LendingTree is a marketplace that allows customers to compare different Loan rates and terms to determine which one best suits their needs. In this way, lenders will have to compete for borrowers instead of it to be the vis-visa.
It was established by Doug Lebda and Jamey Bennet in 1996, due to their quest and desire to make things easier for both the lenders and the borrowers.
This comparison is done for all loans starting from personal loans, Student loans, Auto loans Business loans, Mortgage loans, and many more kinds of loans that you may probably want.
LendingTree personal loans are said to be unsecured loans that is customers don’t need to pay for security fees and there is no collection of collateral for any loan that is being acquired.
This article will discuss the products that are made available to all by LendingTree, its features, how it works, requirements, and loan terms, Make sure that you read to the end to keep updated.
Let’s start with knowing the overview of LendingTree
About LendingTree
It is a lending platform that compares lending rates and loan terms for borrowers, thereby bringing the lenders and borrowers together. LendingTree does not offer loans on their own but only connects the customers to different lenders to choose from
LendingTree is known as one of the largest and most popular peer-to-peer online lending websites that was established in Charlotte, North Carolina.
It brings borrowers and lenders together regarding business exchange which can be business, personal loans, Student Loans, Mortgage loans, and refinanced loans.
To get information about credit cards, credit scores and histories, and other financing services, try LendingTree today and explore the many online services that it has to offer.
LendingTree is a different option for borrowing because the loans come from non-traditional lenders like banks as well as from small businesses and private investors. Since its start, it has answered millions of requests.
The competition among lenders benefits borrowers because it can lead to cheaper interest rates and access to loans even if banks have rejected your loan application.
Through a lending marketplace, LendingTree assists borrowers in finding a variety of loans (including personal loans and mortgages).
LendingTree Special Features and Benefits
LendingTree Market has a lot of features that are peculiar to each lender but to get to know about them you will have to review the features of a particular lender and then compare them with the available options that you have.
Having stated the above, here are unique features that LendingTree Marketplace has to offer that make it stand out and distinct from other lenders.
Credit Score Access
To qualify for application for the personal loan, borrowers will have to undergo a pre-qualification stage in which they will be asked if they want a free upgrade to LendingTree credit monitoring service. This will enable the borrower to have a good knowledge of what the credit score looks like.
Management Tools
LendingTree has a money management tool that customers can sign up for to get access to the service. After a successful signup, link your account to it and enjoy transaction updates, tracking of your spending, review of debt to income ratio, and more.
Savings and Discounts
It is sad to say but this lending platform does not allow or give discounts to customers, on the other hand, it offers every borrower the opportunity to prequalify for as many lenders as possible at once. This helps them to save a lot of time and energy of going through the process for each lender which will be time-consuming.
App with Benefits
LendingTree has an app that can be accessed using an IOS device or Android. This app is popular and has a star rating for customers who have made use of it to check credit scores, apply for a loan, and view their loan status.
Lenders Report to the Three Credit Bureaus
All lenders in the LendingTree Marketplace report to the Experian, Equifax, and TransUnion Credit Bureaus. This ensures that a good credit history is made and it improves credit score
24/7 Customer Services
The customer service department of LendingTree from reviews shows that they have been consistent and helpful to all their customers offering them unlimited access to seek directions, make complaints, and get instant feedback.
How LendingTree works
LendingTree works with Several lenders as partners making loans available in bulk for any borrowers who declare an interest.
This lending platform does not offer loans on its own rather it serves as a marketplace for all lenders to display their loan offers to customers and each borrower after much consideration makes their choice of lender to use.
So LendingTree only receives information from borrowers about the kind of loan they want to apply for and then arranges lenders that best describe their offers to make selections from.
LendingTree Products and Services Offered
LendingTree is a marketplace for a wide range of loans, such as mortgages, auto loans, and more. Additionally, a range of personal loans are available.
Because they are so flexible, personal loans can be obtained for nearly any purpose. LendingTree identifies a few of these factors, including;
- Debt consolidation
- Home Improvement
- Major purchases
- Car Financing
- Starting a business
- Personal Loan
- Vacation
- Wedding expenses
- Medical bills
You can use a personal loan for any of these reasons, even if they all differ greatly from one another. No matter why you’re applying, the specifics of your personal loan will be similar, so you can tailor your monthly payment by selecting from a variety of various repayment options.
LendingTree Marketplace Loan Application Process
The LendingTree loan application procedure begins when you choose the kind of loan you wish to apply for on the website.
There are three steps that must be taken to apply for a loan and they include
- Get pre-qualified. This is the first step to applying for a personal loan, to begin you will have to provide personal details about yourself. This includes full name, date of birth, address, employment status, Email, phone number, purpose of loan, loan amount, and many others.
- Compare multiple Loan offers. On the homepage of the website you will find the loan amount, annual percentage rate, lending term, and automated monthly payment of every lender, This will help you to compare and choose the one that interests you the most.
- Apply with the lender that best suits your loan needs. When you’ve decided on the options to go with tap on the continue button and get redirected to finish up the loan process. Bear in mind that each lender varies as regards the loan process.
LendingTree Loan Requirements
The fact is that LendingTree is considered to be a Marketplace, not a lender, so to qualify for the loan that you want to apply for, it is essential that you compare the lender’s eligibility criteria to see what it entails.
Meanwhile, we have a few of what you may need before you can make an application for the loan.
- The borrowers will have to provide personal details such as name, phone number, Email, address and other thing that may be asked
- Proof of income either as a salaried earner or self-employed
- A minimum credit score of 600
- Debt to income ratio of 35% or otherwise stated by the lenders.
Lending Repayment Terms and Period
The terms of loans might vary greatly based on your credit score, income, the type and size of the loan, and other factors. Most loans last three years or more on average.
Although your APR could reach 29.9 percent, we observed marketed 5/1 adjustable rate mortgages with APRs beginning at 2.97 percent.
On its website, LendingTree notes that you can use its LoanExplorer to look for loans without initially providing any personal information.
LendingTree Personal Loan Alternatives
Just as LendingTree is a good personal loan marketplace, it is also advised that you check other lenders that may be less costly to work with. There are a lot of alternatives that you can try out while you decide on which loan marketplace to use.
They include the following;
- LightStream
- Credible personal Loans
- Monevo
- LendingPoint
- LendingClub
- Discover
- Fiona
- Upstart personal loans
- Achieve personal loans
Conclusion
As a premier online marketplace, LendingTree adds value by enabling its prospective borrowers to connect with some of the best lenders in the nation and compare various loan offers before selecting the best one.
You may be sure that you’re working with a reputable firm because LendingTree personal loans have received overwhelmingly great customer and professional ratings.