How long does lending tree take


FAQ | LendingTree

Using LendingTree

By coming to LendingTree.com, you have accessed the leading online loan marketplace. LendingTree quickly connects consumers to (lenders) who compete for your business. LendingTree lenders offer an array of loan types, including mortgages, home equity loans, auto loans and personal loans. LendingTree provides a convenient ‘one-stop-shop’ for your loan needs by giving you choice, convenience and value while helping you find the lender that’s perfect for you.

LendingTree does not charge any kind of fee for the service of matching borrowers with lenders. In addition, no lender that you are matched with through LendingTree will ask you for any upfront fees to “guarantee” or “insure” a loan. Beware if you are asked for a fee or “insurance” before completing an application with a loan officer. No legitimate lender does this.

If you receive calls, letters or emails from “lenders” who say that they are LendingTree or who tell you that they represent LendingTree, make sure you know the facts:

LendingTree only matches customers with lenders on our network, including Home Loan Center or LendingTree Loans. You will be notified of lenders you are matched with either through emails from LendingTree, by a LendingTree Loan Specialist or by a Home Loan Center Specialist through emails or over the phone. Click here to review a full list of LendingTree lenders.

LendingTree and our lenders will not ask you to pay any money for approving a loan, guaranteeing a loan or for “insuring” a loan.

LendingTree and our lenders will not ask you to send a copy of your driver’s license or social security card before you have submitted an application with a loan officer. Please note: If you complete a loan request through LendingTree, you have not completed a loan application. You must do this with the lenders with whom you are matched.

LendingTree and our lenders will never ask for your bank account information before you complete your loan application.

Legitimate lenders may ask for and charge an interest rate lock fee, application fee or appraisal fee once you begin working with a loan officer. LendingTree suggests that you use a credit card when paying any fee for your protection.

For additional information on this important issue, please see the FTC notice on Advance-Fee Loan Scams.

LendingTree does not charge you for using its services. Each Lender you are matched with determines their own policy regarding closing costs. Unfortunately, we are unable to determine the amount of closing costs or out-of-pocket closing expenses. If we are able to match your request with a Lender, you may discuss your specific situation with them once you are in contact.

At this time, we only service requests for loans that originate in the continental United States, Alaska and Hawaii.

We think the best endorsement comes from people who found a loan through LendingTree. We get letters and emails each day from happy borrowers who found a loan. We’ve shared some of their comments in Customer Feedback. LendingTree is also a member of the Better Business Bureau. Please feel free to call them at (704) 527-0012 to check up on us.

You can use our contact form or call 800-813-4620.

Our lenders

If we can’t find a Lender who meets your needs, we will notify you almost immediately. If we can’t match your loan request to a Lender, you may return to the Web site and complete a new loan request any time you want. We are always adding new Lenders to our network, so please continue to check back.

Including a co-borrower on your loan request may or may not affect your chances of finding a loan. Lenders will consider the credit reports, income, assets, debts and other information about both borrowers. Before you decide whether or not to include a co-borrower on your loan request, consider your combined financial picture.

Loan requests and offers

LendingTree is committed to sending information to Lenders quickly and accurately. Using mail, email or fax would introduce the possibility of transcription errors, unnecessary delays and additional costs – which would reduce the benefits of using LendingTree! That is why we only accept loan requests through our online forms or over the phone where we can confirm the information you provide.

It’s important that you evaluate all of the terms of each offer before you choose the one that’s best for you. Compare the interest rate, APR, points, loan amount, loan term and other details of the loan offer. Please use our online calculators to help you make your decision.

LendingTree will send you an e-mail with each lender’s loan offer when the lender responds, usually within minutes. When each Lender makes their decision, we will notify you via email. You will receive an email for each lender making an offer with the details of the offers.

If you do not have internet access, please contact LendingTree Customer Care at 800-813-4620 to find out your lender(s) and offers.

