Is Lending Tree A Scam?
Welcome to my LendingTree review!
There has been some recent online buzz about this company, so I decide to check it out and see what it’s all about.
Applying loans online has become a great options for those looking the best deals especially low interest rate that you can’t find in traditional financial institution.
Are you looking for a loan online to save a few dollars to consolidate your high interest rate? Then an online lender like LendingTree may have may have come up on your computer screen.
You might ask, what is LendingTree? If you haven’t heard of it before, you probably will soon. This online lender, referred to as LendingTree offers low interest rate loans ranging from $1000- $5000 for those who are qualified.
LendingTree is an online lending marketplace that founded in 1997 and specialize in offering customizable loans at a deep interest rate.
Some of the popular services they offer include small business loans, auto loans, mortgage loans, personal loans, credit cards and more.
However, LendingTree reviews argue that the online loans marketplace might not be all its cracked up to be. The many LendingTree reviews online argue that the service they’ve received may be just a scam.
Customers complaints include never qualified for advertised rate, flood you with ads from their partners, and poor customer services.
But on the other side, there are customers that praise the company in the LendingTree review saying that they got interest rate far better that any online lenders or any local banks.
So, is this company real? Or is LendingTree another scam that won’t deliver what they promise at the end of the day? Is LendingTree safe and legit?
I have gathered all the details about LendingTree so you can make an informed decision. Read on to learn everything you need to know about LendingTree.
Exactly What Is Lending Tree All About?
LendingTree is an online lending marketplace that offers loans at a competitive interest rate. They are the largest American’s online lending market. The services they offer include:
- Home loans
- Personal loans
- Credit cards
- Debt relief
- Student loans
LendingTree has helped over 40 million people finding the right loan lender and loan for them. However, LendingTree is not a direct supplier of loans. Instead, it connects those who need a loan to those who have extra to lend. Each loan is typically funded by multiple people all over the United States.
Here’s a Quick Video on LendingTree
These loans are usually unsecured, which means you don’t need to put any collateral (like a house or car) that could get taken away if you can’t make a payment.
The company was founded by Douglas Lebda in January 1996 and is headquartered in North Carolina, USA. In addition to the headquartered in North Carolina, the company also has offices in the San Francisco, New York City, Chicago, Seattle and others.
They also happen to be listed on the BBB and have an A+ rating with Better Business Bureau at the time of this review. BBB ranks companies on F to A+ scale, LendingTree rank is an excellent rating. Receiving an A+ rating from BBB is a sign of a very trustworthy company.
While it appears that LendingTree is a legitimate company, many LendingTree reviews tell of never qualified for a loan, very poor customer service. And even some customer said lendingTree will data mine you to death, hit “Summit”, but won’t get any quote! or such a jerk!
Why is LendingTree such a big draw? It’s the wide array of attractive financial services at the most competitive interest rate.
Note: Not everyone has had a good experience getting a loan through them because the credit and interest rate is determined by the amount you are loaned.
Another factor that cause many customers to pull trigger on their loans offered is their promise of helping you to get the best possible on your loan.
The free services are the key attraction, and LendingTree is great for finding the best loans deal on the market particularly if you are looking for saving some money for consolidating your high interest depts.
How To Get Started With Them?
Their loan application process is fast and easy. You can get up to 5 personal loan offers in minutes. Consumers can pre-qualify online, either individual or with a cosigner. This means that you can check which rates you will likely be offered, whether you qualify to borrow, all without impacting your credit score.
If qualified, you select a loan offer, which includes:
- Loan amounts
- Interest rates
- APR ( Interest rate and origination fee)
- Loan terms ( 3+ years)
- Fix monthly payment
Before you can start requesting a loan, you’ll want to let them know the purpose of the loan like debt consolidation, home improvements, medical expense or other. Then you will need to enter the amount of loan usually between $1000 and $35,000.
Most borrowers use the company’s loans to as debt consolidation loans, to refinance high-interest loans or credit card debt.
Immediately after you enter the amount of a loan you need, you are required to enter your credit score which ranges from poor (623 or less) – Excellent (72+).
You also need to let them know your current employment status like full time, part time, self-employed or unemployed. After you put in your employment status, they ask you to enter your annual pre-tax income to make sure you really have a job.
Then you’ll want to enter your personal information like your street address, email, name, date of birth and phone number to complete a loan application.
Once you select a loan offer, you fill out the real application. Once your loan application is approved, a hard pull is done on credit report, with the traditional credit bureau. Your loan will be available in 1 business day.
