Review
Updated
Fact Checked
Ashley Maready
LendingTree is what's known as a "lending marketplace." You submit a single loan application and LendingTree performs a soft credit check to get a sense of how you've managed credit in the past.It then sends your information on to its lending partners, and within a few minutes, you receive offers from several different lenders. These offers allow you to compare one lender to the next to determine whether any of them work for you. Here, we provide a closer look at what LendingTree has to offer.
LendingTree
Rating image, 3.5 out of 5 stars.
3.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Fair
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= Poor
= Best
= Excellent
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= Fair = Poor
Minimum Credit Score
varies by lending partner
Loan Amounts
$1,000 – $50,000
APR Range
7.49%-35.99%
Term Length
12 - 60 months
For those who hope to minimize the amount paid in interest, Lending Tree offers loans with a flexible terms. This peer-to-peer lender also offers one of the lowest interest rates in the industry, perfect for the well-qualified borrower.
- Loans as small as $1,000 are good for covering small emergencies
- Cosigners accepted
- Low APRs available to highly qualified borrowers
- Loans available to applicants with fair credit
- Takes the guesswork out of rate shopping
- APRs can be extremely high
- Origination fees add to loan expenses
- Some lender partners conduct only hard credit checks
- Some lender partners charge a prepayment penalty
- Can take up to seven business days to receive funds
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
Full LendingTree personal loan review
This personal loan is a good fit for: Borrowers who want to rate shop without all the legwork.
Top perks
Loans as small as $1,000
When an emergency arises, there's no need to pay extra interest by borrowing more than you need.
Cosigners accepted
Getting approved for a personal loan with no credit can be tricky. A cosigner with great credit can not only help you qualify for a loan, but their credit score should also land you a lower interest rate.
Low APRs available to highly qualified borrowers
If your credit score is high, you are more likely to be offered a low interest rate. That said, if you're required to pay an origination fee or a prepayment penalty, you'd be better off going with a lender that won't charge you an unnecessary fee.
Low credit scores are considered
You don't need perfect credit to apply for a loan through LendingTree.
Takes the guesswork out of loan shopping
If you've never loan shopped before, having several loan offers at your fingertips can make loan shopping more convenient. However, each of those offers is likely to be very different, so take your time to compare everything, from APR to all fees charged.
What could be improved
APR may be extremely high
Unless your credit score is strong enough to ensure an interest rate on the low end of the scale, you could pay a hefty price to borrow the money.
Origination fees
Any time you are required to pay origination fees you pay more for the loan. Let's say you borrow $10,000 with an origination fee of 4%. That's $400 taken off the top of the loan and $9,600 is deposited into your bank account. Still, you must repay the entire $10,000, plus interest. The best personal loans do not charge an origination fee.
Hard credit checks
As part of the pre-approval process, some LendingTree partners run a hard credit check before letting you know if you qualify for a loan. Keep in mind that a hard credit check will ding your credit score a bit.
Funding time is on the slow side
If you need the funds to cover an emergency situation, potentially waiting seven business days for the funds to hit your bank account might be difficult.
How to qualify for a LendingTree personal loan
The ideal way to qualify for any loan is to put your best foot forward. The following steps can help you get started:
- Order a copy of your credit reports from an online site like annualcreditreport.com. With one request you'll receive reports from the "Big Three" credit reporting agencies -- TransUnion, Equifax, and Experian.
- Go over each credit report carefully, looking for mistakes.
- If you find a mistake, file a dispute with the credit reporting agency in question (each agency has up to 45 days to prove the mistake is correct or remove it from your report).
- Gather documents so you can quickly provide the lender with anything it requests.
If your credit score is low and you're not borrowing to cover an emergency, consider waiting until your score has time to improve. Here's why:
Let's say you have good credit and qualify for a loan with an 8% APR. You borrow $15,000 for five years, your monthly payment is $304, and you pay $3,249 in interest.
Now, imagine your credit needs improvement and you're offered an interest rate of 32%. You borrow $15,000 for five years, your monthly payment is $504 per month, and in five years you pay $15,233 in interest.
Taking the time to rebuild your credit score can save you thousands of dollars. The goal is to prepare yourself to qualify for a low interest personal loan.
Application process
You can apply for a LendingTree personal loan online, by phone, or through the LendingTree app. Before applying, save time by gathering the following documents and information.
- Social Security number
- Recent pay stubs, or other proof of income
- Proof of citizenship or residency permit
- Bank statements
- Photo identification
- Provide the size of loan you're applying for
- If you're unemployed, be prepared to provide evidence you can make the monthly loan payments
If approved, you'll be asked to sign the loan agreement and let the lender you've chosen know where you want funds deposited.
A LendingTree personal loan is right for you if:
- Your credit score is high enough to land a low interest loan
- You're comfortable repaying a loan in 60 months or less
- You're in a hurry and don't feel you have time to check other lenders
No matter what your reason for taking out a personal loan, it pays to choose the shortest loan term you can afford. The faster you repay the loan, the more money you will save.
FAQs
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Yes, it does. Bringing a cosigner with a strong credit score along is a good way to land a loan at a good interest rate, even if your score isn't as high as you would like or you have a limited credit history.
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It depends on what you plan to do with the money. If you're borrowing the funds to finish your basement or go on a nice vacation, you're better off waiting until you've had time to save the money or to improve your credit score and qualify for a lower rate. If you're using the funds to pay off a higher interest rate loan (like a payday or title loan), it's worth considering.
Our Loans Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.