Personal Finance Loans Personal Loans
Written by Ryan Wangman, CEPF; edited by Richard Richtmyer
Updated
2024-04-08T17:48:13Z
- Who is LendingTree Best For?
- What is LendingTree?
- How LendingTree Works
- Key Features of LendingTree Personal Loans
- LendingTree Personal Loan Pros and Cons
- LendingTree Personal Loan Application Process
- LendingTree Frequently Asked Questions
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.
LendingTree Personal Loan Marketplace
Insider’s Rating
3.75/5
Regular APR
5.99% to 35.99%
Loan Amount Range
$1,000 to $50,000
Pros
- Prequalify for loans all in one place
- Low minimum rates
- Some partner lenders have same-day funding
Cons
- Some partner lenders charge high fees
- High maximum rates
Product Details
- 12 to 144 month repayment term lengths
- LendingTree may share your information with its network of lenders
LendingTree can be a good choice for borrowers who want to compare many personal loan offers at once. Some of LendingTree's partner lenders will get you your loan proceeds quickly.
Depending on your credit score and annual income, your APR will range from 5.99% to 35.99%. Ifyou need to get a loan with a bad credit score, it's a good option to have.
What is LendingTree?
LendingTree is an online lending marketplace. Its platform allows bo rowers to compare offers from multiple providers to find the best terms on a wide range of products, including personal loans, mortgages, credit cards, and more.
How LendingTree Works
By providing your information one time, you can get rate quotes and other details about loans you may qualify for all at the same time and compare them side-by-side. This can save a lot of time and make it much easier to find a lender that's right for your your credit profile than going through the process of prequalifying for a personal loan with each one individually.
Key Features of LendingTree Personal Loans
LendingTree loan amounts range from $1,000 to $50,000. LendingTree's partner lenders offer loans all across the country.
You can find loans at Lending Tree with APRs ranging from 5.99% to 35.99%.The minimum loan term is 12 months, and the maximum is 144 months. You can pay off loans from LendingTree's partner lenders in full at any time with no early payment penalty.
After you've verified your information, the partner lender will get you your money with varying speeds, sometimes by the next business day.
If LendingTree shows you loan offers with high interest rates, you may want to look into credit cards for people with bad credit and compare rates between a card and a loan. You might be eligible for a lower APR and better terms with a credit card. Weighing the benefits and drawbacks of personal loans vs. credit cards will help you get the best financial deal possible.
LendingTree Personal Loan Pros & Cons
| Pros | Cons |
Prequalify for loans all in one place. You'll be able to look at different rates from LendingTree's partner lenders at the same time, which is easier than filling out multiple applications. | Multiple types of fees. Depending on the partner lender, you may have to pay origination fees and late fees. |
No prepayment penalty. You can make additional payments toward your loan, and you won't be charged an extra fee. | High maximum rates. Some of LendingTree's partners have rates that touch 35.99%, which is particularly high. |
Low minimum rates.If you have excellent credit, you may be able to get a rate as low as 5.99% with a partner lender. | |
Fast funding with some partners. Some of LendingTree's partner lenders offer funding as quickly as the same day. |
LendingTree Personal Loan Application Process
Steps to Apply Through LendingTree
- Provide details on LendingTree's website. You'll need to input your email and basic personal information. Then you'll be asked how much you want to borrow and how you plan to use the money. To get you a rate quote, LendingTree will run a soft credit check, which doesn't affect your credit score.
- Preview different loan offers and choose an option. LendingTree will give you loan offers from partner lenders with a variety of rates and term lengths. Pick one you can fit into your monthly budget.
- Submit a full application. After you've been preapproved, you'll need to fill out a comprehensive application with more detail about your credit history than was part of the initial application. The final approval will require a hard credit check, which will reduce your credit score slightly for a short period of time.
- Receive your funds after signing your agreement. After you're approved, you will be presented with a loan agreement spelling out all the details. The time it will take to get your money after you sign off on it will vary depending on the partner lender you choose.
- Work loan payments into your monthly budget. Make sure you have enough money to cover all of your financial responsibilities.
Required information and documentation
Getting approved for a personal loan can require extensive documentation. While this varies among lenders, you can expect to need at least:
- Pay stubs/proof of income
- The last couple years of tax returns
- Documentation of 401(k)s and other financial accounts
- Photo ID
- Rent/mortgage history
- Proof of collateral, if you're pursuing a secured loan
Make sure you have these on hand before starting the application process.
LendingTree Personal Loan Marketplace
Insider’s Rating
3.75/5
Regular APR
5.99% to 35.99%
Loan Amount Range
$1,000 to $50,000
Pros
- Prequalify for loans all in one place
- Low minimum rates
- Some partner lenders have same-day funding
Cons
- Some partner lenders charge high fees
- High maximum rates
Product Details
- 12 to 144 month repayment term lengths
- LendingTree may share your information with its network of lenders
LendingTree Customer Experiences
Customer reviews of LendingTree are mixed.
The lending platform has a 4.3 out of 5 rating on TrustPilot, with 81% of more than 13,000 reviewers giving it five stars. Positive reviewers touted fast and easy application and approval, as well as quick funding times after they were approved for loans. Many of the complaints from dissatisfied customers included unwanted phone calls and text messages after sharing their information with LendingTree and disappointment that they didn't qualify for a loan after receiving marketing solicitations from LendingTree indicating that they had already been preapproved.
The Better Business Bureau assigns LendingTree an A+ rating, the highest available. However, customer ratings on the BBB website — which aren't used in the calculation of its ratings — are skewed heavily toward the low end of the 1-to-5 scale, averaging a little more than 1 out of 5 among 125 reviews. The complaints are similar to those found on TrustPilot about unwanted soliciations after sharing their information with LendingTree.
Compare LendingTree Personal Loans
LendingTree Personal Loans vs. FinMkt Personal Loans
Both companies are personal loan marketplaces, but FinMkt is more opaque about its terms. Both lenders have partners that can deposit money into your account in as little as a day.
Both marketplaces allow you to use your loan funds for just about anything, including debt consolidation, vacations, and home improvement.
LendingTree FAQs
How does LendingTree make money if I don't pay for their service?
LendingTree's partners pay a commission when borrowers are matched and decide to proceed with a loan offer, allowing the service to be free for consumers.
Can LendingTree guarantee the best personal loan interest rates?
LendingTree provides access to a wide range of interest rates by allowing multiple lenders to offer loans through its platform. However, it cannot guarantee the best rate because individual borrowers' qualifications and market conditions vary.
Will using LendingTree affect my credit score?
LendingTree performs a soft credit check when it matches you with potential lenders, which does not affect your credit score. However, proceeding with a full loan application through a lender will involve a hard credit pull, which is likely to lower your credit score slightly for a short time.
How quickly can I receive funds after finding a lender through LendingTree?
The funding time can vary depending on the lender, but some borrowers may receive funds as soon as the next business day after loan approval.
LendingTree Personal Loan Marketplace
Insider’s Rating
3.75/5
Regular APR
5.99% to 35.99%
Loan Amount Range
$1,000 to $50,000
Pros
- Prequalify for loans all in one place
- Low minimum rates
- Some partner lenders have same-day funding
Cons
- Some partner lenders charge high fees
- High maximum rates
Product Details
- 12 to 144 month repayment term lengths
- LendingTree may share your information with its network of lenders
Why You Should Trust Us: How We Rated LendingTree Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our fullratings methodology for personal loansfor more details.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
NEW LOOK
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.