It is critical that you enter your email address correctly when completing a loan request. We use email to communicate with you when Lenders make a decision about your loan request. LendingTree is not responsible for any errors or delays in responding to a loan request caused by an incorrect email address provided by you or other technical problems beyond reasonable control. However, if it’s been one business day since you completed your loan request and you haven’t received an email, you may still get offers and they will be e-mailed to you as soon as available. If you are having problems, please contact LendingTree Customer Care at 800-813-4620 to find out your Lender(s) and offers.

LendingTree, LLC arranges for multiple loan offers through its network of Lenders.

On the LendingTree network, Lenders provide to us criteria about the type of loan (for example, loan amount, whether purchase, refinance, or equity loan) and the type of loan customer (for example, state of residence or creditworthiness) in which the Lender is interested. LendingTree, LLC will provide your information to up to five Lenders whose criteria match your profile. If fewer than five Lenders match your profile, you will receive offers from fewer than five Lenders.

In most cases, you will have to complete another loan request with the updated information. You can either do this online or by calling LendingTree Customer Care at 800-813-4620 where we can pre-fill much of your information using your initial loan request once you identify yourself.

After you accept an offer, you will need to communicate with the Lender directly (via mail, email or phone) to complete the loan process. You will need to verify the information you provided through our site through W-2 forms, pay stubs, house appraisals etc. You’ll also need to sign the official application forms from the Lender and schedule a closing.

You are under no obligation to accept a loan offer that is presented to you. However, if you do accept a loan offer, you may be obligated to pay a fee to the lender (including LendingTree Loans or Home Loan Center) to begin the processing of your loan application should you choose to apply for a loan with that lender.

We are sorry that you do not wish to continue with your loan request. As soon as you submit your request, we try to match it with Lenders on our network. If you have been matched with a lender, you must contact that lender directly to cancel your request. The lender’s contact information is included in the details of your loan offer.

You may also reach out to LendingTree Customer Care by completing the our contact form or calling 800-813-4620.

Personal information and security

LendingTree uses secure technology to ensure that the data you send us is protected, confidential and secure. Please see our Security Policy for more information.

We ask questions about you, the type of loan you are looking for, and your financial situation (income, assets and debts). You may want to gather your pay stub or last year’s tax return before you start completing the forms. If you’re refinancing your mortgage or looking for a home equity loan or line of credit, we need to know about the terms of your current mortgage, how much you owe and how much you want to borrow.

LendingTree believes that you should be aware of who we are, the types of information we may collect on our Web site, and what we do with your personal information. Please see our Privacy Policy. Your information will be shared with the lender(s) with whom you are matched so that they can respond to your loan request.

We cannot delete your loan request because we must maintain a record of your inquiry to comply with state and federal record retention laws. However, we do not share your information except in accordance with our Privacy Policy. Should a state or federal regulator request records of consumers who completed loan requests, as a regulated entity, we must comply with that request to produce any such records.

LendingTree receives your credit score to help Lenders determine if they want to compete for your business. Because LendingTree has your credit score, the Lenders on our network are better able to give you loan offers that are customized for you, rather than just providing you lowball rate quotes with no regard to your credit or financial profile.

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.

Each Lender has their own policy about pulling your credit. Some may pull your credit before they make you a loan offer; others may pull your credit after you have accepted their offer. In all cases, LendingTree pulls your credit report when you complete a loan request.

Presently Fair Isaac Corporation (the company that provides “FICO” credit scores) provides that for mortgage or auto loans it disregards those inquiries made in the prior 30 days. All inquiries on your credit report within a 14-day period will count as one inquiry if you are looking for a mortgage to purchase a home, a mortgage to refinance your home, a home equity loan or line of credit or an auto loan. If you are looking for a personal loan or credit card, however, each inquiry will be counted as a separate inquiry.

We request your social security number to ensure that we receive accurate information from the credit reporting agency. Our Lenders evaluate the information they receive in your loan request as well as the information contained within your credit report. For these reasons, we encourage you to enter correct information in the social security field. If you are worried about privacy and security, please check our Privacy Policy and our Security Policy to see how LendingTree uses your information.

Miscellaneous

We want to be your advocate throughout the loan process. If you have questions or comments at any time, please contact our Customer Care Department at 800-813-4620.

