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LendingTree Expands Its Network, Offering Increased Options to Borrowers

Strategic Insights

— 1 min read

LendingTree, the online loan center, has announced the addition of new financial institutions to its LendingTree Network, including The Associates, Union Bank of California, The Dime Savings Bank of New York, National Finance Corp., and PrimeLease Services, Inc. Since its relaunch in June 1998, the size of the Network has increased by more than 50 percent. This growth is due to the company's proprietary filtering software, which enables lenders to profile out borrowers who meet their lending criteria, saving time, money, and manpower. The expansion of the LendingTree Network provides borrowers with more options for finding a loan that fits their budget and credit profile.

Key Takeaways:

  • LendingTree has added 5 new financial institutions to its LendingTree Network, including The Associates, Union Bank of California, The Dime Savings Bank of New York, National Finance Corp., and PrimeLease Services, Inc.
  • The size of the Network has increased by more than 50 percent since its official relaunch in June 1998.
  • The company's proprietary filtering software enables lenders to profile out borrowers who meet their lending criteria, saving time, money, and manpower.
  • LendingTree's growth validates its belief that the Web will redefine the loan process by providing lenders and borrowers with an efficient channel to reach one another.
  • The expansion of the LendingTree Network provides borrowers with more options for finding a loan that fits their budget and credit profile.
  • LendingTree visitors now have access to a wide range of loan types, including personal, auto, mortgage, home equity, credit cards, and debt consolidation.
  • The company has formed strategic partnerships with priceline.com and Snap, and has appointed Mitchell York, former CMP Media Vice president, as president of the company.

Statistics:

  • The LendingTree Network has grown by more than 50 percent since its official relaunch in June 1998.
  • The company's proprietary filtering software has saved lenders time, money, and manpower by enabling them to profile out borrowers who meet their lending criteria.
  • LendingTree's online loan center connects borrowers to a network of lenders who compete for their business.
  • The company has a management team comprised of industry veterans in the banking, financial services, and information technology industries.
  • LendingTree can be contacted by visiting its Web site at www.lendingtree.com or by phone at 704/541-5351.

Sources:

  • BUSINESS WIRE, "LendingTree Announces Expansion of LendingTree Network," Oct. 1, 1998
  • LendingTree, Inc. press release, "About LendingTree, Inc."

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