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LendingTree Reviews: Are They Worth It?

Through LendingTree, borrowers can connect with various lenders for personal loans, mortgages, and more.

Author
By Eric Bank

Written by

Eric Bank

Writer

Eric Bank writes about small business, personal finance and science. His work has been featured by BadCredit.com and CardRates.

Edited by Savannah Plasch

Written by

Savannah Plasch

Savannah is an Editorial Assistant at Credible. She received her BA in English from UCLA and an MFA in Creative Writing from Queens University of Charlotte.

Updated April 17, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

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Credible Takeaways

  • Founded in 1998, LendingTree was one of the first peer-to-peer online lending exchanges.
  • Not all states allow borrowers to receive loans through LendingTree, so double check before applying for a loan through their website.
  • It may be easier to get a loan through LendingTree than a bank, but this may mean a higher APR in exchange for a greater chance of acceptance.

LendingTree helps borrowers find many different types of loans (such as personal loans and mortgages) through a lending marketplace.

Multiple lenders compete for your business on the LendingTree platform, but keep in mind that LendingTree is not a lender itself. The personal loan companies in the table below compete for your business through Credible. You can compare rates from all of these partner lenders without affecting your credit score.

Advertiser Disclosure

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

People who have tried LendingTree vs. Credible

Here's what a few borrowers had to say after trying LendingTree vs. Credible*:

E.J. compared personal loans from multiple lenders

Felt like a more modern LendingTree site. Process was easy. Was able to check multiple Credible lenders in one spot with a soft check. I had several offers, I picked the best deal, and got exactly what I was looking for.

See review on Trustpilot

Paul quickly found the loan they were looking for

Quick process, no annoying calls or emails like LendingTree, very happy overall!

See review on Trustpilot

Danielle enjoyed an easy application process

The application was quick and easy. The reason I gave a 5-star review was because I have not received any spam emails or phone calls like you do from other websites. I would definitely recommend Credible over LendingTree.

See review on Trustpilot

* Reviews have been edited for spelling and grammar.

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LendingTree background

LendingTree was one of the first and largest online lending exchanges, first established in Charlotte, North Carolina in 1998. 

Its purpose is to bring borrowers and multiple lenders together so that they can agree on arrangements for:

  • Business and personal loans
  • Auto loans
  • Student loans
  • New and refinanced mortgages

Its website also offers personal finance services and tools, such as providing information about credit cards and credit scores.

LendingTree was an alternative way to borrow because the loans originated from individual investors and small companies, as well as from traditional lenders like banks. Now the company follows a more traditional model, and facilitates loans between individual borrowers with bank, credit unions, and online lenders. It has handled millions of inquiries since its inception.

Borrowers benefit from the competition among different lenders that can result in lower interest rates and access to loans even when banks have declined your loan application.

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Keep in mind

LendingTree is strictly a matchmaker — it arranges introductions between lenders and borrowers, and collects fees for its service, but does not itself offer loans or credit.

Application process

The loan process is fairly standard, although the information you enter varies with the type of loan you request.

For example, here's the information you'd need to start an application for a personal loan — that is, a loan that is not backed by collateral such as your home or car:

  • Loan purpose: The purpose of the loan could be anything from debt consolidation to vacations, major purchases or wedding expenses.
  • Loan amount: With LendingTree, you might be approved for a loan ranging from $1,000 to $35,000.
  • Estimated credit rating: You can select excellent, good, fair, or poor.

You'll also need to include your:

  • Employment and pre-tax income
  • Address and type of residence
  • Personal identification information (including email address and the last four digits of your Social Security number)

LendingTree only offers to provide you with your actual credit score after you finish the application. It asks a series of questions to confirm your identity first. It then shows you all the offers available for the loan amount you requested, including the:

  • Lenders’ name
  • Amount
  • APR
  • Number of years to repay
  • Monthly estimated payments

You'll also be provided a phone number to call. You can ask for additional detail or immediately apply for one of the offers, in which case you will have to enter additional information.

All during the application process, LendingTree will send you emails telling you your status. You can easily complete the entire procedure in 15 to 30 minutes.

