LendingTree Personal Loans Review for 2024

LendingTree is an online loan marketplace that allows potential borrowers to receive multiple loan offers by filling out just one form.

Once you complete your application, you receive multiple offers from financial institutions, allowing you to compare interest rates and terms and find the best deals.

The idea behind LendingTree is to make banks compete for your business, rather than making you do all the work in researching the best loan products for your situation.

We’ll take you through how LendingTree works, what kind of loans you can expect, and other considerations when applying for a personal loan through LendingTree.

Lending Tree

Key Features of LendingTree Personal Loans

One of the primary features of LendingTree’s offerings is the provision of unsecured loans. This means borrowers can obtain a loan without the need to pledge collateral like cars, houses, or savings. This aspect significantly reduces the financial risk and stress for borrowers, making LendingTree an attractive option for those hesitant to secure loans against their assets.

Interest Rates and Factors

Interest rates on LendingTree loans are subject to several influencing factors. The most significant is the borrower’s credit score; higher scores generally lead to more favorable interest rates. Additionally, the loan amount and term length also affect the rate.

Due to LendingTree’s unique model of presenting multiple offers from various lenders, borrowers often see a wide range of interest rates, starting as low as 5.32% APR and climbing up to 36%. This variety ensures that borrowers of diverse credit backgrounds have access to suitable options.

Loan Amounts and Usage

LendingTree personal loans vary in amount, ranging from $1,000 to $35,000. This flexibility allows these loans to cater to a wide range of needs and purposes, including debt consolidation, education expenses, home renovations, vehicle financing, business investments, or even property down payments. The ability to use the loan for various reasons adds to the appeal of LendingTree’s services.

Fee Structure

A noteworthy benefit of using LendingTree is the absence of application fees, making it more accessible for those seeking loans. However, borrowers should be aware that the lenders you connect with through LendingTree might charge origination fees. These fees can vary depending on the lender and should be factored into the overall cost of the loan.

Credit Score Considerations

The majority of LendingTree users have a credit score of at least 660, indicating a focus on borrowers with fair to good credit histories. Despite this, the wide network of lenders available through LendingTree means there are options available for a range of credit scores, providing opportunities for those with diverse financial backgrounds to find suitable loan options.

Check Out Our Top Picks:

Best Online Personal Loans for 2024

LendingTree Application Process

The process with LendingTree begins by selecting the type of personal loan that aligns with your needs. Whether it’s for consolidating credit card debt, funding home improvements, covering expenses for a vacation, wedding, or medical bills, LendingTree caters to a wide array of borrowing purposes.

You initiate your loan application by completing an online form or opting for a phone-based submission. This form captures essential details like the amount you wish to borrow, your employment status, Social Security number, and income details. Remember, the information provided here will undergo verification later in the process for accuracy and security.

Upon submission of your application, LendingTree takes charge and circulates your request among its network of lenders. Each lender evaluates your application on an individual basis and then extends a loan offer tailored to your profile. This approach ensures that you receive offers that are personalized and relevant to your financial situation.

Exploring Your Options

As a LendingTree user, you can view all the loan offers you receive directly on your LendingTree account dashboard. This feature gives you the freedom to explore and compare various offers without any obligation to accept. Interestingly, you can also use these offers as leverage to negotiate better terms, playing one lender’s offer against another.

It’s important to note that after your application, your interaction is with the lenders directly, not through LendingTree. As a loan broker, LendingTree’s role is to connect you with potential lenders, not to lend directly.

Initially, LendingTree performs a soft credit pull, which doesn’t affect your credit score. However, the credit check approach of each lender varies. Some might conduct a soft check, while others opt for a hard credit pull, which can have an impact on your credit score. With personal loans, it’s essential to remember that each credit inquiry is recorded separately on your credit report.

Finalizing Your Loan

Once you decide on a loan offer, the next step is to finalize the deal with the chosen lender. This part of the process usually involves submitting additional documentation to validate your financial information, like pay stubs, W-2 forms, and bank statements.

The specifics of the loan disbursement — how and when you receive the funds, along with your monthly repayment details — depend on the terms agreed upon with your lender. Generally, funds are transferred to your account within 1 to 7 business days. Be mindful that some of LendingTree’s partner lenders may include origination fees and closing costs in their loan agreements.

Furthermore, all of LendingTree’s partner lenders report your payment history to the major credit bureaus — Equifax, Experian, and TransUnion. Timely monthly payments can positively influence your credit score, contributing to your financial health.