Please contact our Customer Care Department at 800-813-4620 to correct or update your email address.

LendingTree Reviews: Are They Worth It?

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. By refinancing your mortgage, total finance charges may be higher over the life of the loan.
Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible. "

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.

In this LendingTree review:

  • People who have tried LendingTree vs. Credible
  • LendingTree background
  • Application process
  • Lending terms
  • Loan funding
  • Consumer complaints and reviews
  • Is LendingTree a good choice?

Consider Credible, a newer alternative to LendingTree. Credible makes it easy to compare loan options, fast and secure.

The personal loan companies in the table below compete for your business through Credible. You can compare rates from all of these partner lenders without affecting your credit score.

LenderFixed ratesLoan amountsMin. credit score


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

9.95% - 35.99% APR$2,000 to $35,000**550
  • Fixed APR: 9.95% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 15.19% APR$10,000 to $50,000700
  • Fixed APR: 7.99% - 15.19% APR
  • Variable APR: N/A
  • Min. credit score: 700
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 3 to 6
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 35.99% APR$5,000 to $35,000600
  • Fixed APR: 7. 99% - 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 to 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg and Blue Ridge Bank
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

5.99% - 24.99% APR$2,500 to $35,000660
  • Fixed APR: 5. 99% - 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 29.99% APR$10,000 to $35,000Not disclosed by lender
  • Fixed APR: 7.99% - 29.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 business days
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 29.99% APR$5,000 to $40,000600
  • Fixed APR: 18. 0% - 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as the same day, but usually requires a visit to a branch office
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

8.3% - 36.0% APR$1,000 to $40,000600
  • Fixed APR: 8.3% - 36.0% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 2 days
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub Bank
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 35.99% APR$2,000 to $36,500580
  • Fixed APR: 7. 99% - 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4, 5, 6
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

5.24% - 19.99% APR$5,000 to $100,000660
  • Fixed APR: 5. 24% - 19.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

6.99% - 24.99% APR1$3,500 to $40,0002660
(TransUnion FICO®️ Score 9)
  • Fixed APR: 6. 99% - 24.99% APR1
  • Min. credit score: 660
    (TransUnion FICO®️ Score 9)
  • Loan amount: $3,500 to $40,0002
  • Loan terms (years): 3, 4, 5, 6
  • Time to fund: Many Marcus customers receive funds in as little as three days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Goldman Sachs
  • Min. Income: $30,000
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

18.0% - 35.99% APR$1,500 to $20,000None
  • Fixed APR: 7. 99% - 29.99% APR
  • Min. credit score: 600
  • Loan amount: $5,000 to $40,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 to 5 business days after verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA and NV
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation and credit card consolidation only


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.74% - 17.99% APR$600 to $50,000
(depending on loan term)
660
  • Fixed APR: 7. 74% - 17.99% APR
  • Min. credit score: 660
  • Loan amount: $600 to $50,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

6.99% - 35.99% APR$2,000 to $50,000640
  • Fixed APR: 6. 99% - 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.99% - 23.43% APR10$5,000 to $100,000Does not disclose
  • Fixed APR: 7. 99% - 23.43% APR10
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

11.69% - 35.93% APR7$1,000 to $50,000560
  • Fixed APR: 11. 69% - 35.93% APR7
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U. S. citizen or permanent resident; not available in DC, SC, WV
  • Customer service: Phone, email
  • Soft credit check: Yes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

7.46% - 35.97% APR$1,000 to $50,000560
  • Fixed APR: 7. 46% - 35.97% APR
  • Min. credit score: 560
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2, 3, 5, 6
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating

Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details

5.4% - 35.99% APR4$1,000 to $50,0005580
  • Fixed APR: 5. 4% - 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As fast as 1 business day6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

People who have tried LendingTree vs. Credible

On the surface, LendingTree and Credible might seem similar. However, with Credible, you can compare actual prequalified rates in just two minutes. And you won’t have to worry about spam or hidden fees.

