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LendingTree Personal Loans Reviews [2020s FAQs & Details]

LendingTree personal loans reviews
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Strengths

  • Easy-to-use mobile app
  • Offers big choice of personal loans lenders
  • Offers a library of educational resources to borrowers
  • Excellent rating - one of the highest-rated personal loan providers

Weaknesses

  • Not suitable for people with poor credit status
  • Shares users’ information with lenders and generates revenues from it

LendingTree Breakdown

YEARS IN BUSINESS

24

LOAN AMOUNTS

$1.000-$50.000

APR RANGE

3.99%-35.99%

FUNDING TIME

Depending on lender

REPAYMENT TERMS

Depending on lender

LOAN TERMS

3-180 months

INCOME THRESHOLD

None

FEES

Depending on lender

Founded in 1996, LendingTree is one of the leading online marketplaces that provide a secure platform for borrowers to connect with hundreds of lenders across the US.

The goal of the company is to help borrowers:

✓ shop for

✓ compare

✓ obtain personal loans quickly

As of 2019, over 100 million customers have benefitted from their services, obtaining loans worth more than $6 billion. If you’re searching for reviews of the LendingTree personal loans reviews online, then you’ve landed on the right page.

This is a legit LendingTree personal loans review that will help you compare it to the other options available and in the end to make the best decision.

In this review, we will focus on:

  • Eligibility criteria
  • How to apply for a loan
  • Pros and cons
  • FAQs

What Do You Need to Know About LendingTree Personal Loan?

One of the best things about seeking a personal loan on LendingTree is that they accept a minimum credit score of 585. This, according to the FICO credit scoring model falls in the range of poor credit score. In other words, if you have bad credit, you can still apply for a loan with LendingTree.

Below we’ve highlighted some of the features that set LendingTree personal loans apart and have earned them a high rating with customers. Let’s take a look at their terms:

  • Expected Loan Amount – Minimum is $1,000, and Maximum is $50,000
  • Annual Percentage Rate (APR) – Minimum 3.99%, and Maximum 35.99%
  • Monthly Payment – Depends on lender
  • Loan Term – Variable; it can range from 3 to 180 months
  • Origination Fee – Not applicable
  • Prepayment Penalty – Not applicable
  • Late Payment Penalty – Not applicable
  • Returned Payment Fee – Not applicable

It is important to understand that although there is no fee for using LendingTree’s services, their partners/lenders may charge origination fees and closing costs. These fees may vary, and unfortunately, you cannot check them online. You have to wait for the offer to get this information.

  • Types of interests – Variable; but generally, the higher your credit score, the lower your interest rate
  • Unsecured or Secured – No secured personal loans. However, you can get unsecured personal loans with them. No collateral required
  • Arbitration services – Not available
  • Typical approval time – Varies from lender to lender
  • Typical funding time – The time it takes to get the funds transferred depends on the underwriting process of the lender you have selected

Some other value-added perks of using LendingTree are their educational resources, financial calculator, and alerts.

What are LendingTree’s Personal Loan Eligibility Criteria?

To start the loan preapproval application process, you must meet the following eligibility criteria:

✓ Your credit score should be at least 585 and above (ideally 640 or more)

✓ You must have a bank account (or checking account) in your name

✓ You must be a US citizen or a permanent resident in the US

✓ You must be at least 18 years of age or older

How to Apply For a Personal Loan?

Now let’s review the application process that you need to go through to get one of LendingTree personal loans. It’s quick, straightforward, and easy. It will hardly take 2 minutes for you to complete the process and find loan options.

Here are the personal loan application process stages:

Step 1. Make your loan request

This is where you select the loan type and amount you want to borrow, and then complete the online request form by providing your personal information and income details.

Step 2. Receive competing offers in a few seconds

Once you submit your loan request, LendingTree will send your request and information to potential lenders, who will offer personal loans with different interest rates. And provide you with at least 5 offers within seconds.

Step 3. Shop and compare loan offers

As the platform has hundreds of lenders in their network, they compete for your business. It means that you will get the most competitive offers. All you have to do is compare, evaluate, and select the best loan offer.

Step 4. Make your pick

You can select the offer online or contact their loan officer to negotiate the best deal. Once the loan is approved, the funds and the loan term rates will be finalized. The lender will transfer the loan amount to your account in the fastest possible time.

Privacy and Security Policy 

In terms of security and privacy, LendingTree uses encryption on all their web pages, so you can be confident that your data is stored safely. The only concern is that it shares customer data with third parties (lenders that offer you a loan), so spam emails and unwanted phone calls from banks, loan companies, and other non-banking financial institutions may become a nuisance.

Pros & Cons

Excellent rating - one of the highest-rated personal loan providers

Offers big choice of personal loans lenders

Offers a library of educational resources to borrowers

Easy-to-use app

Not suitable for people with poor credit status

Shares users’ information with lenders and generates revenues from it

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LendingTree Alternatives 

The best alternative to LendingTree is BadCreditLoans.com. They welcome all credit situations. So, even if you have bad credit, you can still expect to receive loan offers and qualify for a loan.

Wrap Up 

All in all, LendingTree is an excellent online marketplace where you can apply for a personal loan. As it has been in the business for two decades, LendingTree has a vast network of lenders offering personal loans. Since the lenders compete for your business, they are willing to offer personal loans at their best rates. All you need to do is compare your offers and select the most fitting loan.

LendingTree is a secure and easy way to find unsecured personal loans online and get the funds that you need as quickly as possible to cope with your financial challenges.

LendingTree personal loans reviews
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FAQ

Can I refinance my personal loan?


Yes. You can refinance your personal loan. With LendingTree, you get alerts that inform you about the best deals available to you according to your credit profile. This can further help you decide whether or not you want to refinance your loan.

What can I use LendingTree’s personal loan for?


There are many ways you can use your personal loan. LendingTree personal loans reviews often mention the following reasons for taking a loan: debit/credit card consolidation, down payment for a house, major purchase, home Improvement, medical expenses.

Can I get a personal loan online?


Yes. The loan application process is 100% online and free. This means that you can find and apply for a loan with LendingTree from any place and at any time - their personal loans get quite good online reviews from customers. You don’t have to visit the lender’s office in person or contact them via phone to apply for the loan. Everything is done online.

Who is LendingTree’s personal loan best for?


It is best for both business owners and individuals struggling to cope with their financial challenges.

Is LendingTree BBB accredited? What is its rating?


Yes. LendingTree is BBB accredited. It has an A+ rating. We advise borrowers to read authentic LendingTree personal loans reviews before finally choosing their services to determine whether or not this platform is the best one for you. Browse through customer feedback about LendingTree personal loans and online credit reviews 2020 so that you have a clear picture of how the platform works and whether its customers are satisfied with what it offers.

What are LendingTree customer ratings?

LendingTree is one of the highest-rated personal loan providers. The company got a rating of 4.5/5 on Trustpilot with over 7,400 positive customer reviews. Most customers mentioned smooth user experience and convenience as LendingTree’s distinct advantages.