Finding the right lender is crucial. Each lender has its own policies and requirements. Aligning your financial requirements with the lender’s policies, your eligibility, etc., is challenging. Here, LendingTree steps find you the perfect personal loan.
But is Lending Tree good for securing personal loans? Many have found it helpful in getting a personal loan. It reduces the burden on the loan taker to track the best lender. We evaluate its offers, pros, cons, etc. Also, our suggestions help you make an informed decision.
What is LendingTree
Taking a personal loan? LendingTree is the borrower’s ally. It simplifies things for borrowers by evaluating your credit score and history. Then, it brings you loan offers from several lenders all at once. Thus, your loan-taking decision becomes easy. You can compare several offers side by side.
LendingTree Facts
Here are the fundamentals before you start comparing personal loan options on LendingTree.
LendingTree started its journey in 1998. Initially, this company helped people compare mortgage lenders. Over time, it expanded its operation. And now, it covers various financial products, like personal loans, student loans, small business loans, auto loans, credit cards, insurance, and banking services.
Advantages and Disadvantages of Using LendingTree
Below are the pros and cons of taking assistance from LendingTree.
Pros of Taking Help from LendingTree
- The platform has a simple process. You receive many loan offers very quickly.
- The application process is super easy. With just a few clicks, you can complete your application.
- By using LendingTree, you can secure a personal loan with lower financial qualifications.
- You receive various options to choose from.
Cons of Taking Assistance from LendingTree
- There are additional fees associated.
- You would not receive detailed information about a loan offer without applying for it.
- Many found hidden terms after enrolling for a personal loan with certain lenders.
How to Apply For a Personal Loan at LendingTree
The stepwise guide is as follows. Thus, you can take personal loans through the help of LendingTree.
Step 1: The first step starts with the personal evaluation of your financial requirements and ability to pay back. After a self-assessment of personal financial needs, you find that you have to borrow at least $15,000 as a personal loan. Now, check your monthly income and expenses to estimate possible monthly payments.
Step 2: Collect your credit history and score. Examine the included data and information carefully. If there is any mistake, request for corrections.
Step 3: Now, go to the platform and select the personal loan type as your preference. There are several options like emergency loans, home improvement loans, etc.
Step 4: Get a prequalification certificate from various lenders.
Step 5: Check out if there is any option available to increase your financial strengths, like debt-to-income ratio, credit score, etc.
Step 6: In this step, go for evaluation of loan offers. Here, you must consider the following factors.
- Collateral needed or not.
- Fees
- Loan terms, i.e., the allowed duration to pay back.
- Monthly payable amount.
Step 7: Now, submit all your financial documents of yours and officially fill out the personal loan form.
Step 8: Upon receiving offers, go for the best suite. And you are done. The money or check will be handed over to you soon.
Last Words & Our Expert Guide on Using LendingTree
We must agree that using a LendingTree is beneficial. It saves you time and effort. Its simple and easy application process eliminates huge hassles if you are unfamiliar with financial terms. Applying for a personal loan through LendingTree is helpful as you get all offers at the same place. .
However, if you have adequate time and understand financial terms like credit score, debt-to-income ratio, etc., we suggest you go for self-hunting. Just walk into nearby banks, not a lot; three to four is enough, and you will find good offers. Taking a personal loan without the help of LendingTree will save you money regarding secret fees, any hidden terms of lender, etc.