LendingTree Review 2019

By: Heather Hanks Mar. 28, 2019

LendingTree is an online platform that allows you to choose from a variety of personal loan options. All you have to do is answer a few questions, and LendingTree will calculate loan offers based on your criteria. The company is one of the first and largest marketplace lenders. Their purpose is to make sure the borrower views all their options before making a decision. They work with other lenders who are ready to offer you the best deals possible.

Keep in mind that you won’t be borrowing directly from LendingTree. But you will save hours of research by having all of your loan options compiled for you in one easily accessible spot. Here’s everything you need to know about LendingTree and how it can help you out the next time you need cash fast.

Lending Tree logo

on LendingTree website

What is LendingTree?

LendingTree is a peer-to-peer loan extender. This means that they offer a matchmaking service. They connect borrowers to lenders based on the criteria they provide. Lending Tree matches you with lenders who extend personal loans. These loans can be used on anything you want, including rent, debt consolidation, and major purchases. By entering your information into the LendingTree website, lenders will compete for your business. The online portal works by providing you loan options that are based on the criteria you provide.

It’s important to note that LendingTree is not a direct lender. When you choose a loan from one of your personalized options, you will be working with another company. LendingTree works as a connection service to provide you with as many loan options as possible in one place. They allow you to research different options and search for the best rates. LendingTree will only connect you to lenders who pay the company to be connected to you. This means that other loan options may exist, but you will only see the ones from companies that work with LendingTree.

The company claims that they make loan shopping easy by bringing your options to you instead of the other way around. The company claims that they will help you get the best deal possible on your loans. They give you many offers from several different lenders within minutes. This makes your shopping experience easy. The company claims that when lenders compete for your business, you win. They are ideally suited for you if you are a first time home buyer searching for a mortgage. You can also use your personal loan for your small business.

LendingTree is a self-described online lending marketplace where you can shop for the following loans:

Home Equity Loans

Mortgage Calculators

Insurance

Credit Cards

Banking Products

Business Loans

Free Credit Score

Personal Loans

Student Loans

Reverse Mortgages

Auto Loans

Debt Consolidation

When you sign up for a LendingTree account, you’ll also gain access to educational tools. The company will show you your credit score and suggest ways to improve it. They’ll also alert you if there are possible savings that you can indulge in. The company promises to let you know if they find anything that can beat your current loans and reduce your monthly payments. There is no obligation to commit to any of the loan options that are presented to you. You can simply shop around and browse loan options until you find one you like.

What does LendingTree offer?

LendingTree does not offer personal loans directly. It's strictly and matchmaking service that connects lenders and borrowers. It makes money by charging a fee to potential lenders before being connected to you. As a borrower, the service is free to use until you sign a loan deal. Once you sign a loan, then you will report directly to the lender that provides the loan.

One of the benefits of working with LendingTree is knowing that they have been in business for a long time. According to its website, LendingTree has been around for 22 years. They have served more than 50 billion loans and saved more than 30 billion loans. The company claims that they have served more than 100 million customers. They can help connect you to a lender no matter what type of loan you need. The company provides comparison shopping services and educational programs. These services help you to find the best possible loan option.

The following is a list of current brands that LendingTree features:

  • LendingTree
  • Compare cards
  • Deposit accounts
  • Magnifymoney
  • Snap cap
  • SimpleTuition
  • Ovation credit services
  • Student loan hero
  • Quote wizard
  • Valuepenguin

The following is a list of services that LendingTree provides:

  • Home mortgage
  • Personal loans
  • Home equity
  • Auto loans
  • Business loans
  • Credit cards
  • Deposit accounts
  • Student loans
  • Insurance
  • Credit repair

LendingTree uses these brands to provide you with a variety of different loan types. Once you have all of the information in front of you, you can make an informed decision. Using LendingTree saves you time when it comes to researching loan options. It also helps you organize your options by having it all right in front of you. You can use the brands mentioned above to help get a loan to pay for anything you need. This includes personal loans, which can be used to pay off medical bills, for rent, student loans, and more.

The company states that they have a wealth of local and regional lenders as well as alternative lenders who have joined with their services and are ready to be connected to you. They feature a diverse network that allows them to service customers in a way that conventional institutions can't. LendingTree claims that their list of products grows every year, but their mission stays the same. They are there to help you get through difficult moments when you need extra help.

How does LendingTree work?

1

LendingTree is simply a connective service.

They do not offer loans personally. Instead, they charge businesses to compete for your information. Lending companies pay a service fee to be connected to you. The lenders that you are connected to once you type in your information are the ones that have paid for this possible matchmaking service. You are not obligated to choose any of the loans that are presented to you. LendingTree works by giving you options. The service is 100% free to use until you sign on with a lending company. From that point on, you will be obligated to your new lender and you will not owe LendingTree anything.

2

You can use LendingTree to connect you to a variety of different loan types.

