Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
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Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
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Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
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Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Our Thoughts on LendingTree Personal Loans
Headquartered in Charlotte, N.C., LendingTree stands out as a convenient loan marketplace where borrowers can compare offers from credible lenders all in one place. This model saves time and potentially leads to better loan terms, as multiple lenders compete for your business. Plus, it allows you to prequalify with various lenders without impacting your credit score.
But there are two sides to every coin. While LendingTree provides a vast network of lenders, the requirements, terms and conditions can also vary widely. So if you use the platform, you’ll need to thoroughly review the terms and be prepared to handle multiple phone calls or emails from potential lenders.
Overview of Personal Loans on LendingTree’s Site
| Loan Amounts | $600 to $50,000 |
| Repayment Terms | 12 to 144 months |
| Origination Fees | Varies by lender |
| Prepayment Penalty Fees | Varies by lender |
Pros and Cons of LendingTree Personal Loans
The LendingTree personal loans platform has both good and not-so-good points. Let’s break them down.
Pros
See loan offers from different lenders in one place
Get low rates if you have excellent credit, sometimes as low as 5.20%
Some lenders can disburse funds the same day you apply
Some lenders don’t have origination fees or early payment penalties
Cons
LendingTree doesn’t provide loan amounts over $50,000
Different lenders mean different fees and loan terms to wade through
Some lenders have high rates, up to 35.99%
Even if LendingTree says you prequalify, the lender can still deny you
You might get bombarded with multiple phone calls and offers after you apply through LendingTree
Who Are LendingTree Personal Loans Best For?
LendingTree personal loans are best for people who want to compare loan offers from different lenders all in one place. It can be especially helpful if you have bad credit and aren’t sure if you qualify for a loan or if you have excellent credit and want to lock in the best rates without spending hours shopping around.
If you like having choices and want to find the best loan for your needs, LendingTree can help you by connecting you with a variety of lenders. It’s also good for those who need money quickly because some lenders, like SoFi, can fund loans in as little as 24 hours.
That said, LendingTree may not be the best choice if you prefer applying for a loan in person, need to borrow more than $50,000 or are uncomfortable sharing your personal information online with a network of lenders. In these cases, you might want to explore other borrowing options that may better suit your needs.
How To Get a LendingTree Personal Loan
LendingTree makes it easy to compare multiple personal loan offers at once. Here’s how it works.
Application Process
Getting a personal loan through LendingTree starts with its online platform. The first step is to fill out a simple prequalification form, which usually takes about five minutes. During this stage, you’ll give details on the purpose of your loan, how much money you want to borrow and your desired repayment schedule.
You’ll need essential documentation, including the following:
- Proof of income and employment
- Bank account details
- Evidence of any other debts
- A government-issued ID for identity verification
Once you’ve provided all the necessary information, LendingTree matches you with up to five offers from its network of over 300 lenders. These lenders will then get in touch with you and present their offers.
Applying for a loan through LendingTree’s website involves a soft credit inquiry, which doesn’t affect your credit score. It’s a method commonly used before actually applying for a loan. You won’t technically apply until you move on to the next step, which is submitting an application directly with the lender of your choosing. Eligibility criteria can vary by lender.
Approval and Funding
Once you’ve chosen a lender and completed its specific application process, the approval time can differ. However, many of LendingTree’s partner lenders offer quick decisions, with some disbursing funds within 24 hours, provided you apply on a business day.
If you need funds fast, there are a few things you can do to ensure a seamless experience. First, always double-check the details you provide during the application process. This includes your address, Social Security number and other verifiable information. Also, promptly respond to any lender inquiries to speed up the approval and funding process.
LendingTree Personal Loans Reviews
When browsing through customer reviews from sites like Best Company, the Better Business Bureau (BBB) and ConsumerAffairs, there’s a common theme: LendingTree stands out for its speed, transparency and ease of use. Many users have commended the company for its hassle-free application process and ability to find competitive rates.
However, some customers complained about being bombarded with phone calls and emails after filling out LendingTree’s form.
As of November 2023, LendingTree has an A+ rating with the BBB and a 4.4 out of 5-star rating on Trustpilot. Here’s a closer look at what some LendingTree reviews say:
“A wonderful website that got me the money I needed quick and without hassle. Easy to understand terms and great service.“
— Kristen S., Feb. 9, 2023, Best Company
“Entered personal contact info then IMMEDIATELY FLOODED with calls, emails, voicemails, etc. We’ll see how long it lasts….”
— John G., 2023, Best Company
“Literally the easiest process I have gone through to complete, apply, and get funded for a loan. It only took few quick phone calls and emails during my breaks at work. On my way home, I stopped to signed papers and walked out with my check in less than 15 minutes.”
— Jeremy O., Oct. 7, 2023, Trustpilot
LendingTree did not respond to a request for comment.
Eligibility Requirements for LendingTree Personal Loans
Securing a personal loan through LendingTree means meeting certain criteria set by its network of partner lenders. Generally, your credit score, financial history and income matter most when assessing your eligibility.
Credit Score and Financial History
LendingTree operates as a platform connecting borrowers with multiple lenders, and each of these lenders sets its own credit score requirements. Some of LendingTree’s partner lenders, such as Upstart, cater to borrowers with credit scores as low as 300, while others, such as PenFed Credit Union, cater to those with scores around 700 or higher.
Your credit score and financial history play a significant role in determining which lenders you’ll prequalify with. Factors like an on-time payment history, existing debts and overall creditworthiness will also impact your eligibility.
