When exploring mortgage options, finding a reliable platform to compare lenders is crucial. Lendgo is a service that connects borrowers with lenders for home loans, refinancing, and VA loans. But is it trustworthy?
This article dives into Lendgo reviews from various sources to provide a balanced perspective on its services, based on customer feedback, platform features, and potential concerns to help you make an informed decision.
What is Lendgo
Lendgo, founded in 2005 and headquartered in Huntington Beach, California, is a free online platform that matches borrowers with lenders for mortgage-related services, including new home loans, refinancing, and VA loans. The company operates as an affiliate, earning commissions from lenders when users accept loan offers. According to its website, Lendgo aims to simplify the mortgage process by offering competitive rates and a user-friendly experience.
Key features include:
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Loan Types: New mortgages, refinancing, and VA loans.
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No User Fees: Lendgo is free for borrowers; lenders pay fees for client acquisition.
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Competitive Rates: Advertised rates as low as 3.30% (though subject to credit and market conditions).
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Ease of Use: A straightforward application process with minimal steps.
Lendgo holds an A+ rating from the Better Business Bureau (BBB) and has been in operation for over 20 years, which suggests a level of credibility. However, customer reviews reveal a mixed experience, which we’ll explore below.
Lendgo Reviews: What Customers Are Saying
To provide a comprehensive view of Lendgo reviews, we’ve analyzed feedback from multiple platforms, including Trustpilot, BBB, Sitejabber, RealReviews.io, and Reddit. Below is a summary of user experiences, highlighting both positive and negative sentiments.
Positive Lendgo Reviews
Many users appreciate Lendgo’s ease of use and the ability to connect with multiple lenders quickly. Here are some highlights:
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User-Friendly Platform: Customers on Sitejabber and RealReviews.io frequently praise the straightforward application process. For example, a user named Gregory R. on Sitejabber noted, “Quick, easy and straight to the information with no annoying surveys or ads popping up” .
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Competitive Offers: Some borrowers report receiving competitive rates. A RealReviews.io reviewer stated, “LendGo connected me with multiple lenders quickly. The process was smooth, and I found a competitive rate” .
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Helpful for Specific Needs: Users seeking quick comparisons, especially for refinancing or VA loans, found value in Lendgo’s service. A reviewer on RealReviews.io mentioned, “I’m pleased with the offer I received from the company… the agent was very polite and caring” .
Negative Lendgo Reviews
Despite positive feedback, many users express significant concerns about Lendgo’s practices, particularly around transparency and spam. Common complaints include:
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Excessive Spam and Unsolicited Contact: A recurring issue across platforms like Trustpilot and BBB is the barrage of calls, texts, and emails after submitting information. A Trustpilot reviewer wrote, “As soon as I clicked ‘submit’ on my information, I started receiving spam phone calls from mortgage companies… This company is a TOTAL SCAM” .
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Misleading Advertising: Users frequently report that Lendgo advertises low rates (e.g., 3.75% or 4.75%) that are unattainable. A Reddit post in r/loanoriginators questioned a 3.75% refinance offer, with commenters labeling it a potential “bait and switch” .
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Broken Unsubscribe Links: Multiple BBB complaints highlight issues with unsubscribing from Lendgo’s emails. One complainant stated, “I am still receiving daily emails from this company, despite their confirmation of taking me off the distribution lists” .
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Data Privacy Concerns: Several reviews, including one on Trustpilot, warn that Lendgo shares personal information with third parties without clear consent, leading to spam from unrelated companies .
Review Summary by Platform
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Trustpilot: 1.5/5 (32 reviews) – Predominantly negative, with complaints about spam and misleading rates .
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BBB: 3.0/5 (19 complaints in 3 years, 15 closed in the last 12 months) – Mixed, with an A+ rating but frequent complaints about unsolicited contact .
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Sitejabber: 3.6/5 (128,750 reviews) – Mixed, with positive feedback on ease of use but criticism for transparency issues .
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RealReviews.io: 4.1/5 (60 reviews) – Generally positive, with 64% 5-star reviews but some negative feedback about spam .
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Scamadviser: High trust rating, indicating the site is likely safe but not guaranteeing it’s scam-free .
