LendingTree Personal Loans Review of February 2024

ElitePersonalFinance
Last Update: March 11, 2023 Loan Reviews

LendingTree in a nutshell

LendingTree is a huge loan marketplace. They offer all types of loans. Their credit score requirements are low, making them attractive for people with bad credit. This is one of the companies that people have to compare from.

Loan Amount:$1,000 – $50,000
APR:3.99% – 35.99%
Min. Credit Score:500
Approval:1 Day
Terms:1 – 5 years
Origination Fee:0 – 3%
DTI Ratio:N/A
Check rates

What You have to Know about LendginTree Loans?

Fees

  • Origination fee: 0 – 3%
  • No application fees.
  • No pre-payment fees.
  • No check processing fees.
  • No returned check fees.
  • No annual fees.

Requirements

  • Min Credit Score: 500
  • Debt-to-income ratio: N/A
  • Income requirement: Not specified
  • Credit history: Min 3 years

Best for

  • People with all types of credit.

Other Facts About LendingTree:

  • LendingTree offers unsecured loans.
  • LendingTree offers fixed loans.
  • They have great customer support.
  • Type of credit check: Soft
  • LendingTree is not so flexible because of its late fee.

The Application Process

  • Register and check your rate. There are no application fees and no obligations. Also, no hard inquiry on your credit that will lower it.
  • Check your terms select the offer that works best for you, and finish your application.
  • Verify your info.
  • Receive your funds. You have to know that LendingTree will make a hard inquiry on your credit if you approve the offer.

LendingTree vs. Other Top Companies

Loan Company:Amount:Min. Credit Score:APR:
LendingTree$1,000 – $50,0005003.99% – 35.99%
PersonalLoans$1,000 – $35,0005805.99% – 35.99%
BadCreditLoans$500 – $10,00005.99% – 35.99%

Now Let’s Review LendingTree in Details

LendingTree positions itself as a central hub in the frenzied world of online borrowing. The well-established online platform seeks to serve all borrowing needs. The site could be described as the Amazon.com of fast lending. As a result, the multi-faceted enterprise offers six major lending options.

We’re going to detail each of these options to you. But first, here’s the list of them:

  • Home loans
  • Auto loans
  • Personal loans
  • Business loans
  • Student loans
  • Credit cards

We’ll also look at the free credit score service provided and LendingTree reviews and how the rates, services, and speed stack up against other niche online players like Lending Club, Prosper, Quicken Loans, and Avant.

What is LendingTree?

LendingTree finances your goals. Through utilizing a host of services and tools, the site endeavors to empower visitors. This value-added information allows users to understand things like their credit score better, how this number impacts their borrowing ability, mortgage payment, amortization, and more. Information on how to best capitalize on competing credit card offers is also provided.

Just as sites like Hotwire and Kayak aggregate competing airfare and lodging, LendingTree does the same with APRs. The user LendingTree generates a list of the most competitive APR offered for various borrowing needs with some basic information.

LendingTree Mortgage Loans

This represents the most robust group of offerings from LendingTree. First-time buyers or those accustomed to the process will find the tools, resources, and programs useful. Borrowers can get a loan for a home purchase, refinance an existing loan, apply for a home equity loan, and more. The power of LendingTree is the speed and comprehensiveness of its approach. In less than 2 minutes, you’ll be provided a listing of rates that draw from the lowest providers.

The tools add to the value. There are common options like a mortgage calculator or a refinance calculator. However, LendingTree introduces some much-needed responsibility in the lending world by including a “home affordability calculator.” This lesser-seen tool takes the extra step of helping the potential borrower understand how their credit score, annual income, and existing monthly debt should influence their home buying. This small but critical piece to their free tools legitimizes their claim to “empower” borrowers. The avoidance of the simple question, “can I afford this” was likely a major contributor to the housing bubble.

The “Resources” section goes further. This area provides an intense view of customer ratings for thousands of lenders. Better still, users can sort highest to lowest ratings within their home state. The result: smaller but better banks that would otherwise go unseen are brought to the forefront. This allows homebuyers to access better service and better rates. The savings over the period of a 30-year mortgage from this information could easily be in the tens of thousands.

LendingTree Auto Loans

This is another excellent resource within the LendingTree ecosystem. Through the power of aggregation, low auto loan rates are quickly accessible. Everything needed in the auto loan process is for new and old cars. Immediate information of APR is useful and stratified by credit scores. A user can start and end the entire process within LendingTree. This begins with basic but effective car research tools to find the make and model with the best price in your area. Customers can then move to research loan quotes across multiple lenders using their credit score. The information provides a clear picture of the expected monthly payment based on risk factors and down payments.

This toolbox is well rounded. The overall capabil