If you are shopping for a new loan, finding the right loan can be a challenge. Moreover, doing it the old fashioned way is time consuming and frustrating. Most of us do not have time to call all our local banks, get their rates, and hope we’ll qualify for their loans. While you may think that E-Loan and Lending Tree provide the same service, they really do not. Both are major names in the online lending world; however the service that they provide is distinctly different.
Lending Tree at lendingtree.com allows potential borrowers to fill out a simple application that they then forward on to lenders. Car loans, home mortgages, home equity loans, and refinancing quotes are all available through Lending Tree. Moreover, Lending Tree forwards your information to the lender best suited to the loan you need, based on your credit history and other factors. You will then deal with the lender for your loan and not with Lending Tree at all. Lending Tree functionally makes comparison shopping for a loan an easy process and saves you the footwork of doing it yourself. There are no fees for the end user, as Lending Tree is paid by the banks and lenders not the customer.
E-Loan is a lender in and of itself, working online instead of out of a brick and mortar bank. Loans are available online at http://www.eloan.com. It offers easily accessible, user friendly loans for a variety of needs online. Loan processing is fast and easy, and it can be a convenient way for a customer with good credit to get the loan they need. E-Loans then sells the loans they make to other lenders, so you can expect that your loan will not remain with E-Loans over the duration of the loan.
Other similar services that some loan shoppers may want to consider include Bankrate which offers loan rate comparisons at bankrate.com and DiTech which offers online lending similar to E-Loans at ditech.com.
Keep in mind that loans are often sold, so who you choose to borrow from may matter less than you think. Look for the best rates and terms on the loan you need, whether you are shopping for a refinance or a new home loan. Closing costs and fees may be another factor to consider. If you have good credit, you may find that loan rates between online lenders and your local bank are similar. If your credit is poor, comparison shopping is even more important. Do be certain that you choose a reputable lender, and take the time to read online reviews if you are choosing to borrow online.