LendingTree: A Good Resource, but Do Your Homework!
Written: Feb 01 '00 (Updated Apr 17 '00)
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Pros: Easy to use, give you 4 offers to choose from, straightforward offers
Cons: Offers may not be exactly what you asked for, $250 credit is not as easy as they make it sound
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| WorkingMomof2's Full Review: LendingTree |
Overall I can only find one fault with LendingTree.com - they did not come through with the $250 credit they promised us...and they may fix that yet! (Hoping, hoping... I'll post an update if they do.) Otherwise, the service was simple and easy to use. Nonetheless, I would advise the consumer to use caution, because not all the companies that "approved us" offered what we were looking for.
Lendingtree.com is an online mortgage broker. You go in and enter all of your personal information, which is fairly detailed, and what you are looking for (equity loan, car loan, credit card, etc etc etc). They then submit this to a slew of companies for you, and you are supposed to get up to four to choose from.
We applied for a line of credit, based on the equity in our house, to do some home upgrades we have been putting off (you know how this goes, right?). You know, new windows, a room expansion (we have the 2 kids sharing a room), a new roof to replace the leaky one, etc. We have talked to a mortgage broker plus five phone-solicitors from assorted banks, and none of them could match the rate LendingTree got us, offered by Citibank (the group we decided to go with). Actually, one phone solicitor promised to "beat absolutely any offer we got" but he was an hour away, was not flexible on when he could meet with us, and was generally obnoxious on the phone so we blew him off.)
LendingTree did come through with four offers. They were ALL over the board in terms of their rates and fees - but that was okay, since they each gave us a direct phone # to talk to the company representative. Rates ranged from prime+2 with extensive fees to prime -.5% with no fees....although once you dug into these, there were a bunch of hidden details. Citibank was pretty straightforward and didn't have any hidden garbage, and since they are a nice big bank we are already associated with, we went with them. Not the cheapest, to be honest, but the best match for our needs. All but one of the 4 offers said they would cover ALL (or almost all) of our fees, by the way. Fees for the four offers were $0, $0, $89 and $4,000+. We skipped the $4000 one, although the sales rep was pretty persistent.
You get the direct phone # of the company to talk to, and they send you the details in writing. A nice change from the phone solicitors, who wouldn't give us anything in writing, or kept routing us through different people. I must say all four of the LendingTree resources were prompt, polite & professional.
The site itself is easy to navigate, and once you enter in your personal information, MOST of it (but not all of it) saves so you can go back in later & tweak it as needed. I did think there was a lot more required information than some other sites I looked at - for example, they not only wanted to know my mortgage amount, but the original creditor on the loan. Luckily my husband keeps meticulous records, but it required a little digging. I would say, though, that it was probably about the same amount of information we filled out for the mortgage company we talked to.
The loan companies obviously have a significant level of respect for Lending Tree. Not only did each and every one tell us to make sure we went BACK into Lending Tree and hit "accept" or "decline" offer, Citibank verified that we had done this before they funded our loan (still in process). This level of support (from the associated banks)for the Lending Tree program does add some credibility in my eyes.
Cautions:
I only have two cautions (or complaints). First of all, make sure you read those loan documents (or offers) closely. You may find hidden fees or terms in there that are not to your taste. I did think that Lending Tree did a good job of forcing the lenders to disclose the fees up front (it is one of the top things they tell you - rate + fees) but there were still a few murky areas in some of the companies' paperwork (not with Citibank, which we selected, who was very straightforward). The company with the high fees was for a loan, not a line of credit (which I had applied for), so that was disappointing - although with the huge fees, they were out of the running. I would rather have seen another company with a line of credit offer, though, for comparison, since that is what I had applied for.
Secondly, LendingTree offers a $250 credit when you complete a loan with them AND get their credit card. Well, the application (for Lending Tree) takes a while to complete. I kept having to go back in and complete this as I had bits of free time, and as I got new information. In the midst of this, I somehow clicked NO to the credit card application, and didn't catch it. We did fund our loan through LendingTree, and I DID get a credit card from a LendingTree bank -- but evidently not in the right order. I have written them to ask for my credit, anyway, but have not received a response. If they agree to this I will update you <GRIN> - and if they don't, I'll let you know that too. Watch the COMMENTS section for updates on this.
I just thought that their offer for $250 free when you fund your loan and get a credit card through them were misleading... If you do both, at about the same time (we actually accepted the credit card BEFORE we accepted a loan) you should still be eligible for the money. Unfortunately (for me, I guess) they did not agree when I wrote to their customer service department explaining the problem. Maybe some nice Lending Tree customer service agent will write me and rectify the situation. I'll let you know if they do.
The website is www.lendingtree.com. I would recommend it, but if you want the refund, be SURE to apply for the credit card BEFORE you hit submit on your loan documents. Also, read the lending companies' paperwork carefully (as with any loan docs, there may be hidden fees, etc.).
Recommended:
Yes
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Epinions.com ID:
WorkingMomof2
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 - Top 200 |
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Member: Amy
Location: Southern California
Reviews written: 313
Trusted by: 539 members
About Me:
Every time I close the door on reality it comes in through the windows.
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