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LendingTree In-Depth Review
Founded in 1996 with the goal of simplifying the loan process, LendingTree has become the leading online loan marketplace with one of the largest networks of lenders in the US. After filling out a simple and straightforward form, customers can receive multiple loan offers and choose the loan terms that fit their needs. LendingTree makes it easy for customers to shop for personal loans by connecting consumers with offers from many different lenders within their marketplace.
LendingTree In-Depth Review
Founded in 1996 with the goal of simplifying the loan process, LendingTree has become the leading online loan marketplace with one of the largest networks of lenders in the US. After filling out a simple and straightforward form, customers can receive multiple loan offers and choose the loan terms that fit their needs. LendingTree makes it easy for customers to shop for personal loans by connecting consumers with offers from many different lenders within their marketplace.
LendingTree In-Depth Review

Overview

Founded in 1996 with the goal of simplifying the loan process, LendingTree has become the leading online loan marketplace with one of the largest networks of lenders in the US. After filling out a simple and straightforward form, customers can receive multiple loan offers and choose the loan terms that fit their needs. LendingTree makes it easy for customers to shop for personal loans by connecting consumers with offers from many different lenders within their marketplace.

LendingTree also offers a wide variety of useful resources and tools that help borrowers manage their finances and improve their financial understanding. By offering financial calculators, interactive loan coaching, monthly newsletters, and more, LendingTree empowers consumers of all financial backgrounds.

Requirements

To qualify for a LendingTree personal loan, borrowers must be at least 18 years old, citizens or permanent residents of the US, own a verifiable bank account, and have a steady income source. There is no minimum credit score, though most lenders prefer a score of 600 or above. A low credit score does not mean you will automatically be disapproved, but it will likely lead to increased interest rates. Additionally, LendingTree will review your debt-to-income ratio which should fall around 36%.

If you are unsure whether you qualify for a LendingTree personal loan, it is still worth filling out your details as LendingTree will be able to filter out irrelevant offers, leaving you with loan terms customized for your situation.

Loan Process

To get started and to discover the potential loan terms available, you simply need to provide basic information such as loan purpose, desired amount, credit rating, employment status, income, address, and whether your rent or own your current home. LendingTree does not ask for sensitive personal details and encrypts all their web pages ensuring your information is kept safe and secure.

Once your form is submitted, LendingTree will distribute the information to eligible matching lenders. After a lender receives a consumer's details, they will contact the borrower by phone or email with detailed loan terms. LendingTree will always offer customers a minimum of five loan options that match the customer's credit score and loan requirements.

Loan Terms

As LendingTree is not a direct lender, the exact loan terms will vary and can depend on a number of factors.

In general, LendingTree's network of lenders offers extremely competitive rates, with APRs starting at just 6.99% up to a maximum of 35.99%. Repayment periods vary depending upon the lender and can range from 3 to 180 months (15 years). Lenders can request a loan amount from $1,000 up to $50,000.

LendingTree offers personal loans for a variety of purposes such as home improvement, car purchase, vacation, wedding, debt consolidation, and more. They also offer separate funding solutions for mortgage loans and business loans.

Customer Support

One of our favorite things about LendingTree is their efficient and friendly customer service. LendingTree customer representatives are conveniently available by phone Monday through Thursday from 8 am to 9 pm EST, Friday from 8 am to 8 pm EST, and Saturday from 10 am to 7 pm EST. Customer support is also available via LendingTree's email support system and customers can expect a swift response within one business day.

Aside from their customer service, LendingTree puts a strong emphasis on financial education by offering a comprehensive blog with insightful articles that potential borrowers will find extremely helpful. Finally, the site also contains an easy-to-use FAQ section, further educating customers about the loan process, and ensuring there are no surprises along the way.

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Pros
  • Easily compare loan offers
  • Simple loan process
  • Superb customer service
Cons
  • Not a direct lender
LendingTree at a Glance
8.6 Editorial Score
Credit impact
9.0
Borrowers may get a hard credit check after selecting a lender from the marketplace
Funding speed
8.0
Comparison tool and marketplace, so the funding speed depends on the individual lenders
Loan flexiblity
9.0
Standard flexibility in loan terms and conditions, as it acts as a marketplace for various lenders
Borrower rewards
8.0
Specific benefits vary depending on lenders in their network, but generally, there are some basic rewards available for borrowers
Loan amounts
9.0
Partners with lenders that offer a wide range of loan amounts
FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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