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LendingTree Personal Loans Review
LendingTree is an online personal loan marketplace that links you with multiple direct lenders in a few clicks. The company helps you view your potential rates and terms from different loan providers and get numerous loan offers without affecting your credit score. However, loans offered via LendingTree might be quite expensive for borrowers with bad credit.
LendingTree Personal Loan Features
Pros
- Prequalification for multiple personal loans on a single platform;
- Low minimum interest rates;
- No prepayment penalties;
- Fast funding (same-day direct deposit may be available).
Cons
- High maximum interest rates;
- Many additional fees (potential origination fee).
Who Is LendingTree Loan Suitable For?
LendingTree loans can be a good option for borrowers with fair and poor credit looking for a convenient way to find the best possible loan offer. The company will show you your potential loan terms based on what its partners can offer you after reviewing your application details.
Loans provided via LendingTree can also suit borrowers in need of quick cash due to its quick approval and funding within 1 business day.
Who Isn’t LendingTree Suitable For?
LendingTree personal loans won’t work for you if you want to get personal loans face-to-face. The company operates online and has no physical branches you can visit in person. Additionally, people with good credit may want to shop around and find offers with lower interest rates.
The service will also not work for borrowers who need a personal loan of more than $50,000. Another concern is your data privacy. As LendingTree shares your personal details with its partners, it may not be the best option for people who want to keep their personal information confidential.
LendingTree Personal Loan Details
LendingTree partners operate across the US, with certain restrictions may be applied in some states. Loan amounts vary from $1,000 to $50,000 and can be obtained for 12 to 84 months. You can also repay your loan early without being charged any prepayment penalties.
Your annual percentage rate (APR) is determined based on your credit score and yearly income. It can go from 5.99% to 35.99% or even jump to about 51% for borrowers with bad credit.
Loans provided via LendingTree are known for their fast approval within a few hours and money transfers as soon as the next business day. The service doesn’t run a hard credit check when you prequalify to see your potential loan deals. Still, if you choose a particular lender and decide to move forward, a hard credit inquiry may be performed.
Besides loans for various needs, LendingTree also allows you to research credit cards, including some options for people with bad credit (typically secured). Overall, the platform makes it easier to compare the products you can qualify for and choose the best deal for your particular needs.
How Do You Qualify For A LendingTree Personal Loan?
LendingTree sets no strict eligibility requirements as the company doesn’t lend money directly. Each of its partner lenders may set their own qualification criteria. Still, some basic ones include the following:
Here are some steps to take to increase your approval chances when you deal with LendingTree:
Look At Your Credit Score
While LendingTree doesn’t make a hard credit pull, your FICO rating is still important. The company’s partner lenders use it to see how you manage your finances and predict whether you can repay the loan on time. While LendingTree sets no strict minimum credit score requirements, a high rating usually means better loan terms. Some of the company’s partners may ask you to have a FICO score of at least 580.
Provide Proof of Regular Income
Lenders typically check your financial background and only accept borrowers who have a verifiable source of regular earnings. Ensure you can provide proof of income that is high enough to cover your loan payments.
Check Your Debt-To-Income Ratio
Your debt-to-income ratio shows how much debt you owe compared to the amount you earn each month. Lower ratios are usually better since they demonstrate that your budget is less sensitive to new loans. Aim for a DTI of no higher than 43% to increase your approval chances.
Prepare Required Documents
Get your necessary paperwork ready before applying for a personal loan. It might include proof of identity, proof of income and address, job verification, and your bank account details. Prepare these documents in advance to make the application process faster.
Look At Different Loan Offers
LendingTree allows you to check out various loan choices from numerous lenders. Use this tool to find a loan that fits your needs. Pay attention to the interest rates, terms, and fees to choose wisely.
Think About Using A Co-Signer
If your credit score is low, a co-signer could help you get a LendingTree personal loan. A co-signer with good credit can increase your approval chances or help you get better loan terms. Just note that you may be limited in your options since not all LendingTree partners offer co-signed loans.
Learn About Lender’s Criteria
Different lenders have their specific eligibility requirements. Once you receive a preliminary loan offer, contact the lender directly and ask about the rules it applies. It could involve minimum credit score requirements, minimum income level, maximum DTI ratio, and other parameters.
Submit Application Online
After preparing, you can send your loan request via LendingTree’s online system. Be honest while giving the necessary information. The system will introduce you to potential lenders based on your details.
