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LendingTree Review for 2024

Home » Finance » LendingTree Review for 2024
8.4
Rated for Debt Consolidation Category
9.8
Rated for Small Business Loans
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Table of Contents

Read Our 2024 LendingTree Review

Is LendingTree Legit? Yes, LendingTree is legitimate. In this review, we provide an inside look at LendingTree, a top-rated loan marketplace. We’ll give you all the details to help you decide if LendingTree is the right choice for you. Ultimately, whether or not LendingTree is a good fit depends on your unique financial needs.

LendingTree holds an A+ rating with the Better Business Bureau (BBB) and is an accredited, licensed lending service. While LendingTree is not a direct lender, it partners with some of the most reputable lenders in the country. Instead of applying to individual lenders yourself, LendingTree simplifies the process by allowing you to compare rates from top lenders all in one place. You can easily review rates, fees, and terms, and then choose the loan that best fits your needs. The entire process is online, and you can be prequalified for a loan today with funding as soon as tomorrow—faster than traditional banks.

At TrustedCompanyReviews.com, our finance industry experts evaluated LendingTree alongside hundreds of other lenders and debt consolidation companies. Based on these comprehensive reviews, LendingTree was rated #1 for small business loans and #3 for personal loans and debt consolidation.

LendingTree reviews debt consolidation primary image

What is LendingTree?

LendingTree is an online lending marketplace that partners with over 500 financial institutions and offers a long list of loan options, business funding products and financial services. LendingTree reviews describe its debt consolidation loan options as including a wide range of repayment options and interest rates dependent on borrower qualifications and lender specifics.

The company knows a bit about debt consolidation. Between April 2021 and March of the following year, LendingTree performed a study concluding that between 37.7% and 39.7% of personal loan borrowers use the funds to consolidate debt. As an online marketplace, the company isn’t a lending institution. Instead, LendingTree’s automated prequalification system pairs borrowers with potential lenders.

How Does LendingTree Work?

LendingTree makes it easy for consumers to compare prequalified loan offers. With just a few clicks, you’ll receive prequalified loan offers tailored to your needs. Start by selecting your desired loan amount and how quickly you need the funds. You’ll then provide some basic personal information, including your date of birth. A soft credit check will be conducted, which won’t affect your credit score. Once completed, you’ll see the available loan offers.

Prequalification requires only a soft credit inquiry, leaving your credit score unaffected. After this step, you can apply for a debt consolidation loan, personal loan, business loan, or other financial services. However, keep in mind that applying with a lender will trigger a hard inquiry on your credit report.

In addition to loans, LendingTree provides various financial services using a similar process. These services include mortgage lending and refinancing, student loans and refinancing, credit cards, auto loans and refinancing, insurance, and financial planning assistance.

Compare LendingTree vs. Other Top-Rated Loans

Pros

  • Credit score remains unaffected by prequalification

  • Low, $1,000 borrowing minimum

  • Wide range of loan terms from 1 to 12 years

  • Other lending and services are also available

  • No early payment penalties

  • Rates as low as 5.2% possible

Cons

  • Maximum borrowing amount is $50,000 for personal loan products

  • High possible interest rates of nearly 36%

  • Some mediocre to low consumer review scores

LendingTree Consolidation Loan Features and Benefits

Offering a long list of features and benefits earns LendingTree a spot on our list of the best consolidation loan providers.
  • Online loan and financial services marketplace
  • Partners with over 500 lending companies
  • Graded A+ at the Better Business Bureau
  • Offers multiple financial products
  • Multiple lender prequalification is available
  • Choose the lender best fitted to your needs
  • Offers free credit score monitoring
  • Prequalification doesn’t affect credit score
  • Partner companies include large and small institutions
  • Peer-to-peer lending may be available
  • 600 credit score necessary for most lending
  • Some lenders may allow a co-signer
  • Origination fees may apply depending on the chosen lender
  • Informative and helpful company website
  • Mobile app available

LendingTree Review Editorial Rating

Trusted Company Reviews Rating Score for LendingTree: 8.4
LendingTree is an online financial marketplace that partners with over 500 lending institutions, including large and small companies and some peer-to-peer financing platforms.

