LendingTree Business Loans Review
This review of LendingTree will help you gain a better understanding of LendingTree as a whole, their reputation within the industry and their company history. We run through how LendingTree sits in a unique position in the market, which of their services are relevant to business customers and what existing borrowers have had to say in LendingTree reviews that we’ve found online. Read on for the full LendingTree review and learn if your business is a good fit for the company’s services.
LendingTree Review in Numbers: 2020 Updated
💰 Loan Amount
💸 Loan Term
|Both Short-Term and Long-Term Financing Available|
|Not specified, as it will be dependent on the loan provider LendingTree matches you with.|
⭐ Client Reviews
🌝 Easy to Apply:
|Yes – quick online journey, filling in just a few basic details about your company.|
|LendingTree is a financing matchmaker – arranging a match between lenders and borrowers who are a good fit for each other. Lenders available:
Virtually all major US lenders – whether online lenders, banks or SBA loans. Including some of the highest rated lenders – OnDeck and Kabbage.
💳 Minimal Interest Rates
💌 Online Feedback:
|4.5 / 5 on TrustPilot, based on 8,200+ reviews. Unanimously praised for being a quick and easy experience.|
🏆 Awards and Recognition:
|2010 LEADER Awards – Best Lead Quality and Best Conversion.|
LendingTree Editorial Review
Credibility - 90%
Client Reviews - 90%
Website - 99%
Compatibility - 95%
LendingTree, LLC is America’s largest lending marketplace. Perhaps best known for its private finance solutions, it also connects businesses, who are in need of funding, with the best-suiting lenders. It’s a highly reputable company with solid customer reviews — although it’s difficult to identify those related specifically to business finance. The website is slick and easy-to-use, and they have a great app to boot, allowing users to discover their credit score, find lending offers and receive tips to boost their chances of approval.
Credibility & Company Story
Is LendingTree Legit?
LendingTree was founded way back in 1996 by Doug Lebda, who is still the current CEO of LendingTree, 24 years later. A testament to the culture that has been maintained at the firm.
Having graduated from Bucknell University, Doug Lebda started his career at PWC in Pittsburgh. It was in this stage of his life that Doug tried to get his first mortgage and found the application process (which involved visiting multiple banks face-to-face) both frustrating and exhausting. In most cases, a waste of time too. Doug realized that if someone like him, who had a financial background, found the process confusing, then there must be a better way. With this idea, Doug founded LendingTree in 1996 (originally called CreditScore USA).
Not long after, the company embarked on a successful IPO in 2000. Since 2015, LendingTree has enjoyed five consecutive years of share price growth. Achieving compound earnings per share (EPS) growth of 36% per year.
Is LendingTree reputable?
Today, the firm boasts a market cap of over $4 billion and 2019 revenue of $1.1 billion. It’s the largest online lending marketplace in the United States, with a lot of its publicity and revenue derived from its private lending solutions. Connecting borrowers with multiple lenders for loans, credit cards, deposit accounts, insurance and more.
In addition to its matchmaking capabilities, LendingTree provides customers with financial tools, comparative loan searches and a comprehensive suit of information on both US lenders and the US lending market. One great example of this, is a recent study by LendingTree that highlights the inequalities in the US lending industry – discovering that racial disparities are evident – and lenders are more likely to reject black homebuyers. The LendingTree calculator is another nifty tool that allows customers to forecast potential loan repayments in the future.
The company is headquartered in Charlotte, North Carolina with offices in San Francisco, New York, Chicago, Seattle and others. In total, the firm has a team of over 900 staff and has created over 300 jobs in the last four years.
Other Lending Companies Owned by LendingTree
2016 saw the launch of a comprehensive acquisition strategy by LendingTree for firms operating in the lending space who reduce some of the usual barriers involved with obtaining finance. Firms acquired include:
- SimpleTuition (2016)
- CompareCards (2016)
- DepositAccounts.com (2017)
- MagnifyMoney (2017)
- SnapCap (2017)
- Student Loan Hero (2018)
- QuoteWizard (2018)
- ValuePenguin (2018)
In Detail: How Does LendingTree Work?
LendingTree is not a direct lender, so you might be wondering why we’re reviewing them and what is LendingTree if it’s not a lender? The LendingTree online marketplace connects you with a wide range of lending companies that are suited to your requirements. Dependent on the finance you’re seeking and your borrower profile.
Like other lending marketplaces, LendingTree cuts through the hassle of approaching a number of individual lenders on your own. More than anything it can be a real time-saving tool for businesses who require finance fast.
From a business lending perspective users can find solutions to a number of common business lending products, including:
Generally regarded to be for a year or less, borrowers will pay back a lump sum in daily or weekly installments.
LendingTree has a large network of online lenders and banks who are willing to offer long-term loans.
