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LendingTree Review

Sunday, April 21st

2024 Business Loan Provider Reviews

LendingTree Review 3.5 Star Rating

LendingTree

3.5 Star Rating
  • Diverse business loan options, including SBA loans, short-term loans, long-term loans, and more
  • Businesses can apply for loans through a simple and straightforward online process
  • Loan options for various types of businesses including Sole Proprietorship, Partnerships, LLCs, and Corporations
  • Connects businesses with a network of potential lenders
  • Does not charge users for its service

LendingTree serves as a marketplace for diverse financial products, offering a lot of loan options suited to different business types and requirements. It has made the application process relatively straightforward, simplifying loan comparison for businesses. However, as it is not a direct lender, the final loan terms and conditions are set by the individual lenders in its network, which could lead to inconsistency and may be overwhelming for some users.

Options for virtually any business

LendingTree offers a bouquet of distinctive options for several types of business organizations including Sole Proprietorship, Partnerships, Limited Liability Companies (LLC), S Corporations, and C Corporations. They connect businesses with different types of loans, such as SBA loans, short-term loans, long-term loans, lines of credit, and equipment financing, among others.

13 lending partners for business loans

LendingTree provides small business loans from 13 top lending partners that include SBA, OnDeck, Funding Circle, American Express, Credibly, Taycor Financial, Wells Fargo, Fundbox, Fora Financial, National Funding, Headway Capital, eCapital, and Accion (and yes, you will see some of those options featured separately and in greater detail on our list).

Selection criteria for business lending partners

The lenders in the LendingTree network were chosen based on a set of criteria that included a maximum loan amount of at least $150,000, the promise of funding within two weeks of approval, and a requirement of no more than two years in business. Other determining factors were a personal credit score requirement below 680 and transparency in rates and repayment terms. Preference was also given to lenders that report to all major credit bureaus, offer competent customer service, and provide additional benefits to customers, such as complimentary business coaching.

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Access practically any type of loan here

LendingTree's marketplace includes a dizzying array of different loan products and funding options. Their small business loans are diverse, including term loans, lines of credit, equipment financing, commercial real estate loans, SBA loans, microloans, working capital loans, and invoice factoring. Here's a sample of the types of business loans that LendingTree can provide:

  • Term loans are lump sum loans with fixed monthly repayments, either short-term or long-term
  • A business line of credit is revolving and ideal for recurring expenses
  • Equipment financing caters to businesses requiring heavy machinery or other equipment
  • Commercial real estate loans are for business-related property
  • SBA loans, guaranteed by the U.S. Small Business Administration, offer long repayment terms with low interest rates
  • Microloans target startups or underrepresented business owners
  • Working capital loans cover short-term operating expenses
  • Invoice factoring allows businesses to sell unpaid invoices for a cash advance

Additionally, businesses can also consider funding options like merchant cash advances, business credit cards, small business grants, crowdfunding, personal loans, and bootstrap financing, which all have various advantages and conditions.

Comparison shopping has its benefits

The major advantage of using LendingTree for business loans is their match-making proficiency between businesses and available loan options. This facilitates ease of comparison, enabling businesses to find the most suitable loan option per their unique needs. It's important to remind you that LendingTree isn't a direct lender but serves as an intermediary connecting businesses with potential lenders. This marketplace model allows LendingTree to present a wide array of loan options, thus ensuring businesses can find a solution that aligns with their requirements.

You're limited to the lenders chosen for you

While LendingTree does provide a diverse pool of loan options, specific loan terms, interest rates and conditions will vary since they are determined by the individual lenders. Additionally, the variety of options could become overwhelming for some users trying to find a suitable loan.

Application process will have to be repeated

The application process on LendingTree starts online by filling out a form, after which they get loan offers from various lenders. Business owners can then compare these offers and apply directly with the lender that best fits their needs. While this process is relatively straightforward, it's important to keep in mind that each individual lender may have additional application requirements and procedures, so you might feel like you're doing the same thing twice.

