2009-06-22 23:27:51
Review of LendingTree.com
LendingTree was founded in 1996, and is based out of Charlotte, North Carolina. At last count, the company had over 2,500 employees.
What is LendingTree.com?
LendingTree.com is an online marketplace that connects lenders with borrowers.
This encompasses home equity loans, regular mortgages and mortgage refinancings.
The company does not actually lend money themselves - rather, they simply connect borrowers with lenders.
The company has enjoyed a tremendous amount of success since launching in 1996.
Millions upon millions of loan applications have been successfully processed through the company.
So how exactly does LendingTree work?
Simple.
A person decides that they would like to borrow some money. In this case, let's say that someone wants to take out a home equity loan on their home.
Now, they could easily shop around for quotes from many different companies. There are many companies out there who are eager to lend money.
However, LendingTree makes the process MUCH easier.
A customer simply fills out a short application, and Lending Tree solicits quotes from most of the top lenders in the United States.
These competing quotes are then presented to the customer, who can then decide if they are interested in doing business with any of the companies, or none of them.
The beauty of LendingTree is that there is no obligation to take out a loan once you have been presented with a quote (or quotes).
This can be a great way of determining just what a good rate for your processed loan is.
For instance, if you visited your local bank, they may present you with a quote that looks good at first glance.
However, upon soliciting a quote from LendingTree, you may realize that the bank's quote is incredibly high.
LendingTree is a great place to do research as to what the going rate for your loan should be.
How does LendingTree get paid?
They collect a commission if you decide to pursue a loan through any of the banks or lenders who offered you a quote.
If you decide to walk away, then LendingTree makes nothing. There is absolutely no cost when it comes to obtaining a quote.
Which companies does LendingTree deal with?
Just the largest banks and lenders in the world. When you apply for a quote, chances are that all of the competing companies are instantly recognizable to you.
How long does the process of receiving a quote take?
The application form takes around 5 minutes to fill out, and then you will be given competing quotes almost as soon as you click submit.
Is this the same LendingTree that is always advertising on TV?
The same.
LendingTree seeks to make the process of obtaining a loan as painless and transparent as possible.
The company wants you to be armed with as much information as possible. If you aren't happy with the process, then they don't get paid. It's as simple as that.
If you are in the market for a home equity loan or mortgage refinancing, then you should definitely AT LEAST obtain a quote from LendingTree.
Again, you can always walk away at any time. You are under absolutely no obligation to take out a loan once you have been furnished with a quote.
Find out why millions upon millions of people have chosen LendingTree for all of their lending needs.
Filed under: Company Reviews
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