LendingTree Loan Review 2023

LendingTree claims it can help you find the best loan for yourself and your business. But can this loan marketplace deliver the goods, or will you wish you applied with a different lender?

Truth be told, it’s hard to say for sure, since LendingTree doesn’t provide much information about its business loans and lending partners. We do know it has slower funding times and somewhat higher borrower requirements than many lenders, though. But on the plus side, LendingTree does offer a variety of loans through many lenders―and it has positive customer reviews.

In this review, we’ll explain how LendingTree works, what LendingTree can do for you―and why we recommend going with a different lending marketplace instead.

Unfortunately, we can’t give you much more detail than that. No costs, no loan amounts, no repayment terms―nothing. (The loan amounts and rates you see on its website are for other lenders that LendingTree may or may not partner with.) Because as we’ve said, LendingTree isn’t very clear about, well, anything.

Its website does suggest that LendingTree partners with some lenders we know and like, such as Kabbage (for lines of credit) and SmartBiz (for SBA loans).

So if you do decide to apply with LendingTree, you may very well end up with a great business loan. We just wish LendingTree made it clearer what you’re applying for.

Of course, LendingTree offers personal loan options too, including these:

• Home refinance loans
• Home mortgage loans
• Personal loans
• Home equity loans
• Auto loan
• Student loans
• Debt consolidation loans

So if you’re looking for a lower monthly payment on your mortgage, LendingTree may be able to give you just what you need―and it may do a great job doing so. We’re just not so jazzed about its very unclear business loan offerings.

Look, people like LendingTree. It’s got very positive reviews from thousands of users.

And we see plenty to like. LendingTree is a loan marketplace (aka a lending marketplace). That might just sound like financial jargon, but it means that LendingTree isn’t a lender itself. Instead, LendingTree partners up with lenders to let borrowers shop around. So you submit a brief loan application, and then LendingTree lets you compare relevant loan options from multiple lenders.

For the record, we love lending marketplaces. In fact, Lendio, one of our top-recommended lending companies, also happens to be a loan marketplace, as does Fundera. Lending marketplaces make it possible to shop around and get the best deals without wasting too much time.

In fact, let’s talk more about how LendingTree compares to some other marketplaces. (And then we’ll talk about what we don’t like about LendingTree.)

While LendingTree does have some of the advantages that come with any marketplace (like the ability to shop around), it’s not necessarily the best marketplace out there.

Other marketplaces offer just as many business loan options (if not more), give you more clarity about interest rates and borrower requirements, and even get better customer reviews.

And that brings us to the biggest drawbacks to LendingTree.

As we’ve said, LendingTree’s loan marketplace isn’t the best we’ve seen. It’s awfully opaque about everything from who its lending partners are to what types of business loans you can actually qualify for to the possible interest rates on those loans.

Heck, LendingTree won’t even give you guidance on what it takes to qualify for the lenders it partners with. We had to go through the beginning steps of the loan process multiple times to figure out minimum revenue and time in business requirements.

That’s a waste of your time as a business owner. Why should you spend time filling out an application―and giving LendingTree your contact information and other private information―when you have no idea if you can qualify for anything and what you can even qualify for?

In comparison, business loan marketplaces like Lendio and Fundera are very clear about what lenders they partner with, what loan types you can get, and typical qualifications for prospective borrowers.

That alone would keep us from recommending LendingTree. And it doesn’t help that LendingTree seems to treat business loans as an afterthought. (You have to click around its website to see that it even offers business loans.)

Sure, LendingTree is probably great if you need a personal loan of some kind―whether that’s an auto loan, home loan, student loan, or whatever. But at Business.org, we can’t pretend to be authorities on all things personal loans. We know business loans, though, and LendingTree comes up short when compared to other options.

So if you need some kind of personal loan, go ahead and go with LendingTree. With any luck, its lender network will help you get a steal on a mortgage loan or auto loan.

But for business loans, we’d suggest sticking with a business-specific loan marketplace like Fundera or Lendio.

As you can tell, we’re not exactly stoked about LendingTree. But you should know that its users seem to like it pretty well. LendingTree earns a 4.5 out of 5 on Trustpilot.¹

That means that LendingTree has thousands of very positive customer reviews. Keep in mind, though, that many (if not most) of these customers used LendingTree for personal loans (like a mortgage or debt refinancing loan)―not business loans.

Still, a lot of what these borrowers say probably applies to business loans too. Positive reviews praise LendingTree’s fast, easy application process. Speed and ease come up over and over again in reviews.

As for the negative reviews, they mostly complain about how LendingTree and its partners won’t stop bombarding them with calls and emails―especially after getting denied for a loan. (Again, this is part of why we’re so annoyed that LendingTree makes you turn over your contact details before giving you any information.)

Some reviewers also complain that LendingTree was misleading about what type of loan or rate they could get.

Simply put, most people report a great experience with LendingTree. And while those people who didn't have valid complaints, we didn’t see anything so scary that we need to warn you away from LendingTree altogether.

As a loan marketplace, LendingTree won’t give you a loan itself―but it will connect you with the best loan offers it can find. Unfortunately, LendingTree is very vague about what lending partners it works with, what it takes to qualify with those partners, what kind of loan rates you can get, and more.

So while LendingTree has positive customer reviews, and we’re fairly confident you can have a good experience with its matchmaking, we still suggest you go with a business-specific lending marketplace instead.

Want to learn more about how LendingTree compares to other loan marketplaces? Read our comparison of Lendio vs. LendingTree.

We used LendingTree’s website, customer reviews, and other sources to get as much information as we could about LendingTree, its lending partners, and its loan options. We used that info to grade LendingTree on a bunch of different factors (like funding times and borrower requirements), and then we used those grades to guide our review and compare LendingTree to other lenders.

LendingTree is a legitimate way to get a mortgage loan―but remember that LendingTree isn’t a mortgage lender itself. Instead, it matches you with one of its multiple lenders that does offer home mortgage loans.

Getting matched with loans through LendingTree shouldn’t affect your credit. If you decide to apply for one of your matches, though, your chosen lender may do a hard credit check. That hard check could potentially hurt your credit score in the short term.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.