LendingTree is an online loan and realty marketplace that connects consumers and lenders. The company provides a ‘one stop shop’ for your loan needs by helping you find the lender or realtor that’s perfect for you. You can get competing loan offers from their lender network or their own subsidiary company (lendingTree Loans).
The company has been on the net since 1998. They have a BBB Rating of A+ on a scale from A+ to F. The BBB processed a total of 138 complaints in the last 36 months — of the total 138 complaints closed in the last 36 months, 32 were closed in the last 12 months.
How LendingTree.com Works
Need a loan? Just search the loan section of their website. Once you find the loan that you want, fill in a loan request via a secure form. Alternatively, you can contact their customer care and complete a loan request over the phone. Don’t worry! This will be confidential and you are under no obligation to accept any loan offer.
Their loan processing technology enables lenders to see your request. Each lender, which responds to your loan request, will send you a loan offer via email. All you need to do then is check each loan offer by comparing the interest rate, loan amount, terms and other details. Aren’t sure about your choice? The advice and calculator section can help you make a decision.
After you accept an offer, you will need to contact the lender directly and complete the loan process. You will need to verify the information you provided through W-2 forms, pay stubs and other required documents. You’ll also have to sign the official application forms from the lender.
Pros and Cons
With diverse network of lenders joining the marketplace, you’ll be able to get access to a broad range of lending products, including purchase mortgages, refinance loans, home equity loans, auto loans, personal loans, credit cards and student loans.
They offer a win-win solution for both borrowers and lenders. Consumers can save time and reduce the complexity of researching rates and shopping among lenders. And lenders can accurately segment their market as well as choose their preferable target consumers.
Even though getting loan offers and knowing the rates you can probably expect are free, some customers considered that their loan offers were not the best. For those customers what they claimed the best deal was not that good.
Their loan request process can potentially create problems for some consumers. As their personal information is forwarded to a bunch of lenders there are risks that some of those unethical companies sell it as a lead. This could result in spam emails coming to the consumers’ inbox.
Is LendingTree Right for You?
Whether you are looking for a mortgage, car or home equity loan, LendingTree.com will let you browse for information and match your needs with the right lenders and loans. You can look at the different offers and choose the loan that will best suit your needs in the convenience of your home.
LendingTree should be your first internet stop for finding loans. It connects the 200 plus lenders and their loan offers with borrowers like you. You can choose your lender, lock-in your rate and close your loan — all on your terms.