Here’s what a few borrowers had to say after trying LendingTree vs. Credible*:

E.J. compared personal loans from multiple lenders

Felt like a more modern LendingTree site. Process was easy. Was able to check multiple Credible lenders in one spot with a soft check. I had several offers, I picked the best deal, and got exactly what I was looking for.

See review on Trustpilot

Paul quickly found the loan they were looking for

Quick process, no annoying calls or emails like LendingTree, very happy overall!

See review on Trustpilot

Danielle enjoyed an easy application process

The application was quick and easy. The reason I gave a 5-star review was because I have not received any spam emails or phone calls like you do from other websites. I would definitely recommend Credible over LendingTree.

See review on Trustpilot

* Reviews have been edited for spelling and grammar.

LendingTree background

LendingTree is one of the first and largest peer-to-peer online lending exchanges, first established in Charlotte, North Carolina in 1998.

Its purpose is to bring borrowers and multiple lenders together so that they can agree on arrangements for:

  • Business and personal loans
  • Auto loans
  • Student loans
  • New and refinanced mortgages

Its website also offers personal finance services and tools, such as providing information about credit cards and credit scores.

LendingTree is an alternative way to borrow because the loans originate from individual investors and small companies, as well as from traditional lenders like banks. It has handled millions of inquiries since its inception.

Borrowers benefit from the competition among different lenders that can result in lower interest rates and access to loans even when banks have declined your loan application.

Keep in mind: LendingTree is strictly a matchmaker — it arranges introductions between lenders and borrowers, and collects fees for its service, but does not itself offer loans or credit.

Application process

The loan process is fairly standard, although the information you enter varies with the type of loan you request.

For example, here’s the information you’d need to start an application for a personal loan — that is, a loan that is not backed by collateral such as your home or car:

  • Loan purpose: The purpose of the loan could be anything from debt consolidation to vacations, major purchases or wedding expenses.
  • Loan amount: With LendingTree, you might be approved for a loan ranging from $1,000 to $35,000.
  • Estimated credit rating: You can select excellent, good, fair, or poor.

You’ll also need to include your:

  • Employment and pre-tax income
  • Address and type of residence
  • Personal identification information (including email address and the last four digits of your Social Security number)

LendingTree only offers to provide you with your actual credit score after you finish the application. It asks a series of questions to confirm your identity first. It then shows you all the offers available for the loan amount you requested, including the:

  • Lenders’ name
  • Amount
  • APR
  • Number of years to repay
  • Monthly estimated payments

You’ll also be provided a phone number to call. You can ask for additional detail or immediately apply for one of the offers, in which case you will have to enter additional information.

All during the application process, LendingTree will send you emails telling you your status. You can easily complete the entire procedure in 15 to 30 minutes.

Be aware: Your credit history will be pulled one or more times during the process. In most cases, multiple inquiries count as a single one during a 30-day period.

An excessive number of credit inquiries can lower your credit score.

LendingTree also has a LoanExplorer page that displays current quotes base on several parameters you can enter without identifying yourself. We found that LoanExplorer seems to be customized to mortgage loans only.

Lending terms

Lending terms vary considerably, depending on your credit score, income, type and amount of loan and other considerations. Typically, loans have a length of three years or longer.

We saw advertised 5/1 adjustable rate mortgages starting at 2.97 percent APRs, but your APR could go as high as 29. 9 percent.

LendingTree’s website points out that you can search for loans without first giving information (through its LoanExplorer), that there are no commitments and that the quotes are personalized.

Keep in mind: Some states might not permit LendingTree-arranged loans. Be sure to double-check if your state allows loans through LendingTree before applying.

Loan funding

We found a range of loan funding sources, from banks to mortgage lending companies to bids from unknown lenders that may be small companies, partnerships or even individuals.

When the lender is an unknown entity, you don’t know about its long-term viability. On the other hand, do you really care? You shouldn’t be affected if you secure a loan from a lender that subsequently goes bankrupt — the loan will transfer elsewhere, but your terms are not altered.

