LendingTree review of our refinance and how to use the online loan marketplace to shop around for your next loan
LendingTree is one of the oldest online loan marketplaces having launched in 2008 and has recently expanded the loans it offers.
We refinanced our home in 2012 through a lender we found on LendingTree so I thought I would share the experience and review the website for new borrowers.
Our overall experience with LendingTree was excellent. The website offers an easy and fast way to shop around for a loan and get the best rate. It doesn’t cost anything extra to use the website so there’s really nothing to lose.
We did have one problem in that we got too many loan offers. It might seem like a good problem to have but the constant emails and offers did get a little annoying, especially after we already settled on a lender. It’s an easy problem to fix and I’ll go into it more later in the review.
Read through this LendingTree review and let me know if you have any questions. It’s a good opportunity to find a loan quickly without having to go to multiple websites or a traditional bank.
How Does LendingTree Work?
LendingTree doesn’t make loans itself but acts as an online middleman between lenders and borrowers. This kind of online loan marketplace is works better for both sides. LendingTree gets traffic in the millions each month, making it a great place for lenders. Borrowers get matched with the best loans and benefit from lower rates on lender competition.
LendingTree has a network of over 1,500 lenders to make mortgage, car, personal loans and small business loans. You fill out one application and the system automatically matches you with lenders that can qualify your loan.
Once you’re matched with lenders, you’ll be able to compare loans and rates side-by-side and get connected with the best deal. Approved lenders that match your loan needs can also reach out by phone or email to finish the process. LendingTree continues to check for the best rates and lenders each day to update your loan request.
LendingTree charges no fees to borrowers to get matched with lenders. It receives compensation from lenders to advertise and once a loan is closed.
What Makes LendingTree a Suitable Platform?
LendingTree is a personal loan company that offers loans of different types, duration, and interest rates.
LendingTree’s website is easy to navigate and they offer products for all kinds of situations. They also have products that are offered with no credit checks or guarantor needed.
The company has an excellent customer care service that can be accessed using the chat function on their website or by calling them on the phone.
LendingTree is a platform that provides mortgage rates, refinancing rates and home buying resources for consumers.
LendingTree has been in the industry for over 20 years and it has a great reputation. It is an established brand that provides financing options to consumers across the United States. They have a large selection of products which can be filtered by various criteria. For example, you can filter their loans by the following:
- LTV Ratio
- Interest Rate Type
- Loan Type
- Loan Term Length
LendingTree is not only the best company, it’s the best company for you.
LendingTree can provide you with lending solutions that are tailored to your needs. Whether it's refinancing, mortgages, student loans, or finding a credit card that suits your lifestyle – LendingTree is here to help.
The biggest advantage of using LendingTree is their high level of customer service. Lending Tree has an A+ rating with the Better Business Bureau so you can be confident they've spent decades achieving this rating by delivering on their promises to customers.
LendingTree is a very popular name in the lending industry. They have been around for many years and they offer a vast array of loan products. With billions of dollars in outstanding loans, LendingTree provides a secure way to borrow money.
The company offers loans for cars, boats, mortgages, refinances and much more. Their website has an easy-to-use interface that is perfect for helping you find the right finance product for your needs. LendingTree also gives you the chance to explore different options from many lenders with just one application! So if you are interested in borrowing money from LendingTree then all you have to do is go to their website or simply give them a call at one of their customer service numbers given on their site.
How Long Does It Take to Get a Loan from LendingTree?
Once your application is finished, lenders reach out by email and phone to approve the loan and get the process started. Personal loans and some small business loans can be completed within a couple of days. Mortgages and auto loans can take up to a month to get all the paperwork signed.
LendingTree will save you time by not having to go to different lenders individually, whether online or in-person. Beyond the time you save with an online loan marketplace, the time to get your loan is pretty much the same as it is with an individual lender.
- Home refinancing generally takes between 21 and 30 days
- Mortgage loans can take up to a month or 45 days
- Car loans take up to a few days for appraisal and approval
- Personal loans take between one and two days after you email the income paperwork
LendingTree also offers several tools on its website to help understand your loan options including how much your payments will be and the difference in types of loans. Filling out a LendingTree application gets you your free VantageScore credit score which updates monthly so you can track your credit through the loan process.
How Does LendingTree Affect My Credit?
