You probably discovered LendingTree while trying to take out a loan to sort out some of your financial woes.
However, LendingTree is not the only option available, as many online lenders offer similar services.
So, is LendingTree Personal loans the best option for you?
LendingTree is a good choice for borrowers with fair credit or assets to tender as collateral. If you are looking for installment loans for bad credit, other suitable options are available to check out.
LendingTree is a loan broker with over two decades of experience in the business. It helps borrowers connect with a large network of lenders offering different types of loans, including home refinance, personal loans, student loan refinance, credit cards, insurance, business, and more.
LendingTree Personal Loans Highlights
- Loan Amounts: Lenders on the LendingTree network give out loans between $1000 to $50000 to borrowers.
- Loan Types: LendingTree offers secured and unsecured personal loans.
- Credit Check: Lenders on LendingTree do a hard credit check when borrowers submit a form on the platform.
- Minimum Credit Score: LendingTree's minimum credit score is undisclosed on their site, but it is estimated to be 600.
- Funding Time: Borrowers can receive funding on the same day their loans are approved or the next business day.
- Repayment Terms: LendingTree's personal loan terms range from 24 to 60 months (2 to 5 years), depending on your lender. Some lenders even allow up to 12 years of repayment or shorter loan terms like 12 months.
- Interest Rates: Lenders on LendingTree can charge APRs between 3.99% to 35.99% on personal loans.
- Fees: Lenders on LendingTree charge between 1% and 8% origination fees. Depending on your agreement with them, some also charge late and prepayment fees.
- BBB Rating: Better Business Bureau rates LendingTree with an A+. However, based on customer reviews via BBB, LendingTree gets a 1.38/ 5. Most complained about receiving spam calls and emails from the lenders after applying and multiple hard credit pulls from different lenders.
- It Gives Out Loans up to $50,000.
- It Allows Borrowers to Compare Multiple Personal Loans Offers At Once.
- It gives An Accurate and Greatly Detailed Credit Inquiry Report.
- Some Lenders Charge High-Interest Rates.
- Borrowers Cannot Take Out More Than $50,000.
- Some Lenders Charge Extra Undisclosed Fees.
- Clients Get Spammed Continuously After Submitting Forms.
LendingTree fulfills its promise of connecting borrowers to different lenders and loan options.
Where LendingTree Personal Loans Stand Out
It Gives Out Loans up to $50,000
You can borrow loans from $1000 to $50,000 on LendingTree. So, whenever you have big expenses, you apply for large loan amounts from lenders on LendingTree to cover them. However, approval will depend on your qualifications for such a loan.
It Allows Borrowers to Compare Multiple Personal Loans Offers At Once
When borrowers fill out a form on LendingTree, they get offers from several lenders with different terms and conditions. They have the luxury of comparing those offers and selecting the most suitable loans for their financial situation.
It gives An Accurate and Greatly Detailed Credit Inquiry Report
Upon signing up, LendingTree allows borrowers to check their credit score for free without affecting it negatively. The report usually shows essential details, like the factors influencing the borrower's score and ways to improve and boost their credit.
Where LendingTree Personal Loans Fall Short
Some Lenders Charge High-Interest Rates
Lenders on LendingTree can charge up to 35% APR on their loans, especially for people with bad credit scores. Compared to some other lending companies, the rate is on the high side and can make repayment challenging for borrowers.
Borrowers Cannot Take Out More Than $50,000
Borrowers with mega expenses, like home improvement, medical, and other bills, cannot apply for more than $50,000. They have to look for other options outside LendingTree or make do with the offers they get on the platform.
Some Lenders Charge Extra Undisclosed Fees
When you fill out a form on LendingTree, you will be presented with some offers from willing lenders. Some of these offers will have extra fees, like origination fees, late fees, prepayment penalties, and more. This adds to your total debt or reduces the amount you want to borrow.
Clients Get Spammed Continuously After Submitting Forms
Many users have complained about spamming on various popular review platforms, like BBB, Trustpilot, Wallethub, and more. So, when you sign up on LendingTree with your details, you may start to receive unsolicited calls, texts, and emails from lenders on the platform.
Compare LendingTree with Other Lenders
When seeking loans, it is advisable to check out different platforms to get the best offers for your financial needs.
Some of them offer soft credit checks, and longer loan terms, and do not charge fees, unlike LendingTree. So, if you need personal loans for bad credit or a longer repayment term, why not consider other qualified alternatives suitable for your needs?
Here is a side-by-side comparison of LendingTree with other loan companies in its category. See how LendingTree stacks up against Personal Loans ™ and BadCreditLoans below:
3.99% to 35.99%
5.99% to 35.99%
$1,000 to $50,000
$1,000 to $35,000
$500 to $10,000
Minimum credit score
No minimum credit score is required
No minimum credit score requirement
24 to 60 months
3 to 72 months
3 to 72 months
LendingTree VS. Personal Loans ™
LendingTree's starting APR is 2% lower than that of Personal Loans ™, meaning borrowers may enjoy fewer interest rates taking out loans on LendingTree.
In addition, the maximum loan amount available on LendingTree is higher than Personal Loans ™. Borrowers can cover large expenses when they take out loans on LendingTree.
Another major difference between LendingTree and Personal Loans ™ is their minimum credit score.
While Personal Loans ™ does not have a credit score requirement, borrowers need at least 600 credit scores to qualify for a loan on LendingTree. This means people with bad credit have a higher borrowing chance on Personal Loans ™ than LendingTree.
Personal Loans ™ offers a wider repayment term than LendingTree. Borrowers can take out loans and repay within a few months or use up to 6 years.
