LendingTree Business Loans
Last update:
LendingTree is a North Carolina-based online lending marketplace that provides consumers and businesses with access to loan products from a wide range of different lenders. Many leading names will be a part of LendingTree’s marketplace. It aims to save time for businesses as they can quickly get an overview of the different options rather than having to go through each option one by one.
When it comes to business loans, LendingTree caters to everything from short-term loans to business lines of credit, equipment finance, and invoice factoring. This review will consider all aspects of the LendingTree business loan offering.
LendingTree Loan Types and Terms
| Loan types | Short Term Loans, Business Lines of Credit, Equipment Financing, SBA Loans, Invoice Factoring, Term Loans, Working Capital Loans, Receivable Financing |
| Loan amount | $1,000-$5 million |
| Repayment terms | 1 Month to 7+ years |
| APR | Varies by lender |
| Minimum credit score | 580 |
| Lender type | Marketplace |
| Good for | Ideal range of different loan types and quick pre-qualification |
LendingTree is Good For
- An ideal range of different loan types and quick pre-qualification
LendingTree Personal Loans Pros & Cons
Pros:
- Qualified startups can get financing
- Quick applications and pre-qualification
- Huge range of different loan types
- Relatively low borrower qualifications
Cons:
- Certain fees are in place.
- The website does not provide a lot of information.
Application Process
LendingTree makes everything extremely easy for you if you want to apply for a business loan. The entire application process takes place online. Initially, you answer several different questions regarding your business, including your credit score, profitability, and the length of time that you have been in business.
There will be no hard credit check when you submit your application, but you do need to provide certain documents. LendingTree will go through what you have sent and will match you up with as many as five lenders. LendingTree claims that you will get access to these different offers within a couple of minutes. The remainder of the application process will then be depending on which lender you ultimately go for.
Terms & Requirements
As LendingTree is a marketplace, there are not going to be any hard and fast rules when it comes to the terms and requirements of the business loans that you can get. Here is a general look as to what you might expect when using LendingTree:
Loan Requirements
As LendingTree is a marketplace, you will come across lenders that have different credit scores and debt-to-income ratio requirements. However, most lenders will only deal with established businesses that are based in the United States and can show a steady level of income.
Loan Terms
The fees and APRs that are charged will vary from lender to lender when you are using LendingTree. Different types of loan products will also carry varying types of fees and charges that also need to be considered. For example, a term loan can be gotten for between $1,000 and $5 million, charging less than 5% interest and lasting at least one year. The time to funding will usually be between one and 21 days.
In terms of the types of loans that are available, you can choose between the likes of sort term loans, invoice factoring, SBA loans, equipment financing, receivable financing, working capital loans, term loans, and business lines of credit.
Repayment Terms
As LendingTree is a marketplace, the term lengths available are going to vary depending on the lender. Therefore, you will likely come across a broad range of loan term lengths.
Privacy & Security
LendingTree currently has an A+ rating with the Better Business Bureau. It is known for only dealing with the most reputable lenders, which makes sure that people are getting the best deal possible. There are some mixed reviews when it comes to the customer service quality and the constant marketing correspondence.
It takes the security of its users very seriously, making sure that all information provided is transmitted in a safe and encrypted manner. There is 128-bit SSL encryption in place, as well as firewall protection and secure web pages.
Customer Support
If you need to reach the LendingTree customer support team, you can ring over the phone during certain hours six days a week. Otherwise, you can get into contact with them through various social media channels. The LendingTree website is not the most helpful when it comes to providing useful information.
Final Thoughts
LendingTree has developed a good reputation over the years as it only works with reputable lenders. It allows businesses to quickly find a match for their specific needs without spending too much time doing so. There is a huge range of different loan types, and most businesses will be able to find something that fits their situation.
Address
1415 Vantage Park Dr STE 700,
Charlotte, NC 28203-4073
LendingTree Disclosure: A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details. Rates and APR assume fixed rate for the term of the loan may not be available for all consumers, ask your lender for a fixed rate quote. *Terms and conditions apply. NMLS# 1136. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680 *This examples are for illustrative purposes only. The examples and match rates are not a guarantee, agreement, or commitment to loan funds or extend credit. Interest rates and terms are subject to change at any time without notice. Loans are not available in all states at all requested amounts. All loan applications are subject to credit approval by the lender(s) with whom you are matched. LendingTree, LLC does not offer, extend, or alter credit terms it merely connects you with lenders who can perform such activities after reviewing your credit history (a hard pull of credit will be performed by lenders with whom you are matched in order to provide you with prompt responses to your loan needs) under the Fair Credit Reporting Act such permissible purpose exists in order to evaluate your request promptly and adequately. Rate, terms and fees will be based on your individual credit history and underwritten by the lender NOT LendingTree. All Equal Credit Opportunity Act requirements are adhered to and each lender will provide you with all required disclosures. Request all fees, terms, and rate information from the participating lender as LendingTree, LLC does not receive any funds from you and only receives a “lead fee” from the lender.