A Million a Month for LendingTree

By AltFi on Thursday 14 August 2014

Alternative Lending

The leading online lending exchange has arranged $1 million in personal loan revenue during the month of July.

LendingTree has been entrenched for some time as the US’ leading online marketplace for loan offers and credit solutions. LendingTree is not a platform – rather an aggregator of loans. The increased popularity of non-bank lenders such as Prosper and Lending Club has served to ramp up activity within the marketplace lately. LendingTree allows borrowers to comparison shop for credit-based offerings – ranging from mortgages, to home equity products, auto loans, unsecured personal loans, credit cards, student loans, small business loans and many more.

Since its inception in 1998, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. The number of personal loan requests submitted through LendingTree has increased 136% year on year.

Doug Lebda, CEO and Founder of LendingTree, commented:

“The personal loan industry, led by new lending platforms as well as automated traditional lenders, is changing the face of consumer credit with responsible borrowing alternatives"

"These lenders are offering consumers more attractive rates with a customer experience that's second to none. At LendingTree, consumers can compare options from multiple lenders, regardless of the person's credit. With many lenders on the marketplace, our next goal is to dramatically increase marketing, online and offline, to tell the story to consumers nationwide and help lenders scale their businesses."

Ron Suber, President of Prosper, explained the benefits of his platform’s partnership with the comparison site:

"Our partnership with LendingTree has helped us become the fastest growing online marketplace for credit in the United States."

“Their ability to connect us with a high volume of creditworthy customers looking for a better way to borrow is unique in this industry."

LendingTree recently announced a number of exciting new features for its users. The innovative platform will soon enable borrowers to retrieve free credit scores and analysis, monthly updates and detailed information about the various loans on offer.

Lebda also offered a glimpse into the future of LendingTree:

“The next step forward for LendingTree to help consumers take control of their financial lives. We’re able to give consumers a thorough review of their financial and credit accounts, with an analysis of their credit score and on going monitoring, in one convenient place. And when a consumer is ready to evaluate new loan options, there’s no need to repeatedly fill out loan forms.”

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