However, LendingTree's repayment term can be limiting, ranging from one to five years. Also, expect origination fees plus other costs from LendingTree lenders when applying for their loans.
Lastly, LendingTree gets an A+ rating on BBB, while Personal Loans ™ gets an A-. This means that LendingTree may be more reliable than Personal Loans ™. However, we cannot say that for sure.
LendingTree VS. BadCreditLoans
LendingTree allows you to borrow up to $50,000 with an APR starting from 3.99%, while BadCreditLoans loan amount maxes at $10,000 with a 5.99% starting APR.
This means borrowers can access larger loans on LendingTree if they have more expenses to cover. They may also get lower interest rates on LendingTree than taking out loans on BadCreditLoans.
BadCreditLoans does not have a credit score requirement for its borrowers, meaning those with bad credit have a high loan approval chance on the platform.
On the other end, LendingTree also does not have a set credit score requirement. However, the lenders on the platform have varied minimum credit scores, with most starting at 600. If you have a bad score, your chance of securing a loan on LendingTree is slim. Even if you do get an offer, the APR can be very high compared to other platforms.
Lenders on LendingTree charge origination fees and other fees, while BadCreditLoans does not. You may also get a longer loan term over BadCreditLoans than on LendingTree.
Requirements for LendingTree Personal Loans
Age: Borrowers must be 18 or the state minimum, whichever is higher.
Credit Score Requirements: You must have at least 600 credit scores to qualify with a lender on LendingTree. Some accept lower credit scores, from 560, while others require up to 700 to 750 credit scores. The credit score requirement totally depends on which lender's offer you choose.
Income Requirements: According to LendingTree, its partner lenders require borrowers to have a certain minimum income to apply and qualify for loans. However, the minimum income varies from lender to lender.
Co-applicants: Some lenders on LendingTree allow borrowers to apply for loans with co-applicants or co-signers. Such a co-applicant or co-signer must meet the lender's requirements so that the borrower can qualify for the said loan.
6 Steps To Apply For Personal Loans on LendingTree
LendingTree offers its installment loans online, so all the application, processing, and approval takes place via its official website or mobile app. Before applying online, you may also contact LendingTree's customer support by calling 1-800-813-4620 to discuss your loan options.
Here's how to apply online:
- Go to LendingTree.com, click on Get Customized Rate and select the purpose of your loan. You may choose debt consolidation, medical expenses, car repair, home improvement, paying off credit card debt, home buying, vacation, business, and more.
- Select a loan amount by sliding the bar, then continue the process.
- Select how quickly you want the loan, then fill in your details, including zip code, address, employment status, pre-tax, types of residence, date of birth, email address, credit card estimate, and others. You can also indicate if you are borrowing with a co-applicant.
- After submitting your details, you will be presented with offers from willing lenders. Compare the loan offers, considering interest rates, extra fees, and repayment terms. Note that the lenders may do a hard credit pull upon receiving your information before sending their offers.
- Choose the most suitable lender from the offers and apply directly. If you meet the lender's requirements, your application may be accepted. If not, you may have to apply to other lenders.
- Receive funding from your lender after approval. The deposits usually happen on the same day of approval or the next business day.
Borrowing From LendingTree Is Not A Good Idea In 3 Cases
If You Don't Have Good Credit
Lenders on LendingTree hardly consider loans from people with bad credit. So, when you apply for loans with a terrible credit score, your approval odds are low. In most cases, if you get offers, the interest rates will be very high.
If You Need A Loan Over $50,000
Applying via LendingTree allows you access to a maximum loan of $50,000. So, if you require a larger loan, you might want to look elsewhere.
SoFi Personal loans, for instance, is a listed partner on LendingTree, meaning you can only get $50,000 when you apply on the platform. However, when you apply directly via the SoFi website, you can get up to $100,000.
If You Cannot Cope With High-Interest Rates
Lenders on LendingTree usually charge high-interest rates on their loans, especially when you don't have a good credit score. These interest rates will increase your total debt in folds, depending on your repayment term.
So, if you cannot cope with repayment in the long run, it's better to look elsewhere for lenders with lower interest rates.
How CreditYelp Rates LendingTree
|Requirements & Application||4.7/5||Applying for loans on LendingTree tree is straightforward, and the requirements are also simple.|
|Loan flexibility||4.5/5||Borrowers can take out small or large loans from LendingTree, depending on their expenses.|
|Affordability||4.5/5||LendingTree's starting APR is low for borrowers with good credit scores.|
|Customer experience||4.3/5||LendingTree has responsive customer service to help its borrowers through their application process.|
Q1: Is LendingTree legit?
LendingTree is a legit online loan broker with a large network of lenders offering different loan types. The platform can help you reach many lenders in seconds, compare their loan offers, and find the best loan for your situation.
However, since LendingTree is not a direct lender, you must be careful about selecting loans from the lenders. Ensure you conduct appropriate research and review the loan terms thoroughly before accepting any offer.
Q2：Does LendingTree Hurt My Credit?
Your credit score will not be affected when you pre-qualify on LendingTree to review loan offers.
However, when you select a loan and apply directly with a lender, they may carry out a hard credit pull to check your history. This can harm your credit score, causing it to drop temporarily. The inquiry will also stay on your report for up to two years before it goes away.
Note that to check your credit profile, any trustworthy lender will require a hard credit inquiry at some point in the application process.
Q3: Does Lendingtree require proof of income?
Yes, lenders on LendingTree require you to have a minimum income and will check proof to ascertain your claims. So, they may ask for proof of income, such as pay stubs, W-2s, and tax returns. This helps them to determine whether you have the capability to repay the loan.