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.
LendingTree Personal Loans
All of LendingTree’s offers are for unsecured loans, so you don’t have to worry about putting up any collateral, such as your car, house, or savings, to get a loan. Your interest rate will depend on several factors, including your credit score, how much you borrow, and the loan term.
Because of the nature of LendingTree, where you get multiple offers from different lenders, it’s not uncommon to see a range of rates when you receive proposals. For example, with LendingTree’s partners, your interest rate could be as low as 5.32% APR or as high as 36%. Depending on your credit history, you could see variations in interest rates as high as nearly 5%.
Loan amounts vary from $1,000 to $35,000. You can use the loan proceeds for various reasons, including debt consolidation, college tuition, home renovation projects, vehicles, business expenses, and even a down payment on a property.
There are no application fees associated with LendingTree. However, depending on the lender, there could be an origination fee. Finally, most borrowers using LendingTree have a credit score of at least 660.
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LendingTree Application Process
Start by choosing the kind of personal loan you want. The most popular categories include credit card debt consolidation, home improvement, vacations, weddings, and medical expenses.
From there, you’ll fill out a request form, which you can complete online or over the phone. The form includes questions about your desired loan amount, employment, Social Security number, and your income. All of this personal information will need to be verified later in the process.
After you fill out the form, LendingTree will send it to several potential lenders. Each lender analyzes your information individually and sends you a loan offer customized just for you.
Multiple Offers from LendingTree
You can see all of your available offers directly on your LendingTree account dashboard. Of course, you’re under no obligation to accept any offer, and you can even negotiate using other lenders’ offers as a starting point.
Note that once you fill out your information, you’ll deal with lenders directly rather than through the initial website. LendingTree is a loan broker, not an actual lender.
When they pull your credit as part of the initial process, it only performs a soft pull. However, there is no guarantee of how each lender handles credit checks.
Each one may perform either a soft check or a hard check, the latter of which can affect your credit score. And with personal loans, each inquiry counts separately on your credit report no matter how close together they were conducted.
Once You’re Approved
Once you select a loan offer, you’ll work directly with the lender to complete the application process. This typically includes providing supporting documentation to verify your financial information, such as pay stubs, W-2s, and bank account statements.
The rest of the process depends on your circumstances with the lender: how and when you’ll receive the funds and what your monthly payment will be. Typically, you will receive the funds within 1-7 business days. LendingTree’s partner lenders may charge origination fees and closing costs.
All of LendingTree’s partners report payment history to Equifax, Experian, and TransUnion, which can help your credit score when you pay on time each month.
LendingTree Special Features
One of the benefits of signing up with LendingTree is that you can track your credit score for free with your account. The website also has many great resources for borrowers, including articles and tips to help you figure out which loan is the right choice.
LendingTree provides countless customized calculators to use, including those geared towards a mortgage, debt consolidation, home affordability, personal loan calculator, and many more.
If you need some help figuring out what your monthly payments could look like in different scenarios, LendingTree is the place to go to find exactly what kind you’re looking for.
LendingTree offers an app for both iOS and Android smartphones. You can check your credit score, review your current loans, and even apply for a new loan. It’s a great way to stay up to date on what’s happening with your finances.
LendingTree’s History
LendingTree was launched nationally in 1998 by a former accountant who was tired of having to shop around at banks to find the best personal loan rates.
Instead, he wanted to make financial institutions compete with each other for customers’ business. Since that time, LendingTree has facilitated over 55 million loan requests and reached $251 billion in closed loan transactions.
It offers personal loans, mortgages, refinances, home equity loans, auto loans, student loans, small business loans, and more. LendingTree is a major player in the industry, with lots of borrowers appreciating its business model.
LendingTree Personal Loan Reviews
One of the best ways to research online personal loan lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.
LendingTree currently has a Better Business Bureau (BBB) rating of A+, indicating excellent customer service. They also have very few complaints. You can find more LendingTree Personal Loan reviews at other review sites as well.
What to Consider Before Finding a Loan with LendingTree
LendingTree’s matchmaking model is a bit different from most online lenders. So think about both the pros and the cons before you start filling out your application form.
Being Courted by Multiple Lenders
The thing that makes Lending Tree so great is also the thing that can cause the most annoyance for potential customers. That is the access you receive to multiple lenders and loan offers.
On the one hand, it’s great because you get to shop around and negotiate multiple personal loans without having to manage scores of applications. But, on the other hand, some users complain about the number of phone calls and emails they receive from lenders almost immediately after filling out the form. While most LendingTree reviews online are positive, getting contacted too much was the main complaint.
However, if you don’t want to give them your phone number and field phone calls, you can complete your loan application by calling customer service instead. In addition, it may be wise to use a secondary or junk email address instead of using your primary email address.
If you like the idea of pitting lenders against each other and bargaining for the best deal, then you’ll probably enjoy the entire process.
Unsure of Your Credit
As a loan broker, LendingTree can be a good option for borrowers with a range of credit scores. Since the company partners with all types of lenders, you might have a better chance of finding one that works with individuals with bad credit or even limited credit history.
Many users report that they receive dozens of offers to compare through the website. That’s because Lending Tree partners with more than 1,500 lenders across the country.
If you’re not sure exactly where your credit score stands or what type of offers to expect, this can help you wade through many loan options and get a better idea of what loan terms you should be receiving.
Plus, that’s a lot more information to compare rather than simply trying to navigate just a few loan applications on your own. There’s always something to be said for diversity, and LendingTree certainly provides that.
Moving Forward
LendingTree’s service doesn’t stop once you pick a loan. They continue to monitor better deals for your loan needs.
When a potentially less expensive loan becomes available for your credit profile, LendingTree sends you an alert so you can check out the details. From there, you can decide whether it’s worth refinancing your personal loan.
Taking out a personal loan of any kind is a big decision. So before applying through LendingTree, be sure to thoroughly weigh the pros and cons that come along with working through a broker rather than a direct lender.
There is a lot to consider before you decide what is the best path when searching for a personal loan.
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