Company Overview

Lending Tree is an online lending platform that provides borrowers with the best possible loan deals. In just a few minutes, they can provide several offers from multiple lenders to help compare options easier. This allows borrowers to take advantage of lenders’ competition for business. You’ll get better rates, loan amounts, and terms even when you have a low credit score. Borrowers are given a solution that can empower them whatever the circumstances are.

When LendingTree was being developed, the goal was to simplify the research process for individuals who want to take out a loan. Established in 1996, LendingTree quickly rose to become one of the top marketplaces for online lending. It provides individuals the ability to get offers from credible lenders and compare them simultaneously. LendingTree partners with an excellent pool of institutions that can provide unmatched options for every borrower’s need. Do note that LendingTree does not provide the loan directly and instead helps borrowers find the best offers instead.

LendingTree’s Customers & Loans Available

LendingTree is a great platform if you want to see all the options available before making a decision. By using the platform, you can sidestep the time-consuming process of submitting multiple applications to different lenders. With LendingTree, you can get a list of lenders that are most likely to approve your loan application.

Even those with a lower credit score can find a solution because LendingTree works with various types of providers. This means that there is a chance to find a lender that can accept your circumstances and provide you with a great offer. This kind of business model is based on the premise that lenders compete for business allowing borrowers to find more favorable terms and loan amounts.

Features

The most standout feature of LendingTree is the swiftness of finding the right offers. Researching different lenders and available loans takes a lot of time and could even take several months. With LendingTree, you enjoy a streamlined process that only lasts a few minutes to find offers that are fit for your needs.

LendingTree will return personal loans that can be used for different purposes such as debt consolidation, a major expense, or medical bills. Generally, the rates they return are quite good due to the impressive market competition. They also have tools available so you can determine your repayment amount and the real impact of the loan.

What you’ll like about Lending Tree:

• Competitive marketplace

• One pre-qualification application

• Can use the loan for various purposes

• Articles and guides

• Up to $50,000 for unsecured personal loans

• Repayment calculator

Application Procedure

To start, complete the pre-qualification application form. They do not ask for a lot of sensitive information but do require specifics about your finances such as income, housing status, as well as contact information.

The application will not conduct a hard credit check so your credit score will remain untouched. Getting approved usually takes a few minutes. You’ll get five options on average which are matched to your loan requirements and creditworthiness. If you find an offer you like, you complete the application with the lender of your choice.

Terms

LendingTree finds various loan terms and loan amounts. You can get approved and receive offers even if your credit score is not immaculate thanks to the huge network of partners. Borrowers should be at least 18 years old, permanent residents or citizens of the United States, have a stable source of income, and have a bank account that can be verified.

LendingTree would also want to perform a soft credit check, review your debt-to-income ratio, and verify your geographical location to help improve the chances of your application getting approved. A low credit score does not mean a rejected application but you should be ready to receive a higher interest rate. And although LendingTree does not ask for too much information, the lender might ask for specific documents to complete the application. It’s better to have the following documents at hand if you want to start the application:

• Government-issued ID (Driver’s License or Passport)

• Proof of resident

• Recent paystub

Repayment

LendingTree provides various options for repayment terms. LendingTree’s partner lenders offer terms that ran from 3 to 180 months but you still need to confirm the specifics with your lender. Interest rates are 2.49% to 35.99%. Because there are various options, LendingTree’s advantage is that borrowers can compare offers from different competitors based on different factors.

Privacy

Security is a great concern when you’re dealing with a service that asks for sensitive personal information. LendingTree is highly aware of this concern and takes steps to protect customers’ data. They share the collected information with third parties but they are transparent with who they share information and how the information is used. All the pages on their website are encrypted to protect and secure any information that they receive from customers.

Customer Support

LendingTree has an efficient customer support team. They are available by phone and email Monday to Friday during regular business hours. Although there is no FAQ section on the website, the company puts great emphasis on knowledge by providing customers access to articles covering personal finance and loan.

Lending Tree vs. Credible

LendingTree can be compared with Credible or Fiona when it comes to the APR rates they offer. However, the advantage of LendingTree over Credible and other competitors is that they do not set a minimum requirement for credit score. LendingTree will find offers for borrowers who have not-so-perfect scores. Credible asks for at least 680 while EvenFinancial/Fiona set their score requirement to 580.

Final Thoughts

LendingTree empowers borrowers and customers by taking advantage of the competition between lenders, which means better rates, loan amounts, and terms. LendingTree’s single prequalification application is straightforward and can accommodate even individuals with less than perfect credit scores. With the variety of purposes and types, borrowers can get the funds they need with rates and terms that suit their situation.

Frequently Asked Questions

Is there a fee?

LendingTree’s service for finding offers and connecting borrowers with lenders is free. You just need to complete the application to receive multiple loan offers in a few minutes.

I do not have a great credit score; can I still get a loan offer?

LendingTree does not set a minimum credit score requirement. They also do not run hard credit checks so your current score doesn’t receive a negative impact. Although they can find offers that will accept lower credit scores, remember that they tend to have higher interest rates.

What are the requirements?

Borrowers should be US a citizen or permanent resident with a verifiable bank account, at least 18 years of age, and have a stable source of income. When you get connected with a direct lender, you might also get asked for additional documents.