Think of LendingTree as an online portal for personal loans. It links you with offers from top-notch loan providers. LendingTree helps you view your rates from different lenders and get numerous loan offers simultaneously. It doesn’t dent your credit score.
LendingTree Personal Loan Features
- 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).
- High maximum interest rates;
- Many additional fees (potential origination fee).
Who is LendingTree Loan Suitable For?
Suppose you want to see many personal loan options all at once. LendingTree, a loan online marketplace, allows you to apply once and then shows you rates from multiple lenders.
LendingTree is also suitable for those needing a personal loan of up to $50,000 to make a debt consolidation. Their partners can provide loans from $1,000 to the maximum amount of $50,000.
Each LendingTree lender has different rules, but usually, a 600 score at least is what you need. However, one partner lender accepts scores as low as 300.
Who Isn’t LendingTree Suitable For?
LendingTree personal loans won’t work well if you like to get personal loans face-to-face because the company operates online. Mostly, the application process is through their website or app. But, you could talk to their customer service over the phone.
If you need a personal loan of more than $50,000, the service can’t help you with that, as they can only give personal loans up to $50,000. You could get bigger loans somewhere else.
Are you private about your contact details? Then, a LendingTree personal loan could be more challenging to get. When you give your phone number and email to LendingTree, their network partners might call or text you.
LendingTree Personal Loan Details
Loan amounts from LendingTree vary from the least $1,000 to the maximum of $50,000. Their partner lenders are accessible in all US states.
Your annual percentage rate, or APR, is based on two factors. These are your credit score and yearly income. It can go from 5.99% up to 35.99%. For people with less than perfect credit scores, it’s a decent option to consider.
Loan terms from LendingTree start at the bare minimum of 12 months. The longest you could take is 144 months. There’s also the option to repay your loan earlier fully, and you won’t face any early payment penalties.
Once your details have been confirmed, the partner lender will be ready to transfer your approved loan. In many cases, you may even have it by the next working day.
If the loan offers you get from LendingTree have a high interest rate, consider researching credit cards designed for those with lesser credit. You can do a comparison of the rates between the card and loan. It is possible that with a credit card, you may qualify for lower APR and more favorable terms. Consider personal loans vs. credit card benefits and drawbacks to make the optimal financial decision.
How Do You Qualify for a LendingTree Personal Loan?
LendingTree, an online marketplace for personal loan products, connects you with many lenders. For a better chance at a LendingTree personal loan, follow these steps:
Look at Your Credit Score
Lenders use credit scores to judge if you can pay back loans. A high credit score usually means better loan terms. Before you apply, get your credit report, correct any mistakes, and try to have a credit score that fits the lender’s needs.
Have a Regular Income
Lenders like borrowers who earn money regularly. Ensure you have a stable income from work, business, or other sources. A regular income shows you can pay back the loan.
Check Your Debt-to-Income Ratio
Lenders check your debt-to-income ratio to see if you can handle more debt sensibly. Lower ratios are usually better. Look at your current loans or your credit card debts and consider paying off some of them to improve your ratio.
Prepare Required Documents
Get your necessary paperwork ready before applying for a personal loan. It might include proof of income, job verification, and details about your finances. Having these papers ready can 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. Check out different interest rates, terms, and fees to choose wisely.
Think About Using a Co-Signer
If your credit score isn’t the best, a co-signer could help you get a LendingTree personal loan. A co-signer with good credit can improve your chances of getting approved and possibly better loan terms.
Learn About Lender’s Criteria
Different lenders have their eligibility rules. Get to know the specific rules of lenders you’re considering. It could involve minimum credit scores, income qualifications, and other factors.
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, as lenders decide with their own rules. Be ready and understand the elements influencing loan approval to boost your odds of obtaining a LendingTree personal loan with good terms.
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:
- Go to the LendingTree Website. First, open the LendingTree website in your internet browser. Type their address in the search bar.
