LendingTree Personal Loans Review

You submit a single loan application to LendingTree personal loans, which performs a soft credit check to assess your creditworthiness. It is a “lending marketplace.” You receive five offers from five different lenders within a few minutes of sending your information on to its lending partners. We provide a closer look at what LendingTree has to offer here so you can compare one lender to the next. This allows you to determine if any of them work for you.

The pros

Multiple personal loan lenders can be prequalified at the same time

You can compare personal loan offers without affecting your credit score

Monitor your credit score, track your budget, and learn how to manage your money for free

Cons

The maximum loan amount is $50,000

Rates of interest are high

There may be origination fees, prepayment penalties, or other fees charged by some lenders

It may share your contact information with its network of lenders.

LendingTree’s Best Customers

LendingTree’s personal loan marketplace may be a good fit for borrowers who:

Using LendingTree‘s personal loan marketplace, you can compare rates from multiple lenders at the same time.

LendingTree’s partners offer personal loans between $1,000 and $50,000.

LendingTree indicates that a credit score of at least 600 is typically needed to qualify for a personal loan. That said, one of its partners specifies a minimum credit score requirement of only 585.

Review of LendingTree’s personal loans

A personal loan like this is a good fit for: Borrowers who want to shop around without having to do a lot of research.

Benefits of joining

We offer loans as small as $1,000

In an emergency, don’t borrow more than you need and end up paying interest on it.

Acceptance of cosigners

A cosigner with great credit can help you qualify for a personal loan even if you have no credit. Their credit score will also lower your interest rate.

Highly qualified borrowers can take advantage of low APRs

It is more likely that you will be offered a low interest rate if your credit score is high. However, if you are required to pay an origination fee or prepayment penalty, you should look for another lender.

Consideration is given to low credit scores

Through LendingTree, you don’t need perfect credit to apply for a loan.

Makes loan shopping easier

You might find it easier to compare five loan offers at the same time if you have never shopped for a loan before, but take your time comparing everything, from APR to fees.

LendingTree isn’t right for everyone

You might not be a good fit for LendingTree if you:

If you prefer to apply for a personal loan in person. As an online marketplace, LendingTree’s application process is typically completed through its website or mobile app, although you may be able to apply over the phone.

LendingTree’s personal loans max out at $50,000, but you might be able to find a larger loan elsewhere.

If you provide your phone number and email to LendingTree, you might receive calls, texts, or prerecorded messages from its network partners.

Improvements that could be made

There may be an extremely high APR

You may have to pay a hefty interest rate if your credit score is not high enough to ensure a low rate.

Fees associated with origination

Origination fees increase the cost of a loan every time they are charged. Let’s say you borrow $10,000 with an origination fee of 4%. $400 is deducted from the loan and $9,600 is deposited into your bank account. However, you must repay the entire $10,000, plus interest. An origination fee is not charged by the best personal loans.

Credit checks on hard credit

Some LendingTree partners run a hard credit check as part of the pre-approval process. This will lower your credit score.

Penalties for prepayment

Some of LendingTree’s lender partners may charge prepayment penalties. Be sure to read the fine print.

There is a slowdown in funding

It may be difficult to wait seven business days for the funds to reach your bank if you need to cover an emergency situation.

LendingTree Loan Details

Loan Amounts and Terms

LendingTree’s partners fund personal loans between $1,000 and $50,000.

LendingTree’s partners offer a range of repayment terms, from one year to 12 years.

Personal Loan Costs

LendingTree’s partners offer rates ranging from 3.99% to 35.99%.

LendingTree’s partners may charge an origination fee, which typically ranges between 1% and 8% of the loan amount.

There are some lenders on LendingTree who charge late fees.

If you pay off your personal loan early, check with each lender on this marketplace to see if you will be penalized.

Benefits and features

With LendingTree, you can compare loan offers from different lenders at once after filling out a simple application. This prequalification will not affect your credit score.

LendingTree personal loans can be used for a wide variety of purposes, including debt consolidation, home improvements, wedding expenses, medical bills, and car repairs.

With a LendingTree account, you can monitor your VantageScore 3 credit score and access other resources, such as budget-tracking and cash flow analysis.

LendingTree Personal Loan Qualifications

In order to approve or decline a personal loan application, a variety of factors must be considered. Each lender has its own underwriting requirements, but most include information from an applicant’s credit profile as well as other factors that demonstrate the ability to repay the loan. You can decide if a personal loan is right for you by meeting the following requirements, but they don’t guarantee approval.

Requirements for credit scores

Each of LendingTree’s partner lenders has its own credit score requirements. For example, LendingPoint requires a minimum credit score of 585, while Best Egg requires a minimum score of 700. Your rates can be checked on LendingTree to see if you qualify with the lenders and if you don’t.

Requirements for income

In general, LendingTree’s partner lenders require a minimum income to approve applicants for a personal loan. The specific requirements vary from lender to lender.

The co-signers and co-applicants

You can apply with a co-applicant with some of LendingTree’s partner lenders, such as LendingClub, OneMain Financial and Prosper.

LendingTree Personal Loan Application

You can apply for a personal loan through LendingTree’s online marketplace or mobile app. You can also speak with LendingTree’s customer service at 1-800-813-4620. If you apply online, please follow these steps:

Click “Get Customized Rates” on LendingTree’s personal loan platform and select your loan purpose. Options include debt consolidation, home improvement, medical expenses, car repair, etc.

You can choose an amount between $1,000 and $50,000 for your loan.

The information you provide includes how quickly you need the money, your address and type of residence, your income and employment status, and your date of birth. Also, you can provide an estimate of your credit score and indicate whether you intend to apply with a co-borrower. Last but not least, you will provide your phone number, email address, and password.

When you’ve completed the application, LendingTree will show you loan offers. Compare your options, keeping an eye on interest rates, fees, and repayment terms.

When you see an offer you like, you can select it and apply with the lender. Remember that LendingTree shows only prequalification offers, which are not guaranteed until you are approved.

Reviews by customers

Currently, LendingTree.com has a rating of 4.6 out of 5 stars based on nearly 12,000 reviews on Trustpilot. Over 9,700 customers give it a five-star rating, while another 12,260 give it a four-star rating.

Customers said the loan process was quick, easy, and reliable. One customer said LendingTree had a “very smooth interface” and a fast response rate when they had questions. Another said LendingTree offered better rates than its competitors.

Many of the negative reviews LendingTree received were complaints about the volume of phone calls they received after submitting their information. One said they were receiving over 20 calls per day and multiple texts from LendingTree’s partners.

The methodology

Based on 16 data points covering loan details, loan costs, eligibility and accessibility, customer experience, and the application process, we rated LendingTree as follows:

• The loan cost is 35%
• Details of the loan: 20%
• Accessibility and eligibility: 20%
• Experience with customers: 15%
• 10% of applications are accepted

We also analyzed several characteristics within each category, such as loan amounts, repayment terms, and APR ranges. In addition, we examined credit score requirements, co-signer requirements, and the lender’s geographical reach. Lastly, we examined LendingTree’s support tools, borrower perks, and features that simplify the borrowing process—like prequalification options and mobile apps—to simplify the borrowing process.

You may qualify for a LendingTree personal loan if you meet the following criteria:

Low interest loans are available to you if your credit score is high

Repaying a loan in 60 months or less is comfortable for you

You don’t have time to check other lenders because you’re in a hurry

Whatever your reason for taking out a personal loan, the faster you repay it, the more money you’ll save.

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