- Unspecified number of official lending partners. 300+ according to external sources.
- Loans range from $1,000-$35,000
- APRs range from 5.99%-36%
The application requirements will differ depending on the lender recommended by LendingTree. Anyone within the United States is eligible for a LendingTree personal loan, as this company has lenders in every state.
The LendingTree application is fast and can be completed within minutes. Applicants will be prompted for their education level, loan amount they desire, current income and employment status, credit rating, and the purpose of the loan. Applicants should bear in mind that they may receive multiple offers from various lenders, as an application is sent out to many lenders simultaneously through the system.
Once lenders receive your application, they will contact you via email or telephone with an offer. Borrowers are under no obligation to accept an offer, and no fees or payments are required until an offer is accepted and terms are agreed and signed upon. Once the connection has been made between lender and borrower, LendingTree steps back, and the actual lender takes over from there.
What is encouraging is that LendingTree does not charge borrowers at all for their service. Instead, they charge the lender, so borrowers can apply for loans without worrying about the additional expense of origination fees, etc.
Loan Terms Overview
LendingTree is not a lender in and of itself, but rather an online loan marketplace that connects borrowers to a network of lenders. Therefore rates, terms, and fees vary depending on the lender. Each lender will draft its own repayment terms, including due dates and payment methods, and they will also notify borrowers of the loan’s APR and fees incurred upon late payment. Fees, however, should be inquired into if they are not clearly spelled out by the lender.
LendingTree offers potential borrowers a number of reasons to utilize their services. Some of the most user-friendly features are:
- Credit Score Tracking: LendingTree has published an app for keeping track of your credit score, so that potential borrowers can see their credit reports, monitor changes, and more – all for free. The app even has smart money saving tips and tools to help borrowers save money where they can. The app is available for iOS and Android devices alike.
- Soft Pull: Continuous credit checks can severely lower your credit score. For this reason, LendingTree does not pull your credit report, so as not to set off any negative repercussions for the borrowers. Instead, this company does an initial soft pull which basically gives them the necessary information without having to affect your credit score at all.
LendingTree’s mobile apps allow borrowers to apply, browse, deny, and accept loans in real time and from the convenience of their mobile devices. The Loan Explorer app is available for iOS via App Store or for Android via Google Play.
LendingTree is a loan marketplace rather than direct lender, so borrowers do not enjoy the courtesy of this company’s expertise and guidance throughout the entire lending process. Once a lender is chosen the borrower is transferred over to that lender’s purview and will be dealt with according to that company’s policies and terms.
Customers can call the toll-free customer support line during extended business hours. There is also an online form that borrowers can fill out for an email response. LendingTree’s customer support is highly praised online, with borrowers speaking of their good experiences frequently. Support staff is known to be courteous, reassuring, and equipped with the necessary information to assist customers.
One outstanding quality of the LendingTree customer support staff is their timely and consistent responses to complaints and both positive and negative feedback. Nearly every comment left receives an answer that is cordial, polite, and thoughtful.
LendingTree is well-known in the lending world, and people like their service because it offers them so many choices. Borrowers have the luxury of comparing multiple offers alongside each other and choosing the most desirable loan for their circumstances.