But hey, as we’ve said, LendingTree isn’t the worst place to get a loan. Let’s say you do decide to apply for a loan―how does that work?
You’ll start by giving LendingTree a few details about your business―things like your business’s name, location, revenue, and age. You’ll also provide some info about yourself, like your personal credit score and your contact information.
Depending on your qualifications, LendingTree will then do one of two things:
- Tell you it can’t match you with anyone in its network (and it should give you a reason as to why―like your revenue is too low)
- Say you’ve been matched with potential lenders and give you a chance to review your matches
If you do get matched, LendingTree will let you choose between getting a loan specialist to walk you through your matches or going solo and simply reviewing your matches yourself.
Now, if you look at your lender matches, you’ll see they’re pretty vague. LendingTree will give you possible loan amounts, loan terms, and funding times―but you won’t get any information about rates or fees. You’ll have to apply directly with the lender (either by calling or using a link LendingTree gies you) to get anything specific.
That’s just one more way LendingTree feels underwhelming when compared to other business loan marketplaces. Fundera, for example, gives you a loan specialist who will walk you through your options in detail. Even if you don’t qualify for anything yet, your specialist will give you advice on how to qualify for financing in the future.
Anyway, Fundera’s application only takes a few minutes to fill out. But since you will have to apply directly with a lender, you’ll have to fill out another application and wait to get funded―which means you probably won’t get money for at least a couple days, maybe more. (This is typical of lending marketplaces.)