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LendingTree
9.8
ratings

Overview

When Doug Lebda was searching for new accommodation, he had to do a lot of legwork to get the perfect mortgage so that he could reduce the burden of possessing his own home. He found the process of searching and applying for a loan quite complicated and tiresome. For this reason, he decided that he would help others who were struggling with the same problem. Thus, LendingTree was born for those lenders and borrowers who wanted a hassle-free journey for borrowing money. Founded in 1998, this company focuses on bringing convenience and offering the flexibility of choice and good value to customers.

Fast forward to the current scenario, this firm has grown to become one of the nation’s most reputed lending institutions. It has a diverse network that allows consumers to access numerous financial products. These include home equity, auto, personal loans, refinance loans, mortgage, credit cards, lending products commercially, and so on.

LendingTree is a loan marketplace that operates via the internet. They are quite functional and encompass the needs of various types of borrowers. They give consumers the ease to choose, compare, and fulfill their loan needs. They have numerous attributes that keep them at the forefront of the market.

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Pros

  • Charges no fee for services
  • Provides numerous options of lenders
  • Hassle-free application process

Cons

  • Options limited to LendingTree’s network
  • Numerous calls from lenders
  • Relatively lengthy application process

Customer feedback and overall reputation

LendingTree offers a variety of lending services for distinct purposes. According to borrowers, their customer service is responsive in replying to the queries and problems in real time. They do not impose any deals on the customers and help them take their own decision by guiding them about all the options that they have. However, a few customers complain about receiving a lot of calls from lenders.

Thus, LendingTree has set a benchmark through its responsive customer service and has become recognized as one of the best lending institutions. Their customer feedback is remarkable, and they provide transparent services to serve the customers’ needs.

Collateral required

Specific categories of loans fetch a higher margin of credit to borrowers. Some of these loans come with a good return policy. The lenders on LendingTree’s website deal with stocks, bonds, natural reserves, and watercraft that can be extended as collateral for a loan. This collateral is a guarantee that the lender has the money to return to the borrower. A significant benefit of this is that borrowers will enjoy lower rates of interest, and thus, lower monthly installments.

Eligibility and documents required

LendingTree has certain eligibility criteria. A minimum FICO® score of 640-750 is required to get a loan. Individuals also need to pass the credit and balance check. One can obtain a loan that is nearly 45% of the total income. One can opt for various loan options to get the desired credit line. There are various loan options that can be relied upon to get the desired credit line. They connect customers with lenders who offer various types of business loans like SBA loans, short-term loans, long-term loans, a business line of credit, working capital loans, and so on.

Interest rate and loan term (fees)

LendingTree offers personal loans ranging from $1000- $35,000. The duration of repayment for such a loan is usually 1-5 years. The interest rate for an unsecured loan with no collateral is generally 8.5%- 18%. For a short-term loan of $50,000 with an interest rate of 8% for an initial period of 3 years, one is liable to pay $15,566.82.

Application process

A person can start off by applying for the VantageScore Credit Report 3.0 to find a decent scheme. As per the recent plans of LendingTree, a person with a credit score of 620 may get 5.99% APR. The interest rates may be higher for people with a low credit score. The APR can go as high as 23%. The approval process takes nearly 7 days after which the funding process begins. You are directed to get an account summary by logging to your account.

LendingTree