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 |
Fees
Requirements
Best for
Other Facts About LendingTree:
Loan Company: | Amount: | Min. Credit Score: | APR: |
LendingTree | $1,000 – $50,000 | 500 | 3.99% – 35.99% |
PersonalLoans | $1,000 – $35,000 | 580 | 5.99% – 35.99% |
BadCreditLoans | $500 – $10,000 | 0 | 5.99% – 35.99% |
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:
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.
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.
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.
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 capabilities are better than what you’ll find on many other auto loan sites, even those devoted only to automotive topics. The included articles also provide useful information designed to inform rather than motivate readers to engage in a soft sales pitch. Consider the article, “Best Gas Mileage Trucks,” which uses the voluminous data within LendingTree to isolate value quickly. These astute articles get right to the point with specific, actionable data that has a measurable impact on what a savvy buyer can save.
Other pieces like a simple and direct five-point checklist explaining what’s needed to secure an auto loan are valuable to those new to the process. Again, this kind of content makes great use of the big data reserves below the simplified site’s surface. These analytics are free, easy to use and provide a basis for genuine value. These benefits appear to be driven by a site focused on the consumer and not pushing particular brands or specific finance companies.
In recent years many other sites devoted solely to personal loans have developed online. This is a competitive business where gaining borrowers is such a drive that even low credit score holders are permitted borrowing levels previously unseen. The options here are designed for a variety of life events like:
Other services include debt consolidation, unsecured loans, and personal loans for any other reason. A list of competing rates will be generated based on the borrower’s questions. Be prepared to get quotes based on personal metrics, including:
Many of the numbers you provide will significantly impact the rates available to you. LendingTree claims to offer APRs on personal loans up to $25,000 that can be as low as 7.16%.
LendingTree also offers debt consolidation services. This allows users to enjoy the potential benefit of reducing their total debt payment and simplifying the process of reaching solvency. The efforts made to educate borrowers are commendable. LendingTree is upfront about the real, long-term challenges debt consolidators will face. LendingTree explains, “The great thing about consolidating debt is that it can allow you to get yourself debt-free quickly. But the only way it really works is if you’re disciplined about sticking to a debt repayment program. Remember experts estimate that between 50% and 85% of people that consolidate debt fail to stay out of debt.” This sobering statistic alerts users to their responsibility in addressing their own debt problems. The included calculators help clarify if this is a good option for the individual.
Personal loans, like any other, carry risk. These are unsecured loans, which means there is no underlying asset backing them. Often, a borrower can access funds at a lower rate than they would receive on a credit card. Total loan values offered to LendingTree users range from $1,000 to $50,000.
The LendingTree small business loan service will not apply to most users. The LendingTree model is built for individuals and t