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We’ve been reviewing personal loans for seven years, and for our most recent update we looked at 15 of the most popular online lenders. We looked at traditional lenders and peer-to-peer lenders, which have become popular in recent years because they can give you access to loans without going through traditional banks.
We looked for lenders with simple applications that could be processed and approved quickly. These loans are unsecured, meaning they do not require any collateral. Personal loans are often used to pay off credit cards, medical debt, home improvements or to fund new businesses.
Lending Tree isn’t a lender itself, but by filling out its form, you can receive loan offers from the more than 300 lenders in its network. The online application requires information about where you live and your credit score, income and assets. If you don’t know your credit score, you can find out for free through Lending Tree, which counts as a soft inquiry. Keep in mind, though, when you submit the loan request form, the lenders perform hard credit pulls, which affect your credit score. Typically, all hard pulls made in a 45-day period are consolidated into one.
Lending Tree works with many of the other lenders we reviewed as well as many local banks. However, it can be useful to apply through Lending Tree to compare the offers you receive, rather than apply at each place individually.
One drawback of using Lending Tree is it can’t provide answers to specific questions about the loans. Still, its customer service can answer questions about the Lending Tree process, and the website has many useful tools, including payment calculators and rate estimation tools