LendingTree Personal Loans 2023 Review
LendingTree Personal Loans Overview
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). This LendingTree personal loan review will tell you whether this service works the way it’s advertised
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.
- Highly Rated Services: As of May 18, 2020, LendingTree has an excellent 4.5/5 rating on Trustpilot over 7400+ customer reviews and an A+ accreditation from the BBB. Past customers cite LendingTree's convenience and smooth user experience when matching visitors with lenders.
- Helpful Customer Service: Customer reviews for LendingTree personal loans note that the customer service department is 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 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.
How Does LendingTree Work?
LendingTree isn’t a direct lender. Instead, it functions as a loan marketplace. You give LendingTree details about the loan you want to apply for and your financial situation, then LendingTree matches you with lenders.
The idea behind the company is that lenders should compete for your business rather than the other way around. Once LendingTree gives your information to its partners, those lenders will present you with loan offers, including rates, fees, and monthly payments. You can choose which lender, if any, to move forward with.
If you choose to go with a lender, you’ll finish the application process on that lender’s website.
LendingTree is a loan marketplace for a huge variety of loans, including auto loans, mortgages, and more. There are also a variety of personal loans on offer.
Personal loans are highly flexible, you can get them for almost any reason. Some of the reasons that LendingTree highlight include:
- Debt consolidation
- Home improvement
- Major purchases
- Car financing
- Starting a business
- Wedding expenses
- Medical bills
Even though these reasons for borrowing vary significantly, you can use a personal loan for any of these purposes. The details of your personal loan will be roughly the same regardless of why you’re applying, meaning you can choose from many different repayment terms to customize your monthly payment.
LendingTree Marketplace Process
LendingTree’s loan process starts on its homepage where you select the type of loan you want to apply for. For example, you might go to LendingTree's personal loans section if you need a loan for something like debt consolidation or home improvement.
Terms and Requirements
LendingTree is a loan marketplace rather than a direct lender. That means that the precise requirements to qualify for a loan will depend on the lender that the site matches you with.
To be able to apply, you’ll need:
- Personal identification
- Proof of address
- Proof of income
While the financial requirements can vary, LendingTree notes that most lenders require:
- A minimum credit score of 600
- Debt-to-income of 35% or less
- Consistent monthly income
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.
- Your requested personal loan amount can range from $1,000 - $50,000.
- The APR ranges from 3.49% - 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.
LendingTree Personal Loan Alternatives
If you’re in the market for a personal loan, LendingTree is a good company to work for. The service can match you with many inexpensive lenders, but it’s always good to shop around to try to find the best deal.
Before you apply with LendingTree, consider how it compares with these alternatives.
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. Customer and professional reviews for LendingTree personal loans are highly positive, so you can feel confident that you’re working with a good company.
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
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.
**Is LendingTree a legit loan company? **
Yes, LendingTree is a legit company. It’s been helping people find lenders for more than two decades.
**How long does it take to get money from LendingTree? **
The time it takes to fund a loan will depend on the lender you choose to work with, but many can fund loans in as little as a week.
Does LendingTree hurt your credit?
Applying for a loan through LendingTree won’t hurt your credit, making it a safe way to check rates and fees with multiple lenders.
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.
5 out of 5 stars(10 Reviews)
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|Credit Score Required||560 or higher|
|Minimum Loan Amount||$1,000|
|Max Loan Amount||$50,000|
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