Is LendingTree viable? While LendingTree has withstood the test of time, it hasn’t always been profitable. During the third quarter of 2015 revenue of $115 million was up 104 percent higher from a year ago, with loan originations up 92 percent.

Profits were $1 million, compared to a $7.4 million loss during the same quarter a year ago and a $4.1 million loss in the second quarter of 2015.

See how much you can borrow

Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.

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Consumer complaints and reviews

LendingTree has had a Better Business Bureau file since 1998. As of January 2019, it was not BBB Accredited and had a rating of A-. Out of 315 BBB closed complaints in the previous three years, 180 stemmed from advertising/sales issues and 129 were attributed to service problems.

Of course, these numbers represent a very small percentage of LendingTree’s transactions. Out of 199 BBB customer reviews, LendingTree has a 3-star rating. Bear in mind that disgruntled consumers are the most likely to leave reviews.

Here are a couple of anecdotal complaints sourced from a number of forums:

  • Unwanted spam and persistent phone calls from potential lenders: This seems to be the biggest concern from consumers. Note that the calls are not from LendingTree itself, but directly from its funding sources. Nevertheless, it could be held as a negative against LendingTree that it apparently does not police or restrict the marketing behavior of its lenders.
  • Credit reports subjected to too many inquiries from the lenders: Some consumers feel that LendingTree should instead perform one set of inquiries and then disseminate this information to potential lenders.

Other reviews included satisfied consumers who said they were more or less happy with the services provided by LendingTree.

Remember: By agreeing to LendingTree’s terms of service, you agree to submit to binding arbitration to settle any disputes with LendingTree.

In general, LendingTree accepts no responsibility whatsoever for the lenders and advertisements on its websites — consumers are using the site “as is.”

Is LendingTree a good choice?

In all fairness, LendingTree has been able to survive for almost 20 years with a minimum of controversy. If you’re looking for one-stop shopping for loans or credit and have a decent or better credit score, LendingTree appears to be a convenient way to receive multiple bids from lenders.

It may be easier to get a personal loan or other types of credit from LendingTree than it is from a bank, but you’ll expect to pay a higher APR for this greater acceptance rate. LendingTree fees will cost you money one way or another, and you may feel harassed by lender spam.

In the end, LendingTree is a useful service that allows you to conveniently compare rates from competing lenders, thereby boosting your chances of finding the best possible deal for your situation.

Are you looking for a mortgage? Be sure to shop around and consider as many lenders as possible — don’t rely on a platform like LendingTree alone.

With Credible, you can see your actual rates from our partner mortgage lenders in the table below in three minutes. And unlike LendingTree, once you choose the option you like most, Credible can take you all the way from origination to closing your loan.


About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.24%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Using decision trees to assess the creditworthiness of individuals

Introduction

In this article, we will talk about one of the risk assessment methods for lending to individuals, based on the use of Data Mining technology. You can cite a long-known chain of related events: the less a bank risks when providing a loan, the lower the interest rate offered by this bank; the lower the interest rate, the more customers will turn to this particular bank; the more clients contact the bank, the more profit the bank will receive, and this is one of the main goals of commercial activity. The risk associated with non-repayment of the amount of principal and interest can be significantly reduced by assessing the likelihood of the borrower repaying the loan. This article is devoted to one of the key points in lending to individuals - determining the creditworthiness of a potential borrower.

Existing credit rating system for individuals

Lending to individuals is characterized by small loan sizes, which generates a large amount of work on their execution and a rather expensive procedure for assessing creditworthiness in relation to the resulting profit. To assess the creditworthiness of individuals, the bank needs to assess both the financial position of the borrower and his personal qualities. In this case, credit risk consists of the risk of non-repayment of the principal amount of the debt and interest on this amount. Now scoring lending is used to assess the risk of lending to a borrower. The essence of this technique is that each factor characterizing the borrower has its own quantitative assessment. Summing up the points obtained, you can get an assessment of the creditworthiness of an individual. Each parameter has a maximum possible threshold, which is higher for important questions and lower for secondary ones. There are many methods of credit scoring known today. One of the most famous is the Durand model. Duran identified a group of factors that make it possible to determine the degree of credit risk as much as possible. He also determined the coefficients for various factors characterizing the creditworthiness of an individual:

