LendingTree: Reviews, Complaints, Customer Claims | ComplaintsBoard (2023)

FAQs

Is LendingTree reputable? ›

LendingTree customer reviews are generally positive. As of the time of writing, the company has a rating of 4.6 out of 5 stars based on nearly 12,000 reviews on Trustpilot. Among these reviews, over 9,700 customers give it a five-star rating and another 12,260 give it four stars.

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.

As part of this service, you'll get your credit score based on the VantageScore 3.0 model from data on your Equifax credit report.

Does LendingTree and/or each lender pull my credit? LendingTree pulls your credit report when you complete a loan request. LendingTree's inquiry does not count towards your credit score nor does it show up on your credit report to anyone but you.

How Does LendingTree Get Paid? LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

The Federal Trade Commission (FTC) requires lenders and loan brokers to register in the states where they conduct business. Check the lender's website to verify the list of states where it legally conducts business. If a lender you're interested in does not list registered states, you could be dealing with a loan scam.

If your loan is approved, you may be able to receive same day loan funding, depending on your state of residence; otherwise, funds are deposited within two to three business days. Once you're issued the funds, you can choose to repay the loan back in fixed daily or weekly installments.

While many creditors look at your FICO Score, some lenders use VantageScore instead, a credit score model created by the three credit bureaus. LendingTree provides you with the most recent version of your VantageScore 3.0.

The main difference is that LendingClub is a direct lender, while LendingTree is an online lending marketplace. Though it started as a peer-to-peer (P2P) platform, LendingClub is now a digital bank that offers personal loans. LendingTree doesn't issue any loans — it only helps find you a lender.

You may have to provide documents such as a copy of your lease agreement or utility bill to prove that you live at the address you stated. Proof of income: Lenders want to know that, if they lend you money, they'll be repaid. Your income can give lenders insight into whether you are able to repay the loan.

What is a good credit score? ›

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Which credit score do lenders actually use? Most lenders use the FICO credit score when assessing your creditworthiness for a loan. According to FICO, 90% of the top lenders use FICO credit scores.

The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.

Taking out a personal loan is not bad for your credit score in and of itself. However, it may affect your overall score for the short term and make it more difficult for you to obtain additional credit before that new loan is paid back.

The drop in your credit score is often insignificant and roughly 5 points. The impact decreases over time despite inquiries remaining on your credit report for two years.

Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered.

Some lenders may charge a prepayment penalty of up to 2% of the loan's outstanding balance if you decide to pay off your loan ahead of schedule. Additionally, paying off your loan early will strip you of some of the credit benefits that come with making on-time monthly payments.

Mortgage lenders usually verify your employment by contacting your employer directly and by reviewing recent income documentation. The borrower must sign a form authorizing an employer to release employment and income information to a prospective lender.

Yes. A mortgage lender will look at any depository accounts on your bank statements — including checking and savings accounts, as well as any open lines of credit.

Why do loan companies check your bank account? ›

Simply put, mortgage lenders use bank statements to verify your income and cash reserves to ensure you can repay your mortgage loan and cover your down payment and closing costs.

If you are approved, funding generally takes between two to five business days. Smaller banks and credit unions may take longer, but most should be able to fund your loan within a week of applying if you opt for direct deposit into a bank account.

You are almost certain to be approved by at least some lenders for a personal loan if you have good credit, make enough money to easily repay your loan, have been at your job for a while, and your debt-to-income ratio is below 35% -- even when factoring in the payment on the loan you're applying for.

If you're in a wet funding state, you'll get the money within 24 hours. If you're in a dry funding state, you will have to wait three or four days. You can't really control how long it will take to get money after closing.

Though it may be more challenging to find a lender that's willing to work with you, it is indeed possible to obtain a loan with a credit score of 550. Most lenders require a minimum credit score of between 600 and 650, but some lenders specialize in personal loans for those with lower scores.

Yes, you can get a personal loan with a 600 credit score — there are even lenders that specialize in offering fair credit personal loans. But keep in mind that if you have a credit score between 580 and 669, you'll generally be considered a “subprime” borrower — meaning lenders might see you as a more risky investment.

No lender specifies a minimum CIBIL score requirement for a personal loan application. However, a score of 750 and above is preferred by lenders for loan applications. This score reflects the creditworthiness of the borrower and the chances of lenders approving the loan application with this score increases.

The LendingClub scandal refers to when LendingClub was sued by the Federal Trade Commission in 2018 for falsely promising loans with "no hidden fees," telling consumers they had been approved for a loan when that was not true, and making unauthorized withdrawals.

According to LendingClub's website, "Unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020."

LendingClub requires a minimum credit score of 600 for LendingClub's “standard” loans, according to the company's annual report. The report also states that borrowers with lower credit scores may be approved for “custom” loans, which generally have the same sizes and lengths.

What credit score is needed for a 50k loan? ›

You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.

If your Universal Credit has been cut because of a sanction or penalty for fraud, you might be able to get some emergency money to help you cover household expenses like food and bills. This is called a 'hardship payment'. A hardship payment is a loan, so you'll usually have to pay it back when your sanction ends.

Stated-income loans, NINJA loans and other types of no-doc mortgages. You may run across any of the following variations of no-doc mortgages including: Stated-income loans. Stated-income mortgages don't use a W-2, 1099, bank statement or other source to verify the applicant's income.

Poor: 500-600. Fair: 601-660. Good: 661-780. Excellent: 781-850.

While achieving a perfect 850 credit score is rare, it's not impossible. About 1.3% of consumers have one, according to Experian's latest data. FICO scores can range anywhere from 300 to 850. The average score was 714, as of 2021.

Here's the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.

Credit Karma: Which is more accurate for your credit scores? You may be surprised to know that the simple answer is that both are accurate. Read on to find out what's different between the two companies, how they get your credit scores, and why you have more than one credit score to begin with.

Is LendingTree different from LendingClub? ›

The main difference is that LendingClub is a direct lender, while LendingTree is an online lending marketplace. Though it started as a peer-to-peer (P2P) platform, LendingClub is now a digital bank that offers personal loans. LendingTree doesn't issue any loans — it only helps find you a lender.

They are not an actual lender but provide the platform for borrowers with bad credit or good to find the best rates by receiving multiple offers from different banks or lenders.

LendingClub Bank offers loans up to $40,000. For your specific offer, we'll review the information in your application and credit report to determine an amount we think will be affordable for you.

While getting a loan with bad credit is possible, be aware the loan will be more costly. Unless you're looking for an emergency loan, you may want to focus on improving your credit before borrowing money. Moving from a bad to an excellent credit score could take months or years.

CashUSA is not a loan scam — it's a loan network that helps connect borrowers who struggle to find a loan elsewhere. Its multiple lenders specialize in installment loans, emergency loans, or short-term loan options for bad credit borrowers.

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 690 and above.