LendingTree: When Banks Compete You Win
LendingTree is an online loan brokering service. It is headquartered in Charlotte, North Carolina. The company was founded in 1996 and connects customers to an array of potential lenders in hopes of helping the client secure the best deal. The service has facilitated millions of loans and is known for its innovative When banks compete, you win campaign.
We have provided you with the Good, Bad, and Bottom Line about LendingTree. This information has been created to help you discover whether the service is right for your borrowing needs.
LendingTree: The Good
- Unbiased information
- Access to an array of lenders
- Quick funding
- Trustworthy name
- Various support tools
LendingTree is reputable service that boasts over 20 years of experience in the field. It is an industry leader in many ways and saves clients the time and hassle of searching around for deals. With improvements regularly being made, its a service that offers reason for supreme confidence.
Areas where LendingTree excels
Given that LendingTree is a broker rather than a lender, they are solely focused on finding you the best product rather than selling their own.
Access to an array of lenders
With over 20 years of experience, LendingTree boasts a vast network of lenders. This allows you to compare multiple offers for almost every loan type imaginable.
While not directly responsible for the loan, the broker can help you acquire the loan amount in the fastest time. In most cases, this is within 48 hours.
LendingTree is one of the longest-standing names within this online sector. This provides users with optimum levels of confidence.
Various Support Tools
The company also offers multiple tools to assist you. From free credit checks to mortgage calculators, those resources allow you to make an informed decision.
Summary of the Good
As an impartial broker, LendingTree can connect consumers to a host of loan products from a varied network of lenders. With clear info and support throughout the application process, its a very useful resource for anyone looking to borrow money.
LendingTree: The Bad
- Having to deal with third parties
- Fluctuating rates
- Adverts for additional products
- Mistakes can occur
- Information can be overwhelming at times
While LendingTree is certainly a useful service, there are some minor areas where improvements could be made. Most of them are unlikely to become deal breakers, but they can cause a little frustration. They must be taken into account.
Areas where Lending Tree could improve
Having To Deal With Third Parties
Given that the service is a broker rather than a lending, you are also entering a deal with the direct lender. While the network is full of a trustworthy companies, this is something to consider.
LendingTree doesnt have control over how lenders analyze applications. As such, you may not get the same deal that everyone gets. Likewise, theres a possibility that youll be rejected.
Advertisements For Additional Products
As a broker, LendingTree thrives on selling products. While this does mean they go the extra mile to source the best deals, they will promote other items such as credit cards and insurance.
Mistakes Can Occur
For example, it may be possible that a deal is offered when you arent eligible due to location or other factors. This is a rare problem with the third parties rather than LendingTree, but does happen.
Information Can Be Overwhelming At Times
If you are simply looking for a simple loan, the high volume of info coming in from various potential lenders can feel a little too much. Even if it is presented well.
Summary of the Bad
The brokering service itself is very reputable. Still, entering an agreement with another party does raise some questions. While the array of choice does provide the best shot at getting a great deal, it can make the process feel a little more complex than is actually the case.
LendingTree: The Bottom Line
Whether youre looking for a personal loan, business, or other financial service doesnt matter. LendingTree is one of the quickest and easiest ways to broker a deal by comparing the deals offered by various lenders.