  1. Gender: female (0.40), male (0)
  2. Age: 0.1 point for each year over 20 years old, but not more than 0.30
  3. Length of residence in the area: 0.042 per year, but not more than 0.42
  4. Profession: 0.55 for low risk profession; 0 - for a high-risk profession; 0.16 - other professions
  5. Financial indicators: having a bank account – 0.45; availability of real estate - 0.35; availability of an insurance policy – ​​0. 19
  6. Employment: 0.21 public sector enterprises, 0 other
  7. Employment: 0.059 - for each year of work at this enterprise

He also determined the threshold, after crossing which a person was considered creditworthy. This threshold is equal to 1.25, i.e. if the accumulated score is greater than or equal to 1.25, then the potential borrower is given the amount requested by him.

Disadvantages of the scoring system for assessing the creditworthiness of individuals

The main disadvantage of the scoring system for assessing the creditworthiness of individuals is that it is very poorly adaptable. And the system used to assess creditworthiness should correspond to the present state of affairs. For example, in the USA it is considered a plus if a person has changed many jobs, which indicates that he is in demand. In the USSR, on the contrary, this circumstance indicated that a person either could not get along with the team, or was a low-value specialist, and, accordingly, the likelihood of delays in payments increased. Another example of the difference in weight coefficients is that if in the USSR the presence of a personal car indicated a good financial situation of the borrower, now this presence practically does not mean anything. Thus, it is simply extremely necessary to adapt the model both for different periods of time, and for different countries and even for different regions of the country.

To adapt the scoring model for assessing the creditworthiness of individuals, a specialist needs to follow a path similar to what Duran did, that is, specialists who will be engaged in such adaptation must be highly qualified, and therefore very highly paid, be able to assess the current situation on market. The result of this kind of work done will be a set of factors with weighting coefficients plus a certain threshold (value), overcoming which a person applying for a loan is considered able to repay the requested loan and interest. The results obtained are mostly subjective opinion and, as a rule, poorly supported by statistics (statistically unfounded). As a consequence of all this, the resulting model does not fully correspond to the current reality. The financial result of this approach will be that in the interest rate of lending offered by the bank, a large share will be occupied by the part that covers the risk of non-payments.

So, the main shortcomings of the scoring system for assessing the creditworthiness of individuals are:

  1. High cost of adapting the model used to the current state of affairs;
  2. High probability of model error in determining the creditworthiness of a potential borrower, due to the subjective opinion of a specialist.

Decision trees as a solution to the problem of eliminating the shortcomings of the scoring system

One of the solutions to the above problem is the use of algorithms that solve classification problems. The task of classification is the task of assigning an object (a potential borrower) to one of the pre-known classes (Give/Not give a loan). Such tasks are solved with great success by one of the methods of Data Mining - using decision trees. Decision trees are one of the methods for automatic data analysis. The resulting model is a way of representing the rules in a hierarchical, sequential structure, where each object corresponds to a single node that gives a solution. An example of a tree is given at fig. 1.

The essence of this method is as follows:

  1. A tree is built on the basis of historical data. In this case, the class of each of the situations on the basis of which the tree is built is known in advance. In our case, it must be known whether the principal amount and interest were returned and whether there were any delays in payments. When constructing a tree, all known situations of the training sample first fall into the upper node, and then are distributed among the nodes, which in turn can also be divided into child nodes. The partition criterion is different values ​​of some input factor. To determine the field on which the partition will occur, an indicator called entropy is used - a measure of uncertainty. The field is selected, when splitting over which more uncertainty is eliminated. The higher the uncertainty, the more impurities (objects belonging to different classes) are in one node. The entropy is zero if the node contains objects belonging to the same class.
  2. The resulting model is used to determine the class (Give/Not give a loan) of newly arisen situations (an application for a loan has been received).
  3. If the current market situation changes significantly, the tree can be rebuilt, i.e. adapt to the existing situation.

