Lending Tree for Bad Credit?

by Mack Bartlett

“Banks Compete. You win.” Right? That’s LendingTree.com‘s catchy slogan. The question is, do banks compete for your business if you have bad credit?

Not as aggressively, it’s safe to say, but there interest to compound and fees to charge on loans made to people with low Fico scores. So yes, I’d say banks may still want to compete for your attention, and Lending Tree may be the place to do it.

What kind of loan are you looking for? Lending Tree is probably best known as a mortgage company, but they offer all different kinds of financing, from auto loans to student loans, all the way to personal loans.

Lending Tree Bad Credit Personal Loans

You have to dig a little, but they do offer personal loans. Here are a few of the details:

  • minimum loan amount is $1,500 (unless you live in Arizona or Tennessee – then it’s $1,000).
  • you can apply for a revolving line of credit or a one-time loan with a repayment term of 12 to 60 months.
  • if, and when, you’ve declared bankruptcy will be factor in your approval and loan terms
  • you can apply with a spouse or other co-borrower.
  • they’ll want to know how many outstanding debts you have (that’s the number of loans, credit lines, credit cards, etc – as opposed to the amounts of those loans).
  • They’ll ask you to rate your credit on a scale of Poor to Excellent (no point fibbing, you know they’re going to check your credit score). I’m sure they ask you to declare your credit status so they know which loan providers could potentially work well with you.

If you’ve damaged your credit with late payments or bankruptcy, it won’t automatically preclude you from getting instant approval unsecured loans through Lending Tree. Countless Payday loan stores and websites prove there are providers ready to help you out. The question is whether you want them to.

With triple-digit annualized interest rates and practically criminal fee structures, personal loans are a potential disaster in your life. Yes, Lending Tree is a reputable company helping you find the loans you need, but always make sure you’re aware of whether those loans are in your best interest in the long run.

 

 

 

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