- Set Up an Account. If you are new, create an account. Find the “Sign Up” or “Create Account” button and enter your email and password.
- Sign In. After setting up your account, sign in. If you have used LendingTree before, just enter your email and password.
- Complete the Personal Loan Request Form. Next, locate the personal loan request option. Fill out the form with your desired loan amount, credit history, job details, and other financial information.
- Give Your Personal and Financial Information. LendingTree needs info about your finances. Get ready to give details like your income, job, housing situation, and any current debts you have.
- Look at Loan Offers. After you submit your request, LendingTree will show you loans from different lenders. Look over each offer closely. Pay special attention to the interest rates, the terms, and origination fees.
- Pick a Lender. After you finish reviewing, choose the lender that’s right for you. Consider the interest rate, how long you must pay it back, and other essential aspects.
- Take on the Application with the Selected Lender. Pick a lender, and you’ll be led to their site to handle the application step. Heed their explicit guides and hand over any further data they need.
- Await Approval. Post-application, wait for the lender’s verdict after checking your info. It might take a while. Each lender’s time frame varies.
- Agree to the Loan’s Conditions. Got an approval? Great! Go through the loan conditions provided carefully. Grasp every term and every condition before taking the loan.
- Receive Your Funds. Post-agreement, the funds will mostly reach your bank. It’s not instant, though. Cross-check with your lender for timelines.
LendingTree Compared with Other Lenders
LendingTree, a loan marketplace, provides personal loan options from its associated lenders. They don’t offer a loan directly. Because you can only view proposals from LendingTree’s network, comparing offers from other lenders is good, too.
LendingTree vs. SoFi
SoFi personal loan offers might pop up when you search rates on LendingTree since they partner. But here’s the thing: LendingTree limits the loan amount to $50,000. In contrast, you could get a loan of up to $100,000 directly from SoFi.
LendingTree vs. Upgrade
Upgrade isn’t part of LendingTree’s network. They offer loans ranging from $1,000 to $50,000. Pick repayment lengths between 24 and 84 months, but remember there might be an origination fee. If you have a lower credit score, around 580, consider exploring Upgrade.
LendingTree vs. OneMain Financial
Unlike LendingTree, OneMain Financial offers unsecured and secured loans. Unsecured loans don’t need collateral. However, getting a secured loan means tying it to an asset, like a car. Getting a fast loan could be simpler, but OneMain might claim your vehicle if you fail to pay off your loan. The company offers personal loans from $1,500 up to $20,000. It works well if you need cash for minor expenses like a car fix or a medical procedure. If you want to borrow a significant amount, you’ll need to seek elsewhere.
BadCredify analyzes LendingTree using 16 aspects spread across five areas: loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We evaluated multiple features (loan costs, the application process, an origination fee, minimum credit score requirement, etc.). These also included loan amounts, repayment conditions, the span of APR, and any associated charges.
Moreover, we considered prerequisites related to credit scores, the company’s acceptance of co-signers or joint applications, and the locations where the service operates. We finally looked at LendingTree’s helpful resources, benefits for borrowers, and features that streamline borrowing – such as prequalification options and mobile application.
Frequently Asked Questions
Yes, LendingTree is a legit and trustworthy company that has helped consumers overcome personal finance problems since 1996.
Yes, securing a loan from a LendingTree associated lender can impact your credit score.
Yes, LendingTree provides various types of loan products for different financial purposes. Consumers may apply for personal, student, business, and debt consolidation loans.
LendingTree customer service operates within working hours on Monday to Friday (9 AM – 8 PM EST). You can call them at 1 (800) 555-8733.
Yes, because LendingTree can pair you with lenders who are okay with credit scores down to 300. Yet, remember, having such a low score may shrink your choices.
Yes. The company can find financial products to help you refinance personal loans. With one payment, you can pay off old loans or credit cards. Your new loan’s interest rate might be lower. It could cut your rate and lessen your payments.