LendingTree Personal Loans
For quite a while now, many people have been asking “Is LendingTree legit?” LendingTree is an online platform connecting borrowers to lenders. By filling out a single form, you can get access to numerous offers from various lenders and other financial institutions. By doing this, you get a chance to compare the rates and choose the best.
We’ll go through how LendingTree works, the loans you can access and what to look out for while taking out a personal loan from LendingTree.
LendingTree Personal Loans
All personal loans offered at LendingTree are unsecured. This means you don’t have to put any collateral such as your house, savings or your car to get the loan. On the other hand, the amount you borrow, the repayment period and your credit score will affect the interest rates.
Since LendingTree works as a broker, it is common for you to come across multiple rates from various lenders after filling out a form.
According to LendingTree, their partners offer rates starting from 5.32% to 36% APR. Depending on your financial history, you can get differences as high as 5%.
The loan amount ranges from $1,000 to $35,000 and you can use the funds on a number of activities. Some include business activities, cars, home renovations, college tuition and debt consolidation among others.
With regards to application fees, LendingTree doesn’t charge any. Nevertheless, you will have to pay any other fees after taking out a loan with a partner lender. Such fees include closing costs and origination fees. As additional information, most borrowers of LendingTree have credit scores no less than 660.
How to Apply
First, you’ll need to pick the type of loan you need. A number of categories like medical expenses, wedding expenses, home renovations, credit card and debt consolidation and vacations seem quite popular.
Then, you’ll have to fill out a request form. The form is available online or you can download it and then submit it after completion. Questions like your income, employment and loan amount will be in the form. Note that they will be verified by potential lenders.
After filling out all your details, the form is sent to a number of lenders. They will scrutinize the information and then craft a customized loan offer for you.
Before accepting any offer, you have the liberty to go through other offers from multiple lenders. You can view the offers from your dashboard. After the application, all communication will be direct with the lender and not through LendingTree.
Also, all credit report pulls done by LendingTree are only soft pulls. How the lender on the platform handles the reports will be up to them. Some may decide to perform a hard or soft check. The former will affect your credit score, especially if done a number of times within a short duration.
What Next After Approval?
After settling on a loan of your choice, all communication will be one-on-one with the lender until completion of the application process. This will require submission of supporting documents to verify all information provided during the application. They include bank statements, pay stubs and W-2s.
All LendingTree partners will report your credit status to TransUnion, Experian and Equifax. You can use this opportunity to make on-time payments to improve your credit score in the long run.
With LendingTree, you can follow up on your credit score. What’s more, this tool is available for free. You can access articles and tips to assist you in making the right decision regarding the type of loan you need.
Besides that, you can use the online loan calculators to help you craft a repayment plan, figure out how much you can afford to take out and others.
LendingTree is available on mobile, both Android and iOS. With such apps, you can check your loan status, apply for a loan and even check your credit score.
How LendingTree came about
An accountant frustrated by having to walk from one lender to another for the best loan deals came up with this idea. The year was in 1998. His idea was to bring together the lenders and the borrower on one platform where they could strike a deal.
From then on, LendingTree has grown from strength to strength, enabling at least 55 million loan approvals and over $250 billion in loan transactions.
Apart from personal loans, LendingTree facilitates auto loans, student loans, business loans, refinances, mortgages, home equity loans and more.
What to Look out for Before Taking Out a Loan on LendingTree
- Multiple Lenders
LendingTree offers access to a variety of lenders. On the other hand, they can be a nuisance because of the many offers bombarding you. The number of phone calls you’ll receive from lenders trying to court you into accepting their deal, emails and the like.
However, it’s a great way to shop around for the best deals available without having to leave your house. All online. Since LendingTree offers your information to potential lenders, it is important for you to go through the terms and conditions before signing anything.
- Get an Idea of Your Credit Score
LendingTree partners with at least 1,500 lenders countrywide. With so many lenders waiting to offer you a deal, you can use this opportunity to get a glimpse of the types of loans you’ll receive. Even though you may have a poor credit, you can still find a deal that suits you.
In addition, you can get a lot of information from LendingTree regarding loan terms and interest rates.
Should you go to LendingTree?
LendingTree has been around for 20 years. This platform offers borrowers convenience when it comes to loan shopping since everything is under one roof. If you have a fair credit score, you can access a number of loans and credits.
What’s more, the only headache you’ll have will be to settle on a certain lender. This is because LendingTree allows lenders to bid for your loan. In fact, this makes it easier for you to take out a loan using LendingTree than from a bank.
However, you have to deal with the high APRs. In addition, as much as you have multiple bids at your disposal, they may become a nuisance, especially if the lenders start calling you at odd hours.
Overall, LendingTree is a fantastic platform if you are looking for a myriad of offers from multiple lenders. Therefore, you have a high chance of finding a lender who will suit your needs.