Exclusive Benefits of Using LendingTree

LendingTree distinguishes itself in the financial services market with a range of user-friendly features and tools designed to empower consumers on their financial journey. From credit monitoring to a wealth of educational resources, LendingTree offers several key advantages for those seeking financial guidance.

Easy Credit Score Tracking

A major advantage of using LendingTree is the ability to track your credit score without cost directly through your account. This feature is not only convenient but also essential for effective financial management. Regular monitoring of your credit score can help you understand and improve your financial health, making LendingTree an invaluable tool in your financial toolkit.

Resource-Rich Platform

LendingTree goes beyond just loan matchmaking. It offers a wealth of resources, including educational articles and practical tips, to guide users through the loan selection process. Whether you’re a first-time borrower or looking to refinance, these resources are designed to help you make well-informed decisions, ensuring you choose a loan that best fits your financial situation.

Customized Financial Calculators

What sets LendingTree apart is its assortment of tailored calculators. These interactive tools cater to various financial needs, including mortgage planning, debt consolidation, assessing home affordability, and personal loan calculations. They are especially useful for projecting monthly payments under different scenarios, providing a clear picture of potential financial commitments.

Mobile App for On-the-Go Management

In today’s mobile-centric world, LendingTree keeps up by offering a user-friendly app for both iOS and Android users. The app’s functionalities extend beyond basic features; it allows you to check your credit score, manage existing loans, and even apply for new loans. This level of accessibility ensures that you can keep tabs on your financial status and opportunities anytime, anywhere, seamlessly integrating with your lifestyle.

LendingTree’s Evolution

Since its national launch in 1998 by a visionary former accountant, LendingTree has significantly impacted the loan industry. The founder’s goal was to shift the power dynamic, making financial institutions vie for customers’ business rather than consumers having to search for the best rates. This innovative approach has led to LendingTree facilitating over 55 million loan requests and achieving $251 billion in closed loan transactions.

LendingTree’s services have expanded over the years to include a wide range of financial products such as personal loans, mortgages, refinances, home equity loans, auto loans, student loans, and small business loans. This extensive portfolio cements LendingTree’s position as a major and well-regarded entity in the financial sector.

Customer Feedback on LendingTree Personal Loans

When it comes to choosing a personal loan provider, third-party reviews are an invaluable resource. They offer insights into real customer experiences and satisfaction levels.

LendingTree’s high standing is exemplified by its A+ rating from the Better Business Bureau (BBB), a testament to its excellent customer service and the limited number of complaints received. Prospective borrowers are encouraged to explore additional reviews on various platforms to gain a comprehensive understanding of LendingTree’s services and customer experiences.

Important Considerations Before Applying with LendingTree

LendingTree’s unique approach to loan brokering presents both advantages and challenges. Understanding these can help you make a more informed decision about whether this platform is right for you.

The Double-Edged Sword of Multiple Offers

LendingTree’s standout feature is its ability to connect you with a multitude of lenders, offering various loan options. This abundance of choices allows you to compare and negotiate different loan terms efficiently.

However, this can also lead to a surge in communications from various lenders, which some users find overwhelming. To mitigate this, consider using an alternative email or phone number, or opt to complete your application through customer service.

Catering to Diverse Credit Profiles

LendingTree is particularly beneficial for borrowers with a wide range of credit scores. Its extensive network of over 1,500 lenders means there are options for those with less-than-perfect credit histories or limited credit experience. This broad spectrum of lenders increases your chances of finding suitable loan terms, offering a comprehensive view of what the market has to offer.

Ongoing Support and Monitoring

Even after you’ve selected a loan, LendingTree continues to assist you. The service keeps an eye out for potentially better loan options that match your credit profile, alerting you to opportunities for refinancing. This proactive approach ensures that you’re always aware of the most cost-effective options available.

Bottom Line

Opting for a loan through LendingTree involves careful consideration of its unique model as a loan broker. While the platform offers various loan options, it also requires communication with numerous lenders.

Be sure to assess your comfort with these aspects, alongside your credit situation, to determine if LendingTree aligns with your loan-seeking strategy. In the end, the decision to use LendingTree should be based on a balanced understanding of these factors, ensuring you choose a path that best suits your personal loan needs.

Still Searching?

Check out our other personal loan reviews below to continue exploring your options.

Meet the author

Crediful is your go-to destination for all things related to personal finance. We're dedicated to helping you achieve financial freedom and make informed financial decisions. Our team of financial experts and enthusiasts brings you articles and resources on topics like budgeting, credit, saving, investing, and more.