SuperMoney

LendingTree

in Personal Loans

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LendingTree

Claimed

in Personal Loans

SuperMoney Net Recommendation Score -100% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Strongly not recommended

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24 users don't recommend
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Overview

LendingTree is an online lender exchange marketplace that connects borrowers with a large pool of lenders. It doesn't provide any loans directly but instead acts as a broker for many lenders. The website also provides online tools, such as financial calculators and loan tutorials.

Lending Tree was launched by Doug Lebda and Jamey Bennet in 1996 as CreditSource USA. In 1998, it was rebranded as LendingTree and in 2000 it went public. Since then it has been bought by InterActiveCorp and is now part of Tree.com Inc.

How Does LendingTree Work?

LendingTree acts as a matchmaker between borrowers and lenders. Actually, InterActiveCorp, the company that controls LendingTree also owns dating website, Match.com. The idea behind LendingTree is to make it easier for borrowers to find the best deal on a loan by flipping the relationship between customers and banks and getting lenders to court borrowers instead. LendingTree makes money by selling your information to matching lenders.

What Are LendingTree's Rates and Fees?

They vary by borrower. Your rates will be determined by how many lenders are active in your area, the loan amount, the term length and your creditworthiness. To illustrate, a typical range for a $10,000 is 5.99% APR to 36% APR depending on your credit. According to LendingTree, the average difference in rates between two lenders is 4.74% APR.

How Much Money Can I Borrow from LendingTree?

Personal loans range from $1,000 to $35,000, and loan terms vary from 1 to 5 years. If you borrowed $10,000 for 36 months at 12.86% APR, your monthly payment would be $335.02 and your total cost would be $12.060.72. However, the same loan with a rate of 7.86% APR, will have monthly payments of $312.72 and a total cost of $11,257.92, which represents $802.80 in savings.

What Is LendingTree's Application Process Like?

LendingTree's online application is fast and easy to complete. However, you will receive a LOT of attention from the lenders that receive your information. The application asks for basic information, such as the purpose of the loan, how much you want to borrow, credit rating, employment status, income, whether your rent or own your home and your address. Once you submit this information LendingTree sells your information to matching lenders in your area who will contact you by phone or email. LendingTree will perform a soft pull on your credit, but there won't be a hard pull until you apply for a loan.

How Is LendingTree Better Than Other Lenders?

LendingTree makes it easier to filter through the hundreds of lenders available and is available in all states. Instead of filling endless application forms, you just need to fill one form and wait for loan officers to compete for your business. However, you may want to use a virtual phone number and a separate email address you can cancel once you find the right loan. The volume of calls and emails from lenders may become unbearable and once your information is sold to lenders it can be a challenge to get off their lists.

SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Age
18
Joint Loan Applications Accepted
  • Co-signer
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Credit Score Range
560 - 750
850 300 560 750
Immigration Status Considered
  • U.S. Permanent Resident
Verification Documents Required?
  • Recent Pay Stubs
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
0 14
Approval Speed (Hours)
24
Joint Loans Available
Loan Term (Months)
12 - 60
1 180
Loan Amount
$1K - $35K
$100 $100K+
APR
5.99% - 100%
4% 100%+

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