Best Personal Loans lenders: LendingTree
What is a Personal Loan and Should You Get One?
A personal loan is an amount of money loaned to an individual typically without any collateral. Though they used to be seen as a solution for people in dire financial straits, today the options and terms are better than ever and more and more everyday people are taking out personal loans.
A personal loan, also sometimes referred to as a signature loan or an unsecured loan, can be a great idea if you have outstanding credit debt and a less than stellar credit score. If you use the personal loan to pay off the credit card, you can improve your credit score and then pay off the personal loan, which will almost certainly have an easier interest rate than the credit card.
Our Recommended Top 10 Loan Companies
Here’s our selection of the top personal loan lenders organized according to what they do best, from which you can choose the right one for you:
- Best personal loan companies overall: LendingTree
- Best personal loans for young professionals: Credible
- Best online lending marketplace: LendingTree and Monevo
- Best loan for covering large debts: LendingTree
- Best for large range of loan amounts: Monevo and Even Financial
- Best personal loan for debt consolidation: LendingTree
- Best personal loan for bad credit: LoansUnder36 and 5K Funds
LendingTree
What Does LendingTree Do?
We help you get the best deal possible on your loans, period. By giving consumers multiple offers from several lenders in a matter of minutes, we make comparison shopping easy. And we all know-when lenders compete for your business, you win!
Whether you’re a first time homebuyer looking for a mortgage or you’re in the market for a small business loan, we’ve got you covered. LendingTree is a leading online loan marketplace with one of the largest networks of lenders in the nation. Some of our products and tools include:
- Mortgage Refinance
- Home Equity Loans
- Credit Cards
- Reverse Mortgages
- Mortgage Calculators
- Banking Products
- Personal Loans
- Auto Loans
- Free Credit Score
- Insurance
- Student Loan Refinance
- Business Loans
Best mortgage refinance lenders: summary
The best thing about refinancing your mortgage is that you’ve been through the home loan process before — but a lot may have changed since then. And there are more refinance lenders and more loan options now than ever.
Some refinance lenders offer the latest in online capabilities, others specialize in Federal Housing Administration or Veterans Affairs loans, and others will still discuss your loan options with you face to face.
- Best for online experience: Rocket Mortgage
- Best for online experience: Lenda
- Best for government programs: Navy Federal
- Best for government programs: Veterans United
- Best for customer service: SunTrust Mortgage
- Best for customer service: Guaranteed Rate
- Best for traditional lenders: Chase Mortgage
- Best for traditional lenders: Bank of America
- Best for credit union lenders: Connexus Credit Union
- Best for credit union lenders: Alliant Credit Union
Student Loan Refinance Companies
Best student loan refinance companies
Student loan experts evaluated dozens of data points to identify the best student loan refinance companies in these categories:
- Best parent loan refinancing: CommonBond.
- Best medical school loan refinancing: SoFi.
- Best international student loan refinancing: Prodigy Finance.
- Best student loan refinancing for fast payoff: Splash Financial, SoFi.
- Best credit union for student loan refinancing: Pentagon Federal Credit Union (PenFed).
- Best refinancing for borrowers with no degree: Discover Student Loans.
- Best refinancing for customer service: Education Loan Finance, Splash, PenFed.
- Best student loan refinancing overall: CommonBond, SoFi, Earnest.
Low-Interest Business Loans 2020
Whether you need extra capital for emergency expenses or you’re ready to expand, a small business loan may be the logical next step for your business. Before you fill out that application, though, you need to consider the total cost of borrowing. One of the most important factors in determining the cost of your loan is your interest rate.
While fees, your total borrowing amount, and the repayment terms of your loan also contribute to your payment amounts and the total cost of your loan, interest rate plays a significant role in determining your cost of borrowing.
The lowest interest rates are reserved for the most creditworthy borrowers that have established businesses with solid revenues. However, even the most qualified business can get sucked into a high-interest loan if the business owner doesn’t know where to look. The promise of instant approvals, quick funding, and low paperwork requirements make it easy to sign on for a loan that’s too expensive.
Before you fall into that trap, hit the brakes and consider your options. We’ve done the heavy lifting already by compiling our list of the best low-interest small business loans. From personal loans for business to Smart Business Administration loans made easy, read on to learn more about the most affordable loan options to consider in 2020.
