Monthly Archives: April 2015

Using Comparison Lending Engines To Save Money With Loans

Many people ask me about Lending Tree so I thought I would do a review since I used it myself last month. You likely can surmise from it’s name that LendingTree is a loan company. LendingTree has been providing people with alternatives to funding a loan now for years, expanding loan options for millions of Americans nationwide of all income brackets and credit levels. Since I have used the service I thought I would give an honest review, both pros and cons.

LendingTree offers both personal loans and commercial loans through their website. Instead of being a direct lender what LendingTree does is they allow you to make a financial profile of sorts, which contains personal and financial information such as your income. LendingTree then shares this information with major banks and lenders who in turn will give you rate quotes based on your credit profile. This makes rate shopping very easy and results in less inquiries on your credit report. Less inquiries is a good thing, it help to keep your credit score intact.

Using the site is very straight forward and easy, simply head to LendingTree and join the site. Once you register you will fill out the profile and questions. Then you can shop around for rates, the offers will come your way without any work or effort on your part. This makes applying for a loan rather easy as it takes the hassle of finding the best rate out of the picture and lets you focus on other things. The site still has some Pro’s and Con’s however that I should mention.

Pro’s

Many lenders under one roof
LendingTree provides you with a full range of lenders right in one spot, many of which are big names so you are not dealing with fly by night shady lenders. While there is no guarantee or magic that will make the right loan offer appear you very well might find what you are looking for.

No fee to searching

There is no fee to search for any loan. The only fees you might face are the normal type after you accept and sign for a loan, such as application fees, processing fees, or closing costs.

User Reviews
Each lender that LendingTree has in their network has reviews from actual users of LendingTree which can be helpful when having to choose between different loan offers.

Loan calculators and other resources

LendingTree has plenty of free tools like loan calculators available so you can plan for the ideal loan for you. It also features helpful articles like our site does.

Loan options for poor credit
Although LendingTree is more useful for those with good credit, those with poor credit can find loan options through LendingTree. LendingTree states clearly that there are options for people with poor credit, though with the caveat that there is no guarantee that lenders will make you any loan offers.

Cons

Loan Limits
Some lenders will place limits on the loans. For example they may require you to borrow a minimum amount to qualify for the offer. Others might limit the loan terms to a year or 18 months when perhaps you need a 5 year loan term. This could make it difficult to find a loan based on your unique circumstances.

The waiting
You do not apply directly to offers, rather the offers come to you first and it is up to you weather or not you apply. You get an email every time you have a loan offer, but if you need a loan quickly you might end up waiting and never see an offer.

Not Competitive
I did not receive any competitive loan offers, the rates were all very very similar. Many other users report this, even ones with stellar credit scores. You can always try to negotiate with the lender however.


Final Thoughts

If you have trouble finding loans this is a good option, but as mentioned it is not very competitive. It is free so it is worth a look at what offers you might receive, but if I needed a loan quick I would not rely on LendingTree I would see what if any offers they had but I would still look elsewhere.