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There is a multitude of financial websites out there that you should bookmark on your computer, so you have them close at hand when you need them. If you haven’t saved LendingTree in your browser yet, you should definitely do it as soon as you’re done reading this review.
While LendingTree is best known as a hub for finding a home, car, and other loans, it also has much more to offer. Beyond its loans, the site also offers other services, tools, and information that can help get you in the best financial shape possible.
The business platform permits expected borrowers to interface with different loan administrators to discover ideal terms for loans, Visas, store accounts, protection, and so on. LendingTree permits borrowers to shop and analyze good rates and terms across a variety of monetary items. Let’s take a closer look at LendingTree.
What is LendingTree?
LendingTree is an online lending marketplace, billed as the world’s largest online hub for bringing borrowers and lenders together. Founded initially as CreditSource USA in 1996, the company eventually was renamed LendingTree as it went national a few years later.
Prospective borrowers who are looking for a loan to purchase or refinance a home, buy an automobile, take out a personal loan, or finance their business can use LendingTree to shop for the loan they’re looking for.
A quick search on the website can help people shop, compare, and select the best loan available to meet their needs. It is important to note that LendingTree itself is not a lender; it is a marketplace platform that brings lenders and borrowers together.
It’s worth noting that LendingTree isn’t a mortgage moneylender or broker. It’s a third-party matchmaker that takes a borrower’s data and submits it to different financiers and brokers.
Its motivation is to bring borrowers and various moneylenders together so they can arrange for the following types of services:
- Business and individual loans
- Vehicle loans
- Understudy loans
- New and renegotiated mortgages
LendingTree has dealt with a large number of requests since its origin so it’s not a newbie around here.
Borrowers profit with the natural competition among various moneylenders that can bring about lower financing costs and admittance to loans, which is a good deal especially when banks have declined your loan application
Onto our LendingTree review!
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You must have a U.S. address to have a LendingTree account. If you do have one, then signing up for the account only takes a couple of minutes and is a little different from any other financial websites you may have signed up for.
Eligibility for LendingTree loans will be dependent on the same factors that would affect you at a traditional lender, including income, credit history, the size of the loan, etc.
It is important to note that much of the information and even some of the functionality on LendingTree’s site doesn’t even require an account. For example, Lending Tree’s informative blog is free to anyone browsing the site, and you don’t need to have an account to use its loan payment calculator, either.
What you need to know and have.
The loan interaction on LendingTree is similar to anything you’d experience with a traditional lender, however, the data you enter shifts with the sort of loan that you demand.
Here is the typical information you would need to begin an application for an individual loan — i.e., a loan that isn’t upheld by collateral like your home or vehicle:
- Loan reason. The motivation behind the loan could be anything from debt obligation to holiday get-aways, significant buys or wedding costs.
- Loan sum. With LendingTree, you may be supported for a loan going from $1,000 to $35,000.
- Assessed credit score: You can choose superb, great, reasonable, or poor.
You’ll likewise have to incorporate your:
- Work and pre-tax pay
- Address and kind of home
- Individual distinguishing proof data (counting email address and the last four digits of your Social Security Number)
LendingTree just proposes to furnish you with your genuine financial assessment after you finish the application. It shows a progression of inquiries to affirm your personality first. You’ll likewise be given a telephone number to call. You can request extra detail or quickly apply for one of the offers, in which case you should enter extra data.
Throughout the application process, LendingTree will send you messages revealing to you your status. You can normally be done with this whole process in 15 to 30 minutes.
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Since its humble beginnings in the mid-90s, the LendingTree platform has grown considerably, and now includes great financial tools for consumers interested in taking control of their finances.
The site offers support for debt management, credit cards, and other services. You can use LendingTree to find the best rates on insurance, or refinance your student loans, as well. You can even use LendingTree to check your credit score or use its built-in calculator to determine your mortgage payment as well.
Beyond its flagship website, LendingTree also has apps available in Google Play or the App Store, so you can access its resources on your laptop, phone, or other mobile devices.
- Debt management services
- Credit cards
- Refinance student loans
- Check your credit score
- Calculate mortgage repayments
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How Does LendingTree Work?
Signing up for and using LendingTree is simple. The initial step to getting a LendingTree mortgage is to submit a loan application, either on the organization’s site or by calling its 800 number. The application poses the standard inquiries a borrower finds on any mortgage application: net pay, resources, obligations, occupation, and period of time at the present place of employment, and Social Security number (SSN) so a credit report can be pulled.
If you’re looking for a loan or other financial product, click on the broad category that you’re interested in. The site will give you a series of prompts to answer about yourself, the size and purpose of the loan or other financial instrument you are shopping for, and other data until LendingTree has zoomed in on exactly what you’re looking for. Then, the site will provide several different loans or other product options for you to compare.
