LendingTree Personal Loans Review | The Ascent

Top perks

Loans as small as $1,000

When an emergency arises, there’s no need to borrow more than you need and end up paying it back with interest.

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 will 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 another personal loan lender.

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 five 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 side 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.

Prepayment penalties

While LendingTree does not charge prepayment penalties, some of its lender partners do. It’s important to check the fine print.

Funding time is on the slow side

If you need the funds to cover an emergency situation, waiting seven business days for the funds to hit your bank might be difficult.