is lendingtree legit

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

Via a lending marketplace, LendingTree assists borrowers in locating a wide range of loan products, including mortgages and personal loans.

On the LendingTree platform, several lenders vie for your business; however, bear in mind that LendingTree is not a lender in and of itself. The personal loan companies in the table below compete for your business through Credible. You can compare rates from all of these partner lenders without affecting your credit score.

Lightstream is one of three reliable partner lenders that provide loans up to $100,000, which makes it perfect for covering significant costs like weddings or home renovations. Money is available the same day you apply, and you have up to 12 years to pay back some loan types, such as loans for boats, RVs, and home improvements. Rates are low, with no origination fees; Lightstream’s lowest advertised APR is 1% lower than SoFi’s lowest APR. But youll need good credit to qualify.

Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.

For applicants who meet the requirements, Upstart is a good option because it has one of the lowest available APRs among Credible partner lenders and among all non-partners we examined. But if you apply on the lender’s website, it’s also one of the few lenders that doesn’t have a minimum credit score requirement, so it’s still an option if you have bad credit or no credit history. Startups may charge an origination fee as high as 2012 percent, but borrowers with good credit may not be charged at all.

Low APRs, seven-year payback terms, no origination fees, nationwide availability, and the ability to prequalify online without requiring your Social Security number are all features of Discover Personal Loans. To be eligible, you must earn at least $40,000 annually and have a FICO score of 660 or above. If your credit score is fair or poor, youll need to go elsewhere, as Discover doesnt allow cosigners.

Vehicle maintenance, credit card refinancing, debt relief, home improvement or repair, significant acquisition, healthcare costs, taxes, trip, and marriage

Upgrade is a very appealing lender thanks to its array of features, which include competitive interest rates, savings for autopay and direct pay, same-day funding as soon as possible, repayment terms up to seven years, and nationwide availability. Additionally, loans are available to borrowers with fair credit, and the website does not require you to enter your Social Security number in order to prequalify. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1. 85% to 9. 99%. To be eligible, you must have a minimum yearly income of $25,000 and a FICO score of at least 600.

For borrowers with good credit and some borrowers with fair credit who apply directly through its website, LendingClub is a reliable lender. Prequalifying with LendingClub is simple, especially if you feel uneasy giving your Social Security number because it’s not needed at this stage. (You will need to provide it if you move forward with a full application. ).

Although prequalification does not ensure loan approval, LendingClub approves applicants who have successfully prequalified for loans more often than the majority of its Credible partner lenders. In other words, youre less likely to have your application declined once you apply (if youve already prequalified). LendingClub may charge an origination fee between 3% and 8%.

One of SoFi’s unique selling points is that it provides no-fee personal loans with competitive rates, large loan amounts, extended loan terms, autopay and direct pay discounts, and same-day funding. Furthermore, SoFi places a high priority on user convenience for both current and prospective clients with tools like live chat and a simple prequalification procedure that doesn’t require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.

The primary drawback is that you must meet SoFi’s loan eligibility requirements, which can be challenging if your credit isn’t great. Additionally, since SoFi does not offer secured personal loans or accept cosigners, you will not be able to apply with one.

Typically within a few days, given approval and bank account verification, but sometimes within the same day

Notably, Best Egg placed second in J for satisfaction with personal loans, indicating that it is a reliable lender for a variety of borrowers. D. Powers Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. To qualify, you must have a FICO score of at least 600, but the lower your score, the possible higher interest rate you may have. The APR includes the interest rate and origination fees, which range from 0. 99% to 8. 99% with Best Egg.

Be aware that compared to other lenders you prequalify with, you might have a higher chance of getting approved for the loan if you successfully prequalify with Best Egg. When compared to most other Credible partners, borrowers who opted to apply for a loan through Best Egg had a chance of approval that was more than twice as high, according to Credible data.

Borrowers with poor credit who are looking for small- to moderate-sized personal loans might consider Avant personal loans. Up to $35,000 in loans are available, and upon approval, you could receive the funds as soon as the following business day. Plus, Avant is more likely than some lenders to approve the applications of borrowers whove prequalified with Avant. However, the lender charges an origination fee up to 9. 99%, and its top-range interest rates are among the highest of the lenders we reviewed.

As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

If you have good credit—ideally, a FICO score of at least 700—it might be worthwhile to consider a personal loan through Splash. The platform offers loans from a wide range of lenders, and next-day funding is available. Additionally, Splash offers live chat so you can get responses right away without waiting for an email or being put on hold. Loans are available up to $100,000 if you apply via Splash’s website.

Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.

Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000.