Filling out an application on LendingTree will not affect your credit score. The company does pull your credit when you complete an application but it’s a ‘soft pull’ which doesn’t hurt your score. If you complete the process with a lender, they will pull your credit score to finish the loan process.
It’s always important to shop around for a loan. Filling out one application and accepting the first lender that approves your loan is a good way to pay too much in interest and fees.
The Fair Isaac Corporation (FICO) understands this and make it possible for people to shop around for a loan without hurting their credit score. FICO says that any credit inquiries you make for a mortgage or auto loan within a 30-day period will count as just one inquiry on your credit report.
This means you can use an online loan marketplace like LendingTree or fill out separate loan applications to find the best rate without hurting your score.
Can I Get a Personal Loan on LendingTree?
LendingTree has just recently started making unsecured personal loans available through its lender network. I haven’t used a personal loan on LendingTree though I have used a few from other peer-to-peer online loan sites.
The application on LendingTree takes less than five minutes and personal loans can be completed in 24-hours as long as you have your W-2 or paychecks available for wage verification.
The process for personal loans on LendingTree works like other loans. You fill out one application and are matched with lenders immediately. You can use the money from personal loans for any purpose and their unsecured so you don’t have to worry about getting your home or car repossessed if you fall behind on payments.
LendingTree personal loans are generally available for between $1,000 to $35,000 and for terms up to seven years.
LendingTree Loan Fees and Costs
Again, there are no LendingTree fees to pay or costs associated with the website. LendingTree makes its money from advertising on the website and a fee charged to lenders when they close on a loan.
You might think that this means lenders will charge borrowers higher fees to cover their cost on LendingTree. We didn’t see this during our refinance. We shopped around with different lenders as well as on the LendingTree website. The fees for lenders in the LendingTree network were similar and even lower than individual lenders we found and the rates were all comparable.
The market for lending is very competitive and lenders know they can’t vary too much in fees and rates because people use online loan marketplaces like LendingTree. Charge an extra fee and borrowers will just go elsewhere for their loan so lenders are basically forced to cover the LendingTree fee themselves.
The most frequent complaint I’ve seen about LendingTree, and the biggest complaint I had during my experience, was the calls and emails from lenders.
As soon as you click enter on your application for a loan, and I mean immediately, you’ll start getting emails and phone calls from lenders. Most of the lenders in the LendingTree network have call centers. If they qualify for your loan, they are going to call you.
This is a good thing, right? Getting offers from different lenders is what you want, right?
Well, there is a point that it starts getting annoying. We were able to find a mortgage broker within a week of filling out the application on LendingTree. In that time, we probably answered a dozen phone calls and twice that many emails from lenders.
The calls and emails continued for another week after that before I logged in to LendingTree to contact customer service. It’s easy enough to get your name removed from the call and email lists but it is another step you need to take.
Alternatives to LendingTree
There are alternatives to LendingTree, both with other lending marketplaces and individual loan websites I’ve used.
For personal loans, PersonalLoans.com is another online marketplace that matches you with lenders. I’ve used the website for several loans in the past including debt consolidation and a home improvement loan.
SoFi is also a good alternative for good credit borrowers. The online loan site is one of the few that offers mortgages, student loan refinancing and personal loans. Their credit score requirement is a little higher, I think around 680 FICO, but rates are generally the lowest I’ve found with online lenders.
LendingTree Review Summary
There’s a lot to like about the LendingTree online loan marketplace. It costs nothing and is an easy way to shop around for a loan to find the best deal. The single application takes less than five minutes for most loan types and you start getting offers from lenders immediately.
LendingTree has expanded to all major loan types including mortgages, student loan refinancing, car loans and personal loans. Other borrowers review the different lenders so you can always check out reviews to make sure a lender is legit.
The one downside to LendingTree is a part of its advantage as a lender marketplace. You’ll be able to compare different loan offers side-by-side immediately but lenders will also contact you by phone and email. It will help you find a better rate on your loan but can also get a little annoying so don’t wait to contact LendingTree customer support to remove your application once you’ve found a lender.
We were happy with our refinance experience on LendingTree and most of the customer reviews I’ve seen have been positive. The website offers a great opportunity to shop around for a loan through its marketplace of lenders and there are no extra fees or costs. Debt can be a major part of your budget so it’s important to get the best deal when looking for a new loan.
Read the Entire Peer Lending Series
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