Practical example

The Tree Analyzer program from the Deductor ver.3 package will be used to demonstrate this technology. A sample consisting of 1000 records was taken as initial data, where each record is a description of the borrower's characteristics and a parameter describing his behavior during loan repayment. When training the tree, the following factors were used to determine the borrower: "N Passports"; "FULL NAME"; "Address"; "Loan amount"; "Term of the loan"; "Purpose of the loan"; "Average monthly income"; "Average monthly expense"; "The main direction of expenses"; "Availability of real estate"; "Availability of vehicles"; "Having a bank account"; "Availability of insurance"; "Name of the organization"; "Industry affiliation of the enterprise"; "Term of work at this enterprise"; "Line of activity of the borrower"; "Term of work in this direction"; "Floor"; "Family status"; "Number of years"; "Number of dependents"; "Duration of residence in the area"; "Security of the loan"; "Give credit." At the same time, the fields: "N of the Passport", "Name", "Address", "Name of the organization" are determined by the algorithm already before the construction of the decision tree as unsuitable ( fig. 2 ) due to the practical uniqueness of each of the values.

The target field is the "Give credit" field, which takes the values ​​"Yes" (True) and "No" (False). These values ​​can be interpreted as follows: "No" - the payer is either very late with payments, or did not return part of the money, "Yes" - the opposite of "No".

After the process of building a decision tree using the Tree Analyzer program, we obtain the following model for assessing the creditworthiness of individuals, describing the situation related to a particular bank. This model is presented in the form of a hierarchical structure of rules - a decision tree ( fig. 3 ).

Analyzing the resulting decision tree (see fig. 3 ), we can say the following:

  1. Using the decision tree, you can analyze significant factors. This is possible due to the fact that when determining the parameter at each level of the hierarchy, according to which the division into child nodes takes place, the criterion of the greatest elimination of uncertainty is used. Thus, more significant factors for which classification is carried out are at a closer distance (depth) from the tree root than less significant ones. For example, the factor "Security of the loan" is more significant than the factor "Duration of residence in the area." And the factor "Main direction of expenses" is significant only in combination with other factors. Another interesting example of the significance of various factors is the absence of the parameter "Availability of vehicles" in the constructed tree, which indicates that today this presence is not decisive in assessing the creditworthiness of an individual.
  2. You may notice that such indicators as "Amount of the loan", "Term of the loan", "Average monthly income" and "Average monthly expense" are not present at all in the resulting tree. This fact can be explained by the fact that in the initial data there is such an indicator as "Loan Security", and since. this factor is an exact generalization of the 4 indicators described above, the decision tree construction algorithm chose it.

A very important feature of the constructed model is that the rules by which the borrower's belonging to a particular group is determined are written in natural language. For example, based on the constructed model, the following rules are obtained:

  1. IF Security of the loan = Yes AND Length of residence in the area, years > 5.5 AND Number of years > 19.5 AND Real estate availability = Yes AND Bank account availability = Yes THEN Give a loan = Yes (98% reliable)
  2. IF Security of the loan = Yes AND Length of residence in the area, years > 5.5 AND Availability of real estate = Yes AND Number of years > 21.5 AND Length of work in this area, years AND Gender = Husband AND Presence of a bank account = No AND The main direction of expenses = Clothing , food, etc. TO Giving credit = No (88% reliable)

A correctly constructed decision tree based on past data has one more very important feature. This feature is called "the ability to generalize", i.e. if a new situation arises (a potential borrower applied), then most likely there have already been such situations and quite a lot. As a result, it can be said with a high degree of certainty that the newly applied borrower will behave in the same way as those borrowers whose characteristics are very similar to those of the new applicant.

Based on the constructed model, it is possible to determine whether a potential borrower belongs to one of the classes. To do this, you need to use the "Experiment" dialog box of the Tree Analyzer program ( Fig. 4 ), in which, by sequentially answering the questions, you can get an answer to the question: "Should I give a loan."

An example of obtaining a result.