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The advantages to business loan comparison shopping...

LendingTree caters to a wide range of businesses by offering varied loan options for different business types. Users can expect a relatively straightforward and easy application process, allowing businesses to compare various loan options swiftly. Additionally, LendingTree assists businesses that may not qualify for traditional funding by connecting them with suitable alternative lenders.

...and the disadvantages

However, the fact that LendingTree is a marketplace rather than a direct lender could be seen as a disadvantage by some because the final loan terms and conditions are determined by individual lenders in the network. This might lead to inconsistency in loan terms. Due to this, users may receive numerous offers, calls, and emails from lenders which could become overwhelming.

Pricing, interest rates, and fees depend on lenders

The pricing, interest rates, and fees associated with each loan are determined by the specific lenders in LendingTree's network. However, it's crucial to note that LendingTree itself doesn't charge users for its service: the cost of a loan will come from the individual lender chosen. As is standard with business loans, factors such as the loan term length, loan amount, business financial health, and the current market may influence the final costs. Businesses are advised to carefully scrutinize the terms and conditions of each loan offer they receive before making a decision.

Reviews are a mixed bag

LendingTree is accredited by the Better Business Bureau (BBB) since 2019 and has been in operation for 26 years. On the BBB rating system, LendingTree LLC has received an "A+" rating. On the customer sentiment front, however, it has an average score of 1.14 stars out of 5 from 125 customer reviews. There have been 245 customer complaints lodged in the last 3 years, with 65 complaints closed in the last 12 months.

Best Business Loan Providers

A lot of positive customer feedback

On Trustpilot, with a 4.4-star rating and over 14,000 reviews, customers are praising the platform's ease of use and quick loan disbursal process. They have shared positive experiences, describing the service quality as "excellent" and the overall interaction as "superb". Small businesses, in particular, seem to find LendingTree's platform user-friendly and essential for their financial needs. Even short, less detailed reviews expressed satisfaction with phrases like "Very Good" and "Nice Services". One user also commended the smooth and beneficial refinancing process through LendingTree.

But some dissatisfied customers too

Among dissatisfied customers on Trustpilot, a recurring complaint is that LendingTree appears to suggest lenders that weren't helpful or didn't approve their loan requests. This has left some users frustrated as they received no assistance getting funding. Some users have also expressed dissatisfaction with the company's handling of cases involving less-than-perfect credit, suggesting a lack of support for customers who are not in an optimal financial position. Overall, these issues highlight potential limitations in LendingTree's ability to match all its users to the most suitable lenders.

Could save you some time - or cost you some

LendingTree offers a significant value proposition for small businesses in search of funding by providing them with a massive variety of loan options to choose from. Despite being a marketplace rather than a direct lender, they have effectively simplified the loan exploration and comparison process. That said, the abundant options could seem overwhelming and the actual loan terms are ultimately decided by the individual lender, which could vary widely. The bottom line? LendingTree can provide you with multiple offers to satisfy your business financial needs.

Where Can You Get the Best Business Loans?

Whether you're kicking off a new enterprise, scaling up your current operation, or launching a digital storefront, there's a good chance you'll find yourself in need of a business loan. Traditionally, small business owners would turn to their local banks for financing, where personal relationships and reputations were significant factors in securing a loan. Back then, options were limited, making the hunt for low-interest rates a real challenge.

Today, the landscape has shifted favorably for business owners. A wealth of online lenders are available, offering competitive terms and rates, all vying for your business. The trick is to find a reputable business lender that meets your particular needs and objectives.

The Best Business Loan Providers Compare Business Loan Providers Compare Business Loan Provider Reviews What are the best Business Loan Providers Best Business Loan Provider Reviews

Business Loan Provider FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
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Continued from above...

Online business loans have gained immense popularity in recent years, transforming the landscape of financial transactions for entrepreneurs and small business owners alike. The appeal of these loans extends beyond mere convenience; it encompasses a variety of factors that business owners are increasingly taking advantage of.

