Businesses need money to operate, to buy stock, to fund the creation of their products and services, to pay wages, to invest in office space, and to grow and develop over time. Since your business can't always generate all of that money on its own, business lenders exist to lend a helping hand. This review will focus specifically on one company that can help you find the best business lenders: LendingTree.
LendingTree was founded back in 1996, so it has quite a lot of experience compared to some of the latest business lenders to set themselves up over the last decade or so. It’s based in Charlotte, North Carolina and works as an online platform to connect users with its lending partners. It’s important to note that LendingTree doesn’t actually offer any loans directly on its own. Instead, it serves as a funding matchmaker, connecting businesses to lending partners like Kabbage and Credibly.
It’s basically a way for you to save time by searching for business loans with a bunch of different lenders all at once, and you don’t even need to pay for the privilege, so it’s a very useful tool for any business that needs money quickly and doesn’t want to waste time searching through dozens of individual lender sites.
As stated above, LendingTree doesn’t actually offer any loans of its own. It can, however, help you find a great range of different loan types from its various partners, including:
Working Capital Loans – These loans are one of the most common forms of business loan and can be used for all kinds of daily costs and running expenses.
Long Term Loans – These kinds of loans can be taken out for several years and repaid gradually, often used for big purchases or expenses.
Lines of Credit – This basically acts as a temporary credit account with a fixed limit and set duration. During that period, you can take out and use money as you need, only paying back the money you use.
Equipment Loans – You can also search on LendingTree to find equipment loans, used for buying new tools and items for your business.
Here’s all you need to know about how LendingTree business loans work:
Applications – Applications – LendingTree searches for business loans from a vast array of providers, so the application requirements can vary quite a lot from one partner to the next. LendingTree doesn’t block off any users from accessing its platform, but your choices might be limited if you have a low credit score, a lack of experience, and insufficient revenue.
Rates and Fees – Since LendingTree can connect you to a range of different business loans and financial products from its many providers, the individual terms, rates, and fees of each loan can vary quite a lot from one option to the next.
LendingTree is a great time-saver for any business in need of a loan. The platform doesn’t make any promises in terms of whether or not you’ll find the loan you’re looking for, based on your situation, but it is easy to use and does work well, scanning and searching a range of partners to give you a lot of quotes in a matter of minutes.