Questions: Loan security: Yes > Real estate: Yes > Gender: Male > Bank account: No > Primary expenditure: Purchase of durable goods.

Answer: Give credit: Yes (96% reliable)

Using this approach, you can immediately eliminate both of the above disadvantages of the scoring system for assessing creditworthiness.

That is:

  1. The cost of adaptation is reduced to almost a minimum due to the fact that the algorithms for building a classification model (decision tree) are self-adaptive models (human intervention is minimal)
  2. The quality of the result is quite high due to the fact that the algorithm selects the most significant factors to determine the final answer. In addition, the result obtained is statistically justified.

Conclusion

The above example is a rather rough idea of ​​how data mining methods, in particular decision trees, can be used to achieve the stated goal: reducing risk in retail lending operations. Although even with this first approximation, positive results are observed. Further improvements may include such points as: a more accurate selection of borrower-determining factors; changing the problem statement itself, so, for example, instead of two values ​​of the target parameter, you can use more detailed information (Returned / Did not return / Not on time) or use the probability that the money was paid on time as the target value; this article does not say a word about data cleaning, although, as practice shows, the use of initial data preprocessing can significantly improve the quality of the result and is an important step in an integrated approach to solving any data analysis problem.

LITERATURE

  • Lending to individuals /Money and credit, 1993 #5
  • C. Shannon. Works on cybernetics. M. Foreign Literature, 1963
  • J. Ross Quinlan. C4.5: Programs for Machine learning. Morgan Kaufmann Publishers 1993

How the traffic jam on the Crimean bridge moves October 9, 2022 - October 9, 2022

Society hours, according to eyewitnesses in social networks and thematic chats.

According to one of the drivers, his journey took 12 hours. “At 22:00 we got stuck in traffic and at 10:20 in the morning we crossed the Crimean bridge,” he says. Another traveler notes that the movement goes at a speed of 500 meters per hour and the journey took 6-8 hours tonight. People who got stuck in traffic at 22:30 reported at 6 in the morning that they had passed. Also, according to him, this morning they were supposed to start the movement in both directions at the same time and attract more inspectors in order to speed up the inspection process. According to another eyewitness, the traffic jam stays until the exit to Kerch.

Judging by Yandex.Maps, the movement itself on the Crimean bridge is free. However, there are traffic jams at the entrance from both Kerch and Taman. Russians who are trying to leave Crimea publish videos of traffic jams on networks. “Very slow movement. In Kerch, they didn’t even get close to the bridge, and the traffic jam is already there, ”comments one of the users.

Earlier it was reported that traffic on the bridge resumed in reverse mode around 17:00 on October 8. From the side of Kerch, vehicles were collected in a column at the inspection point in front of the bridge. Then they were also released in small columns - about 50 cars each.

At the same time, in Kerch, in order to cross the bridge, you need to get permission - it was given at the headquarters near the ferry crossing. Those who did not receive permission to cross the bridge were left to wait in line for the ferry.

According to the National Anti-Terrorist Committee, on October 8 at 06:07 a truck was blown up on the automobile part of the Crimean bridge from the side of the Taman Peninsula, after which seven fuel tanks of the train caught fire. https://www.fontanka.ru/2022/10/08/71719595/ Two car bays partially collapsed as a result. Traffic was completely blocked.
According to the preliminary data of the Investigative Committee, three people were killed. These are the passengers of a car that was driving next to a blown up truck.
On the evening of October 8, road and rail traffic was restored on the bridge.

More news in our official telegram channel Fontanka SPB online . Subscribe to be the first to know about important things.

Related

  • The first two dozen cars drove along the Crimean bridge from Kerch towards Taman. Traffic restored in reverse mode (video)

    October 08, 2022, 17:52

  • “Without this it is impossible to pass.” How to pass through the bridge. Fontanka explains the order

    October 08, 2022, 18:35

  • In a traffic jam on Pulkovsky, drivers lose their nerves, and passengers go on foot. And it's not rush hour yet

    September 19, 2022, 5:24 pm

  • Car traffic on the Crimean bridge is not yet open (video)

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