Lending Tree's Medical Loan Options: What You Need To Know

LendingTree is an online lending marketplace that connects consumers to lenders. It does not make any approval decisions itself but passes user information to its network of lenders, who decide whether or not to extend an offer based on their loan criteria. LendingTree lenders offer an array of loan types, including mortgages, home equity loans, auto loans, and personal loans. Notably, personal loans can be used to cover medical expenses, and LendingTree provides a convenient 'one-stop-shop' for users to find the perfect lender for their needs.

LendingTree is not a direct lender but connects consumers with multiple banks and loan companies

LendingTree is an online lending marketplace that connects consumers with multiple banks and loan companies. It is not a direct lender, but it does provide a convenient 'one-stop-shop' for loan seekers. The platform allows users to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, and insurance. LendingTree does not charge any fees for its services, and it does not require any upfront fees from lenders to "guarantee" or "insure" a loan.

When an individual submits a loan request on LendingTree, their information is passed on to the company's network of lenders, who then decide whether or not to extend an offer based on their loan criteria. LendingTree's selling point is that this competition among lenders drives down prices, so borrowers can potentially obtain lower rates and fees. The company's website claims that users may receive preliminary quotes from up to five lenders via email, often within a few minutes of submitting their request.

LendingTree does not make any approval decisions itself. Instead, it acts as a lead-generation tool, allowing lenders to bid on potential borrowers who fit their criteria. The company's network includes a vast array of mortgage lenders, banks, and other loan companies. LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LendingTree offers a range of loan types, including mortgages, home equity loans, auto loans, and personal loans. Personal loans can be used for various purposes, such as debt consolidation, credit card refinancing, home improvements, and large purchases, including medical bills. According to LendingTree, 55% of Americans have had medical debt, and medical loan inquiries on the platform have been as high as 5% of all loan inquiries. In 2023, the average request for a personal loan for medical expenses on LendingTree was $7,176, down 17.6% from 2022.

LendingTree's medical loans can be used to pay for surgery or other big medical expenses

LendingTree is an online lending marketplace that connects consumers with multiple banks and loan companies. It does not make any approval decisions itself but passes your information to its network of lenders, who decide whether or not to extend an offer based on their loan criteria.

LendingTree lenders offer an array of loan types, including mortgages, home equity loans, auto loans, and personal loans. These personal loans can be used for almost any purpose, including paying off unexpected medical expenses. In 2023, the average request for a personal loan for medical expenses on the LendingTree platform was $7,176, down 17.6% from 2022.

If you are specifically looking for medical loans for surgery or other big medical expenses, LendingTree suggests considering BHG Financial. This lender offers large loans and long repayment terms. A long repayment term can make a big loan more affordable because monthly payments are typically lower. However, you will likely pay more interest over time, and BHG Financial's origination fee can be steep. For instance, a $200,000 loan with a 4.00% origination fee means you will pay $8,000 to BHG Financial upfront. BHG Financial accepts credit scores as low as 660, but you will need excellent credit to qualify for their biggest loans.

Other options for medical loans through LendingTree include LightStream, which lends to borrowers with good credit or better, and Upgrade, which has a minimum APR of 7.99% and charges an origination fee of 1.85% to 9.99% on every loan. Upstart is a good choice if you have bad or no credit, with a minimum credit score requirement of 300. However, borrowing with bad credit will generally result in higher rates and origination fees.

Consumers requested an average of $7,176 in personal loans for medical expenses in 2023

LendingTree is an online lending marketplace that connects consumers with multiple banks and loan companies. It acts as a lead-generation tool, allowing lenders to bid on consumers who fit their criteria. LendingTree does not make any approval decisions itself but passes user information to its network of lenders, who then decide whether to extend an offer based on their loan criteria.

In 2023, consumers requested an average of $7,176 in personal loans for medical expenses on the LendingTree platform. This figure is 17.6% lower than the average request of $8,706 in 2022. The share of loan inquiries for medical expenses on the LendingTree platform in 2023 was 3.1%, ranging from 2.5% in March to 3.7% in December. This share was lower than in previous years, with 3.8% in 2022, 4.4% in 2021, and 3.9% in 2020.

Gen Xers requested the highest loan amounts for medical expenses on the LendingTree platform in 2023, with an average of $7,801. This was followed by millennials ($7,279) and baby boomers ($7,200). However, the silent generation had the highest share of loan inquiries for medical expenses, at 6.0%.

The percentage of personal loan inquiries for medical expenses in 2023 was highest in South Dakota (4.7%) and Wyoming (3.9%). COVID-19 likely contributed to the climbing loan amounts requested, as people sought vaccines, telemedicine, and in-person treatment. Additionally, nationwide out-of-pocket expenditures increased to $471.4 billion in 2022, a 6.6% increase from 2021.

LendingTree also provides information on various lenders and loan options for medical expenses. For example, BHG Financial offers large loans and long repayment terms, which can make big loans more affordable due to lower monthly payments. PenFed Credit Union is another option for small medical loans, with borrowing amounts as low as $600.

LendingTree does not charge any fees for its services

LendingTree is an online lending marketplace that connects consumers with multiple banks and loan companies. It acts as a lead generator for a wide range of mortgage lenders, allowing users to connect with multiple loan operators to find the best terms for loans, credit cards, deposit accounts, and insurance.

When a user submits a loan request, LendingTree searches its lender database to find up to five lenders that most closely match the user's needs. The user is then presented with loan offers, which they can compare to choose their preferred option. It is important to note that LendingTree does not make any approval decisions itself; it only facilitates the connection between the user and potential lenders.

While LendingTree does not charge any fees, the lenders that users are matched with may have their own policies regarding closing costs and other fees. It is essential for users to review the terms and conditions of any loan offers they receive through the LendingTree platform to understand the potential costs and obligations.

LendingTree provides a convenient and efficient way for consumers to explore loan options and connect with multiple lenders without incurring any upfront fees. This allows users to shop around for the best loan terms and make informed financial decisions.

LendingTree lenders offer mortgages, home equity loans, auto loans, and personal loans

LendingTree is an online lending marketplace that connects consumers with multiple banks and loan companies. LendingTree lenders offer mortgages, home equity loans, auto loans, and personal loans. The company does not make any approval decisions itself but acts as a lead generator for a wide range of mortgage lenders in its network.

To obtain a LendingTree mortgage, the first step is to submit a loan request on the company's website or by phone. You will be asked a series of questions about the loan amount and type, as well as your income, assets, and debts. LendingTree will also ask for your Social Security number to obtain your credit score. It's important to note that this information does not constitute a formal application, which must be completed through one of the lenders if you accept their offer.

LendingTree's selling point is that competition among lenders drives down prices. The company's large network of lenders competes for the borrower's business, which can result in lower rates and fees. However, this can also be a drawback, as some borrowers report receiving a high volume of calls and emails from LendingTree-affiliated lenders.

In addition to mortgages, LendingTree also facilitates home equity loans and lines of credit (HELOCs). The company partners with over 300 lenders to match borrowers with competitive rates and loan terms that fit their needs. LendingTree allows borrowers to easily compare multiple loan options in one place without affecting their credit score.

LendingTree also offers auto loans and personal loans, including medical loans. Personal loans for medical expenses have been a popular product on the LendingTree platform, with an average request amount of $7,176 in 2023. While LendingTree does not provide loans directly, its platform enables borrowers to connect with multiple lenders and find the best terms for their financial needs.

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