LendingTree is an online marketplace for loans that you can use to compare rates from different lenders and ultimately find the best deal. It can match you with a variety of loan offers, such as auto loans, mortgages, business loans and more.
For the purposes of this article, we’ll focus on personal loans, which are typically used to pay off debt, finance home improvement projects, or address other persistent expenses.
Read on to find out how LendingTree works and whether it’s right for your situation.
Summary
LendingTree personal loans pros and cons
- Compare rates and terms from multiple lenders on one platform
- Substantial financial education tools for borrowers
- It doesn’t affect your credit score until you submit an official application
- It works with lenders that accept low credit scores
- Each loan option may have different terms, fees and penalties to look for
- You only prequalify for loans, which means the lender may still deny you.
- May share your personal information with affiliates and partners
Explanation from LendingTree professionals
Below is an overview of the main benefits that LendingTree personal loans have to offer.
Compare rates and terms from multiple lenders on one platform
LendingTree helps you find the best loan options and interest rates by showing you offers from more than one provider in the same place. This can help you control rates more efficiently.
Various financial education tools for borrowers
The LendingTree Academy offers free courses on topics such as improving your credit score and how to get a personal loan with bad credit. The platform also has a loan calculator that can give you a detailed look at what your monthly payment would be, based on the lender you’re researching.
It doesn’t affect your credit score until you submit an official application
LendingTree’s loan matching process does not affect your credit score or appear on your credit report. The company doesn’t perform rigorous credit checks for lenders, so you can compare options without worry.
It works with lenders that accept low credit scores
Even if you don’t have excellent credit, LendingTree may still be able to match you with lenders. LendingTree partners generally have minimum credit score requirements of around 600, although you may find ones with lower requirements.
The company has relationships with Upstart, which can accept credit scores up to 300, and Avant, which can accept credit scores up to 580.
That said, the best terms are reserved for those with good credit, generally those with a FICO score of 670 or higher.
LendingTree cons explained
While LendingTree can be a helpful tool in researching lending options, there are limitations.
Each loan option has different terms, fees and penalties
LendingTree is not a direct lender. Each loan that matches you will have its own loan application process, fees and terms. In other words, the site can give you an overview of the fine print, but you should still do your due diligence before deciding on a provider.
You only prequalify for loans, which means the lender may still deny you
LendingTree matches you with loans that may be a good fit based on the information you provide. But you will have to complete the application process directly through the lender, and there is no guarantee that you will get approval.
May share your personal information with affiliates and partners
LendingTree may share your financial information with its network of partners and affiliates, which could trigger an onslaught of marketing emails and phone calls from other companies.
LendingTree personal loan plan offers
LendingTree does not offer personal loans as a direct lender. But it can match you with all kinds of financial products with different amounts and terms. Your options will depend on your credit history and income, among other factors. Here is an overview of the different options you can find on the platform.
Loan amounts
LendingTree can match you with personal loans from $600 to $50,000. However, each lender has their own minimum and maximum loan amounts, so you can find a full range with each provider.
Loan conditions
Loan terms may also vary from provider to provider. They can last from 1 to 7 years. You can also find APR ranges ranging from lows of around 6.99% to 35.99%. The minimum credit score needed for each loan will depend on the provider offering it.
Commissions
LendingTree does not charge any fees for its service. However, its lending partners set their own rates and may charge variable origination fees, prepayment penalties and other service fees. You may be able to reduce some of these fees by applying with a cosigner.
Income requirements
LendingTree partners also set their own income requirements for loan eligibility. However, the platform asks for your income during the loan matching process and tries to connect you with providers who will accept the amount you earn.
LendingTree personal loan prices
LendingTree does not set its own prices for personal loans. Instead, it connects you with providers who may offer you different interest rates, depending on your personal financial risk factor (credit score, annual income, etc.).
The company can match you with personal loans with interest rates up to 6.99%. But, as with any type of loan, the best available rates fluctuate over time.
LendingTree personal loans financial stability
Moody’s, a trusted financial research and rating firm, downgraded LendingTree’s corporate family rating (CFR) to Caa1 in May 2023. This grade is considered “speculative of poor standing” and “subject to very high credit risk” .
The Moody scale ranges from a high of AAA to a low of C and includes numeric modifiers from 1 to 3. A modifier of 1, as in Caa1, indicates a rank at the upper end of its category.
That said, LendingTree doesn’t offer loans directly, so the company’s Moody’s rating is much less important than the one assigned to the lender with whom you will have an ongoing financial relationship once your application is approved. Again: Do your research before committing to a lender.
Accessibility to LendingTree personal loans
Availability
LendingTree may be able to help you get a personal loan – or refinance your debt – regardless of which state you live in. However, the company does not guarantee that every partner will lend in all 50 states.
Contact information
LendingTree accepts customer service calls from 9am to 8pm EST on business days. The company’s telephone number is 1-800-505-7916. It also has an online contact form that you can fill out to request a response.
If you want to write to LendingTree you can address the letter to:
LendingTree, LLC
1415 Vantage Park Drive
Suite 700
Charlotte, North Carolina 28203
User experience
You can use LendingTree for free without having to create an account. The company also has a free app, so you can research the best personal loans for your financial situation from your phone.
In particular, LendingTree’s ease of use and easy-to-use tools are what helped it take second place as the best lending marketplace in the Money ranking of personal loan lenders.
Customer satisfaction with LendingTree personal loans
Customer reviews for LendingTree show that the site has a simple application process. However, some reviewers, especially those with poor credit, complain about the lack of options available.
LendingTree is accredited by the Better Business Bureau (BBB) and has an A+ rating. Numerous customer complaints mention unwanted marketing contacts from the company and difficulties unsubscribing. LendingTree is typically quick to respond.
On Trustpilot, LendingTree has a rating of 4.3 (out of 5) and over 13,500 reviews.
Frequently asked questions about LendingTree personal loans
Is LendingTree a direct lender?
No, LendingTree is not a direct lender. It matches you with lenders who can offer personal loans, mortgages and other types of loans.
What is the maximum loan amount I can get from LendingTree?
The highest personal loan you can find through LendingTree is $50,000, but that maximum is not available to all applicants.
Can I refinance personal loans with LendingTree?
LendingTree can match you with personal loans for debt consolidation purposes. You may be able to get a lower interest rate on a new personal loan that you can then use to pay off existing loans or credit cards with a single down payment. This could reduce your interest rate and number of payments.
Can I get a LendingTree personal loan with bad credit?
Yes, LendingTree can match you with loan providers who accept credit scores as low as 300. However, your options will likely be limited if your score is that low.
How we evaluated LendingTree personal loans
As with all of our top personal lenders, our analysis of LendingTree was informed by a variety of factors, including lending rates and fees, loan term flexibility, customer satisfaction and regulatory compliance. We also reviewed the company’s financial strength ratings, data collection policies, and user experience.
These factors may not encompass everything that matters to you when looking for a loan, so you should do your research before selecting a provider.
LendingTree Personal Loans Review Summary
LendingTree personal loans can help you finance major purchases or consolidate your debt at a better interest rate. The company’s loan matching service provides a broad overview of potential loan options and will give you an idea of which of these options is right for you without running a hard credit investigation.
LendingTree is not a direct lender, so you will have to apply with a separate company once you are matched with a loan, which will impact your credit score. You may also be denied or receive a different offer than the one you were pre-qualified for on LendingTree. The bottom line? LendingTree can be a useful tool for researching what’s out there in terms of personal loans, but it can’t directly deposit money into your bank account.