In a Nutshell
- wide range of loan options
- Customers match with up to 4 lending results
- Rates on site are not guaranteed
- Difficult to navigate FAQ section
LendingTree at a Glance
|Loan types||Small business loans, merchant cash advances, lines of credit, equipment and receivables financing|
|Minimum monthly revenue||$10,000|
|Loan amount||$5,000 to $1,000,000|
|Minimum credit score||600+|
|Repayment Terms||3 months to 15 years|
|Time until funding||1 day to 8+ weeks depending on lender|
|Direct Lender or Marketplace||Marketplace|
LendingTree was created to help borrowers identify the financing solution they require more quickly and efficiently. Originally founded in 1996, the company has become one of the largest and most successful lending marketplaces on the internet. For customers seeking a specific form of loan or financing, LendingTree facilitates an instant comparison of several providers to find the best option. The company has created a network of known and trusted lenders in the United States, and offers a range of credit and financing solutions. To date, LendingTree has helped customers fulfill over 55 million loan applications, netting customers more than $250 billion in loans. Though LendingTree is not directly a lender, customers are able to narrow down the available choices and select the right loan to match their needs.
Thanks to its lending network and available financing options, LendingTree is useful for many different customers. The company hosts a diverse marketplace for business loans, offering a variety of financing solutions that include equipment and receivables financing, small business loans of different terms, and more. Additionally, the company’s range of loan terms and repayment options make it a strong alternative for businesses that have unique requirements or experience irregular cash flows. For newer businesses, LendingTree hosts educational resources and articles that highlight the best borrowing practices and responsible debt repayment. Overall, LendingTree is an excellent solution for businesses that are looking to grow but prefer to have more flexible financing alternatives at their disposal.
While LendingTree is not directly a lender, they have created a marketplace that delivers an impressive variety of loans and financial solutions to prospective borrowers. The company offers traditional business loans, as well as SBA loans, different forms of financing, and even business lines of credit. LendingTree stands out for its effective matching system, which entails a short application before supplying up to four results for each search conducted by a borrower. For businesses looking for a more flexible alternative, the company’s partners can help meet a range needs thanks to a number of loan terms and repayment periods. Another value-added attribute is the volume of educational resources available to all customers. Visitors to LendingTree’s website can view a selection of articles ranging from the basics of financing to small business best practices. In addition, customers can take advantage of videos, blogs, and other useful materials. One notable highlight is LendingTree’s no-fee policy, with no direct charges collected from borrowers that find a loan provider through the market place.
Some highlights from LendingTree:
- A vast network of reliable lending partners
- Up to $1 million in financing
- Fast and straightforward application returns matches instantly
- Outstanding range of financing alternatives
- Strong educational center full of helpful resources
- Review up to 4 matches for loans and financing
- LendingTree does not charge any fees - No personal guarantee needed
The Application Process
Getting started with LendingTree simply requires a few clicks. The company asks that customers fill out a basic questionnaire to begin the matching process. This includes questions relating to the borrower, their company’s financial stability, and other similar information. LendingTree does not originate the loans available on its website, and as such, requirements for approval will vary from lender to lender. However, customers can expedite the process by having the following documentation at hand when applying:
- A business license
- Previous bank statements
- A recent balance sheet
- Legal documents regarding ownership of the company
- Profit/loss statements
- Personal and business tax returns
- A business plan (in some cases)
- Any documentation on outstanding debt
Specific requirements for credit scores, liquidity, and time in business tend to vary between loan providers, but customers can be prequalified and matched without requiring extensive information at the outset. When the initial application is complete, LendingTree will automatically display at least four matches a customer can choose from. Once borrowers find the loan provider that best matches their needs, they will move on to closing the terms directly with the lender of choice.
Loan Terms – Loans for Specific Needs
One of the aspects that stands out most when studying LendingTree is the amount of choice they deliver to prospective borrowers. The company offers borrowers several types of business financing thanks to their extensive partner list. Customers can choose from:
- Small Business Administration (SBA) Loans, which are backed by the federal government and extended either by local banks or financial services providers.
- Long or short-term loans, which offer customers more traditional financing with loan terms that can range from 5 months to 10 years or more.
- Business lines of credit, which give companies a set amount of credit they can borrow from more flexibly as the need arises.
- Working capital loans, which can be used to pay for everyday operational expenses and are commonly used to cover shortfalls or gaps in cash flow.
- Equipment financing, which can be utilized to rent, lease, or outright purchase new equipment for borrowers seeking to expand their existing business.
- Accounts receivable financing works like invoice factoring, letting borrowers use outstanding invoices as collateral to receive short-term financing that can be repaid as soon as invoices are closed.
LendingTree’s impressive range of loan alternatives is matched by the loan amounts partners within the network offer. Customers can be approved for loans and financing ranging from $5,000 up to $1 million, although most customers will not require such a hefty sum.
Since they are not a lender, LendingTree does not include information on APRs, interest rates, or other specific loan terms. However, customers can find loans and financing with APRs as low as 5.00%, though the upper range will depend greatly on the lender extending the financing and the business’s specific circumstances.
Thanks to the numerous financing alternatives offered by LendingTree’s partners, customers can repay their borrowings over a wide range of loan durations. LendingTree’s partners’ traditional loans have term lengths that stretch from as little as 3 months to as much as 10 years. Some lenders may offer longer terms, but this will vary depending on the choice selected by borrowers. A few of the financing options available through LendingTree also feature much shorter repayment terms, such as lines of credit and receivables financing, with payment windows that can last as little as 1 month. However, LendingTree does not list this information directly on their site, as the company does not originate any of the loans offered by partners. Final repayment terms are agreed upon directly between the borrower and the chosen lender.
How Safe Is It?
As a marketplace, LendingTree does collect some basic information from customers to provide a better service. The company shares some of this data with partners in its network to expedite the approval and lending process. However, LendingTree is very transparent about its data collection practices, and offers customers the ability to opt out of certain aspects. The company goes to great lengths to ensure its borrowers’ data is safe. LendingTree employs strong encryption protocols for transmitting and storing data, and uses industry-standard measures to protect its data centers and servers from malicious attacks.
Help & Support
Customers can get in touch with LendingTree either via an email form on their website or through a toll-free number. The company’s service center is available from Monday to Thursday between 8:00 AM and 9:00 PM, Fridays between 8:00 AM and 8:00 PM, and Saturdays between 10:00 AM and 7:00 PM (all times Eastern Standard). In our research, we found staff to be very knowledgeable about their field and able to readily answer most of our pressing questions with ease. Email support takes slightly longer, but our queries received responses in as little as one business day. Apart from reaching support, customers can try and find answers on their own through the company’s informative FAQ section or extensive educational center.
Business borrowers can take advantage of LendingTree’s network of lenders to find the appropriate financing solution. The company offers a range of financing alternatives including traditional loans and other more specialty options like SBA loans and equipment financing solutions. Furthermore, customers can benefit from flexible repayment terms and amounts that can fit their exact needs. A simple application and matching process enables businesses to quickly go from shopping to funding, giving them the ability to quickly finance an expansion. Though LendingTree is not directly a lender, its positioning between borrowers and lenders helps connect companies to the proper financing choice that is most likely to help them grow and cover funding needs as they arise.
11115 Rushmore Drive