In this LendingTree review, we will examine the pros and cons of using LendingTree to find a loan for your business. You’ve probably searched for a reputable lending platform in Canada and came across LendingTree. Now you’re wondering if it’s worth using or not.
LendingTree is an online lending marketplace created specifically to help borrowers access several lenders. It creates ease among borrowers as you can scroll through lenders quickly. The competition makes it easier for you to negotiate, and there are no exorbitant fees. Lenders, however, can access your personal information and flood your phone with calls.
There’s more to LendingTree than meets the eye. There are many things to consider when choosing which lender to use. That’s why we’ve created this LendingTree review to give you all the facts about this lending platform. We’ll also look at some of the best features of LendingTree so you can make an informed decision on whether or not it’s right for you.
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Last Updated: Nov 27, 2022
LendingTree is not available in Canada. Get a Canadian loan.
This LendingTree review will not start on sound footing if the reason for being a good option is not stated. This platform is an excellent choice because you can look through it and compare options. This activity does not affect your credit score. Irrespective of LendingTree’s work, you must invest time and research the different lenders. You will need to investigate their terms, conditions, fees, and other features for lending.
It is not every lender that LendingTree partners with. They do their homework and ensure they can account for their partners. If you do not feel okay with their choices, you can still explore other platforms like banks and credit unions.
The LendingTree review would also give a balanced perspective by discussing the platform’s pros and cons. It also gives an assessment of the LendingTree mortgage.
With LendingTree, you have a variety of lending options. You get to look through and compare the different lenders’ ratings. You can also get solid customer reviews that you can bank on.
No matter the loan you’re on, if LendingTree sees a loan that offers lower rates, they alert you. They do this by sending an alert to your account.
LendingTree gives room for more competitive loan offers. This gives you the power to pick based on the rates and options you can afford.
You get some offers when using LendingTree. This allows you to negotiate with the service providers to reduce the closing cost or the interest rate. With this type of service, you can get a better loan offer.
Usually, different online loan platforms have different APR rates. LendingTree, however, looks explicitly for loans with lower APRs. This can be as low as 3.49%. Which is lower than other platforms. Usually, the interest rate range for personal loans is between 5% to 36%.
After you have confirmed the loan platform you want to use, access to funds is usually fast. It takes about 1 to 2 business days to get your funds.
Using LendingTree, you can get large amounts of loans. With the LendingTree Personal Loans, you can apply for loans of up to $50,000.
On the LendingTree site, you can find plenty of educational tools that aid you make a good choice regarding a lender.
LendingTree does not charge prepayment fees. It simply means you don’t have to pay additional fees if you want to pay off the personal loan early.
Occasionally, the APR for the online loan agents on LendingTree can go as high as 35%. This can prevent you from borrowing if you want something with a lower APR.
The LendingTree platform does not offer soft credit pulls for the loan pre-approval.
LendingTree does not report to credit bureaus. This is unlike some other platforms that do so.
LendingTree usually shares your contact information with lenders on their platform. They can call you or email you to advertise their mortgage offers. Besides this being a security risk, it can be rather worrying. They keep calling, even after you have chosen a lender.
From looking through other LendingTree reviews, the fees paid on the platform vary from lender to lender. It has already been established that it doesn’t routinely include underwriting, processing, and application fees. The underwriting fee is popularly referred to as an origination fee.
Irrespective of these, there are chances that a small percentage of your loans (2-5%) would be used to close costs. It includes
This section of the LendingTree review will introduce you to the platform’s various products. Especially the LendingTree business loans and their features.
LendingTree has a mobile App that is Android and iOS enabled. It helps you shop for online lenders with an easy flick of your finger. It is also a much better option than the website. This is if you want to prevent getting a barrage of calls from online lenders.
LendingTree, as earlier stated, brings borrowers and lenders together and helps borrowers access LendingTree business loans. Lenders often offer different loan types. The range of their home loan products includes
Besides all these, on LendingTree, there are refinance options, including
The LendingTree review also covers the specialty loan that the platform gives.
The loans related to mortgages that the LendingTree platform gives are home equity products.
Before the LendingTree review ends, the quality of the services will be put into perspective.
The platform is a quick way to access several LendingTree small business loans without being charged. It serves borrowers who want a fast response for loans but want to do without the services of a broker.
There have been several complaints concerning the website. The platform divulges your personal information to lenders, who keep calling and emailing you to advertise their services.
This aspect of the LendingTree personal loans review gives a step-by-step process for getting started. Take the following steps to get started with LendingTree and get lenders to give you loans.
This section of the LendingTree review is about the eligibility requirements to qualify for a LendingTree small business loan.
All lending platforms have different requirements to meet before you qualify for a loan. For a LendingTree mortgage, your chances of meeting lenders with varying requirements are high. However, you must meet general requirements to qualify for a home equity loan via LendingTree.
The alternatives would also feature bringing the LendingTree personal loans review to a close. This is in cases where you can’t access LendingTree personal loans and needs other platforms.
Penfed Credit Union is an alternative to LendingTree. They have a fixed APR of 7.74% – 17.99% unlike LendingTree 5% – 36%. Their loan amount ranges from $600 to $50,000 with a loan term of up to 12-60 months.
A checking account is required to get a loan from this platform. There is no origination or prepayment fee, but an optional co-signer exists.
Compared to LendingTree’s 5% to 36% APR, Lending Club has a fixed APR of 6.34% – 35.89%. They offer a range of $1000 to $40,000 for loans. But their term is usually up to 36 to 60 months. And there are no prepayment fees. However, there are origination fees.
Regional Finance is another strongly recommended LendingTree alternative. There is a fixed APR of 21.99% to 35.9%, and the loan amount is usually between $2501 to $12,000. The term is also about 24-60 months. There are no late fees or prepayment fees.
In conclusion, having read the LendingTree review, you know if you are eligible for a loan via this platform. You must first get a budget. This should also cover the expenses you’re willing to make to get your desired loan.
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The answer is not to put your phone number in your personal information. You can also prevent this by using the LendingTree Mobile App. The mobile app provides far more anonymity than the website does.
No, you don't have to pay money to use the platform. No fees are charged to link borrowers up with lenders. In cases where you are asked to pay money, you must be careful as it may be a scam.
LendingTree is a legitimate practice. It brings borrowers and lenders together, and borrowers can have access to cash. It has been in existence since 1996. By 2006, they had performed over 20 million transactions. They have also performed over $152 billion in loan transactions.
Mortgage lenders and banks pay LendingTree to get listed on their platform. They can get good leads and customers from the platform and are willing to pay for it. This is the primary way LendingTree makes money. They also do not charge borrowers before they can use the account.
There's no doubt that LendingTree is a safe App. They go the extra mile to protect your sensitive information. Your information is transmitted to banks or lenders through encryption. Only LendingTree can decode the encryption. You get logged out after you have been inactive for a while.