Keep in mind that meeting basic qualifications doesn’t promise you’ll get approved. Lenders need to check your application details for eligibility before making a loan decision. Some of the company’s partners will also perform a hard credit check that will temporarily affect your FIRO rating.
How To Apply For LendingTree Personal Loans?
Applying for LendingTree personal loans is easy. If you follow these steps, you can get your loan funds within one business day:
- Prequalify via the LendingTree website. Open the LendingTree website and find the “Compare rates” button. Specify your loan purpose and the needed amount and fill out the loan request form. To find suitable offers, the platform will make a soft credit inquiry. Don’t worry, it won’t affect your credit score.
- Look at loan offers. After you submit your request, LendingTree will show you loans from different lenders that you can potentially qualify for. Look over each offer closely. Pay special attention to the interest rates, repayment terms, extra fees, funding times, and eligibility criteria.
- Pick a lender. Choose the lender with the best terms and fill out a full application form that requires a few more details about your credit and financial situation. To get final approval from a chosen lender, you may need to undergo a hard credit inquiry.
- Wait for approval. Most LendingTree’s partner lenders offer same-day approval decisions but the terms may vary depending on the time you apply.
- Agree to the loan conditions. Got an approval? Great! Review the terms carefully once again to ensure they are the same you’ve been offered when prequalifying. If the conditions suit you, e-sign the loan agreement.
- Receive your funds. The money usually reaches a borrower’s bank account within 1 business day. However, each lender may have its own funding times.
LendingTree Compared With Other Lenders
LendingTree only provides personal loan options from its associated partners. As you can only view proposals from LendingTree’s network, comparing offers from other lenders is good, too.
| LendingTree | SoFi | Upgrade | OneMain Financial | |
|---|---|---|---|---|
| Our Rating | 4.6 | 4.5 | 4.5 | 4.5 |
| APRs | 5.99% – 35.99% | 8.99% – 29.49% | 9.99% – 35.99% | 18% – 35.99% |
| Fees | Origination and late fees may apply and vary by state | Optional 6% fees | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 | Origination fees of 1% to 10% |
| Minimum Credit Score | 300 | Not Specified | Not Specified | None |
| Loan Amounts | $1,000 – $50,000 | $5,000 – $100,000 | $1,000 – $50,000 | $1,500 – $20,000 |
| Repayment Terms | 12 to 84 months | 24 to 84 months | 24 to 84 months | 24 to 60 months |
| Funding Times | 1 business day | 1 business day | One business day after clearing verification | Within 1 business day of approval via a direct deposit or within several hours for transfers to a debit card |
| Who It Suits for? | Borrowers with bad credit scores who want to compare loan terms and find the best deal possible | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Fair-credit borrowers who need the money quickly | Borrowers with credit issues who want to avoid predatory lenders |
Methodology
BadCredify’s experts start reviewing companies by analyzing the following parameters:
- Interest rates
- Extra fees
- Loans accessibility
- Eligibility requirements
- Repayment terms
- Customer experience and reviews
- Application process
- Funding times
During the assessment process, our team of experts conducted a thorough website research and contacted the company’s representatives to examine its customer service. We also went through a pre-qualification process to get a better understanding of the potential loan terms and APRs for people with different credit scores. Based on the data received, we determine the final rating.
Frequently Asked Questions
Is LendingTree a legitimate loan company?
Yes, LendingTree is a legit and trustworthy company that has been helping consumers overcome personal finance problems since 1996.
Does LendingTree affect my credit score?
When you prequalify to compare your terms and rates from the company’s partner lender, LendingTree only makes a soft credit check that doesn’t affect your FICO rating. Once you choose a lender and complete a final application form, a hard credit check may be performed. This way, your credit score may temporarily drop by a few points.
Does LendingTree offer different loan products?
Yes, LendingTree provides various types of loan products for different financial purposes. You may apply for mortgages, personal, student, auto, business, and debt consolidation loans. Additionally, the service allows you to compare various credit card offerings.
How do I contact LendingTree customer service?
LendingTree customer service operates from 9 AM to 8 PM EST Monday through Friday. You can call them at 1 (800) 555-8733.
Can I get a LendingTree personal loan with bad credit?
Yes, it’s possible. LendingTree partners with multiple lenders, including those who accept borrowers with credit scores as low as 300. Yet, remember, having such a low score may limit your choices and result in higher APRs.
Can I refinance personal loans with LendingTree?
Yes. The company can find financial products to help you refinance personal loans or make debt consolidation.
