Why should you consolidate your loans with LendingTree?
- Lower monthly outgoings - Free up your income and ease short term financial pressure. It’s likely that you’ll pay more in the long run due to interest fees, but your immediate outgoings could drop significantly
- A large number of lenders - LendingTree is a widely known company, and works with a vast selection of lenders. Not only will this save you time when searching for options, but it’ll also help during negotiations with lenders as you’ll have several direct comparisons to use when settling on terms and fees
- Free tools available - There’s an extensive FAQ section, along with an abundance of financial articles to help educate you before making a decision. Perhaps most useful, though, is the financial calculator. It helps to determine what kind of loan is most suitable, and what you might be eligible for
- Apply with any credit score - There’s no guarantee that any lender will accept all credit scores, especially those under 600. However, with LendingTree, you can at least apply no matter your rating
- A clear schedule - Once your consolidation loan is ratified, you’ll have a clear financial structure moving forward with a defined end date
What are the eligibility requirements?
There are some basic criteria that all applicants must meet, (listed below), but each lending partner will have its own more detailed eligibility list.
- Aged 18 or over
- Proof of ID
- Evidence of income/employment
- Evidence of overall debt levels
- Willing to undergo a credit check
How to apply for a LendingTree consolidation loan?
Applications are made online. Once assessments are made on your eligibility, a list of options will be presented to you.
- Online question form
- Call center open 6 days a week
What types of debt can be consolidated with LendingTree?
LendingTree provides several consolidation loans -
- Conventional debt consolidation - Can be used to a range of debt types, with fixed APR and monthly payments
- Home equity - Low-interest rates in exchange for putting up the home as collateral, with fixed APR and monthly payments
- Balance transfer credit cards - For those with excellent credit scores, with low interest rates but significant late payment charges
LendingTree offers a decent range of loans, but there’s a distinct lack of clarity provided on what the requirements are to be deemed eligible. It might be best to look elsewhere for more detailed and comprehensive services.
Two such options would be LendingClub and Avant. Each of these well-respected lenders offers exceptional terms rates and fees, explained in a clear and detailed manner to ensure that the process is both quick and hassle-free.