LendingTree is an online lending marketplace that partners with over 500 financial institutions and offers a long list of loan options 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.
Automated prequalification requires a soft credit inquiry that doesn’t affect the borrower’s credit score. After prequalification, borrowers may apply for a debt consolidation loan, personal loan, or other financial service that suits their needs. Application at each lender initiates a hard inquiry on borrowers’ credit reports.
LendingTree also offers several other financial services using a similar approach. Services available include mortgage lending and refinance, student loans and refinancing, credit card availability, auto loans and refinancing, insurance, and financial help.
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
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
Obtaining a debt consolidation or personal 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.
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
Deane has dedicated over three decades to the field of residential construction, remodeling, maintenance, repair, and finance. With a wealth of experience in these areas, he ventured into writing as a means to broaden his outreach. Throughout his career, Deane's primary focus has been assisting clients in discovering the hidden potential within their homes and providing them with the knowledge and tools to take charge of residential projects from conception to construction to financing.
Now, as a contributor for distinguished publications such as Forbes Home, Angi.com, USNews, Family Handyman, Lifewire, Trusted Company Reviews, and others. His goal remains the same: to help clients, and now readers, turn their ambitions into reality.