Before applying through LendingTree, review your credit report to get a clear view of your financial standing. LendingTree will prequalify you for up to five loan offers. While these offers don’t guarantee approval, they can help you gauge what rates and terms you might qualify for without impacting your credit score.
Income and Employment
Your income and employment status indicate your ability to repay a loan and play a pivotal role in the approval process. Some of LendingTree’s partner lenders, such as Discover, may have minimum annual income requirements you need to meet.
Even if your chosen lender doesn’t have a minimum requirement, it will generally expect you to have a stable income. If you’re concerned about meeting these income criteria, consider finding a lender that accepts co-signers.
LendingTree Personal Loans Usage Rules
When you secure a personal loan through LendingTree, you have the freedom to use the funds for almost any purpose. Some LendingTree partners might have specific guidelines — like not using the funds for higher education, investments or business purposes. But there typically aren’t stringent restrictions on how you spend your borrowed money beyond these basic requirements.
One popular use for LendingTree personal loans is debt consolidation, which can help you manage multiple debts with one monthly payment. With debt consolidation, you use your loan funds to pay off your credit cards and other high-interest debts with one recurring payment.
You can also use your loan money to cover unexpected medical expenses, fund home improvement projects or even plan a major event, such as a wedding. This flexibility means you can address a wide variety of financial needs without cumbersome limitations.
LendingTree Personal Loans Fees and Penalties
Navigating the world of personal loans means understanding not just the interest rates but also any associated fees and penalties.
Loan Origination Fees
Origination fees are charges some lenders impose for processing a new loan. With LendingTree’s extensive network of partner lenders, these fees vary. Some, like LightStream, PenFed, SoFi and Discover, skip the origination fee altogether, allowing borrowers to save right from the start.
But others, such as Achieve, have origination fees ranging from 1.99% to 5.99%. And then there are lenders such as Upstart, where the origination fees can be as high as 12%.
Don’t forget to factor in these fees when considering a loan offer, as they can greatly impact your monthly payments and overall borrowing costs. Before committing to a lender, always aim to understand the total expense — that’s principal, annual percentage rate (APR) and any fees.
Early Repayment Penalties
Paying off a loan earlier than its term might sound like a financially savvy move, but some lenders might penalize you for it. Fortunately, many of LendingTree’s partners, such as Prosper, Avant, Happy Money and LendingPoint, don’t impose penalties for early loan repayment. This gives you the freedom to settle your debts as soon as you’re able without incurring extra costs.
But always verify with each lender individually because others might have penalties for early repayments. Knowing as much may influence your decision, especially if you anticipate having the funds to pay off your loan ahead of schedule.
How LendingTree Compares to Other Lenders
LendingTree serves as a hub, offering borrowers a space to compare loan offers from various lenders. But how does it stack up against some of the best personal loan providers?
LightStream, a division of Truist Financial, is one of the providers available through LendingTree’s network. While you might get matched with them on LendingTree’s platform, it’s worth noting that LightStream offers loan amounts up to $100,000, potentially higher than other LendingTree options.
LightStream is known for having competitive interest rates, especially for those with excellent credit. If you apply directly through LightStream, you bypass potential calls from other lenders. But if you value comparison and want to ensure you’re getting the best deal, seeing LightStream’s offer via LendingTree might be beneficial.
SoFi is another prominent direct lender that caps its personal loans at a generous $100,000 and provides perks like unemployment protection.
With LendingTree, you might see if you’re matched with SoFi alongside other offers. If you’re after a higher loan amount and prefer not to field multiple calls, heading straight to SoFi could be a sound move. But using LendingTree might give you the chance to ensure SoFi’s offer is the best one for your needs.
PenFed Credit Union offerscompetitive personal loan rates, especially for its members. If you’re after the traditional credit union experience and the specific perks PenFed provides, you might consider applying directly. This way, you dodge multiple lender communications.
But if you’re open to options and want to ensure PenFed’s offer is competitive, you may see it on LendingTree alongside other lenders. And if you’re looking for a smaller amount, it’s worth noting that PenFed’s loans start at $600.
The Bottom Line
LendingTree stands out as a platform that connects borrowers with multiple loan offers, making comparison shopping a breeze. It also offers other services such as auto loans, business loans, student loans and mortgage comparisons.
But like all loan options, it’s essential to look beyond just rates if you decide to use LendingTree’s loan marketplace. Consider factors like fees, loan limits and how you plan on using the money. Remember, the best loan isn’t just about the lowest rate but about finding an offer that aligns seamlessly with your individual needs and financial goals.
Check out our list of the best personal loan lenders.
Frequently Asked Questions About LendingTree Personal Loans
LendingTree doesn’t specify a minimum credit score as it connects borrowers with lenders that cater to various credit profiles. Some might require excellent credit scores, while some might be a better fit for those with bad credit. To understand your eligibility, check with specific providers on the LendingTree platform.
Getting a personal loan through LendingTree might be easier than going directly to a provider because you can compare multiple offers and eligibility requirements at once, increasing your chances of finding a suitable loan. The platform connects you with various lenders, each with its own criteria, to help you find the best fit.
You’ll find out almost immediately if you’ve been “matched” with a personal loan through LendingTree. After that, any lenders you’ve been matched with will call you to compete for your business and try to get you to submit a full loan application.
Each lender has its own approval process and will typically review your credit history, income and other relevant info to make a decision. After you submit your application, the lender should notify you regarding your approval status.
The time it takes to get a loan from LendingTree can vary depending on the lender you choose and their specific processing times. Some lenders may offer fast approval and funding in as little as 24 hours, while others may take longer. For an accurate estimate, check with the lender you select during the application process.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
