LendingTree is an online loan broker that allows you to receive multiple loan offers with one simple application. Instead of doing all the grunt work, you can sit back and make the banks compete for you.
LendingTree In a Nutshell
- No collateral required
- Flexible fund use
- Co-signers OK
- Soft credit check
- Multiple loan offers
- Quick funding
- LendingTree app
- Loan monitoring
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LendingTree has affiliation with many lenders, some of which are big names. There is no guarantee you’ll find a loan offer that matches with what you’re looking for, but the wide range of options means there’s a good chance you’ll come close. There are no LendingTree application fees, but you may be responsible for origination fees and closing costs from the lender you choose.
LendingTree offers unsecured loans, so you don’t have to worry about putting down your car, house, or savings as collateral. Loan amounts range from $1,000 to $35,000 and funds can be used for debt consolidation, college tuition, home renovation projects, vehicles, business expenses, and even as a down payment on a property.
With LendingTree, you can keep track of your credit score, for free. The website is also a great resource for borrowers, including articles and tips to help you figure out which loan is the right choice for you.
If you sign-up with LendingTree, I highly recommend downloading its app, available for both iOS and Android smartphones. With it, you can check your credit score, review your current loans, and even apply for a new loan. It’s a great way for you to keep track and stay up-to-date with your personal finance.
LendingTree does not stop working once you pick a loan. It continues to look for better deals for your loan needs. If a less expensive loan becomes available for your credit profile, LendingTree will send you an alert so you can check out the details. From there, you can decide if it’s worth it to refinance your personal loan.
Being courted by multiple lenders is both a blessing and a curse. On the one hand, you can shop around and negotiate multiple loans with just one application. On the flipside, many users complain about the inundation of phone calls and emails vying for their business almost immediately after submitting the form. If you don’t want to be encumbered by lenders, then you might want to look for loans elsewhere. If you like the idea of lenders competing for you, and you don’t mind the constant contact, then you’ll probably enjoy the LendingTree process.
LendingTree Terms & Fees
Because LendingTree is not a direct lender, there are no set interest rate and fees. After applying, LendingTree will provide you with rates, fees and additional cost averages from its lenders.
| Loan Amounts | $1,000 – $35,000 |
| Loan Terms | 1 to 5 years |
| Repayment Options | Monthly |
| Origination Fee | Depends on lender |
| APR | Depends on lender |
| Prepayment Fee | Depends on lender |
| Late Payment Fee | Depends on lender |
| NSF Payment Fee | Depends on lender |
| Check Processing Fee | Depends on lender |
Eligibility Requirements
LendingTree does not have any eligibility requirements. However, lenders might have minimum income, credit score and debt-to-income ratio requirements. Most borrowers using LendingTree have a credit score of at least 660.
The Breakdown
LendingTree is a choice for those who like the idea of lenders competing for you and bargaining for the best deal. It’s great if you don’t have the time, knowledge, or desire to apply to multiple lenders and do the comparison yourself. Because it’s free and requires a soft credit check, you aren’t losing anything by applying with LendingTree. However, if you don’t want the hassle of lenders vying for your business, LendingTree might not be a great choice for you.
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