One important aspect that contributes to the popularity of online business loans is the accessibility they provide. Unlike traditional lending institutions, online lenders offer a streamlined application process that can be completed from the comfort of your home or office.. This accessibility is a game-changer for busy entrepreneurs who may find it challenging to carve out time for lengthy in-person meetings with traditional lenders. The online platform enables borrowers to initiate the loan application at their convenience, eliminating the need for physical presence and extensive paperwork.

The speed at which online business loans are processed is also a significant driving force behind their increased popularity. Traditional banks often involve prolonged approval procedures, requiring extensive documentation and meticulous scrutiny. In contrast, online lenders leverage technology to expedite the approval process. With algorithms and automated systems, these lenders can often assess applications quickly, providing borrowers with prompt decisions. This quick turnaround is particularly crucial for businesses facing urgent financial needs or time-sensitive opportunities.

Another often overlooked reason why online business loans have become so popular is the flexibility the offer. Traditional lenders often adhere to rigid criteria, which makes challenging for businesses with less-than-perfect credit histories to secure funding. Online lenders, on the other hand, often consider a broader range of factors in their assessment, including the business's online presence, cash flow, and overall financial health. This flexibility opens up opportunities for a more diverse array of businesses and financial conditions.

So how do you determine which business lender is right for you? There are several key considerations you should weigh in your evaluation:

  • Loan amount and interest rate: What's the maximum amount you can borrow, and what are the interest rates like for loans of that size?
  • Application process: Is it possible to tackle the loan application online? How streamlined and user-friendly is the application process?
  • Business history requirements: Is there room for a brand-new business to secure a loan, or do you need a certain amount of operating history? What other requirements or collateral might be necessary?
  • Lender reputation: Does the lender have a solid track record of ethical business practices, as evidenced by their BBB rating or other industry standards?

These factors are especially important as lenders adapt and evolve their services. For a rundown of the top business loan providers, Top Consumer Reviews has curated a list of the best options out there. This resource will help you secure the most suitable loan for your business at a manageable rate.

Compare Business Loan Providers

Select any 2 Business Loan Providers to compare them head to head

best-business-loans
  • National Funding
  • National Business Capital
  • CAN Capital
  • Balboa Capital
  • Funding Circle
  • LendingTree
  • LendingClub
  • Fundera
  • Upstart
  • Atlas One Fund
National Funding vs National Business Capital National Funding vs CAN Capital National Funding vs Balboa Capital National Funding vs Funding Circle National Funding vs LendingTree National Funding vs LendingClub National Funding vs Fundera National Funding vs Upstart National Funding vs Atlas One Fund National Business Capital vs CAN Capital National Business Capital vs Balboa Capital National Business Capital vs Funding Circle National Business Capital vs LendingTree National Business Capital vs LendingClub National Business Capital vs Fundera National Business Capital vs Upstart National Business Capital vs Atlas One Fund CAN Capital vs Balboa Capital CAN Capital vs Funding Circle CAN Capital vs LendingTree CAN Capital vs LendingClub CAN Capital vs Fundera CAN Capital vs Upstart CAN Capital vs Atlas One Fund Balboa Capital vs Funding Circle Balboa Capital vs LendingTree Balboa Capital vs LendingClub Balboa Capital vs Fundera Balboa Capital vs Upstart Balboa Capital vs Atlas One Fund Funding Circle vs LendingTree Funding Circle vs LendingClub Funding Circle vs Fundera Funding Circle vs Upstart Funding Circle vs Atlas One Fund LendingTree vs LendingClub LendingTree vs Fundera LendingTree vs Upstart LendingTree vs Atlas One Fund LendingClub vs Fundera LendingClub vs Upstart LendingClub vs Atlas One Fund Fundera vs Upstart Fundera vs Atlas One Fund Upstart vs Atlas One Fund
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