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      July 4, 2020

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LendingTree vs Credible

Best Personal Loans

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

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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2020

Personal Loan Reviews

4.5 stars
LendingTree

LENDING TREE

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Loan:

From $1,000 to $35,000

LendingTree is one of the most recognized names in the personal loan market, connecting borrowers with a wide assortment of potential lenders that can meet their financial needs on loans from $1,000 to $35,000.

Loan connection service

As a connection service rather than a lender, the loan products LendingTree has to offer and their terms and conditions naturally vary with each individual lender. One advantage of using LendingTree is the ability to survey multiple lenders' offerings without having to disclose one's identifying information to those lenders, only doing so when the customer has made the decision to apply for the lender that best fits their requirements. Borrowers can also use offers obtained on LendingTree to negotiate directly with lenders; LendingTree provides customers with lenders' direct contact information for that very purpose.

All credit score ranges

If you choose to research loans using LendingTree, be aware that you will need to provide your credit score, which is used by lenders to determine if they would like to compete for your business. Even if you have a low credit score, you may still receive offers as LendingTree has several providers who work with borrowers just like you.

Best Personal Loans

No credit report impact

One thing to note is that LendingTree's main website takes you to the page for entering your information to get started in the quote process, and there is very little other information on that page. We were able to determine that entering your personal information to begin the process will not impact your credit report or your credit score, though we would have liked to see that fact clearly spelled out on LendingTree's landing page.

High marks

With a solid A+ rating with the Better Business Bureau, accredited since 1998, and its ability to connect borrowers with a wide range of potential lenders, LendingTree earns high marks.

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4 stars
Credible

CREDIBLE

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Loan:

From $1,000 to $100,000

Getting a personal loan can be a hassle, but it doesn't have to be. Credible simplifies the process by giving you access to more than a dozen lenders with a single application. Since 2012, this service has connected consumers with the loans they need, with fully-vetted partners that meet the highest criteria for transparency and fairness. In fact, almost all of the lenders in Credible's network are included in our personal loan reviews.

Lender connections

So, to be clear, you can't get a personal loan from Credible. Instead, your application (which only takes 5 minutes or less to complete) is used to give you a results list of lenders that meet your needs, with loans ranging from $1000 to $100,000. During the application process, you'll provide critical details like your employment status and credit score range, educational background, and your Social Security number.

Soft credit pull

Credible performs a "soft pull" - which will not impact your credit score, as you may already know - and then matches you with lenders who are willing to give you a loan. It's up to you to determine which lender has the personal loan that is the best fit for your situation. Terms vary depending on which one you choose, but in general you can expect interest rates ranging from 5.99% up to 35.99%

Best Personal Loans

Best rate guarantee

One perk that Credible offers is a Best Rate Guarantee. If you find better rates with another lender and close on a personal loan with that provider, you could be eligible for a $200 payment from Credible! We recommend that you read the terms and conditions (by clicking on the Learn More button in the Best Rate Guarantee pop-out), because there are certain criteria that have to be met (like submitting your request within 7 days of closing on your personal loan with someone else).

Easy to use and reliable

We were very happy to see that Credible has a strong, positive reputation. They've earned an "A+" and accreditation from the BBB, and more than 3,000 customers have given this service a flawless 5-star rating. Compliments include praise for Credible's reliability and easy-to-use website.

Saves time

Credible saves you time with a one-application-fits-all process that sends your application to multiple lenders. Remember you'll still want to make sure that the lender you ultimately select is giving you a loan that you can pay back on time and with interest rates you can afford.

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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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