In this Comparison
There are many different personal loan marketplaces available to people in the United States. This review will look at two of the most popular options – LendingTree and Credible.
LendingTree | Credible | |
|---|---|---|
APR | As low as 3.99% APR
| 5.40% – 35.99%
|
Terms | 12-84 months
| 12-84 months
|
Range | $1,000 – $100,000 | $1,000 – $100,000
|
Minimum Score | 580
| Varies based on lender
|
When to Consider LendingTree?
LendingTree first started in this sector back in 1996 and has dealt with millions of people since then. It provides you with access to a great range of loan options.
LendingTree can be a better option if you:
Looking for a small loan
Don’t have the best credit score
Looking to pre-qualify with a soft credit check
When Credible Shines?
Credible is a lending marketplace that aims to help its borrowers to make better decisions when borrowing. It offers a lot of transparency when it comes to its personal loan offering. It currently has 17 personal loan lenders in its marketplace.
Credible can be a better option if:
You need a big loan
Want access to a top-quality customer support team
You are seeking full transparency
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Application Process
LendingTree ensures that its application process is very efficient. It offers loans of between $1,000 and $50,000 to people who have a credit score of 600 or more. With Credible, the loan size range starts at $1,000 and goes up to $100,000. The minimum credit score will change depending on the given lender.
In order to get a personal loan from LendingTree or Credible, you need to be 18 years old at the very least, as well as being a US citizen, or visa holder, or resident.
LendingTree - Pros & Cons
- Ideal Loan Sizes
You can get access to small loans or relatively big loans when you are using LendingTree.
- Pre-Qualification
When using LendingTree, you can get pre-qualified for a loan while just complying with a soft credit check.
- Low Barrer to Entry
LendingTree will accept applications from people who have a credit score of 600 or greater.
- Fees
There will very often be an origination fee in place that you have to pay when getting a personal loan through LendingTree.
Credible - Pros & Cons
- Big and Small Loans on Offer
Credible offers you a loan of just $1,000 and a loan as big as $100,000.
- Very Good Support
Credible has one of the best customer support teams around today, making sure that you have absolutely no issues at all.
- Full Transparency
You can quickly compare all of the different rates offered by the various lenders without having to submit to a hard credit check.
- Not the Biggest Range of Choices
There is a smaller range of Credible lenders than what you will find with many other marketplaces.
Customer Experience
LendingTree | Credible | |
|---|---|---|
iOS App Score | 4.8 | N/A |
Android App Score | 4.7 | N/A |
BBB Rating | A+ | A+ |
Contact Options | phone/mail | phone/mail |
Availability | 8 am – 9 pm (EST) | 6 am – 6 pm (PT) |
LendingTree provides you with a lot of information about personal loans and other types of finance-related knowledge. The support team is known for its high-quality responses and is reachable seven days per week. There is an A+ designation for LendingTree from the Better Business Bureau. Currently, there is no LendingTree mobile app on offer.
Credible has one of the best customer support teams around today, providing support seven days per week. You know you will get quality responses if you ever have an issue or query relating to personal loans. The Better Business Bureau rating for Credible is A+.
Which Personal Loan is The Winner?
Both of these lending marketplaces have a lot going for them, LendingTree is a good choice for people who have lower credit scores and if you are looking for a massive range of different lenders.
Credible has more of a focused offering and offers you access to massive loans if needed.
| |  | |
|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 5.40% – 35.99%, Best Rate Guarantee * | As low as 3.99% APR
| 2.49% – 35.99% APR
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 12-84 months | 3 – 144 months
|
Loan Amount | $1,000 – $100,000
| $1,000 – $100,000
| $500 – $100,000
|
on Credible's website |
on LendingTree's website |
on Monevo's website |
* $200 giftcard if you find and close with a better rate elsewhere
FAQs
Can I negotiate with Credible?
This is unlikely since Credible is simply connecting you with lenders who have loan deals that match your financial profile.
It may be possible to negotiate a settlement figure once you have your loan and decide that you want to repay it, but this will depend on the specific lender that you go with. Some lenders are more open to negotiations compared to others.
Can I pay off a Credible loan early?
This will depend entirely on the lender that you go with. Credible will present you with up to 12 loan deals when you submit your inquiry. So, if there is a possibility that you may want to repay your loan early, be sure to check the terms and conditions of each deal to ensure that there are no unreasonable prepayment penalties.
Can I get a LendingTree loan with a 600 credit score?
The LendingTree loans will be tailored to your financial circumstances, so you will only see loan deals that are suitable for those with fair credit.
This means that having a 600 credit score should not be a barrier to securing a loan. However, with a fair credit score, you are unlikely to obtain the low rates that are available to those with good or excellent credit.
Do LendingTree personal loans offer prequalification?
Yes, you can compare rates and prequalify for loans with a basic online form. This will allow LendingTree to assess your credit profile and match you with appropriate lenders. However, this process is accomplished with a soft credit check that will not impact your credit score. LendingTree will only initiate a hard credit search if you decide to proceed with a specific loan deal.
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LendingTree vs Upstart vs SoFi
Each of these online lenders has many similarities as well as some significant differences. LendingTree is a good option if you want a flexible repayment plan, whereas SoFi is geared toward people with good credit who need a large loan. Finally, Upstart works with people who may not have the best credit and provides very quick access to borrowed funds.
Read Full Comparison: LendingTree Vs Upstart Vs SoFi: Where to Shop For a Personal Loan?
LendingTree vs Monevo vs Fiona
Each of these lending marketplaces has a proven track record in the industry. They all deal with people with lower credit scores and provide a wide range of loan sizes.
Fiona stands out for having the most user-friendly offering, as well as providing a wide range of financial services. Monevo and LendingTree, in particular, will be good choices for people with bad credit.
Read Full Comparison: Monevo Vs Fiona Vs LendingTree: Where to Shop For a Personal Loan?
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