In a Nutshell
- A wide range of loan options
- Customers matched with up to four financing options
- The rates on the site are not guaranteed
- The FAQ section is difficult to navigate
LendingTree at a Glance
|Loan types||Small business loans, merchant cash advances, lines of credit, equipment financing, and receivables financing|
|Minimum monthly revenue||$10,000|
|Loan amount||Up to $500,000|
|Minimum credit score||Not given on the website|
|Repayment Terms||Up to 50 years|
|Time until funding||1 day to 8+ weeks depending on the lender|
|Direct lender or marketplace||Marketplace|
Originally founded in 1996, Lending Tree 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. 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 65 million loan applications. Although LendingTree is not a direct lender, customers can narrow down the available choices and select the right loan to match their needs.
LendingTree hosts a diverse marketplace for business loans with 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 an excellent alternative for businesses with unique requirements or that experience irregular cash flows. For newer firms, LendingTree hosts educational resources and articles highlighting best borrowing practices and responsible debt repayment. Overall, LendingTree is an excellent solution for businesses looking to grow but prefer to have more flexible financing alternatives at their disposal.
The LendingTree platform offers traditional business loans, SBA loans, different forms of financing, and 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 a more flexible alternative, the company’s partners meet a range of needs thanks to a number of loan terms and repayment periods. LendingTree has a vast selection 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. Customers can also access videos, blogs, and other useful materials. LendingTree has a no-fee policy with no direct charges to borrowers that find a loan provider through the marketplace.
Some highlights from LendingTree:
- A network of reliable lending partners
- Up to $500,000 in financing
- Instant matches returned after a fast and straightforward application
- An outstanding range of financing alternatives
- An extensive educational center full of helpful resources
- A review of up to four matches for loans and financing
- LendingTree does not charge any fees, and no personal guarantee is required
The Application Process
You can get started with LendingTree in just a few clicks. The company asks that customers fill out a basic questionnaire to begin the matching process. You will answer questions related to your company’s financial stability and other similar information. LendingTree does not originate the loans; therefore, the requirements for approval 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 firm ownership
- 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 vary among loan providers, but customers can be prequalified and matched without the need for extensive documentation 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 matches their needs, they move on to close the terms directly with the lender of choice.
Loan Terms – Loans for Specific Needs
LendingTree stands out from its competitors in terms of the amount of choice they deliver to prospective borrowers. The company’s extensive partner network ensures several types of business financing for customers.
- Small Business Administration (SBA) loans are backed by the federal government and extended by local banks or financial services providers.
- Long or short-term loans offer more traditional financing with loan terms ranging from one month to 10 years.
- Business lines of credit give companies a set amount of credit from which they can draw flexibly as the need arises.
- Working capital loans pay for everyday operational expenses and are commonly used to cover shortfalls or gaps in cash flow.
- Equipment financing is used to rent, lease, or purchase new equipment.
- Accounts receivable financing works like invoice factoring, allowing borrowers to use outstanding invoices as collateral for 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 offered by in-network partners. Customers are approved for loans and financing up to $500,000, 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.
LendingTree’s partner network offers customers a wide range of loan durations. Traditional loans through LendingTree have term lengths that stretch from as little as three months to 10 years. Some lenders may offer longer terms while some of the financing options available through LendingTree also feature much shorter repayment terms. Lines of credit and receivables financing, for example, may have a payment windows as short as one 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 collects 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 has transparent data collection practices and offers customers the ability to opt out of certain activities. The company strives to ensure the safety of its borrowers' information. LendingTree employs robust encryption protocols for transmitting and storing data, and industry-standard measures 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 are Eastern Standard). In our research, we found staff to be knowledgeable in their field and able to 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. LendingTree also has an informative FAQ section and an extensive educational center.
Business borrowers can take advantage of LendingTree’s network of lenders to find the appropriate financing solution. The platform offers a range of financing alternatives from traditional loans to specialty options such as SBA loans and equipment financing. Customers can also benefit from flexible repayment terms and amounts. A straightforward application and matching process transitions businesses from shopping to rapid funding. Although LendingTree is not a direct lender, it has used its strategic position between borrowers and lenders to successfully connect companies to the right financing choice.
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