LendingTree - Reviewed & Compared

Summary

It's likely you've heard the name LendingTree, and know their "When Banks Compete, You Win" tagline. And if you don't know them, you should, because in our opinion, this is the top the ladder.

855-401-7293

Company Overview

Back in 1996, an accountant named Doug Lebda was shopping for a mortgage. He found the process of going from bank to bank in-person very time consuming, and, of course, always wondered if there was a better rate/terms just a few more miles down the road (or a state away…).

Doug saw the growing internet as a way to not only shop and compare lenders, but to also reverse the process, and have the lenders and banks compete for HIS business. This breakthrough realization led to the founding of LendingTree, which was launched nationally in 1998.

Since then, LendingTree has handled more than 32 million loan requests, and has become the preferred destination for millions of consumers. The company's premise of having banks compete for borrowers has revolutionized the industry, and makes picking the best rates and terms as simple as picking the best looking apples at the fruit stand.

MORE: Calculate your monthly mortgage payment

What LendingTree Does Best

They get multiple lenders to offer you their best terms for the type ofloan you want. Are you looking for a 15 year adjustable mortgage? No problem. How about a 30 year 5/1 ARM? Yes indeed. And refinance it all a few years later? Done.

But the really cool part is any type of loan can be had – car loans, personal loans, and even student loans. Or maybe you want a credit card – let card issuers come to you with their top offers. LendingTree is truly a one-stop shop for any type of loan. They even handle FHA loans, Home equity loans, VA loans, HARP refinancing, and much much more.

Another plus are the tools and information on their easy-to-use website. Would you like online calculators to check payments / APR / FHA / Auto Loans or countless other calculations? LendingTree has a ton. Want to check your credit score? For free? No problem – you can do it at LendingTree. If you have questions on anything even remotely related to loans, they almost certainly have the answer. It's like a "Lending University", with everything spelled out in plain English.

But the real treat is when you actually start your loan shopping. That's because you can tailor your parameters to your individual needs, and it's all really simple, too – the website asks you questions, which you answer. Once you have the type of loan you want nailed down, LendingTree submits it to their network of lenders, and you'll almost always have 4-5 offers, sometimes within minutes. It's true – the banks really do compete for your business.

MORE: Calculate your monthly mortgage payment

Any Negatives?

Nope. I found everything to be first rate. From their website to the simplicity and straightforwardness of their process to the sheer amount of loans and loan types they offer, their entire presentation and process is excellent.

What Others Are Saying

They have an A+ rating with the Better Business Bureau, which becomes more admirable given the sheer volume of requests the company handles. In addition, in a piece entitled "LendingTree: An original dot-com darling grows up", financial news outlet CNBC explores the company history, and states: "The business model created more competition, and moved the leverage from the lender to the buyer", which was always the ultimate goal. The internet allowed "distance" to become a non-factor in competition, and LendingTree utilized that fact to give the consumer the ultimate power.

Our Final Verdict: 9.8/10

LendingTree has everything you are looking for if you are in the market for a loan. They have an easy to use website bursting with free information, they provide you custom quotes from a myriad of lenders, and they do all the heavy lifting for you. The company's famous slogan 'When Banks Compete, You Win' rings truer than ever today. Anyone looking for a loan - of any kind - should check out LendingTree.


FAST FACTS
  • An established, trusted name. More than 32 million loan requests since 1998.
  • Allows you to compare offers from different banks, tailored to your needs.
  • A+ BBB Rating.
  • All manner of loan and mortgage types.
  • Comprehensive, informative website, plus a free credit score!