LendingTree Consolidation Loan Facts

LendingTree offers rapid automated prequalification results that include a list of debt consolidation and loan options that consumers can choose to apply for. Prequalification consists of a soft credit inquiry that won’t affect credit scores. Loan specifics vary according to the terms of individual lending institutions.
Interest Rates 5.20% – 35.99%
Origination Fee 0% – 8% of initial amount
Late Payment  Varies by Lender
Returned Check/ACH  Varies by Lender
Loan Terms 12 to 144 months
Minimum Credit Score 600
Loan Amount $1,000 to $50,000
Limitations Qualification requirements vary by lending institution

LendingTree Interest Rates and Specifics

Interest rates, origination fees, and loan terms vary by the lender you choose after prequalifying and applying to one of LendingTree’s partner companies. Debt consolidation specifics also depend on the lender, including whether or not the company will pay creditors directly or require that you handle the transactions.
LendingTree interest rates vary from as low as 5.2% to 35.99%. The interest rate you qualify for depends on a number of factors that may include your credit score, payment history, length of credit history, income-to-debt ratio, employment status, and others.
Loan amounts offered by LendingTree’s partners vary from $1,000 to $50,000 for personal loans and debt consolidation. Prequalification isn’t equal to approval. Final approval must ultimately come from the lender you choose after prequalifying on LendingTree’s online platform.

How to Get a LendingTree Debt Consolidation Loan or Business Loan

Obtaining a debt consolidation, personal, or business loan from LendingTree is a three-part process.
1. First, input your personal and financial information into the application on the LendingTree website. If you generally qualify for borrowing, the site will return a list of potential offers from various lenders.
2. Choose a lender and its offer and formally apply following the instructions on the website. Loan or debt consolidation specifics, including interest rate, loan length terms, and the amount you qualify for, will be available before making your decision. You’ll be required to supply proof of your financial and personal statements at this time.
3. Finally, the lender will notify you of final approval or denial based on the documentation you supply. If approved, complete the contract according to the specifics outlined.
The initial prequalification through LendingTree won’t affect or appear on your credit report. However, the formal application to each individual lender will appear and affect your score. Loan terms, interest rates, and other specifics will vary by lender.

Approval and Acceptance

LendingTree’s online platform doesn’t guarantee approval of the personal or debt consolidation loan you apply for. The company simply identifies the most likely lender matches and borrowing options based on the information you supply on the website. The more accurate and thorough the information you provide is, the more likely LendingTree can find the right match for your needs.
To apply, a lender will ask for documentation or other proof of your financial and personal records. Becoming approved for the loan you choose requires a hard inquiry on your credit report that will affect your score. If you obtain approval for the loan you apply for, the lender will provide a contract you can accept or deny.

LendingTree Debt Consolidation / Personal Loan Requirements

Because LendingTree works with such a large number of partner companies, consumers in a wide range of personal and financial situations may be approved for debt consolidation or personal loans through the company.
However, there are some basic minimum requirements that most borrowers should meet for the best approval odds. These minimum requirements generally include proof of income with a debt-to-income percentage ratio of 35% or below. LendingTree lenders typically look for a credit score of at least 600. However, a few lenders may approve borrowers with scores slightly below that number.

LendingTree Reviews

LendingTree, as a company, receives some mixed reviews. The inconsistencies are likely the result of the company’s wide range of financial services offered to a wide range of consumers and their needs. As a debt consolidation lending platform, LendingTree has average consumer star ratings between 3.4 and 4.4 out of five.
At the Better Business Bureau, the company rates relatively low at 1.15 of 5 possible stars. However, LendingTree carries an A+ grade and has been accredited since 2019 with the Bureau.
The BBB’s grading system rates companies by their commitment to addressing and resolving consumer complaints—Companies earn an A+ grade by scoring in the top three percentile based on several indicators, including company history, transparent business practices, lack of negative issues, and several other criteria.
lendingtree reviews image

Is a LendingTree Debt Consolidation Loan Right for You?

