Lending Tree is a loan marketplace for small businesses. It helps the companies to connect for multiple lending offers from a huge lending network. Any business owners with good credit scores, industries, and time in business can apply to this network.
The owners have to pay an additional fee for the convenience. Your information might be exposed to many other institutes who can contact you persistently. The service is only applicable to a few small businesses.
In this blog, we will discuss the Lending tree Business Loan Reviews blog, the services’ pros and cons, and how you can decide whether the deal is good for your small business. Scroll down to read more.
What are Lendingtree Business Loans?
It is a loan marketplace that connects multiple small businesses with their lending partners. There are no fund or service loans from the company. It only helps the borrowers to find and compare their loan options.
The company is also known for its services, like finding personal loans and its core mortgage brokerage services.
Lending Tree is the largest online lending marketplace with familiar partners like Kabbage, Credibly, OnDeck, and Fora Financial.
How does a Lending Tree Commercial Loan work?
The company’s platform will help you navigate the time through many alternative lenders available today. Business owners can apply in minutes and get same-day loan offers.
It works with many lending partners who offer various small business loan options. Lending Tree publishes no loan amount ranges, interest rates, or terms. These depend on the lender servicing the loan.
Here are some available business financial products:
Short-Term loan
In this loan product, the business owner gets a lump sum upfront, which you must repay, plus interest and fees in fixed payments. Owners can use the funds for most business purposes.
Business Lines of Credit
It will get you an available credit limit and the funds you need. You are only supposed to pay the interest on the funds you draw. A very reliable form of financing for ongoing, seasonal, and covering unexpected costs.
Equipment Financing
It gives financing options for equipment, including loans and leases to acquire needed business equipment. The equipment you are financing is mostly collateral for most businesses.
SBA Loans
Small Business Administration (SBA) approved lenders are also included in Lending Tree’s network. The US SBA guarantees up to 85% of the loans. Lenders can offer higher borrowing amounts at lower interest and longer repayment terms.
Invoice Factoring
Invoice factoring involves trading your outstanding receivables for a cash advance equal to a portion of the invoice amount, often between 75% and 95%. You get the remaining money after your clients pay their invoices, less the factoring company’s costs.
How to Apply for a Lending tree Business Loan?
The application for a business loan is quite easy, and it is its biggest selling point. Go to the official website of Lendingtree Business Loan and go through all the question prompts.
The business owner will learn about the company’s legal structure, funding requirements, and credit rating. After that, the business owner needs to provide contact information.
Applicants need to provide the following documents.
- Recent business bank statement
- Business formation documents
- Driver’s license or other government-issued ID
After providing all the required documentation, you will get loan offers from the company’s lending partners if you qualify for the procedure. After this, the procedure depends on the lender you select.
Pros of Lending tree Business Loan
- The application process is simple and easy.
- Get loan offers in a minute
- Offers a huge network of lenders who provide a wide range of loans
- Lower qualifications as compared to traditional lenders.
- Multiple funding programs for startups.
Cons of Lending tree Business Loan
- Costs can be high, for example, the additional fees.
- No information is available on the website without applying for the loan
- Aggressive sales tactics used by the customer service and lending partners.
- Some lenders might use unsolicited contact, such as multiple daily calls.
Is Lendingtree Business Loan Legit?
The LendingTree Business Loan was founded in 1996 by Doug Lebda. He is still the CEO of LendingTree after 24 years. He has maintained the testament of the company since it was started.
The company embarked on a successful IPO after four years in 2000. Since 2015, Lendingtree Business Loan has experienced a hike in share prices, which helped it to earn compound earnings per share (EPS) growth of 36% per year.
Today, the firm has a market cap of over $4 billion and 2019 revenue was $1.1 billion. Right now, it is the largest online lending marketplace in the US. Lending Tree has become the first choice of small business owners for loans, credit cards, deposit accounts, insurance, etc.
The matchmaking capabilities of this platform are so convenient as it offers multiple financial tools, comparative loan searches and a comprehensive suite of information on US lenders and the US lending market.
Conclusion
According to all the Lending Tree Business Loan reviews in 2023, Lending Tree is best for small business owners. They need to be more knowledgeable about what loan they need and are looking forward to exploring options.
The overall application process and lender network make this network more attractive, but it loses the point of not providing the information on the website without applying.
