If you’re searching online for a personal loan, you’ve likely come across LendingTree. The company is one of the oldest and most established companies that matches borrowers with loans online. LendingTree offers many different financial services. So, they have become well known for running the largest online lending marketplace in the US. Because of this, LendingTree personal loan rates come in a huge variety.
Because LendingTree’s platform holds so many different kinds of loans and lenders, their rates will vary widely. Let’s look at the LendingTree personal loan rates for the various personal loan types.
Getting The Right Loan From LendingTree
When you apply for a loan through LendingTree, you will have to provide some basic information. Most of this information is easily found on your pay stub. Your income will be shared with lenders when you apply for a loan, but LendingTree will use your income to match you with a few lenders first. There is no hard credit pull when you sign up for LendingTree. However, when you apply for a loan, the lender will pull your credit score.
Once you’ve signed up for LendingTree, you will need to apply for a personal loan. Applying is easy, and much simpler than the application process for creating your LendingTree account. When you’re searching for a LendingTree personal loan, you can customize the term and sum of your desired loan. Then, when you click through, LendingTree’s calculator will give you a quick look at the fees you may have to pay for the loan. You will be presented with several options right after your search, and they will be presented in a way that makes them easy to compare.
You should take advantage of LendingTree’s convenient and easy-to-use platform to compare rates on your loan offers. While LendingTree will match you with the best offers available to you through their partners, you can minimize your expenses with a little extra work. Remember to note the interest rates, fees, and term lengths of any loans you are considering.
No Obligation To Take A Loan
LendingTree doesn’t oblige you to accept a loan and won’t pressure you into doing so. You can shop around and review different loan terms, which are presented clearly and simply.
LendingTree Personal Loan Rates
Personal term loans carry lower rates than lines of credit on LendingTree. You can find term loans with APRs that start below 5% for the most qualified borrowers. If your credit score is excellent, you might pay only a 5% or 6% APR.
If your income and credit score are not attractive to lenders, you will pay much more for a term loan. APRs can rise by about 25% if your credit score is very low.
The average APR for the top 10% of borrowers on LendingTree was 5.53% in November 2019. However, the average APR for borrowers with low credit scores (640-679) was 24.69% during the same month.
The average FICO credit score in the US in 2019 was 695. If your score is close to the average American’s, your average LendingTree personal loan rates should be close to 18.50%. Keep in mind that when your credit score starts to improve from the average American’s, your APRs on loan offers will start to drop quickly. Having a good credit score (720-759) will get you an average APR of 12.82% on loans from LendingTree.
The LendingTree Borrowing Options
LendingTree personal loan rates will vary based on the lender you choose and your financial information. If your credit score is excellent, you will get the lowest APRs available on your loans. If your credit score and income are too low, sometimes your search will not generate any results. If your credit score is below 640, you might have difficulty getting a loan.
Personal Term Loans
LendingTree offers simple personal term loans. This is one of their more popular categories.
Personal Lines Of Credit
You can also find personal lines of credit on LendingTree. They typically carry higher APRs than personal term loans. All the same, Lending Tree tends to match applicants with better rates for lines of credit than other services and direct lenders.
Debt Consolidation Loans
Debt consolidation loans are the most popular type of loan offered on the LendingTree market. According to the company’s most recent report, 35.03% of all loans taken through them are debt consolidation loans.
The debt consolidation loans offered on LendingTree will usually come with better APRs. That’s because the purpose of a debt consolidation loan is to lower the overall cost of your debt repayments. By combining all your debts into one debt with a better interest rate, you can save more money and simplify the repayment process.
LendingTree offers personal credit cards. While they are a convenient option, credit cards do not come with the best interest rates. You will want to be more careful and take extra caution to make timely payments if you take any credit card.