Personal loans can be used to finance a variety of financial needs, including debt consolidation, home improvements, medical expenses, and other major purchases. Personal loans can also provide a path for consumers to improve their credit scores.
As an unsecured loan, personal loans don’t require collateral, but their interest rates can vary greatly by lender. What sets LendingTree apart is that it connects personal loan applicants with up to five lenders so they can easily compare options.
If you’re interested in getting a personal loan through LendingTree, here’s what you need to know.
In this review:
- How to Get a Personal Loan Through LendingTree
- Rates, Fees, & Other Basic Info
- Pros & Cons of LendingTree
Getting a LendingTree Personal Loan
Here’s how getting a personal loan through LendingTree generally works:
- You’ll select a loan purpose, how much you want to borrow, and provide some basic details about yourself. You’ll also have to estimate your credit score.
- You’ll be asked to create an account before seeing your free, no-obligation results.
- See results and choose an option (if you want to).
- Receive your money in as little as a few days.
Although a wide range of credit histories are accepted, you’ll have a better chance of qualifying for the lowest rates if you have good or excellent credit.
The credit score classifications you have to choose from while filling out your application include:
- Excellent (720 to 850)
- Good (680 to 719)
- Fair (640 to 679)
- Poor (639 and below)
In addition to your credit score, potential lenders will consider factors like your employment history and debt-to-income ratio before making a loan decision.
>> Read More: What Credit Score is Needed for a Personal Loan?
Basic Information: Rates, Terms, Fees, & Limits
Terms for LendingTree personal loans vary significantly between lenders. For example, if someone were to receive a Best Egg personal loan featured on LendingTree, they would see an APR range of 5.99% to 29.99%, and loan terms can be anywhere from 36 to 60 months.
On the other end of the spectrum is NetCredit. Its APR range is 34% to 155%. Loan amounts go up to $10,000.
Most loan amounts are anywhere from $1,000 up to $50,000, enough to accomplish a range of financial goals. Terms usually range anywhere from two to five years, and with an unsecured personal loan, the borrower receives a lump-sum deposit into their bank account.
Because lower interest rates are reserved for borrowers with better credit, here are a few tips to raise your credit score:
- If you notice a mistake on your credit report, take steps to correct it. Errors are routinely made that can impact a person’s score.
- Make timely monthly payments to all creditors.
- Pay off as much as you can on your revolving account balances to reduce your debt-to-income ratio and overall credit usage.
- Consider adding a co-signer to lessen the risk you present as a borrower.
>> Read More: LendEDU’s Pick for the Best Personal Loans
Pros & Cons of LendingTree Personal Loans
Benefits of LendingTree Personal Loans
- LendingTree is a free, easy-to-use service that allows you to compare loan offers from multiple lenders within just minutes, saving you time and money.
- LendingTree will only perform a soft credit pull which won’t have an impact on your credit.
- LendingTree has many free tools that can help you manage your finances better including calculators that can show you your estimated monthly payments and loan cost.
- Taking out a personal loan with an online lender through LendingTree can result in faster funding compared to traditional financial institutions.
Downsides of LendingTree Personal Loans
- Since you have to create an account to view your results, you may receive unwanted advertisements and offers from a variety of financial institutions, even if you decide not to go ahead with the loan.
- LendingTree will only show you offers from their network of partners, so you may be able to receive a lower rate elsewhere.
Bottom Line: Is a Lending Tree Personal Loan Right for You?
LendingTree is a convenient option for getting more than one quote for a personal loan while only having to fill out one application. That can be a timesaver for would-be borrowers who might not know where else to look when trying to secure funds for a variety of expenses.
Because rates, fees, and other terms vary widely between lenders, make sure you take the time to fully consider all aspects of your LendingTree loan offers before accepting one.
Author: Shannon Serpette
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