How lending tree works

how lending tree works

LendingTree Review – Taking The Hassle Away From Loan Shopping

Sally Aquire

As you can probably tell from the name, LendingTree deals with loans. More specifically, it acts as a convenient way for consumers to find loan options. I’ve had some personal experiences using LendingTree and want to give you some insight into the service.

Both personal and commercial loans can be taken out through the website. LendingTree doesn’t deal with loan requests directly. Instead, it gathers together your information (both personal and financial) and passes it over to member banks, who will then send you their rates from which you can compare and choose. This makes things a lot easier for you if you’re looking for a loan since you don’t have to spend a boatload of time shopping around to compare quotes.

Just head to the site, fill in the details, and wait for offers to come your way. It’s fairly quick and easy, but I still want to delve into the advantages and disadvantages of the service so you are fully informed.

Advantages

There is a wide choice of lenders to pick from. LendingTree is affiliated with many lenders, some of which are big names. There is no guarantee that you’ll be able to find loan offers that match exactly what you’re looking for, but the wide range of options means that there’s a good chance that something will tick the right boxes for you.

There are no upfront fees. You don’t have to put up cash just to use the service. Searching for loans is free but lenders may ask for application fees, processing fees, or closing costs once you have officially accepted a loan offer.

Access to their resources is free. The LendingTree website features free resources such as articles and calculators to help you make sense of the loan process and make things run more smoothly.

People with poor credit can still apply. Using LendingTree is not dependent on having impressive credit behind you. LendingTree

specifically states that even individuals with bad credit can apply for loans, although they do point out that there is no guarantee that lenders will make offers.

Disadvantages

There may be limits on some loans. There are restrictions on some loans that may make them unsuitable for you. For example, you may need to be borrowing a minimum amount to qualify for a particular loan offer.

The loan offers aren’t always competitive. When loan offers come through, they won’t necessarily be what you were hoping for. At first, I assumed that this was due to the specific loan that I was looking for, but it seems that this has been the case for a lot of other users. My credit score is good, but this didn’t open the door to more competitive interest rates. This made me wonder if the offers are actually standard across the board and not dependent on the information that you’re providing beforehand. But ideally, you should have enough offers coming in that you can choose a pretty competitive and affordable option. And again, you can always negotiate until you are satisfied (no obligation to accept).

How It Works

You need to select the type of loan that you want to search for and complete an online request form, which takes around 10 to 15 minutes. If you need a helping hand, there are calculators that you can use to help you determine realistic figures for repayments. For those who prefer not to give personal or financial details online, there is the option of calling LendingTree and completing the request process over the phone instead.

2. Wait for lenders to get in touch

Once you’ve submitted your loan request, your details are sent to prospective lenders. If they want to send you offers, contact comes in the form of an email. To help you out, LendingTree will send you an email once they have received word from a lender that they wish to make you a loan offer.

Source: www.moneycrashers.com

Category: Credit

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