LendingTree is a company that aims to match borrowers with multiple lender options for different types of loans. This allows the borrower to view the options to find the lender that is the best fit for them, comparing rates and other details to find the lender or product that offers them the best deal. The end result is that the borrower can save time and money by quickly finding a lender to meet their needs.
What types of services can you get through LendingTree?
LendingTree can match borrowers with lenders for several different types of loans. These include:
- Home Loans
- Personal Loans
- Student loans
- Debt Relief
- Auto Loans
- Small Business Loans
They can also help match customers with other financial services, such as credit cards and insurance. And, as if all that wasn’t enough already, they can help you find and compare options for financial products such as certficates of deposit (CDs), savings accounts, checking accounts, money market accounts, and individual retirement accounts (IRAs).
How does LendingTree work?
When you access LendingTree’s website, click on the item you want to compare. You’ll answer a few quick questions. For example, for a home refinance, they ask you what type of home you have and why you want to refinance, your zip code, the value of your home, and the amount of the existing mortgage(s) on your home. They also ask you to estimate your credit score and provide your date of birth, address, and phone number.
A few moments after this information is submitted, your screen will populate with up to five lenders who may be willing to help you with your needs. You can find out more information by clicking on the individual lenders.
After clicking on an individual lender, the next screen will give you options from that specific lender. The options include different interest rates, your estimated monthly payment, length of payment terms, and money needed to close.
Pros of using LendingTree
Searching around online for the best rates for a loan can take a lot of time. LendingTree can help you save time by gathering information for you. They also provide tips on finding the best rates and negotiating for a lower rate with whichever lender you decide to use.
Several customers have noted that they were able to complete their transactions from start to finish in a matter of days. Of course, depending on what you are using LendingTree for, it may take longer, but it’s good to know that the process could be relatively quick!
Using LendingTree won’t hurt your credit score, either, which is a big plus when trying to get the best rate for a loan.
One of the greatest benefits of using LendingTree is that each lender on their website has customer reviews. You can see which companies are easy to work with, factoring others’ experiences to help you decide which lender to choose.
Cons of using LendingTree
You should know that when you use LendingTree, you may receive phone calls and emails from many lenders or service providers hoping to help you meet your needs. This can be annoying, but can also help you find the best rate and a good fit.
According to some consumers, they were able to finalize their loans in a matter of days, which means that you can tell the lenders who are still trying to earn your business that you’ve already completed your transaction.
What you should know about LendingTree
LendingTree is not a bank or a financing company; they simply match consumers with lenders or other service providers so that the consumer can compare and choose the best option. They have been in business since 1997 and are America’s largest lending marketplace. They work with over a thousand lenders to help you find the best rates and terms for the product you’re looking for.
However, you still have to be approved for your loan through the company you chose to do business with. They may have to adjust their offer based on things like your income, your debt-to-income ratio, or your credit score.
LendingTree is a fantastic tool to use if you’re in the market for a financial product of almost any kind. They help you quickly compare offers from multiple lenders, ensuring that you end up with the best rate or product for your needs. You may receive an influx of email and phone calls from lenders, but you might be able to use those multiple offers to help negotiate a rate or terms to get you the best deal.