LendingTree Personal Loans Review: What You Need to Know

Quick Take: LendingTree is a personal loan marketplace that connects borrowers with hundreds of lending partners, letting you compare multiple personal loan offers from one application without impacting your credit score.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Pros & Cons

Pros

• Compare multiple personal loan offers with one application

• Soft credit check for prequalification

• Large network of 300+ lending partners

• Works with borrowers across credit ranges

Cons

• May receive marketing calls and emails after applying

• Loan terms and fees vary by lender

• Getting matched doesn't guarantee approval

• Maximum loan amount capped at $50,000

Company Overview

LendingTree was founded in 1996 in Charlotte, North Carolina, where the company remains headquartered today. Today, LendingTree (NASDAQ: TREE) operates as one of the nation's leading online personal loan marketplaces, connecting consumers with a network of financial partners. The platform doesn't lend money directly. Instead, it acts as a matchmaker between borrowers and lenders, allowing you to compare personal loans, mortgages, auto loans, credit cards and more in one place.

Key Features

Interest Rates

Since LendingTree is a marketplace rather than a direct lender, interest rates vary depending on which lending partner you choose. Generally, APRs through LendingTree's network can range up to 35.99%. Your actual rate depends on factors like your credit score, income, debt-to-income ratio and the specific lender's criteria.

Borrowers with excellent credit (740+) typically see the most competitive rates, while those with fair or poor credit may qualify for higher rates. The good news? LendingTree's comparison model means lenders compete for your business, which can help you possibly find better terms than going to a single lender directly.

Loan Amounts

Personal loans available through LendingTree range from $1,000 to $50,000. This range covers most common borrowing needs, from smaller emergency expenses to larger debt consolidation projects. If you need more than $50,000, you'll need to explore other lending options, as this is the maximum available through the platform.

Repayment Terms

Loan terms through LendingTree's lending partners typically range from 61 days to 180 months. That said, you may have an easier time finding personal loans with a more common repayment term, such as 24 to 84 months (2 to 7 years).  

Funding Speed

Funding timelines depend on the lender you choose. Many of LendingTree's lending partners offer funding as fast as 48 hours after approval, though some may take a few business days to deposit funds. The comparison process itself is quick: you can typically see multiple loan offers within minutes of submitting your information.

Fees

LendingTree doesn't charge any fees for using its comparison platform. However, individual lenders may charge their own fees, including origination fees (typically 0% to 12% of the loan amount), late payment fees and early repayment fees. Make sure to always review the full loan terms before accepting an offer to really understand what you’ll need to pay.

How to Apply

Getting started with LendingTree is straightforward:

• Visit LendingTree's website and click "Check your rate" or "See Personalized Results" to start the prequalification process.

• Fill out the online form with details about the loan you need (amount, purpose and how quickly you need funds) along with personal information like your name, address, estimated credit score, employment status and income.

• Review your matches. LendingTree performs a soft credit check (which won't affect your score) and shows you personalized offers from up to five lenders within minutes.

• Compare offers by looking at APRs, loan amounts, terms and fees. When you find an offer that you believe works best, go ahead and complete the formal application directly with that lender. At this point, the lender may perform a hard credit inquiry.

Comparable Options

If you're shopping around, here are two alternative personal loan marketplaces worth considering:

Bottom line: LendingTree is the most flexible option for borrowers with less-than-perfect credit. However, if you have pretty good credit, you may want to explore working with a direct lender or a bank like PNC or even Rocket Loans.

Who It's Best For

LendingTree works well for borrowers who want to comparison shop without spending hours researching individual lenders. It's particularly helpful for:

• Borrowers with fair or limited credit who may struggle to qualify with traditional lenders. 

• First-time borrowers who aren't sure where to start and want to see multiple options at once.

• Anyone looking for debt consolidation loans. About half of LendingTree users take out personal loans for this purpose.

• Borrowers who value convenience and want to see competitive offers without multiple hard credit inquiries.

Final Take

LendingTree is a solid choice if you want to quickly compare personal loan offers without committing to a single lender. The platform's biggest strength is its massive network of lending partners, which means you're likely to find options even if your credit isn't perfect. The soft credit check for prequalification lets you shop around without dinging your score.

That said, keep in mind that LendingTree is just the middleman. Once you choose a lender, your experience depends entirely on that lender's terms, fees and customer service. So make sure to take time to read the fine print on any offer before signing. 

Overall, for borrowers who want to explore their options efficiently, LendingTree delivers on its promise of putting choices at your fingertips. However, if you have pretty solid credit, you may want to consider working with a more traditional lender. 

FAQs

What credit score do I need for a LendingTree personal loan?

Most LendingTree lending partners require a minimum credit score of around 580, though some partners may consider even lower credit scores. Your credit score isn't the only factor: lenders also look at income, employment and debt-to-income ratio.

Does LendingTree allow co-signers or co-borrowers?

LendingTree itself doesn't set co-signer policies since it's a marketplace. Whether you can add a co-signer depends on the individual lender you choose. Some partners do allow co-borrowers, which can help you qualify for better rates if the co-borrower has strong credit.

How long does it take to get funds?

Funding speed varies by lender. Many of LendingTree's lending partners can deposit funds within 48 hours, while others may take 2 to 5 business days. Fortunately, LendingTree will take into account your ideal funding time when matching you with personal loan offers. And your initial prequalification and comparison process takes just a few minutes.

Does checking rates on LendingTree hurt my credit score?

No. LendingTree uses a soft credit check for prequalification, which doesn't impact your credit score. However, once you choose a lender and submit a formal application, that lender will likely perform a hard credit inquiry, which can temporarily lower your score by a few points.

Is LendingTree safe and legitimate?

Yes. LendingTree has been in business since 1996 and is a publicly traded company (NASDAQ: TREE). It holds an A+ rating from the Better Business Bureau and takes steps to protect user data. However, be aware that your information will be shared with matched lenders, which may result in marketing communications.

Sources

• LendingTree.com

• BestEgg.com – Official Best Egg Personal Loans 

• Lendingpoint.com -LendingPoint official website

• Wikipedia - LendingTree