Life is a dynamic process, and money plays a crucial role in it to fulfill the needs. The life cycle changes and sometimes it changes unexpectedly due to loss of money. At this stage, people usually move to the financial institutions to get some loan against massive interest rate, and they have to go for the tidy document process. Here, in this blog, we will compare between a lending platform, Lending Tree and a lending company, Lending Club.
Lending Tree has multiple lenders on its platform, and the lending tree interest rate depends upon the credit score, and the Lending Club interest rate depends upon the grade. Well, both the names look similar, but they are different in Nature especially in work, APR, service and considerably more.
So, if you are an American citizen and looking for the loan, but stuck whom to choose between the two, then don’t get worried, as here you will get the comprehensive overview of Lending Tree and Lending Club. The differences between them will help you to choose the one which fulfills your requirement.
Lending Tree and Lending Club personal loan comparison are quite essential to opt for the best one. Well, both are best in their work, but the key differences which separate them apart are listed below. So, go through the listed points and check out the comparison between the two,
Lending Tree and Lending Club Personal Loan Comparison
APR: It is known as Annual Percentage Rate; the actual cost of the loan performed annually. Both the firm has a different APR. LendingTree aggregates personal loans from different companies and hence can’t claim about any specific rate. LendingClub APR ranges from 6.95% to 35.89%.
1.Savior for Low Income Borrower
Many Financial Institute usually kept a high-interest rate, and as a result, the needy borrower stands back. But, in case of Lending Tree and Lending Club, this circumstance is omitted. However, they kept the credit rate scale. The lenders on Lending Tree platform offer loans when the credit scale lies in between 640-750; below this par, the company regarded it as a Bad Credit.
In case of Lending Club, the credit scale is less and the borrower with a credit score less than 600 is also applicable for Lending Club Personal Loan. The company offers the unique feature termed as ‘Joint Application’ which means that the person with a low score can apply for a loan, but the application form must be signed by an individual who has a good credit score. This feature covers the large section of the needy borrower.
2. Loan Process
Lending Tree and Lending Club believes in the quick process and hence kept the entire process online. The online process cut the traditional methods such as meeting, a bunch of forms filling and more and thus offers the loan to a borrower in a quick time.
Lending Tree presents only one form in front of the borrower which comprises of necessary details such as name, address, etc. And the filling of one form gives a chance for Lending Tree Pre-approval personal loan, the process usually takes less time, and after the approval, the borrower will get 5 best offers from the lenders, and after picking the one, the task will be done and soon the loan will be offered by the lender.
In the case of Lending Club, the application process is also online and straight forward, but it offers the grading system as per the loan requirement. The borrower will get the number of lenders, and they can choose the one as per their requirement. Hence, the Lending Club Pre-approval personal loan is also simple and easy and gave full authority to the borrower to get the loan effectively.
3. Fees
The Lending Tree fee depends upon the area where the lenders reside, so it is quite hard to figure out the fee.
While, in case of Lending Club, it has broadened this feature and gave relaxation to the borrower against pre-payment penalty. However, the Lending Club Fee ranges from 1%-6%, and this fee will be deducted from the loan. The Lending Club offers much comfort to the borrower and hence provided the grace period of 15 days to pay the bill. If in case, the period lapse then the borrower will have to pay an additional $15 or 5% of the unpaid bill.
4. Borrower’s Feedback
The feedback of the borrowers will also help you to choose the one among the Lending Tree and Lending Club. The process for both is different, so you can go through the same one by one. So, let’s begin with the Lending Club Personal Loan Review first.
Check Lending Club personal loan review in quick steps
- Go to the official website of the Lending Club by clicking on the link – click here
- Now, scroll down the page, and at the bottom, you will find several features, select the ‘Reviews’ section located at the right end of the page.
- Thereafter, you will a review page which will feature the feedback of the borrowers. Read it carefully and for more reviews, scroll down the page and click on ‘Show more reviews’.
An effective way to check Lending Tree Personal Loan Review
- Go to the official website of Lending Tree by clicking on the link – Click Here
- Now, click on the ‘Menu’ button, located at the top of the page and select ‘Rating & Reviews’ from the drop-down page.
- Thereafter, you will find the list of reviews, select the one as per your need and soon you will feature the brief of the borrower’s reviews.
Loan Calculator
Both the companies offer the Loan calculator which enables the borrower to check the repayment amount based on the interest rate. So, let’s start first with the Lending Tree Loan Calculator, the detailed process is listed beneath.
Lending Tree Loan Calculator- Quick View
- Go to the official website of Lending Tree by clicking on the link – Click here
- Thereafter you will find a page featuring various options, select the amount, choose the interest rate and then select the time period.
- After filling the above-said details, you will find the result at the left end of the screen.
Lending Club Loan Calculator
- Go to the official website of Lending Club by clicking on the link – Click Here
- Now, in the home page, you will find a box, featuring various options such as type of debt, current balance, APR and monthly balance.
- Fill those details and click on ‘Calculate your saving’.
- That’s it; soon a new page will feature all the relevant details.
LendingTree vs Lending Club: which is better for personal loan?
These were the salient features of the Lending Tree and Lending Club. Both are best at their work, the interest rate is nominal and the application process is online which reduces the time and effort and hence offer the loan in the short span of time. So, you will have to choose the one as per your need.
