|Loan types||Secured and unsecured personal loans|
|Loan amount||$1,000 to $35,000|
|Repayment Terms||3 months to 180 months|
|Top Pro||A marketplace of reliable lenders competing for your business|
|Top Con||Not directly a lender, so rates may vary between providers|
|Best for||Borrowers seeking to compare a variety of loan options|
LendingTree was created with the specific goal of simplifying the loan research process. Founded in 1996, the company has quickly become one of the leading online lending marketplaces. LendingTree gives customers the ability to compare offers from several reputable lenders simultaneously, empowering them to make the best decision based on their unique circumstances. Today, LendingTree has recruited many of the United States’ most well-known lending institutions to their platform, and can provide customers with an unparalleled range of loan options for every need. The company has facilitated over 55 million loan requests, and has assisted customers in accessing over $251 billion in financing. It is important to note that LendingTree is not directly a lender, but can help you find the funding you need for any purpose.
If you prefer to compare your loan options before making a final choice, LendingTree presents an ideal solution. The company’s business model is based on loan providers competing for your business, which in most cases means you will get more favorable loan terms and amounts. The best part about LendingTree is that you can avoid the complicated process of applying for several loans separately, or having to do intense research on your own. Instead, LendingTree handles all the heavy lifting by delivering a list of lenders that are likely to approve you for a loan at beneficial terms. While it may not be ideal for customers who prefer to work with a single company from start to finish, LendingTree is an excellent alternative if you prefer to have several options but would rather not have to find them yourself.
We found several aspects to like about LendingTree’s online loan marketplace. The most obvious feature that stands out is the swift process for finding the right loan. Normally, researching loans and finding the right provider could take weeks or even months. LendingTree has effectively streamlined the process, and takes just a few minutes to show you potential lenders that match your needs and creditworthiness by using a single pre-qualification application.
Another remarkable characteristic of LendingTree is that it offers personal loan services to customers for a variety of reasons, including medical expenses, major spending, and even debt consolidation. The company can generally offer great interest rates thanks to its competitive marketplace, where lenders will compete for a borrower’s business, and not the other way around. Moreover, if you need to see the real impact of a loan, or your expected repayments, you can use one of LendingTree’s great calculators to understand a potential loan’s financial impact. Here are some of LendingTree’s highlights:
As part of its services, LendingTree can connect you with lenders that offer loans ranging between $1,000 and $35,000. This is improved by the company’s simple application process. To get started with LendingTree, you will fill out a single application that pre-qualifies you for a range of different loans. This form does not ask for any sensitive personal details, instead focusing on your contact information and some financial specifics like your income level, housing status, and similar data.
LendingTree’s initial application does not include a hard credit pull, so your scores will remain unaffected. Once you have been approved, which takes a few minutes in most cases, you will be shown at least five options that match your creditworthiness and loan amount requirements. After choosing the best option, you will finish applying directly with the lender selected.
During our research of LendingTree, we found several aspects of the company that make them an ideal choice for personal loans. LendingTree offers you a variety of different loan terms and amounts for any purpose you might require. We were also happy to see that borrowers with less than perfect credit were able to find loan providers likely to grant approval thanks to LendingTree’s extensive network. LendingTree does have some requirements for its potential borrowers, including:
Furthermore, LendingTree also reviews your debt-to-income ratio, checks geographical location, and performs a soft credit inquiry to help increase the likelihood of loan provider approval. A lower credit score does not mean that you will be denied a loan, although it might result in higher interest rates. It is worth noting that while LendingTree does not require any further details, the lender you are matched with might make specific requests to complete your application. When applying with LendingTree, make sure to have the following documents prepared:
Overall, the interest rates and terms offered by LendingTree's partners are incredibly competitive, fitting your borrowing constraints and repayment abilities. Additionally, we were very impressed with the loan purpose flexibility that LendingTree provides.
The company offers to match you with lenders that can help you access financing for specific purposes such as major spending projects, home improvements, and debt consolidation. While LendingTree does not set interest rates themselves, the company’s lenders generally offer interest rates between 5.99% and 35.99%. Keep in mind that these rates may vary from lender to lender.
One of the biggest benefits of the company’s model of competing lenders is that it generally results in loans that have better terms and more manageable interest rates, even if your credit is not excellent.
Another characteristic that sets LendingTree apart is their commitment to educating borrowers about the different loan products to help empower them to make the best possible decision. One way they accomplish this is by hosting several insightful articles and guides designed to teach consumers about the available loan types and the lending process. Furthermore, this area includes calculators that let you review the impact of taking a personal loan or consolidating your debt.
Unlike many rigid lenders that provide very few choices, LendingTree offers a fantastic range of repayment terms for its customers. While specific loan terms are agreed upon with the lender you select, LendingTree’s partners offer loan terms that may range from as little as 3 months to as much as 180 months. Interest rates are also highly competitive, with the low end starting at roughly 5.99% and going up to 35.99%. One of the benefits of LendingTree is that you can compare rates and terms across several competitors to find the option that best suits your needs, even for the same loan amount. It is important to note, however, that LendingTree does not directly set your interest rate or repayment term. The company works with reputable lenders, who offer transparent terms and will always negotiate directly with you before you sign any agreement.
The security of your information is a top concern when using a service that shares personal data with loan providers such as LendingTree. The company recognizes this concern and addresses it by taking active steps to protect your data. While LendingTree does share your information with third parties, they devote serious effort to ensure its safety, and are transparent as to how that information is used and with whom it is shared. Additionally, the company utilizes strong encryption on all their webpages, meaning that any information you share is well protected and stored on secure servers.
Overall, we found LendingTree’s customer service to be very efficient. You can reach the company by telephone on weekdays and Saturdays during business hours, as well as via email. The company’s support staff was quick to answer via their help Customer Care line, and were very knowledgeable and helpful when returning our queries. We also noticed quick response times for email, with replies usually delivered within one business day. In addition, we were pleased to see the company place significant emphasis on education in the form of well-thought out articles about loans and personal finances. We would have liked for an FAQ section to be on the site, but nevertheless found that it was easy to find answers for all our pressing questions.
There was a lot to like about LendingTree in our research. However, we did find some areas where the company could improve its offerings to provide an even better service:
Apart from these areas, we noticed several characteristics that set LendingTree apart from the competition:
LendingTree has succeeded in disrupting the traditional lending model. By placing the power in the hands of borrowers, individuals seeking financing can take advantage of the competition between lenders to access better terms, rates, and loan amounts. We were very happy with the company’s overall service, which includes a single straightforward application for connecting borrowers to lenders and a user-friendly lending network that can even accommodate borrowers with less than stellar credit. Considering the wide variety of loan purposes and types, LendingTree can help you borrow the funds needed for almost any situation imaginable at favorable rates designed to match your unique circumstances. Though not directly a lender, LendingTree’s network delivers some of the most competitive interest rates available alongside loan amounts designed to cover your most pressing financing needs.
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