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. You could be qualified for a personal loan from Universal Credit if your FICO credit score is at least 560. It provides loans up to $50,000 with seven-year repayment terms and direct pay and autopay discounts. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5. 25% to 9. 99%, and APRs start at 11. 69%. If you receive a high-interest loan, think about refinancing your personal loan after your credit score has improved to get a lower rate.

Consolidation of debt, credit card repayment, home upgrades, unforeseen costs, auto and home repairs, weddings, and other significant purchases

Happy Money has been in operation since 2009 (formerly known as Payoff). Its top-end APR is comparatively low, making it a viable option for borrowers with fair credit as well as those with better credit. Put differently, compared to other lenders who provide fair-credit loans, you might be eligible for a lower rate with Happy Money if your credit is fair. Although it’s up to 5%, the company does charge origination fees on some loans; however, these fees are not as high as those charged by some other lenders.

It can take three to five days for funding to be approved, so be ready to wait a few days to receive your money. And loans arent available in Massachusetts or Nevada. Happy Money is the best option for debt consolidation and credit card consolidation loans; it has an A rating with the BBB.

Among all Credible partner lenders, BHG Money stands out for providing the highest loan amounts, up to $200,000. In other words, there aren’t many places to look if you need an unsecured personal loan over $100,000, but BHG is one of them. You have up to ten years to pay back the loan, but in order to be eligible, you must earn at least $100,000 annually and have a FICO score of 660 or above. However, if you have a cosigner that meets these requirements, BHG will consider your application.

Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you cant prequalify with BHG.

debt consolidation, business, home improvement, special occasion, cosmetic procedures, medical expenses, vacation, wedding, adoption, babysitting, financing for engagement rings, moving (relocation), major purchases, taxes, credit card refinancing, and other

Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories

OneMain Financial has multiple options for bad-credit personal loans. If you apply directly to OneMain, there is no minimum credit score needed, so you can obtain a loan even if your credit is poor (FICO below 580). Moreover, cosigners are permitted. A cosigner is a person who promises to repay the loan in the event that you are unable to, preferably with good credit. This can help you qualify for a loan or lower your interest rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.

The rates are higher than those of competitors, and OneMain charges origination fees in two ways: either as a flat fee up to $500, or as a percentage ranging from 1% to 10% of the total (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isnt a given.

People who have tried LendingTree vs. Credible

Heres what a few borrowers had to say after trying LendingTree vs. Credible*:

E.J. compared personal loans from multiple lenders

Felt like a more modern LendingTree site. Process was easy. Was able to check multiple Credible lenders in one spot with a soft check. I had several offers, I picked the best deal, and got exactly what I was looking for.

Paul quickly found the loan they were looking for

Quick process, no annoying calls or emails like LendingTree, very happy overall!

Danielle enjoyed an easy application process

The application was quick and easy. I left a 5-star review because, unlike you, I haven’t gotten any unsolicited calls or emails from other websites. I would definitely recommend Credible over LendingTree.

* Reviews have been edited for spelling and grammar.

One of the first and biggest online lending exchanges was LendingTree, which debuted in Charlotte, North Carolina, in 1998.

Its purpose is to bring borrowers and multiple lenders together so that they can agree on arrangements for:

• Business and personal loans
• Auto loans
• Student loans
• New and refinanced mortgages

Additionally, personal finance tools and services are available on its website, including details on credit cards and credit scores.

Because loans on LendingTree came from both traditional lenders like banks and individual investors and small businesses, it was an alternative way to borrow money. The business now employs a more conventional business strategy, facilitating loans between private borrowers and banks, credit unions, and online lenders. It has handled millions of inquiries since its inception.

The competition between lenders, which can lead to lower interest rates and access to loans even after banks have rejected your loan application, benefits borrowers.

LendingTree is solely a matchmaker; it does not provide loans or credit in and of itself; instead, it sets up introductions between lenders and borrowers and charges fees for this service.

Although the information you enter varies depending on the type of loan you request, the loan application process is generally standard.

For instance, the following details are required to begin the application process for a personal loan, which is one that is not secured by property like your house or vehicle:

• Loan purpose: The loan may be taken out for a variety of reasons, such as debt consolidation, travel, big-ticket items, or wedding costs.
• Loan amount: You may be eligible for a loan with LendingTree that ranges from $1,000 to $35,000.
• You can choose between an estimated credit rating of excellent, good, fair, or poor.