If you need help paying medical bills, and LendingTree can help connect you to Medical providers or personal loans that can be used for this reason. If you need help with student loans, then you will be connected to student loan services. auto loans are available when you need help financing a vehicle. The company even connects you to small business lenders when you need help paying for new equipment or covering daily expenses. Personal loans can be used for a wide variety of options. Because of this, personal loans are one of the most popular types of loans.

3

It can be hard to know if you are getting a good deal when shopping for personal loans.

LendingTree takes the hassle out of loan shopping by providing you with several options. These businesses compete for your money, which helps you save money by being able to pick the best option. LendingTree saves you time when it comes to researching loan options. For many people, time is money. LendingTree features a 100% online portal that you can access any time of day. You can even use it multiple times to verify your information and reconnect to lenders.

The website allows you to take your time when making a decision. You can contact the company anytime you have questions. Keep in mind that any questions you have regarding a particular loan will need to be directed to that lender. LendingTree cannot answer questions regarding the loans you are provided. Once you select a loan, you will no longer be working with LendingTree.

To be connected with potential lenders, you will need to fill out what you need help with. Your options include the following:

Help with debt

Buying a home

Personal project or expense

Student loans

Buying a car

Business loans

You will be asked personalized questions depending on your answer. If you answered that you need help with that, then you will be asked to rate your debt situation. You can say that you comfortably make all your payments or that you struggle to do so. You can also claim that you have no income. Next, you will be asked how much money you want to borrow. Keep in mind that it's always best to keep this amount as low as possible. You never want to borrow more than you need.

After entering in how much money you'd like to borrow, you will be asked for your credit score. You can choose from one of the following options:

≤639s

Poor

640-679

Fair

680-719

Good

≥720

Excellent

From here, LendingTree will make personalized suggestions based on the information you entered. For example, if you are looking to borrow $2,000 and have fair credit, then LendingTree suggests that a 0% APR card would work best for you. After making this suggestion, LendingTree asks if you would like to see your options. You can view your options immediately and refresh your information as needed. If you want to change the amount of money you are seeking to borrow, then fill out the information again and LendingTree will provide you with new options.

If you have any questions about using the service, you can call Lending Tree toll free. Remember that they cannot answer questions about your loan options. However, they can give you advice about finding the best rate. They can also help you determine which loan would be best for you. A personal loan can be used for almost any reason. But it might help to talk to someone who can inform you on the best loan if you need something specific and want to make sure you’re getting the best rate.

LendingTree PROS and CONS

LendingTree offers several different types of loans. These loans are not funded through LendingTree directly. You can use the service to connect you to potential loan providers by filling out a few quick questions. The process is designed to take the middleman out of finding a loan provider. The company also seeks to cut down the time needed to research loans by connecting you directly to lenders. Many people find this to be a beneficial tool when shopping around.

Here are some pros and cons of using LendingTree as your loan service provider:

LendingTree PROS

  • LendingTree is easy to use and there is no obligation
  • You are connected to lenders within seconds
  • LendingTree asks personal questions about what type of loan you need
  • They provide additional tools to help you with your credit, including a calculator, mortgage rates, and the ability to check your credit score for free
  • Be connected to a wide variety of both local and regional lenders immediately
  • You can compare rates neatly and in an organized manner by viewing them side by side
  • You can refresh your information and see new results
  • You’ll save time when it comes to researching lenders
  • Signing up with LendingTree allows you access to 24/7 customer service and an online portal to view your account anytime

LendingTree CONS

  • You will only be connected to lenders who pay to see your information
  • You may have to do additional research to find a lender that works for you if you’re not satisfied with your options
  • Some people do not like that their information is being sold to lenders. However, LendingTree promises that it does not give out your information to lenders unless you sign up with them directly.
  • LendingTree cannot answer questions you have about the loan options you were provided. This means that you’ll need to contact the lender directly, which may cost you additional time.

How to apply for LendingTree

To apply or to be connected to lenders, follow these three easy steps:

1

Answer a few questions

You’ll need to give LendingTree some details about what kind of loan you need. You will also need to tell them how you plan on using it. Once you enter this information, LendingTree sends out your request to their network of lenders. You’ll be connected to offers within seconds so that you can see your competing offers.

2

Shop and compare

After you enter all of your information, you'll be able to compare offers. You can shop for a loan similar to the way you shop for a flight. LendingTree promises that there will be no markup from them. The only prices you see are the competing prices of lenders for your business. Seeing all of your options laid out in front of you allows you to make an informed decision and compare rates in an organized manner.

3

Choose your loan

Your last step is to choose the loan that works for you. You can compare your options side-by-side and shoes the lowest rate or the loan that best fits your needs. There is no obligation. You do not have to pick any of the loans that are provided to you. If you are not satisfied with your actions, and you can shop around or refresh your requirements for different terms.

When you apply for a loan through LendingTree, you are not applying for a LendingTree loan directly. You are applying to be connected to potential lenders who are bidding for your information. You will be asked questions regarding the type of loan you need and then you will be connected to offers. You are not obligated to choose any of these options. They serve as an educational tool for you to “window shop.” You are free to check other lenders and even refresh your new terms to see different options. Once you choose a lender to work with, you will no longer be working with LendingTree.

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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