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      January 23, 2020

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LendingTree vs LifeLoans

Best Personal Loans

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

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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2 stars
LifeLoans

LIFELOANS

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Loan:

From $100 to $35,000

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code. From there, the site says they will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review 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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