LendingTree announced the addition of the 101st lender in the LendingTree marketplace, PeopleFirst.com, a leading online automobile lender. LendingTree’s Lender Network has more than tripled in size in less than a year. LendingTree is the online loan marketplace where consumers can submit one simple loan request form and receive multiple (up to four) loan offers within hours. Consumers can then compare and choose the one that is best for them. The vast array of lenders participating in the LendingTree marketplace provides consumers with an unprecedented level of choice between competitively priced loan offers for home mortgages, home equity, automobile financing, credit card and personal loans.
“The continued expansion of our Network further validates LendingTree’s marketplace model as the ideal online lending proposition for lenders as well as consumers,” said Doug Lebda, founder and CEO of LendingTree. “Not only do consumers see the value in more lenders competing for their business, but lenders experience the value added benefit of being a member of the online marketplace.”
“When well-known online lenders such as PeopleFirst.com join our Network and participate in the LendingTree marketplace,” continued Lebda “it drives home the difference between online lenders and LendingTree’s online loan marketplace, where more than 100 lenders compete to provide consumers with loan offers across most consumer credit categories.”
Lenders participating in the LendingTree marketplace enjoy multiple benefits: incremental business through a new channel, reduction of customer acquisition costs, and, through LendingTree’s sophisticated filtering technology, the ability to only receive forms from consumers to whom they are most likely to extend a loan offer. LendingTree provides marketplace data to lenders on the Network, enabling the lenders to refine and improve their Internet lending strategies and quickly respond to changing market conditions in order to compete more effectively.
“We are well aware that one of our strongest competitive advantages is not only the size of our marketplace but the superior customer service provided by the lenders on the Network,” added Lebda. “Recently, LendingTree implemented a new time-response standard requiring all lenders on the Network to respond to qualified consumers with a loan offer within one business day; several lenders on our Network already provide instant loan offers.”
Founded in 1995, PeopleFirst.com is a leading online automotive lender, originating and servicing its consumer loans almost entirely over the Internet. PeopleFirst.com was the pioneer of “blank check” auto lending, an innovative finance option that gives loan recipients a no-obligation check that can be used for the purchase of a new or used vehicle at most dealerships in the country, as well as lease buyouts and refinancing of existing loans. Motorcycle loans were added in January 2000. Additionally, through an exclusive agreement with Mail Boxes Etc., PeopleFirst.com is the first company on the Internet offering loans for the purchase of vehicles from individuals. PeopleFirst.com has additional relationships with AutoWeb, MSN CarPoint, Edmunds.com, Insweb, Kelley Blue Book, NADA, Telebank, and Yahoo!, among others. The company presently offers auto loans in 47 states plus the District of Columbia. To obtain more information about the company, call PeopleFirst.com at (800) 698-1789 or visit the company’s website, [www.peoplefirst.com].
About LendingTree, Inc.
LendingTree is the Internet-based loan marketplace for consumers and lenders. LendingTree collects consumer credit requests and compares those requests and related credit information to the underwriting criteria of more than 100 participating lenders in the LendingTree network. Consumers can receive multiple offers in response to a single loan request within hours and then compare, review and accept the loan offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at reduced acquisition costs. The LendingTree marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards and personal loans. For more information, please go to [www.lendingtree.com].