Lending Tree Personal Loan Review (2020)
By Mark B. Huntley, Esq.
Last Updated 01/01/2020
Summary: LendingTree Personal Loans are a great option if you are looking for a personal loan of up to $50,000 and want multiple competing lender offers to get the best possible rates.
Lending Tree has been around since 1997 and offers a wide variety of loan products from auto financing to personal loans. They don't charge a fee to use their service and they match you with over 300 lenders.
Quick & Easy To Apply With Instant Pre-Approvals
As fast as 24 hours.
Multiple competitive rates for free.
EASE OF USE
Easy to apply even have an app option.
Multiple lender offers can be overwhelming.
Credit Knocks Overall Star Rating:
The LendingTree created the multiple lender loan offers online business model. For over 20 years Lending Tree has been providing customer with loan offers from their network of banks and lenders.
While the Lending Tree does not actually provide you with the loan, they are able to pull from their network and offer loans to people regardless of your credit score.
They have a reputation for introducing customers to the absolute lowest interest rate loans offers that fund lightning quick. There are many advantages and a few disadvantages to Lending Tree Loan offers which we will review in this article.
Who Is Lending Tree?
The LendingTree, LLC was founded by Douglas 'Doug' Lebda in 1997 and the company went national in 1998.
Their primary focus is to match customers who are looking for loans with banks and lenders.
Doug realized in the 1990's that shopping for the best interest rates took a tremendous amount of time.
Back in the olden days, a person would have to fill out a loan application (normally in person, limited internet back then) for each bank or lender.
A few days or weeks later you would receive a loan offer but there was no standard way this offer has to be given. It was next to impossible to compare one loan offer to another.
The Lending Tree LLC fixed this problem by allowing people to fill out one application and receive multiple loan offers that are all organized in the same manner so you can easily compare each of the lending tree loan rates and associated costs.
What Makes Them Different?
LendingTree Personal Loans offer a network of over 300 banks and lenders competing for your business.
When banks compete, you win!
Lending Tree also offers you the ability to apply and complete the entire loan process from your mobile phone on their app.
How Does LendingTree Personal Loans Work?
Lending Tree Personal loans have one of the easiest platforms to use and it only takes about 2 minutes to find your rate.
1. Find Your Rate
The first thing you do is select "Personal Loans" and fill out the short form. It takes about 1 - 2 minutes to enter your information.
You need to provide basic information and financial income, as well as the amount of the personal loan you are looking to apply for.
And guess what:
LendingTree doesn’t check your credit score to get lender offers, they only do a soft credit check.
This means you get to see what rates you can qualify for without the worry of it affecting your credit.
2. Compare Your Options
Once you put your information in and submit the form you will be taken to a dashboard.
This dashboard will have multiple pre-approval offers from different lenders.
Keep in mind, these are Pre-Approvals and your actual approval is not guaranteed; however, you will get to see your actual pre-qualified rates.
The rates you see are usually very accurate as long as you can verify your information and nothing changes on your credit report.
Once you confirm and verify everything the rates are pretty solid. The best thing is that you get to see your options up-front and know exactly which option is best for you.
3. Apply For Your Personal Loan
Once you pick a lender, it's time for you to apply. During the application process, you'll get asked more in-depth questions about your use of the loan, your financial history, and the lender will run a credit check. *Note: This all happens on the LendingTree website.
Once this step is done the lender will work with you directly to finalize all of the loan details.
LendingTree Loan Eligibility
In order to be eligible for LendingTree Personal loans you must meet the below requirements:
What Information Will You Need To Apply?
Before filling out the online form make sure you have the below information ready:
LendingTree Personal Loan (Basics)
Since LendingTree lets you see offers from multiple lenders, we wanted to show you the absolute minimum and maximums you can be offered. Actual rates and terms will change by lender.
Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.
Lending Tree Personal Loan Calculator
Use the LendingTree Personal Loan Calculator to help determine the payment amounts based on interest, length of personal loan and amount borrowed.
The interest rate will be determined primarily by your credit score and your ability to repay the Lending Tree personal loan.
This calculator lets you adjust the different loan variables to give you a good understanding of how each affects your monthly payment.
As you increase the length of the loan the monthly payments decrease.
If you are able to find a personal loan with a lower interest rate that will decrease your monthly payment amounts, also.
What To Use LendingTree Personal Loans For?
There are several reasons you may need a personal loan and below we list out some of the reasons you may need a Lending Tree personal loan:
As you can see, there is a huge list of reasons for getting a personal loan.
Of course our favorite reasons is for Debt Consolidation, Education, and Starting a Business.
Lending Tree Personal Loan Reviews
Customers reviews rave about the ease of Lending Tree personal loans process and their quick funding speed.
LendingTree reviews receive high marks for their customer services above and beyond attitude.
The most common positive customer review was that LendingTree is a great place to check your personal loan options to get the best personal loan rates possible.
Lending Tree Better Business Bureau Reviews
Lending Tree BBB has had a file at the Better Business Bureau since 1997.
LendingTree BBB reviews have an A+ rating with 218 complaints in the past three years (as of 10/15/2019).
I find it incredible and a testament to LendingTree's customer service team that a company of their size only has 76 BBB complaints this year.
Lending tree BBB reviews and customer complaints are taken seriously by the company as most receive a response which is why they have an A+ BBB rating.
LendingTree BBB customer reviews thank them for their helpfulness and ease of use.
Steps To Take After LendingTree Loan Approval
It feels great getting approved for something, no matter what it is, you feel like you have just won something.
But, now that you have been approved, there are some things you should be doing with your accounts.
Make On Time Payments
I am sure you are tired of seeing everyone saying "on-time payments".
If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.
But it is super important and is one of the largest factors in helping grow your credit score.
Of course you probably didn't obtain this loan for building your credit.
However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.
No matter what, avoid late payments.
Pay Back The Loan ASAP
Along with making on-time payments you should definitely pay this loan off as super fast as possible.
Large personal loans tend to linger and we usually only pay the minimums.
While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.
Getting the credit utilization below 30% will also be great for helping your credit score grow.
Taking Action & Getting A Loan
Hopefully, you found this Lending Tree Personal Loan Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business.
If you need a personal loan then don't waste any time getting your loan through LendingTree's lender network.
You can click the link above or below to complete your application process and get a loan in under 2 minutes.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.