The Best Home Equity Lenders of 2020
Top Lenders
- Best for no closing costs: Regions Mortgage
- Best for preapproval: BB&T
- Best for fixed-rate home equity loans: loanDepot
- Best for full equity loans: Navy Federal Credit Union
Top Lender for No Closing Costs
Regions Mortgage
Best features: Regions Mortgage offers home equity loans with no closing costs. Home equity loans are available with a fixed interest rate for seven, 10 or 15 years.
Drawbacks: The lender requires at least $10,000 in equity. Home equity loans are available up to an 89 percent loan-to-value ratio, though some other lenders may offer up to 95 or 100 percent loan-to-value ratio home equity loans.
Best for People Who:
- Don’t want to pay closing costs
- Don’t need to take out more than 89 percent of your home’s value
- Live in Regions Mortgage’s service area of the South, Midwest and Texas
Highlights:
-
- Eligibility requirements:
- Minimum FICO credit score: 620
- Maximum combined loan-to-value ratio: 89 percent
- Maximum debt-to-income ratio: 45 percent if your FICO credit score is 720, 50 percent over 720
- Loan limits:
- Minimum loan: $10,000
- Maximum loan: $250,000
- Autopay discount: Yes, with a Regions checking account
- Total closing costs: $0
- Eligibility requirements:
Top Lender for Pre-approval
BB&T
Best features: BB&T’s loan prequalification calculator is useful for determining whether you’ll be approved for a BB&T home equity loan. You can get a customized rate estimate online.
Drawbacks: BB&T’s service area is limited to 15 states and Washington, D.C.
Best for People Who:
- Want to check eligibility and rates online
- Live in BB&T’s service area
- Want a fixed-rate home equity loan
Highlights:
- Eligibility requirements:
- Minimum FICO credit score: 620
- Maximum combined loan-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: 43 percent (varies)
- Loan limits:
- Minimum loan: Not disclosed
- Maximum loan: Not disclosed
- Autopay discount: No
- Total closing costs: $0
Top Lender for Full Equity Loans
LoanDepot
Best features: LoanDepot offers fixed-rate second mortgage home equity loans. You can access up to a 90 percent loan-to-value ratio.
Home equity loans with LoanDepot are available nationwide.
Drawbacks: LoanDepot’s maximum loan-to-value ratio is lower than some other lenders, which may offer home equity loans with a 95 to 100 percent loan-to-value ratio.
Best for People Who:
- Want a fixed-rate home equity loan
- Need to borrow up to 90 percent of home value
Highlights:
- Eligibility requirements:
- Minimum FICO credit score: Not disclosed
- Maximum combined loan-to-value ratio: 90 percent
- Maximum debt-to-income ratio: Not disclosed
- Loan limits:
- Minimum loan: Not disclosed
- Maximum loan: Not disclosed
- Autopay discount: Not disclosed
- Total closing costs: Not disclosed
Top Lender for High Loan-to-Value Ratio Loans
Navy Federal Credit Union
Best features: Navy Federal Credit Union offers home equity loans up to 100 percent of your home’s equity. Loan amounts range from $10,000 o $500,000. There are no application or origination fees, and terms from five to 20 years are available.
There is an interest-only fixed-rate home equity loan for up to 80 percent of your home’s equity with 15- and 20-year terms.
Drawbacks: Navy Federal Credit Union membership is required to qualify for home equity products. Membership is limited to active-duty members of the Army, Air Force, Marine Corps, Coast Guard and Navy, Army and Air National Guard, Delayed Entry Program, Department of Defense Officer Candidate/ROTC, DOD Reservists, veterans, retirees and annuitants.
Best for People Who:
- Qualify for Navy Federal Credit Union membership
- Want a discount for making automatic payments
- Want to take out a short-term loan
Highlights:
- Eligibility requirements:
- Minimum FICO credit score: Flexible
- Maximum combined loan-to-value ratio: 100 percent
- Maximum debt-to-income ratio: Flexible
- Loan limits:
- Minimum loan: $10,000
- Maximum loan: $500,000
- Autopay discount: Yes, with a Navy Federal Credit Union checking account
- Total closing costs: Closing costs are deducted from loan proceeds for fixed-rate home equity loans
How Do Home Equity Loans Work?
Applying for a home equity loan may take anywhere from a few days to a few weeks. After you submit an application, the lender will ask for paperwork from you, such as your current mortgage statement, property tax bill and proof of income. You’ll then need a home appraisal, which your lender may assist you with.
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