LendingTree is an online lending marketplace that connects borrowers to lenders, allowing them to pick the best fit lender for their needs. It seeks to empower consumers by providing multiple loan offers simultaneously. Its services extend to small business loans, auto loans, mortgage loans, personal loans, credit cards, and more. Since its founding, LendingTree has helped over 100 million customers find the right loan.
The LendingTree network of personal loan providers includes both popular names and some lesser-known companies. The list includes Avant, Best Egg, CashNetUSA, and Discover and online lenders, as well as peer-to-peer lending partners LendingClub and Peerform.
Keep reading for pros and cons, as well as LendingTree personal loan reviews from real customers.
LendingTree connects customers with multiple lenders through its online marketplace, allowing them to compare a variety of offerings.
Once you fill out an initial form to check rates, you will be provided with up to five quotes to compare. When viewing offers, you get to see special badges indicating fast funding, top-rated lenders from the previous quarter, no fees, no upfront fees, phone support, local presence, etc. A potential borrower gets to compare these side by side, making financial decisions easier.
This prequalification process will trigger a soft credit pull. Once you choose an offer and complete your official loan application, a hard credit check is performed by your chosen lending partner.
While LendingTree doesn't advertise a minimum credit requirement, it does state that its lending partners accept applications from borrowers with scores from 525 and up. Compared to other lenders in the industry, a minimum credit score of 525 is very low; however, applicants with little to no credit history, or a bad credit score, will not qualify for the lowest available rates.
It is important to note that your credit score will also impact the size of the loan you can receive. LendingTree offers personal loans ranging from $1,000-$50,000, although loan amounts are reliant upon your financial needs.
In addition to a wide selection of providers, LendingTree has a variety of financial products, including personal loans, auto loans, business loans, mortgage loans, and more. This array of loan services allows a borrower more flexibility in meeting their financial needs.
In addition to a variety of loan offerings, Lendingtree's loan marketplace offers a special option for people seeking a debt consolidation loan, particularly for higher-interest credit card debt. LendingTree offers a loan calculator to help determine, based on your current debts, credit score, housing status, and state, whether you should look into a personal loan for your debt relief needs. This is a helpful service as it shows how long it will take you to become debt-free and whether debt consolidation or settlement will best fit your needs.
LendingTree provides a wide range of personal finance resources. Its website includes articles on personal loans, detailing the nature and use of these loans as well as extensive information on other lending topics.
The company also has a loan payment calculator to help customers determine their monthly payment, interest rate, and loan term based on the loan amount.
LendingTree has a transparent platform and website. The company's mission is to help customers find the right loan for them by showing multiple loan offers at once. LendingTree clearly outlines how it makes money and explains the process.
LendingTree allows consumers to compare multiple loan rates from major lenders simultaneously. However, the company's lending partners offer a variety of interest rates, ranging from 3.99 to 35.99 percent.
To qualify for a loan with lower rates, the borrower must have an excellent credit score. For example, a $10,000, 3-year loan, with 3.99 percent APR, will likely require the borrower to have a credit score of 700+.
The maximum personal loan rate is 35.99 percent APR, which is quite high within the personal loan industry. Borrowers with a poor credit score will likely not qualify for rates as low as 3.99 percent and can expect to receive rates close to the maximum 35.99 percent rate.
Although LendingTree has an extensive website that is easy to navigate, the company requires visitors to fill out a form before receiving specific rates and repayment terms from its lender marketplace. This is because loan offers come from each lender themselves, based on your specific information.
Although it may be frustrating that you can not see rates and terms upfront, once you fill out an application, you will receive various lenders with rates and terms specific to your needs. This allows a borrower to choose a loan offer that is best for them.
One step of the LendingTree rate-check, or prequalification process, is providing a phone number. Providing your phone number allows LendingTree to share it with its lending partners. A lender will then contact you directly to discuss loan options. If you don't want to submit a phone number and field phone calls, you can complete a prequalification application by calling customer service instead.
You must also provide the last four digits of your social security number to do a soft credit check, which is required for prequalification.
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