Pros and Cons of Lendgo
Based on Lendgo reviews and expert analysis, here’s a breakdown of the platform’s strengths and weaknesses:
Pros
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Free Service: No fees for borrowers, as Lendgo earns commissions from lenders.
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Competitive Rates: Some users secure rates as low as 3.30%, though this depends on creditworthiness .
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BBB Accreditation: A+ rating and 20 years in business add credibility .
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User-Friendly: Simple application process praised by users .
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Multiple Loan Options: Supports new mortgages, refinancing, and VA loans.
Cons
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Spam Complaints: Overwhelming calls and emails after submitting information, often from third parties.
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Misleading Rates: Advertised rates may not be available, leading to accusations of bait-and-switch tactics .
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Unsubscribe Issues: Broken unsubscribe links reported by multiple users .
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Limited Loan Scope: Only mortgage-related loans; no personal or auto loans .
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Data Privacy Concerns: Lack of transparency about sharing user data with third parties.
Is Lendgo Legit?
Lendgo is a legitimate company, operating since 2005 with BBB accreditation and a valid SSL certificate, as noted by Scamadviser . Its A+ BBB rating and long-standing presence suggest reliability. However, Lendgo reviews highlight significant concerns about spam, misleading advertising, and data privacy, which may undermine trust for some users.
The platform’s business model—sharing user information with lenders to generate offers—can lead to excessive contact, which many users find intrusive. Additionally, the advertised low rates (e.g., 3.30% or 3.75%) are often unattainable, as they depend on ideal credit profiles and market conditions. A Reddit discussion flagged a 3.75% refinance offer as potentially misleading, with industry professionals suggesting it could be a bait-and-switch tactic .
How Does Lendgo Compare to Competitors?
To provide context, let’s compare Lendgo to similar platforms like Better.com and Simplist, as reviewed by GOBankingRates .
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Better.com: Offers a similar no-fee model with rates starting at 4.49%. It’s praised for fast pre-approvals (as quick as three minutes) and closing loans up to 10 days faster than competitors. Better.com has fewer spam-related complaints than Lendgo.
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Simplist: Provides rates starting at 4.125% and a user-friendly quote request form. Like Lendgo, it’s free for users, but it also faces criticism for sharing data with lenders, though to a lesser extent.
Lendgo’s lower advertised rates (3.30%) are a draw, but the risk of spam and misleading offers makes competitors like Better.com or Simplist potentially more reliable for some users.
Tips for Using Lendgo Safely
If you’re considering Lendgo, follow these tips to protect yourself:
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Research Rates Independently: Compare Lendgo’s offers with current market rates (e.g., the national average for a 30-year mortgage is around 5.14%, per GOBankingRates).
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Use a Dedicated Email/Phone: To avoid spam, use a separate email address and phone number when signing up.
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Request a Loan Estimate: Ask lenders for a detailed loan estimate to verify rates and terms before committing .
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Check Privacy Policies: Understand how Lendgo handles your data and opt out of third-party sharing if possible.
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Report Issues: If you encounter problems like broken unsubscribe links or excessive spam, file a complaint with the BBB or the Consumer Financial Protection Bureau (CFPB).
Final Verdict: Should You Use Lendgo?
Lendgo offers a convenient way to compare mortgage lenders, with no fees for borrowers and a user-friendly platform. Its A+ BBB rating and 20-year history add credibility, and some users report securing competitive rates. However, Lendgo reviews consistently highlight issues with spam, misleading rate advertisements, and data privacy concerns, which may outweigh the benefits for cautious borrowers.
If you’re short on time and need a quick way to compare lenders, Lendgo could be useful, but be prepared for potential follow-up calls and emails. For those prioritizing transparency and minimal spam, alternatives like Better.com or Simplist may be better options. Always verify offers independently and protect your personal information.
Sources
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Trustpilot - Lendgo Reviews
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BBB - Lendgo Profile
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BBB - Lendgo Complaints
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GOBankingRates - Lendgo Review
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Sitejabber - Lendgo Reviews
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RealReviews.io - Lendgo Reviews
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Reddit - r/loanoriginators: Too Good To Be True?
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Scamadviser - Lendgo Review
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