At Lending Tree, you can easily find a business loan, mortgage or credit card. Instead of applying at multiple lenders and shopping for your rates, Lending Tree simplifies the process. Through Lending Tree, you only have to apply once. For a more thorough Lending Tree review, read on.
The company has an inclusive platform that allows you to shop for loans from multiple lenders. During the application process, you can get a free copy of your VantageScore 3.0 credit score. If you have been struggling to get a loan, this credit score will help you spot potential black marks or issues that could be holding you back.
While there are many advantages to using Lending Tree, there are also a few drawbacks. Reading this Lending Tree review will help you figure out if this company is the right one for your needs.
Lending Tree Overview
Lending Tree is known as one of the industry’s biggest conglomerations of lenders. Instead of being an individual lender, it is a marketplace for lenders. When you use Lending Tree, lenders compete for your business instead of the other way around.
Through Lending Tree, you can figure out which company meets your borrowing needs. Whether you want to buy a house or get a credit card, you can easily compare loans from different providers. To do this, you just have to set up a My Lending Tree account. In this account, you can look at your credit score as well as review your credit card and loan options. Plus, your credit score is automatically updated every month.
The best part of Lending Tree is that the entire program is free. Lending Tree allows you to shop for loans for free, and the platform also includes a broad range of educational resources. You can easily check out monthly newsletters, lender reviews, interactive loan tools and financial calculators. Thanks to all of these features, you can make smarter financial choices.
The Pros and Cons of Using Lending Tree
While there are a number of benefits involved in using Lending Tree, there are also some drawbacks. Before you sign up for anything, it is important to know what you are getting into. Overall, our Lending Tree review found the service to have more advantages than disadvantages.
- No fee: When you use Lending Tree, you never have to pay an additional fee. All you have to do is find the best loan option for your needs.
- Apply once to get multiple offers: Normally, you have to apply with each lender in order to see different offers and estimates. When you use Lending Tree, you can get this information from a variety of lenders by filling out a single form.
- No obligation to get a loan: By using Lending Tree, you can easily see your rates without having any obligation to buy a product. If you want to come back later to get a loan, you can.
- Find rates in minutes: Through Lending Tree, you can instantly look up rates for a variety of loan providers. Once you turn in the form, you can get rates in just a few minutes. In comparison, other lenders often take hours to get back to you with rates after you turn in an application.
- Not the best rates: While Lending Tree is known for giving people competitive rates, they do not always provide the best rates. Additionally, Lending Tree only shows rates from companies that are within its partner network. If there is a better rate outside of Lending Tree’s network, they will not be able to show you that rate.
- Calls and emails keep going: After you apply through Lending Tree, you may continue to get emails and calls from the company. While you can unsubscribe, the emails and calls from Lending Tree and Lending Tree’s partners can be annoying.
How Does the Process Work?
Throughout our Lending Tree review, we found the process can vary slightly based on what kind of loan you are applying for. First, you must pick the kind of loan that you want to shop for. For example, you can look for a home loan. Once you do this, the lender will need to know more information. You may need to provide the kind of property you want to buy and your loan qualifications.
Then, Lending Tree will ask you if you have already found a home. They will want to know your timeline for finding the right property. In addition, they will ask if you are working with a real estate agent.
In order to provide you with accurate rates, Lending Tree must determine your risk level. To do this, they will ask questions about your financial situation. They will need to find out how much you have saved for a down payment as well as the estimated purchase price for your new home. To find out if you can afford the loan or not, they will need to know your annual income. You will also need to add the same financial information for your co-applicants. Since you may qualify for special loans as a first-time homebuyer, Lending Tree will need this data as well.
During the next step, Lending Tree will check on your credit score and employment status. If you want to see your credit score, they will provide you with that information for free. Additionally, Lending Tree will need demographic details. If you have gone bankrupt in the past, experienced a foreclosure or served in the military, they will need this information as well.
What Happens Next?
Once you have filled in all of this information, Lending Tree will need to get in touch with you about your potential loans. Because of this, the company will ask you to input your name and email address. You can also create a password for your account so that you can log in and compare all of your offers.
Likewise, you will have to input the last four digits of your Social Security number and your phone number. This information is necessary to make sure you are actually who you say you are. Unlike other organizations, Lending Tree will send you relevant offers without doing a hard inquiry. Because of this, you can get a result in minutes without hurting your credit score.
Who Should Try Lending Tree?
Because Lending Tree is free, it is a good idea to try it out if you are shopping for a loan. There is no obligation to sign up for any loan. Since the only drawback is receiving a few unnecessary emails, it is generally a good idea to sign up for Lending Tree if you are searching for a good deal. With that said, there are a few situations where Lending Tree is not the best option. If you fit one of the following descriptions, then Lending Tree was designed for you.
You Need Insurance
Over the course of our Lending Tree review, we have mostly focused on loan options. However, the company also sells insurance policies. You can get life, car and home insurance through Lending Tree. Like Lending Tree’s financial products, you do not buy these insurance products directly from Lending Tree. Instead, Lending Tree serves as a marketplace where you can compare different quotes and bundle your insurance products together.
You Want a Loan
Lending Tree is a smart place to go if you are thinking about getting a loan. Unlike some companies, Lending Tree has a fast application process. Once you apply, you can get results in just a few minutes. Then, you can look at different options to determine which loan is the best one for your needs.
You Are Unsure What You Want
If you know exactly what you want and already have a loan provider, Lending Tree is not the best place to go. Because of its loan marketplace, Lending Tree is popular among people who want to shop around and find a loan provider. Even if you already have a loan provider, you can always go to Lending Tree to get a quote from someone else.
Lending Tree Review: The Bottom Line
If you are trying to buy a home, consolidate debt or get a credit card, Lending Tree can help. Instead of getting a hard inquiry from multiple lenders, you can compare loans without hurting your credit score. Through Lending Tree, you can find a lender that suits your needs through the company’s streamlined application process.
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Ben Broadwater is the Director of Investment U. He has more than 15 years of content creation experience. He has worked and written for numerous companies in the financial publishing space, including Charles Street Research, The Oxford Club and now Investment U. When Ben isn’t busy running Investment U, you can usually find him with a pair of drumsticks or a guitar in his hand.