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LendingTree can be a good choice for borrowers who want to compare many personal loan offers at once. Some of LendingTree's partner lenders will get you your loan funds quickly.
Depending on your credit score and annual income, your APR will range from 5.99% to 35.99%. Ifyou need to get a loan with a bad credit score, it's a good option to have.
LendingTree Overview
LendingTree is an online lending marketplace. Its platform allows bo rowers to compare offers from multiple providers to find the best terms on a wide range of products, including personal loans, mortgages, credit cards, and more.
How LendingTree Works
By providing your information one time, you can get rate quotes and other details about loans you may qualify for all at the same time and compare them side-by-side. This can save a lot of time and make it much easier to find a lender that's right for your your credit profile than going through the process of prequalifying for a personal loan with each one individually.
Key Features of LendingTree Personal Loans
LendingTree loan amounts range from $1,000 to $50,000. LendingTree's partner lenders offer loans all across the country.
You can find loans at Lending Tree with APRs ranging from 5.99% to 35.99%.The minimum loan term is 12 months, and the maximum is 144 months. You can pay off loans from LendingTree's partner lenders in full at any time with no early payment penalty.
After you've verified your information, the partner lender will get you your money with varying speeds, sometimes by the next business day.
If LendingTree shows you loan offers with high interest rates, you may want to look into credit cards for people with bad credit and compare rates between a card and a loan. You might be eligible for a lower APR and better terms with a credit card. Weighing the benefits and drawbacks of personal loans vs. credit cards will help you get the best financial deal possible.
Compare Personal Loan Rates
LendingTree Personal Loan Pros & Cons
LendingTree Personal Loan Pros
- Prequalify for loans all in one place. You'll be able to look at different rates from LendingTree's partner lenders at the same time, which is easier than filling out multiple applications.
- No prepayment penalty. You can make additional payments toward your loan, and you won't be charged an extra fee.
- Low minimum rates.If you have excellent credit, you may be able to get low rates with a partner lender.
- Fast funding with some partners. Some of LendingTree's partner lenders offer funding as quickly as the same day.
LendingTree Personal Loan Cons
- Multiple types of fees. Depending on the partner lender, you may have to pay origination fees and late fees.
- High maximum rates. Some of LendingTree's partners have rates that touch 35.99%, which is particularly high.
LendingTree Personal Loan Application Process
Steps to Apply Through LendingTree
- Provide details on LendingTree's website. You'll need to input your email and basic personal information. Then you'll be asked how much you want to borrow and how you plan to use the money. To get you a rate quote, LendingTree will run a soft credit check, which doesn't affect your credit score.
- Preview different loan offers and choose an option. LendingTree will give you loan offers from partner lenders with a variety of rates and term lengths. Pick one you can fit into your monthly budget.
- Submit a full application. After you've been preapproved, you'll need to fill out a comprehensive application with more detail about your credit history than was part of the initial application. The final approval will require a hard credit check, which will reduce your credit score slightly for a short period of time.
- Receive your funds after signing your agreement. After you're approved, you will be presented with a loan agreement spelling out all the details. The time it will take to get your money after you sign off on it will vary depending on the partner lender you choose.
- Work loan payments into your monthly budget. Make sure you have enough money to cover all of your financial responsibilities.
Required information and documentation
Getting approved for a personal loan can require extensive documentation. While this varies among lenders, you can expect to need at least:
- Pay stubs/proof of income
- The last couple years of tax returns
- Documentation of 401(k)s and other financial accounts
- Photo ID
- Rent/mortgage history
- Proof of collateral, if you're pursuing a secured loan
Make sure you have these on hand before starting the application process.
Is LendingTree Safe?
Customer reviews of LendingTree are mixed.
The lending platform has a 4.3 out of 5 rating on TrustPilot, with 81% of more than 13,000 reviewers giving it five stars. Positive reviewers touted fast and easy application and approval, as well as quick funding times after they were approved for loans. Many of the complaints from dissatisfied customers included unwanted phone calls and text messages after sharing their information with LendingTree and disappointment that they didn't qualify for a loan after receiving marketing solicitations from LendingTree indicating that they had already been preapproved.
The Better Business Bureau assigns LendingTree an A+ rating, the highest available. However, customer ratings on the BBB website — which aren't used in the calculation of its ratings — are skewed heavily toward the low end of the 1-to-5 scale, averaging a little more than 1 out of 5 among 125 reviews. The complaints are similar to those found on TrustPilot about unwanted soliciations after sharing their information with LendingTree.
LendingTree Personal Loan Alternatives
LendingTree Personal Loans vs. FinMkt Personal Loans
Both companies are personal loan marketplaces, but FinMkt is more opaque about its terms. Both lenders have partners that can deposit money into your account in as little as a day.
Both marketplaces allow you to use your loan funds for just about anything, including debt consolidation, vacations, and home improvement.
Why You Should Trust Us: How We Rated LendingTree Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our fullratings methodology for personal loansfor more details.
LendingTree Personal Loan Frequently Askes Questions
How does LendingTree make money if I don't pay for their service?
LendingTree's partners pay a commission when borrowers are matched and decide to proceed with a loan offer, allowing the service to be free for consumers.
Can LendingTree guarantee the best personal loan interest rates?
LendingTree provides access to a wide range of interest rates by allowing multiple lenders to offer loans through its platform. However, it cannot guarantee the best rate because individual borrowers' qualifications and market conditions vary.
Will using LendingTree affect my credit score?
LendingTree performs a soft credit check when it matches you with potential lenders, which does not affect your credit score. However, proceeding with a full loan application through a lender will involve a hard credit pull, which is likely to lower your credit score slightly for a short time.
How quickly can I receive funds after finding a lender through LendingTree?
The funding time can vary depending on the lender, but some borrowers may receive funds as soon as the next business day after loan approval.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
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