Youll also need to include your:

• Employment and pre-tax income
• Address and type of residence
• Details necessary for personal identification, such as your email address and the final four digits of your Social Security number

LendingTree only offers to provide you with your actual credit score after you finish the application. It asks a series of questions to confirm your identity first. It then shows you all the offers available for the loan amount you requested, including the:

• Lenders’ name
• Amount
• APR
• Number of years to repay
• Monthly estimated payments

Youll also be provided a phone number to call. You can request more information or apply right away for one of the offers, in which case you’ll need to provide more details.

All during the application process, LendingTree will send you emails telling you your status. You can easily complete the entire procedure in 15 to 30 minutes.

Your credit history will be pulled one or more times during the process. In most cases, multiple inquiries count as a single one during a 30-day period. An excessive number of credit inquiries can lower your credit score.

Additionally, LendingTree offers a LoanExplorer page where you can enter multiple parameters to view current quotes without revealing your identity. We found that LoanExplorer seems to be customized to mortgage loans only.

Lending terms vary considerably, depending on your credit score, income, type and amount of loan and other considerations. Typically, loans have a length of three years or longer.

We saw advertised 5/1 adjustable rate mortgages starting at 2. 97 percent APRs, but your APR could go as high as 29. 9 percent.

The website of LendingTree notes that you can use its LoanExplorer to look for loans without providing any information at all, that there are no obligations, and that the quotes are customized.

Some states might not permit LendingTree-arranged loans. Be sure to double-check if your state allows loans through LendingTree before applying.

A variety of loan funding sources were identified by us, including banks, mortgage lending companies, and bids from unidentified lenders who might be partnerships, small businesses, or even private individuals.

When the lender is an unknown entity, you don’t know about its long-term viability. You shouldn’t be impacted if you obtain a loan from a lender that later files for bankruptcy; the loan will transfer to another lender, but your terms remain the same. However, do you really care?

Is LendingTree viable? While LendingTree has withstood the test of time, it hasnt always been profitable. Loan originations increased by 92% in the third quarter of 2015, contributing to revenue of $115 million, a 104 percent increase over the same period the previous year.

Profits were $1 million, compared to a $7. 4 million loss during the same quarter a year ago and a $4. 1 million loss in the second quarter of 2015.

Consumer complaints and reviews

LendingTree has had a Better Business Bureau file since 1998. As of January 2019, it was not BBB Accredited and had a rating of A-. Out of 315 BBB closed complaints in the previous three years, 180 stemmed from advertising/sales issues and 129 were attributed to service problems.

Of course, these numbers represent a very small percentage of LendingTree’s transactions. Out of 199 BBB customer reviews, LendingTree has a 3-star rating. Bear in mind that disgruntled consumers are the most likely to leave reviews.

Here are a couple of anecdotal complaints sourced from a number of forums:

• Consumers seem to be most concerned about unwanted spam and persistent phone calls from potential lenders. Take note that LendingTree’s funding sources, not the company itself, are making the calls. However, the fact that LendingTree doesn’t seem to monitor or control its lenders’ marketing practices could be seen as a drawback.
• Too many inquiries from lenders about credit reports: Some customers believe LendingTree should only make one round of inquiries before providing this information to possible lenders.

Additional evaluations featured contented customers who expressed a general sense of satisfaction with LendingTree’s services.

Accepting the terms of service from LendingTree means that you consent to having any disagreements with the company resolved through binding arbitration. Generally, LendingTree accepts no responsibility for the lenders and ads on its websites. Consumers use the site “as is. ”.

What you MUST Know About LendingTree

FAQ

Is it safe to use LendingTree?

Is LendingTree an actual lender?

What credit score does LendingTree use?

How much can you get from LendingTree?

Does LendingTree charge a fee?

As a broker, LendingTree itself won’t directly charge you anything. It makes its money just from selling the loan for third-parties. So whatever price you see from the lender is what you get, no charges on top.

Is LendingTree a good company?

LendingTree customer reviews are generally positive. As of the time of writing, the company has a rating of 4.6 out of 5 stars based on nearly 12,000 reviews on Trustpilot. Among these reviews, over 9,700 customers give it a five-star rating and another 12,260 give it four stars.

How can LendingTree help you?

Whether you need a mortgage, an auto loan, a personal loan to fund a large purchase or another form of financial assistance, LendingTree can help you quickly compare offers and find the best rates and terms for your situation. ConsumerAffairs has collected 1,558 reviews and 2,453 ratings.

Does LendingTree offer a personal loan?

As one of LendingTree’s partners, you may see SoFi personal loan offers when you check your rates through the LendingTree marketplace. However, LendingTree only lets you choose a personal loan amount of up to $50,000, while SoFi may offer a loan of up to $100,000 when you apply directly.