LendingTree was founded in 1996 by Doug Lebda, and seeks to empower consumers by providing multiple loan offers simultaneously. Their services extend to business, mortgage, auto, and personal loans. Since their founding, LendingTree has helped over 40 million people find the right loan. They account for $251 billion in closed loan transactions.
- Multiple Loan Offers
- Educational Resources
- Business Transparency
Multiple Loan Offers
LendingTree presents borrowers with multiple business loan offers simultaneously. Customers can then compare rates and choose the lending company that best meets their needs. LendingTree provides these offers online and services all 50 states.
LendingTree provides a variety of types of business loans. They offer quotes for SBA, short or long term loans, business lines of credit, working capital loans, equipment financing, and accounts receivable financing. Customers can choose the loan type and lender that best meets their needs.
LendingTree offers information about each type of business loan. They define each loan and explain qualifying factors. In addition, they post articles about business loans and provide a glossary of important terms.
LendingTree is very transparent about their platform and how they make money. Their website is easy to use and provides helpful information.
- Varying Fees
- Lack of Rate Information
LendingTree provides customers with multiple loan offers from a variety of lenders. Each lender charges different origination and closing costs. These fees are not standard across companies so customers will need to verify fees before purchasing a business loan.
Lack of Rate Information
LendingTree does not display transparent rate information for business loans. The lowest advertised APR is 5.85 percent, but this differs from company to company. Customers who are interested in business loans will have to fill out a form on LendingTree to receive quotes.
The Bottom Line
LendingTree offers great information and resources for customers interested in business loans. They allow customers to receive multiple loan offers at the same time. Their lowest advertised rate, 5.85 percent, is typical for the industry; however, there are companies that offer lower APRs. Customers should research and compare multiple companies outside of those partnered with LendingTree.