Am I Qualified For LendingTree Loan?
LendingTree provides fix-rate loans to applicants with good to excellent credit. After have a personal loans for a couple of months, some borrowers have be able to raise their credit score several points.
To qualify for LendingTree Loan, you’re entitled to meet 5 key criteria:
- Credit score between 623 and 850
- Gross Household income over $6500
- Employment history. You need 2 consecutive years at the same job
- Cash Reserve. You’ll need to have 3 to 6 months cash reserve
- Down payment. For mortgage, you’ll need 10% to 25%.
If you meet these criteria, you may qualify for a loan.
If you want to loan money, I would suggest you to estimate the ideal amount you need and how fast you will be able to pay the money back.
The Pros Vs. Cons Of LendingTree
- They are legitimate
- They offer low-interest rate
- User-friendly interface
- The application process is fast and easy
- They have an excellent rating from Better Business Bureau
- Several unresolved complaints from BBB at the time of this review
- Some loan applicants are denied
- Too much email and phone call from them
- Your personal information is given out to their third party
If you are desperately in need of money in the future and don’t want to go through the long process of the traditional financial institution, LendingTree would be a better option.
Related Article: Is Prosper a Scam? Get the Answer in my Review!
LendingTree Reviews From Customers
Another important source to look for when shopping loans is to read reviews and experiences shared by their customers.
Here are some highlights from customers that gave LendingTree review on some of the popular websites.
LendingTree Reviews on Trustpilot
Out of 8034 reviews on Trustpilot, its LendingTree review gave an overall score of 4.5 out of 5. Over 81% of those who wrote reviews for LendingTree gave the company an “excellent ” rating and 12% of those who wrote reviews gave the company a “great” rating.
2% of those who wrote reviews for LendingTree gave the company an “average” rating, 1% for a “poor” rating and 3 % for a “bad” rating.
Overall, this is a very positive LendingTree review, since over 80% of the reviews gave an excellent rating for the company.
The positive LendingTree reviews praised the ease of using the services and fast loan processing. Those give a negate LendingTree reviews not issues with not getting loan as they advertised rate and poor customer service.
LendingTree Reviews on Consumer Affair
Consumer Affairs a site that may get compensation for referrals to the company, but even with that affiliation, most reviewers on this site give the company a good rating for LendingTree.
Out of 223 total rating, the company had a 3.6 star rating. Over 70% of those who wrote reviews for LendingTree gave a good rating and 28% of those who wrote reviews gave a bad rating.
LendingTree Reviews on Site Jabber
Sitejabber’s LendingTree reviews reflect the worst overall scores the three review sites.
Of the 4 customer reviews gathered, LendingTree got a score of 1 out of 5. This indicates that most customers are generally not satisfied with their purchases. The site also mention that LendingTree reviews ranked the company 80th among mortgage sites.
The most common issues with LendingTree are around customer service, which is not as good as expected by customers.
Our own LendingTree reviews found that disqualified for the advertised rate is the biggest complaint in the LendingTree reviews. Along with poor customer service when customers are interacted with their customer support.
So, Is LendingTree A Scam?
Not at all! If they are a scam, they would have been shut down and throw in jail several years ago if there was an even slightest hint of a scam here.
LendingTree is transparent about it platform and how the company makes its money. Its website is easy to use and provides helpful information regarding multiple lenders and loan type.
Customers can compare rates and choose the lending company that best suits their loan request needs. LendingTree provides these loan term and options online and services all 50 states.
They marketed themselves as “A leading online loan marketplace with one of the largest networks of lenders in the nations” and promise that you will never overpay on a loan again.
Lendingtree.com was registered on January 14, 1998, and allegedly has facilitated over 55 million loan requests which accounts for $251 billion in closed loans transactions at the time of this review.
My Final Opinion On LendingTree
LendingTree is a great option. Most borrowers are satisfied with the lower payments that LendingTree offers.
In my opinion, if you need a personal loan that does not exceed $35,000 with low-interest rate, LendingTree will be a good choice for you. This lending network might help you pay off your debt and every other expense at a very attractive rate.
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Do you happen to have any prior experience with the Lending tree, you would like to share with everyone else today? If you do so, tell me all about it in the comments below.
I love to hear you thought!
Thanks for reading.
All the best!
LendingTree at a Glance
Owner: Douglas Lebda
Personal Loan Rate: Est. Apr 3.49%- 35.99%
Overall Scam Rank: 7 Out of 10