Business Line of Credit
A facility that offers you the flexibility of how much you would like to drawdown and only pay for the portion you use. Increasingly popular with online lenders that LendingTree partners with.
Receive finance for key business equipment, using the equipment you purchase to secure the loan.
Get paid instantly on invoices which are due to your business. Use the invoices to secure the finance.
Small Business Loans
Some of LendingTree’s partners are specifically tailored to offer small business loans.
LendingTree can connect you with SBA-approved lenders who participate in a number of SBA lending initiatives, including the popular SBA 7(a) loan scheme.
Business Credit Cards
Compare options and interest rates on some of the best business credit cards. Understand more about their individual perks.
Lendingtree rates will vary depending on the product you’re seeking – SBA loans will attract a much lower interest rate than short-term loans or a business credit card for example. It’s important to remember Lendingtree rates will ultimately depend on the lender you choose through the LendingTree marketplace. LendngTree isn’t a lender in itself, but general competition among different lenders on Lendingtree should encourage more favourable terms. Customers can also make an easy comparison between both banks and online lenders. Since its inception LendingTree has handled millions of loan inquiries.
Does LendingTree hurt your credit?
If you are just using the marketplace for an initial loan comparison then absolutely not – you just have to provide some basic information about yourself to get started. However, should you wish to make a formal application to one of LendingTree’s partners through the LendingTree marketplace then you can expect any new credit application to be marked on your credit file. This would be the case no matter the loan provider – as you agree to the T&C’s and apply for a loan, it’s standard practice that a mark is noted on your file.
LendingTree Business Loans Client Reviews
TrustPilot: 8,212 reviews, 81% ‘excellent’, 12% ‘great’, 2% ‘average’, 1% ‘poor’, 4% ‘bad’.
The majority of LendingTree reviews praise LendingTree for providing a painless and efficient experience. Users are happy with multiple loan options being presented and finding a solution that meets their needs. Here we detail just a couple of the LendingTree reviews found online:
“The experience was painless, using your service allowed me to weed out the businesses I know now would have been a mistake. Found the proper company to fill my needs. Thanks so much for safe searching avenues.”
“I am honestly satisfied with the level of cooperation I received throughout the process of my obtaining this loan. My case was handled both professionally and efficiently by the staff I encountered during this period. I look forward to doing business with you again.”
Analysis of Client Reviews:
There are a large number of LendingTree reviews to be found online, including a total of 8,212 LendingTree reviews on TrustPilot. With 93% of reviews being either ‘excellent’ or ‘great’, it’s fair to say LendingTree is adding value to its customers. Lendingtree rates (or rather the rates from LendingTree’s partners) are generally favoured and customers are happy with the rates on offer through the LendingTree platform.
With only 5% of reviews being negative, it seems that LendingTree can be trusted to provide a slick service. Some of the negative reviews appear to be fraudulent too – left by users providing criticisms that don’t make much sense and then asking people to call a number for a different ‘company’ if they are still seeking finance.
It must be noted it was very difficult to find reviews specifically related to the LendingTree Business Loans service. The feedback is almost exclusively left by private clients.
LendingTree.com Website Review
As you would expect from one of the biggest players, Lendingtree.com is a slick website with easy navigation. The majority of information that can be found online relates to individual finance but, as per the screenshot above, a quick browse on the menu and you can soon find information relating to business loan companies too.
The LendingTree calculator (which helps calculate repayment terms) can be easily accessed, as can LendingTree resources which provide important updates to the lending market and information on how to improve your chances of being accepted for a LendingTree business loan.
In terms of information on specific loan providers, this can be found if you dig a little deeper, but LendingTree’s intention is for you to input your details. So in order to make the most of the experience and receive loan offers specific to your business you must do this first.
Having gone through the journey ourselves, we can say it isn’t too difficult to set up an account. After just a few steps of filling in some basic information about yourself and your company you’re good to go.
SmartBiz Loan Compatibility
Startup: LendingTree are keen to stress they can help, regardless of which stage your business is at.
Bad Credit: Some of LendingTree’s partners will be more open to bad credit business loans than others.
Sole Trader: Accepting (you chose the type of business you have in the registration process).
Established Businesses: Accepting
LendingTree Short Review
LendingTree acts as a mediator between customers and lenders. LendingTree business loans are specifically targeted at finding a match between businesses and business lenders. Their USP is that you will be able to skip the unnecessary time and energy of approaching multiple lenders yourself and yet still receive multiple loan options through a simple online platform. LendingTree partners with organisations offering a wide range of lending solutions including; business loans, invoice finance and equipment finance. The website is great, but you will need to provide some information about yourself/your business in order to make the most of it.
Submit an Expedited Application to LendingTree the link below.