customers can use online calculators regarding personal loans, debt consolidation, mortgages, and more.
- App With Benefits: LendingTree has a highly rated free app for iOS and Android phones that allows you to check your credit score, apply for a loan, and look at your current loan status.
LendingTree Cons
- LendingTree generates revenue by selling your information to lenders that cater to your financial profile, which results in you being courted by multiple lenders through phone and email. Some consumers may find this to be too much, so an alternative is to use a different email than what you regularly use when you sign up so you are not bombarded with emails.
LendingTree Loan Rates
The APR offers you receive from LendingTree's network of partners are highly dependent on the lender that you choose, your credit score, the loan amount, loan terms, the length of the loan, and the area you live in.
- The minimum credit score required is 560.
- Your requested personal loan amount can range from $1,000 - $50,000.
- The APR ranges from 3.99% - 35.99%.
- Loan terms can range from 3 - 180 months (15 years).
- Receiving your funds can take 1 - 7 business days, depending on the lender you work with.
- There are no fees to use LendingTree's partner matching service, but LendingTree's partners may charge origination fees and closing costs.
Summary
LendingTree provides value as an leading online marketplace by allowing their potential borrowers to connect with some of the top lenders across the country and see multiple loan offers before choosing the right one.
Customers with a variety of credit scores can compare multiple loan offers online or by phone.
Frequently Asked Questions
Does LendingTree charge any upfront fees?
No, LendingTree does not charge any fees for their matching service. It is 100% free to use with zero obligation.
How does LendingTree compare to other loan marketplaces?
LendingTree is unique in the fact that they cater to those with a range of credit scores and displays multiple loan offers from partner lenders across the country once they have applied. LendingTree also provides value-added features, like a free credit score and calculators to help with financial education.
How do I know if I qualify for LendingTree's marketplace?
Individuals who wish to be eligible for LendingTree must have a minimum credit score of 540. To find out if you qualify, you can create an account and provide basic financial information to check if you are eligible for loan offers from LendingTree’s partners.
What if I am not matched with a lender?
If LendingTree is unable to match you with a lender, they will notify you immediately. However, they are always adding new lenders to their network so interested applicants can continue to check back.
What is a personal loan?
A personal loan is a large cash fund you can borrow for personal use, like paying off consolidated debt, investing in your home, a vacation, or wedding.
Reviews for LendingTree Personal Loans
Why leave a review about the service here?
Your reviews are a valuable source of insight for us to improve our service as well as improve the offerings. All pros and cons submitted here are evaluated and are responded. We also share these insights with our partners so that they could improve their offerings as well.
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10 LendingTree Personal Loans Consumer Reviews and Complaints
Lisa G, on November 18, 2019
I applied for and was approved for a personal loan. LendingTree helped me to find an offer and it was good! I now have consolidated my credit card debt at a lower rate. I have also made a plan and will pay off this debt in a specific amount of time. I am hopeful for an end to my large credit card debt and a debt-free future. Thank you lending tree!
Brian Devore, on January 24, 2020
I have used LendingTree twice now for loan inquiries. It is a quick and easy process and returns results from multiple lenders with varying and competitive rates, usually some of bigger banks but other more diversified lenders. Great service every time. Fast and efficient is the best way to describe LendingTree!
Juan Salazar, on November 25, 2019
This was an incredible experience. I was in the middle of work while I applied online using my phone, and Sonni with Lending Tree contacted me by phone. I submitted what I could on the phone and by the end of the day I was approved and the money was deposited the next day. I highly recommend Lending Tree.
Maurice Snreden, on November 19, 2019
I appreciate LendingTree’s efforts on my behalf. With their help, I was provided several lenders and could choose the best company and the best rates for consolidation of my credit card debt. This has saved me a lot of money.
Karen Greene, on March 08, 2020
This is the second time I have taken out a loan with LendingTree. In both experiences the process was great. Was able to get through it quickly and received the funds quickly. Would recommend to any one looking for a loan.
Deanna Margo, on December 23, 2019
After deciding to pay off my debt and have one simple payment per month, I reached out to Lending Tree and within two days was granted an affordable loan. It was very easy and has alleviated a lot of stress. Thank you!!
Gail Baker, on December 02, 2019
Very quick and easy process to receive the loan. It helps to have a great credit score to get the best possible rates. Have not had a bad experience yet with LendingTree and will definitely use their services again.
Gregory Guhy, on December 07, 2019
Incredible experience! Couldn’t be more happier. Cut my interest-rate and half took some cash out my credit cards off. It was totally painless from having less than two weeks. I did it all from a smart phone.
Rodney James, on November 29, 2019
Thank you for approving the loan. It will really help me at this time in my life. The online request went very smooth. I will refer you to all of my family and friends. Thanks again and Happy Holidays
Dorline Benware, on November 22, 2019
It was a very easy application, my only problem could not get my Fed. Credit union to come up on the form. I called the number given and finished the application with her, the process was easy, the interest rate was a fixed rate and I will use the extra money on a credit card that could not be put into the application. Thank you again for helping me clean up high interest credit cards that a good portion of my payment went to interest even though I was paying extra on the cards