LendingTree doesn’t handle a borrower’s application top to bottom, nor does the organization settle on any endorsement choices itself. Ordinarily, LendingTree utilizes a borrower’s SSN to get his or her FICO score, and it utilizes this data to pick the banks to which it presents the application. Certain lending platforms in the organization favor borrowers with great or close to amazing credit, while others oblige borrowers who have a couple of imperfections, and a score in the great or excellent reach.
Then, LendingTree presents the borrower’s application to banks and brokers inside its organization. In most cases, four or five organizations get this data. They can see the borrower’s name, place of residence, telephone number, wanted loan sum, month-to-month pay, and FICO score. From this data, they can assemble a starter statement to present to the borrower.
A LendingTree borrower frequently starts getting calls from mortgage organizations in about five to 10 minutes subsequent to presenting an application. The individual on the opposite side of the telephone is a prepared salesman whose work it is to persuade the borrower that there is certainly not a better arrangement out there.
For the borrower, it is reasonable to pay attention to all statements prior to settling on a choice. Also, much of the time, a lender is inexplicably ready to think of a better arrangement to give to you when a borrower gets back to say that another loan specialist has beat their statement. This is another benefit of LendingTree: It makes it simple for a borrower to play a few loan specialists against each other to get the best arrangement.
LendingTree also makes it really easy to reach out and contact the lender or other financial services provider as well.
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Individuals who have questions about LendingTree or its services can look for answers themselves on its intuitive website, which has a decent search function. Interested parties can also call the LendingTree customer service number 1-800-813-4620 during the site’s hours of operation to talk to a customer service representative as well.
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LendingTree has 4.4 stars on Trustpilot based on over 8000 reviews, which is considered excellent. 81 percent of reviewers rated LendingTree’s services as excellent, while only 5 percent rated them as poor or bad. Reviewers who rated LendingTree as excellent noted the site’s ease of use, good customer service, and overall responsiveness.
LendingTree has been on Better Business Bureau since 1998. Out of 315 BBB grievances in the past three years, 180 originated from publicizing/deals issues and 129 were ascribed to support issues.
Here are some narrative queries sourced from various gatherings:
Undesirable spam and constant calls from likely banks: This is by all accounts the greatest worry from shoppers. Note that the calls are not from LendingTree itself, but rather straightforwardly from its subsidizing sources. All things considered, it very well may be held as a negative against LendingTree that it evidently doesn’t police or confine the advertising conduct of its loan specialists.
Credit reports exposed to an excessive number of requests from the loan specialists: Some customers feel that LendingTree ought to rather perform one bunch of requests and afterward scatter this data to likely moneylenders.
Different surveys taken also included happy customers who said they were pretty much content with the services offered by LendingTree.
Reviews for LendingTree:
- LendingTree Trustpilot: 4.4 stars out of 5
- LendingTree BBB: 1.75 stars out of 5
LendingTree Pros and Cons
Here are some of the key pros and cons for LendingTree you should consider:
- Ease of Use. Using the website to shop for and compare loans and other financial products is as simple as it gets on LendingTree’s site.
- Customer Service. Users have been impressed with LendingTree’s prompt responses to customer queries and believe the site’s support is excellent.
- Freebies. LendingTree has great tools built into its website, such as a loan calculator and information on mortgage rates that don’t require any account or payment to use.
- Spam. Users have reported increased levels of telemarketer calls and spam emails from financial services after providing their personal information to the site.
- Not a Lender. LendingTree is a market to bring lenders and borrowers together; you’ll still have to work with a bank to actually secure your loan.
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There are other websites offering services comparable to LendingTree; these sites include:
Each one of these LendingTree competitors has its own advantages and drawbacks; some, like LendingClub, operate on an entirely different model than LendingTree’s system, while others offer more modest services. Ensure you do your own analysis to find the service that works best for you.
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Frequently Asked Questions
We answer the most commonly asked questions about LendingTree below.
Is LendingTree Legit?
LendingTree is a legitimate company offering a comparison shopping tool for people looking for car loans, personal loans, home loans, and business loans.
Parting Thoughts: LendingTree Review
LendingTree has been in business successfully for over two decades, so they clearly are getting something right. If you’re searching for one of the best loans or credit platforms available, you can head here and search for an affordable loan with terms you can definitely live with.
Additionally, LendingTree is a valuable resource that not only gets customers access to credit, but also enables you to look at rates from various lenders; in doing so, the platform helps you to find optimal terms and increases your chance of getting the loan you need as well.
So, If you need a loan for personal or business use, LendingTree can be a great tool for comparison shopping the best loan for your requirements. It is also loaded with powerful financial tools and timely, relevant information as well. So, bookmark the site, and start using it whenever you need to find a lender or require other critical financial information.
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