Lending Tree Review - Personal Loans
Application & Approval Process
Customer Support & Benefits
LendingTree is one of the largest and first online peer-to-peer lending exchanges. The company started in Charlotte, North Carolina in 1998, and they have been providing mortgage loans nationwide ever since. Their primary purpose is to bring multiple lenders and borrowers together so both parties can concur on arrangements for mortgages. Customers can benefit from LendingTree’s services to get loans in five different categories within minutes.
LendingTree will also provide various tools and services for personal finance, including information about credit scores and credit cards. They are an alternative route to borrow because their loans ordinate from a traditional lending institution such as banks, as well as small companies and individual investors. Due to stiff competition between lenders, they aim to offer loans with lower interest rates, even if other banks have declined the borrower’s loan application.
It is important to reiterate that LendingTree acts purely as a marketplace. It introduces lenders to the borrowers and collects a service fee from it, so it does not directly offer credit or loans.
- Free sign up
- Tailored loans according to customer’s situation
- Accepts minimum credit score of 640
- Comparing loan rates from various lenders does not affect credit score
- Does not offer credit or loans
- Not everyone qualifies for the advertised rates
- Unlike other services, LendingTree has lenders onboard who accept credit scores as low as 640.
- If a customer has a credit score between 640 and 679, they may pay an APR of around 24.54% on personal loans, with a credit history of 760 or more, the average APR will fall around 9.10%.
- LendingTree is best for customers denied by banks due to low credit scores.
- Presents a list of lenders who can offer minimum down payments tailored to a customer’s financial situation.
- Customers can apply for a personal loan of up to $50,000.
- Other Loan Categories include mortgages, business loans, home refinancing mortgages, student loans, credit cards, etc.
Application & Approval Process
The application process is relatively straightforward and standard. However, the information required varies with the type of loan that customer is applying for. When requesting a personal loan, the customer will first have to specify how they intend to use it. Customers can get loans for vacations, weddings, significant purchases, and debt consolidation. Once they have selected a personal loan category, customers must then enter the loan amount they want to borrow, along with their credit score.
In the next step, the customer will enter details such as their employment details, pre-tax income, address, and personal identification information such as email address and last four digits of their social security number.
Once a series of questions has been answered, customers will get matched with various financing companies. Typically, a customer can apply for the loan online directly by clicking on the link provided by LendingTree. Its refinancing option lets a customer compare lenders and available rates in their area.
It provides the applicant with the option of viewing their actual credit scores after they finish their application and displays all available lenders with offers for the requested loan amount. Customers can sort offers by lowest APR or lowest monthly payments. The information displayed about the lender will include the lender’s name, the loan amount offered along with the APR, the repayment tenure and monthly payments, and a phone number to contact the lender.
Each lender will have different criteria and requirements that needs to be met when applying for their loans. Here, customers will be asked to present documentations, such as personal identification, SSN, proof of employment and income i.e. pay stubs, bank account information, and proof of other financial commitments like debts, loans, insurances, and credit cards. This is to prove that they are capable of meeting loan agreements and paying it back.
A customer can either call the lenders or click on the link available on the website and fill out the application as per each lender’s service availability. Once the financing company accepts the application, they will start working on it. Some companies working with LendingTree offer fast service, and customers may be eligible for same-day funding.
Once the lender approves a loan application, they will send out an agreement to the borrower online. Borrowers will have to accept the offer to receive their funding.
Rates & Fees
LendingTree’s APR rates are fixed and may vary from 9.10 % to 24.54%. In addition, they do not charge its customers any fee for using their site. However, the loan companies may charge you according to their internal policies.
A borrower can apply for a loan amount of up to $50,000 and the loan term may vary depending on the terms and conditions of the company. Typically, this can last up to 3 years. As LendingTree is a marketplace, they do not control what payment terms are offered by the lender.
The customer can speak to the financing company directly if they have questions regarding other payment options, such as faster payments, flexible payment options, and how to pause payments, etc.
Customer Support & Benefits
LendingTree operates six days a week, i.e., from Monday to Saturday. Their customer support opening timings are 8 AM to 9 PM (EST) from Monday to Thursday, 8 AM to 8 PM (EST) on Fridays, and 10 AM to 7 PM (EST) every Saturday.
There is an FAQ section on the website, which answers popular queries regarding personal loans, the application process, information about offers, rates, etc.
There is also a video tutorial on how to use LendingTree. If you are new to LendingTree or have never applied for a personal loan online, this video will guide you step-by-step through the whole process. All you have to do is sit back, watch the tutorial, and follow the instructions.
Address: LendingTree, LLC 11115, Rushmore Drive, Charlotte, NC 28277