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      July 23, 2019

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LendingClub vs LendingTree

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and LendingTree.

To see ALL of our reviews for the Best Installment Loans, please Click Here

Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isnít enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

Continue reading below reviews

Best Reviews

2019

Installment Loan Reviews

5 stars
LendingClub

LENDINGCLUB Visit Site

Loan:

From $1,000 to $40,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award For people looking to borrow anywhere between $1,000 and $40,000, LendingClub should be at the top of their list for an installment loan. The application process is incredibly easy and can be completed online in just a few minutes.

You start by entering the amount you'd like to borrow and for what purpose (for example, paying medical bills, car repairs, and so on), and enter details like your name, address, income, and birthdate. As with any lender, LendingClub will process your information to confirm your identity and check out your credit history. Once your identity has been verified, you'll be given several loan options to choose from. After you've chosen the loan you prefer, and LendingClub verifies your banking information, you'll receive your funds. It really is that simple.

How long will it take to get your funds when receiving an installment loan from LendingClub? That depends on your credit history, as well as the size of the loan you're requesting. For larger loans, or if your creditworthiness is less-than-perfect, it may take longer for LendingClub's partner lenders to consider your request.

Be aware that, as with many peer-to-peer lending companies, LendingClub does charge a one-time fee to cover the costs of processing your loan. You can expect to pay a fee between 1-6% of your total loan amount - $50 to $300 on an installment loan of $5,000, for example.

One major advantage of working with LendingClub is their strong track record for customer satisfaction. At the time of our review, they maintained an "A" rating with the BBB, strong evidence for their attention to quality in the thousands of loans they facilitate every month.

Another plus is their competitive interest rates, currently ranging from 6.95% to 35.89% APR. The rates offered during your application process will naturally depend on your credit history.

Within the social lending market, few businesses can compete with LendingClub's reputation as an established leader. We give LendingClub our highest rating for a simple application process, reasonable interest rates, and overall trustworthiness as a peer-to-peer lending company.

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4.5 stars
LendingTree

LENDINGTREE Visit Site

Loan:

From $1,000 to $35,000

If you've ever considered getting an installment loan, chances are good that you've heard of LendingTree. Their "A+" rating as an accredited business with the Better Business Bureau is well-deserved, given their nearly 20-year history of helping borrowers connect with a wide network of interested lenders.

As you begin the application process with LendingTree, one requirement not often found with their competitors is the need to provide your credit score. Entering your personal information on the LendingTree website will not affect your credit score or credit report, however.

After entering your information, LendingTree will give you a list of lenders who are willing to fund your loan, ranging from $1,000 to $35,000. LendingTree itself doesn't fund loans; rather, they work as a connection service that matches you with their lending partners. Fortunately, none of your personal information is given directly to any of those lenders until you've had a chance to look through the terms, rates, and fees of each company that is willing to give you the funds and to choose one that best fits your needs.

And, if you like to negotiate, feel free to reach out directly to any of the matched lenders you receive from LendingTree - you'll find each lender's direct contact information on your results page, so that you can request a lower rate or other differences in terms. LendingTree doesn't publish any rates or fees, specifically because they depend so heavily on the terms offered by each individual lending partner.

Especially because they work with a wide network of lending partners, including those who will work with borrowers that have lower credit scores, we think most people will have a positive experience with the LendingTree process. As one of the most recognized sources for obtaining installment loans, we give LendingTree a very high rating.

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Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms Ė such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

What Is an Installment Loan? Definition and Examples

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Published:  Tue, 09 Jul 2019 11:06:00 GMT



Best Installment Loans 2019: Compare Options

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Published:  Thu, 18 Jul 2019 13:31:00 GMT



How Taking Out a Personal Loan Impacts Your Credit Score

It's also worth noting that installment debt is generally better than revolving debt like credit cards. Owing 80% of your original balance on a personal loan is better than using 80% of your available ...

Published:  Mon, 22 Jul 2019 05:10:00 GMT



Small personal loans: when to get one and when to stay away

Personal loans are unsecured installment loans. That means you do not have to put your home directly on the line (as you would with a second mortgage) and you pay back your loan in equal monthly ...

Published:  Mon, 22 Jul 2019 04:47:00 GMT



Visa counters installment-loan fintechs with API for issuers

Visa's chief economist recently warned that fintechs are disintermediating banks' credit card businesses with instant access to installment loans. Now Visa is looking to disrupt the fintechs by giving ...

Published:  Thu, 27 Jun 2019 07:45:00 GMT



How Installment Loans Work

An "installment loan" is a broad, general term that refers to the overwhelming majority of both personal and commercial loans extended to borrowers. Installment loans include any loan that is repaid ...

Published:  Sun, 07 Jul 2019 17:00:00 GMT



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