LendingTree Personal Loans

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 damage 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 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 5.32% - 36% and loan amounts can range from $1,000 - $35,000.

LendingTree provides a 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.