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      January 29, 2020

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LendingTree vs 100 Lenders

Best Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingTree and 100 Lenders.

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

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

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Best Reviews

2020

Personal Loan Reviews

5 stars
LendingTree

LENDINGTREE

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Loan:

From $1,000 to $50,000

TopConsumerReviews.com Best-In-Class Blue Ribbon Award LendingTree is an industry leader and one of the most recognized names in the personal loan market. They connect you with a wide range of potential lenders that can meet your financial needs on loans ranging from $1,000 to $50,000.

As a loan connection service rather than a direct money lender, the loan amounts and terms received through LendingTree vary with each individual lender. One big advantage of using LendingTree is the ability to review multiple lender's loan offers without having to disclose your personal information to those lenders. You only need to do that once you choose to apply with the lender that best fits your requirements.

As a side benefit, you can also use offers obtained from LendingTree to negotiate directly with the lenders themselves, to try and get an even better rate. LendingTree provides you with lender's direct contact information for that very purpose.

Applying for a loan with LendingTree is a very simple process, and takes only about a minute:

  • Select your loan purpose (such as Debt Consolidation, Vacation, or Medical Expenses)
  • Select how much money you'd like to borrow
  • Enter your Zip Code and Street Address
  • Select your type of residence (Home or Apartment)
  • Estimate your Credit Score
  • Enter your Birthdate
  • Enter your Employment Status and Annual Pre-Tax Income
  • Select whether you'll have a co-borrower or just yourself
  • Enter your Name, Phone Number, and Email Address

And that's it! LendingTree will then work with all their lending partners to find the loan offers that fit your specific criteria. Note that even if you have a low credit score, you may still receive offers, as LendingTree has several providers who work with borrowers with less-than-perfect credit.

Another good thing to remember is that entering your information with LendingTree to begin the loan process will not impact your credit report or your credit score. So you can use LendingTree's service risk-free.

With thousands of satisfied customers, a solid A+ rating from the Better Business Bureau (where they've been accredited for over 20 years), and their ability to connect borrowers with a wide range of potential lenders, LendingTree sets the standard when it comes to personal loans. They receive our highest rating.

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4 stars
100 Lenders

100 LENDERS

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Loan:

From $100 to $35,000

In the last 10 years, 100 Lenders has helped more than 300,000 people apply for a loan. Although they do not fund personal loans directly, 100 Lenders connects applicants with a network of financial partners who do, in amounts ranging from $100 to $35,000.

100 Lenders carries an impressive 4.6/5 average rating across hundreds of customer reviews, and they are part of the Online Lenders Alliance, which requires its members to uphold ethical standards in their lending practices. Despite not having a rating with the Better Business Bureau, 100 Lenders does seem to be helping connect borrowers with personal loans in ways that are reputable and effective.

To apply for a loan using 100 Lenders' network, you will need to enter your basic information, such as your name, address, Social Security number, and how often you are paid by your employer. According to their site and many customer comments, this process can be accomplished in about two minutes, taking you to a list of loans offered by 100 Lenders' partners.

That is the extent of the detail that 100 Lenders provides with respect to loan fees and interest rates, because those depend entirely on the lenders themselves. We were unable to find even a range of possible APR's or sample processing fees, to determine if their partners' rates are competitive with other lenders in our review.

Looking at the fine print, we did find that residents of several states (Arkansas, Georgia, New York, Oregon, Washington, West Virginia, and Vermont) are not eligible to apply for personal loans using 100 Lenders. This information led us to discover that, while 100 Lenders accepts applications from people regardless of their credit score, their lending partners may offer a payday loan rather than a personal loan for those customers whose credit scores fall below a certain threshold. This may not make a difference, however, to some customers looking to meet short term cash needs.

For all these reasons, we give 100 Lenders a high rating, This could improve with a little more transparency on their partner's interest rates and application fees, which would allowing potential customers to get a better idea of their borrowing power without having to enter their personal information first.

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Continued from above

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!

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