LendingTree Review (December 2022) – Pros, Cons, Features, & Pricing

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.

Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

Last Updated: Nov 27, 2022

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LendingTree is not available in Canada. Get a Canadian loan.

LendingTree

  • Only available in the US
  • Credit boosting solutions
  • Solutions for business and personal finance

LendingTree is not available in Canada. Get a Canadian loan.

What Makes LendingTree a Good Option?

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.

Pros and Cons of LendingTree

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.

Lendingtree Commercial Loan - Comparewise

The Pros of LendingTree

Variety of Lending Options

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.

Looks Out for Better Deals

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.

Competitive Loan Offers.

LendingTree gives room for more competitive loan offers. This gives you the power to pick based on the rates and options you can afford.

There’s Room to Negotiate

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.

Shows Loans with Low APRs

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%.

Access to Funds is Quick

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.

Access to Large Loans

Using LendingTree, you can get large amounts of loans. With the LendingTree Personal Loans, you can apply for loans of up to $50,000.

Access to Educational Tools and Resources

On the LendingTree site, you can find plenty of educational tools that aid you make a good choice regarding a lender.

No Prepayment Fees

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.

Lendingtree Review Loan - Comparewise

The Cons of LendingTree

High APRs on Some Occasions.

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.

No Pre-approval

The LendingTree platform does not offer soft credit pulls for the loan pre-approval.

No Credit Bureau Report

LendingTree does not report to credit bureaus. This is unlike some other platforms that do so.

Your Contact Information Is Shared

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.

Variable Fees Are Paid

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

  • Credit report
  • Appraisal fee
  • Loan origination fee
  • Document preparation
  • Notary and title fees.
Boost Your Credit Health With Lendingtree - Comparewise

LendingTree Products and Services

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

  • FHA
  • Jumbo
  • VA
  • USDA
  • Investment property mortgages
  • Conventional

Besides all these, on LendingTree, there are refinance options, including

  • The rate and term refinance. This option helps you quickly pay off your loan. You can also save money on your monthly payments. This is usually done by changing the loan terms of the interest rate on your mortgage.
  • Cash-out refinance. This option is for you if you decide to swap your current loan for a bigger one. A bigger loan amount usually allows you to access your home’s equity.

Specialty Loans

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.

  • Home equity loans. There is a fixed-rate loan term under this option. It also allows you to make monthly payments evenly for the next 30 years. There is usually a limit to the amount lent. It ranges from $15,000 to $750,000 and above.
  • HELOCs. This is another line of credit that has a variable rate. This option allows you to be lent money against your home equity. It can last for 10 years and is referred to as the waiting period. The loan can be gradually paid off over 20 years.
  • Reverse mortgages. This option is for the older population. Retirees who are about 62 years or more can get monthly payments. The payment comes from their home equity. The purpose is often to be a supplement to their retirement benefits. The loan is usually set for a particular loan term. It can be when the retiree in question is deceased and the home is sold.
Lendingtree-Doug-Lebda-Comparewise

LendingTree Product and Service Quality

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.

How to Get Started with LendingTree

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.

  • Go to the LendingTree website or App on your phone and enter the homepage.
  • Choose the loan specifications or the type of loan you want.
  • Pick the type of home you have. It could be a Condominium, townhouse, or single-family home.
  • Enter your personal information in the spaces provided. Ensure to follow the prompts to avoid getting confused. Your personal information guides the kind of lenders suggested to you. Usually, it is lenders who are more prevalent in your area that would be suggested.
  • Submit your application.
  • Look through the list of lenders provided after you submit your application.
  • You can choose the links provided and start applying for a loan.
  • You can also decide to wait for the lenders you’re matched with to contact you.

LendingTree Eligibility

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.

  • Your income. You must show that you have a steady income stream to cover your mortgage payment. It should also cover the new home equity loan or the HELOC payment, whichever it is.
  • Assets. If you have more assets, you stand a better chance of getting better loan offers. Lenders get more comfortable with you.
  • Acceptable credit. You should have a minimum credit score that ranges between 620 to 680. Preferential treatment is, however, given if you have a credit score of 740 or more. You will also have the best rates.
  • Debt income ratio. To qualify for a loan, your debt-to-income ratio should hover around 43% or less. This increases your chances for a loan.
  • Loan to value ratio. As a borrower, your loan-to-value ratio should also hover around 80%. There are better chances for those with a 90 or 97% ratio.
Lendingtree Personal Loan - Comparewise

Alternatives to 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

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.

Lending Club

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

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.

Find Real Savings With Lendingtree - Comparewise

LendingTree Review Conclusion

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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FAQs about LendingTree Review

How can one prevent getting so many phone calls from lenders?

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.

Do users pay to access or use the LendingTree platform?

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.

Is LendingTree legit?

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.

How does LendingTree make money?

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.

Is LendingTree safe?

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.

June 1, 2022
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