LendingTree Review: Get The Best Loan for your Business
People will always want to buy something to make them feel good. For some, it can be a property, a car, or something more simple like a piece of furniture or a gadget. Some need money to invest in experiences like traveling or dining in a five-star restaurant. While some borrow money to pay off other loans, which frequently results in a more significant issue. The problem is, not everyone can afford to pay for everything that they want. Since not everyone is born with a silver spoon, many people resort to applying for loans when it comes to their financial needs.
If you have a valid reason as to why you need to borrow money, the next thing that you have to do is examine and evaluate the types of loans applicable to you. Your reason is usually the defining factor for the kind of loan you may need. There are tons of things to understand before jumping into any loan. By not doing enough due diligence, you’ll make a wrong decision, which sometimes leads to repossessions and lawsuits. On the other hand, by studying all the aspects carefully, you’ll come up with a sound choice, which usually entails less risk for you.
However, applying for a loan isn’t exactly as simple as it seems. Getting a loan with big institutions like banks and lending companies is tedious and will require tons of paperwork. The lucky ones get approved after the long wait while others wait only to get rejected in the end. This issue is the reason why many people are looking for alternative lending companies that can simplify the process and provide them with better options.
One alternative in getting financing solutions is LendingTree. In this blog, we’ll get a closer look at LendingTree and its offerings to see if this can work for you whether you’re buying your first property or getting a small business loan.
LendingTree is an online loan marketplace that connects multiple borrowers with lenders so they can come up with a sound agreement that’s a win-win for both parties. In layman’s terms, LendingTree is a matchmaker for your financial needs – it organizes meetings between borrowers and lenders for free. To date, LendingTree helped over 100 millions of customers since beginning in 1998. It’s important to note that LendingTree alone does not offer loans or credit; the company functions as a middleman between the two parties.
Is LendingTree legit?
LendingTree is 100% has been in the lending industry for over 20 years, with no significant outrage from its customers. Its stability alone should give you a good feeling about the company’s standing and reputation. LendingTree is not a lender or broker; it is a third-party service that collects information from borrowers and sends it within its network of lenders. Thus, there should be no reason to worry about being scammed by LendingTree.
Mortgages and more
LendingTree offers a wide selection of financial services powered by its massive lender network across the US. Whether you’re looking to buy that dream car or planning to travel the world, you’re sure to get the perfect loan deal.
Here’s a complete list of what LendingTree can offer you:
- Mortgage Refinance
- Home Equity Loans
- Credit Cards
- Reverse Mortgages
- Mortgage Calculators
- Banking Products
- Personal Loans
- Auto Loans
- Free Credit Score
- Student Loan Refinance
- Business Loans
Source of funds
With LendingTree, you will not face a shortage of lenders who want to give you a hand. LendingTree goes beyond the traditional banks and mortgage lending companies by onboarding small businesses, partnerships, and even individuals who are open to lending money. Also, if the lender goes bankrupt, the loan will only be transferred elsewhere, together with your terms. Thus, the lending terms will stay the same.
How to apply for a loan with LendingTree
The application process is relatively standard. The initial process is mainly for identity verification. You’ll first need to fill in the required information depending on the type of loan you’re getting. Then you specify your loan amount from $1,000 to $35,000 together with your credit rating – if poor, fair, good, or excellent. Afterward, you’ll need to provide details on your employment, income, residence type, address, contact information, and the last four digits of your Social Security Number. Take note that LendingTree will pull out your credit history once or several times during the application process.
Once the details are complete, LendingTree will show you all the offers available for your requested loan amount. The proposals include the lender’s name, amount, APR, payment terms, and contact number. You can either inquire for further clarification or instantly apply for the offer. Technically, the entire application process will last for about 15 to 30 minutes only.
LendingTree has a LoanExplorer page that will show you current quotes depending on the parameters that you set, which you can do while maintaining full anonymity.
Lending terms are dependent on a lot of factors, including your loan amount, credit score, type of income, and many other considerations. Loans through LendingTree typically spans from three years and up.
It’s also worth noting that by accepting LendingTree’s terms of service, you agree to binding arbitration to settle any disputes with LendingTree. The company itself accepts no responsibility for lenders’ advertisements on its websites.
What I like about LendingTree
The thing I like most about LendingTree is how it changed the status quo from the banks’ sole power to reject or accept applications to have the borrowers decide which lenders to choose. LendingTree makes it easy to get lenders to deal with you, and the best part is that it offers this service for free. With LendingTree, customers get multiple offers in a matter of minutes upon signing up. In essence, when businesses compete, customers always win.
What I don’t like about LendingTree
As previously mentioned, LendingTree collects information from borrowers and sends it to multiple lenders. Thus, lenders gain access to your contact details. Once these lenders have your contact details, it won’t take long before you can expect to be hardly targeted by their marketing stunts. Some customers say that they keep getting unwanted calls and spam messages from lenders, which is annoying for many.
Do I recommend LendingTree?
In general, LendingTree offers you an excellent way to find the best deal for your loan requirements. LendingTree makes it easier for you to receive bids from multiple lenders so you can easily pick the best one that works for you. This setup is in contrast to traditional loans wherein the lender will dictate the entire agreement, giving you no choice other than to accept the deal.
If you’ve already decided on getting a loan, I recommend you sign up for LendingTree. LendingTree offers a great way to find the best deal for your needs, so you won’t have to deal with the stress of getting rejected by banks and lending institutions. The best part? The service is free!
Have you tried LendingTree’s service? Leave us a comment below!
eCommerce Paradise was created by Trevor Fenner of Seattle, Washington in 2015 to help you, the entrepreneur, to start and scale your own eCommerce business. Trevor owns multiple 7-figure eCommerce stores and is a digital nomad, traveling the world while working remotely with the help of his team of virtual assistants from around the world. Trevor is currently located in Bali, Indonesia, and is a passionate skateboarder, surfer, scuba diver, photographer, environmentalist, outdoorsman, fitness and tattoo enthusiast.
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