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LendingTree vs NetCredit

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LENDINGTREE

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.

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.

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.

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.

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, we give LendingTree high marks.

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NETCREDIT

NetCredit is new to the personal loan business. This Chicago based company opened doors in 2012 and currently hold a strong A- Better Business Bureau rating. NetCredit offers unsecured personal loans between $1,000 and $10,000 to customers of all credit scores. The process of applying and obtaining a loan is completely online. There's no need to make an appointment and take time away from work just to fill out a loan application.

NetCredit provides the funds for all of the personal loans issued from this company. The process is very simple:

  • Customers identify how much they'd like to borrow and for what purpose
  • Complete a quick and easy application that allows NetCredit to identify your name, your contact details, work history and more
  • Applicants can expect an immediate response upon submission of their application with the maximum loan amount and terms
  • The customer then identifies how much they would like to borrow and accepts the terms of the agreement
  • Loans are typically sent via direct deposit by the next business day unless documentation is required or questions still exist.

Interest rates are dependent on the loan size and your credit worthiness. Because of this, NetCredit does not publish their loan interest rates online. Loan payments back to NetCredit can be drawn automatically from your bank account and occur over time, based on the terms of the loan. Outside of interest, there are no associated fees with obtaining a loan at NetCredit. For those attempting to build back their credit, NetCredit does report payment history and activity to both Experian and TransUnion.

The only downside to working with NetCredit, at this time, is that they currently provide loans in only 13 states. While we believe they will be adding to the list over time, customers in states not supported by NetCredit will not be able to work with them until further expansion. However, if you are in a state that NetCredit does operate in, they offer a fast loan application and quick approval process. NetCredit is worth your consideration.

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Personal Loans

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

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.

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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