LendingTree Review: The Competition Between Banks To Consolidate Your Debts

As a result of its founding in 1997, LendingTree was founded with one specific goal: to simplify the loan research process for borrowers. With its ability to offer its customers the ability to compare offers from various reputable lenders simultaneously, LendingTree has fast become one of the leading online lending marketplaces.

LendingTree Loan Fast Facts

The loan amount ranges from $1,000 to $50,000.

There is an APR ranging from 3.99% to 35.99%

A minimum credit score of 629 is required

• Personal loans are available in both secured and unsecured forms
• The repayment terms vary depending on the lender you choose
• There are two types of lenders: direct lenders and marketplace lenders
• A lender’s turnaround time varies based on the type of loan they offer
• This site is best suited for comparing a variety of loan options in one place

LendingTree Pros & Cons

PROS

• In order to pre-qualify for most lenders, you only need to complete one application.
• Up to $50,000 in loans are available.
• You can use your loan for any purpose you like.
• The company has received high ratings from the Better Business Bureau and Trustpilot.
• Customer service that is responsive and helpful.

CONS

• This is not a direct lender, so rates may vary depending on the lender
• It is necessary to have good to excellent credit in order to qualify
• It is possible for a network partner to call or email a large number of times

LendingTree Cost of Loan

This personal loan from LendingTree offers a range of yields with an average APR range of 3.99% to 35.99%. However, only those who have good to excellent credit will be qualified for the low end of this spectrum. All other fees will differ depending on the lender.

LendingTree Qualification

You must meet the following criteria to join LendingTree:

• Citizens of the United States or Permanent Residents of the United States.
• It is a requirement that you be at least 18 years old.
• An active bank account is required.
• Proof of income must be provided.

In order to apply for a LendingTree loan, you will also need to have access to the following information:

• Identification issued by the government
• The most recent pay stubs
• Proof of address is required
• A FICO score of at least 629 is required

If you have met all the qualifications for LendingTree, you can get started with LendingTree by following the steps below:

• To start the application, click the Go to LendingTree button at the top of the page
• Choose the purpose of your loan, as well as the amount you would like to borrow
• Contact information and a few financial details should be submitted
• If you are planning to apply with a co-borrower, please fill out the prompts with their personal information if you are doing so.
• You will need to enter the last four digits of your Social Security number, then click See Your Results to submit your application.

Once you have been approved, which takes a matter of minutes in most cases, you will be shown at least five loan options that match your credit rating and loan amount requirements. Once you have chosen the right option for you, you will then need to submit your application directly to the lender you have chosen.

LendingTree Reviews and Ratings

LendingTree has been rated A+ by the Better Business Bureau

There are more positive customer reviews than negative ones for LendingTree on Trustpilot. With over 8000 reviews, it scores an exceptionally good average rating of 4.4 stars out of 5. A large number of Trustpilot’s negative reviews are attributed to customers who are unable to get in contact with a lender or, in some cases, people who have been matched with lenders but were unable to find loans that suit their needs.

Is LendingTree Legit?

• Your personal information will be shared with LendingTree’s partnered lenders, but this isn’t a problem. If you are concerned about the sharing of your information, you might want to consider going directly to a lender of your choice.
• As an online personal loan marketplace, LendingTree does not fund loans. Instead, it is an easy way for you to find and decide on a suitable lender for your unique needs, and it also helps you compare the loans you are considering.
• You will need to check your lender’s repayment policy to obtain information on how to repay your loan and any fees associated with late payments, as Lending Tree does not explicitly set an interest rate or repayment term for you.
• There is a wide range of personal loans available through LendingTree for a variety of reasons, including medical expenses, major purchases, and debt consolidation. 
• There is no hard credit check run by LendingTree, so filling out the online form will not affect your credit score negatively. However, you should expect your lender to eventually do a credit check, which can temporarily lower your credit score.
• As always, you should keep in touch with LendingTree as well as your lender if you have any questions at all.

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