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Be aware

Your credit history will be pulled one or more times during the process. In most cases, multiple inquiries count as a single one during a 30-day period. An excessive number of credit inquiries can lower your credit score.

LendingTree also has a LoanExplorer page that displays current quotes based on several parameters you can enter without identifying yourself. We found that LoanExplorer seems to be customized to mortgage loans only.

Lending terms

Lending terms vary considerably, depending on your credit score, income, type and amount of loan and other considerations. Typically, loans have a length of three years or longer.

We saw advertised 5/1 adjustable rate mortgages starting at 2.97 percent APRs, but your APR could go as high as 29.9 percent.

LendingTree’s website points out that you can search for loans without first giving information (through its LoanExplorer), that there are no commitments and that the quotes are personalized.

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Keep in mind

Some states might not permit LendingTree-arranged loans. Be sure to double-check if your state allows loans through LendingTree before applying.

Loan funding

We found a range of loan funding sources, from banks to mortgage lending companies to bids from unknown lenders that may be small companies, partnerships or even individuals.

When the lender is an unknown entity, you don’t know about its long-term viability. On the other hand, do you really care? You shouldn’t be affected if you secure a loan from a lender that subsequently goes bankrupt -- the loan will transfer elsewhere, but your terms are not altered.

Is LendingTree viable? While LendingTree has withstood the test of time, it hasn't always been profitable. During the third quarter of 2015 revenue of $115 million was up 104 percent higher from a year ago, with loan originations up 92 percent.

Profits were $1 million, compared to a $7.4 million loss during the same quarter a year ago and a $4.1 million loss in the second quarter of 2015.

Consumer complaints and reviews

LendingTree has had a Better Business Bureau file since 1998. As of January 2019, it was not BBB Accredited and had a rating of A-. Out of 315 BBB closed complaints in the previous three years, 180 stemmed from advertising/sales issues and 129 were attributed to service problems.

Of course, these numbers represent a very small percentage of LendingTree’s transactions. Out of 199 BBB customer reviews, LendingTree has a 3-star rating. Bear in mind that disgruntled consumers are the most likely to leave reviews.

Here are a couple of anecdotal complaints sourced from a number of forums:

  • Unwanted spam and persistent phone calls from potential lenders: This seems to be the biggest concern from consumers. Note that the calls are not from LendingTree itself, but directly from its funding sources. Nevertheless, it could be held as a negative against LendingTree that it apparently does not police or restrict the marketing behavior of its lenders.
  • Credit reports subjected to too many inquiries from the lenders: Some consumers feel that LendingTree should instead perform one set of inquiries and then disseminate this information to potential lenders.

Other reviews included satisfied consumers who said they were more or less happy with the services provided by LendingTree.

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By agreeing to LendingTree’s terms of service, you agree to submit to binding arbitration to settle any disputes with LendingTree. Generally, LendingTree accepts no responsibility for the lenders and ads on its websites. Consumers use the site “as is.”

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Is LendingTree a good choice?

In all fairness, LendingTree has been able to survive for almost 20 years with a minimum of controversy. If you're looking for one-stop shopping for loans or credit and have a decent or better credit score, LendingTree appears to be a convenient way to receive multiple bids from lenders.

It may be easier to get a personal loan or other types of credit from LendingTree than it is from a bank, but you’ll expect to pay a higher APR for this greater acceptance rate. LendingTree fees will cost you money one way or another, and you may feel harassed by lender spam.

In the end, LendingTree is a useful service that allows you to conveniently compare rates from competing lenders, thereby boosting your chances of finding the best possible deal for your situation.

Are you looking for a mortgage? Be sure to shop around and consider as many lenders as possible — don't rely on a platform like LendingTree alone.

With Credible, you can see your actual rates from our partner mortgage lenders in the table below in three minutes. And unlike LendingTree, once you choose the option you like most, Credible can take you all the way from origination to closing your loan.

Meet the expert:
Eric Bank

Eric Bank writes about small business, personal finance and science. His work has been featured by BadCredit.com and CardRates.