Committing to a debt consolidation loan is a big step. The process effectively moves your debt responsibilities from several lending companies to a single lender. Debt consolidation can save money in the long term by reducing the interest rates your current debt is subject to and replacing it with a single, lower rate. However, obtaining a lower interest rate isn’t guaranteed.
Debt consolidation may also decrease the time it takes to repay your debts simply by consolidating the repayment terms into a single loan payment for a fixed period. This scenario is more likely when consolidating revolving credit debt.
However, debt consolidation also comes with expenses and risks that consumers may encounter. Risks often include freeing up credit cards for use outside of the parameters of the debt consolidation loan. This situation involves paying the higher monthly payment for the consolidation loan while also acquiring additional revolving debt payments.
Additionally, expenses of debt consolidation may include loan origination and other fees that will reduce the overall savings of combining your debt through one lender.
If you have debt you wish to consolidate, a better-than-poor credit score, an understanding of the risks of debt consolidation, and a steady income source, LendingTree can likely put you in touch with a lender that fits your needs.

LendingTree Review Bottom Line

LendingTree ranks among the best debt consolidation companies for a number of reasons. While the company does have a few less-than-stellar reviews, most reports award it above-average ratings. LendingTree offers numerous financial services, and its large network of partner companies allows it to provide those services to a wide range of customers with average credit scores and higher.

Other LendingTree Loans and Products

In addition to debt consolidation and unsecured personal loans, LendingTree offers several other borrowing solutions and financial services, including offerings in the following categories available on the company’s website.
  • Car loans
  • Automobile refinancing
  • Business loans
  • Student loans
  • Student loan refinancing
  • Mortgage lending
  • Mortgage refinancing
  • Credit cards
  • Insurance
  • Debt assistance
  • Educational information

AmONE Vs. LendingTree

AmONE and LendingTree are both online lending marketplace platforms. Both connect consumers to lenders, and both offer a long list of financial services. LendingTree and AmONE both offer debt consolidation and personal loans.
AmONE’s website lists multiple loan types for various personal and collateral loans, versus LendingTree’s more simplified approach of using larger, more generic categories to describe its loan options and other servcies.
Both companies use a prequalification method that avoids making a hard inquiry on customers’ credit reports until a financial service is chosen. Prequalifications include a soft inquiry that doesn’t affect a credit score and is used only as a means of matching potential lenders to the borrower.
Differences between the two companies include LendingTree offering a longer payback time of up to 144 months and a slightly lower potential interest rate. However, AmONE invites consumers with poor credit histories to apply by requiring no minimum score for prequalification.
Feature LendingTree AmONE
BBB Grade / Rating 1.15 / A+ 1.0 / B+
Average Reviews Rating 4.0 4.7
Interest Rates 5.20% – 35.99% 5.99% – 35.99%
Origination Fee 0% – 8% of initial amount 0% – 8% of initial amount
Loan Terms 12 to 144 months 12 to 60 months
Minimum Credit Score 600 No minimum score
Loan Amount $1,000 to $50,000 $1,000 to $50,000

Frequently Asked Questions

Is LendingTree Legit?

Is LendingTree good for auto loans?

Is LendingTree credit score accurate?

Source

lendingtree.com – bbb.org – trustpilot.com

About Author

Dr. Ali

Deane Biermeier

Deane Biermeier is a respected authority in financial research, writing, and editing, renowned for his in-depth analyses and expert advice. With a distinguished career that previously spanned home improvement, real estate, and finance topics, Deane's role at Trusted Company Reviews focuses exclusively on finance. Deane continues his contributions to leading publications such as Forbes Home, US News and World Report, Newsweek Vault, and others. Since joining TrustedCompanyReviews.com in 2023, he has solidified his reputation as a crucial resource for clear, factual financial guidance. Deane is currently enhancing his expertise by studying at the University of Minnesota to become a certified financial educator. This new qualification is set to further enrich the advice and insights he provides, bridging the gap between academic financial theory and practical application.
Dr. Ali

Deane Biermeier

Last Updated: October 25, 2024

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