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There are four simple steps to the loan process at LendingTree.com. First you answer a simple set of questions. Then you receive up to four loan offers within one business day. Next you accept the offer that's right for you and then close your loan.

In the first step to start the offer process you need to answer a few simple questions. For example, if you are applying for an auto loan, they ask for your name, date of birth, car model, amount of loan, and other similar questions. If you've used Lending Tree before, be sure to use the "Loan Express" option. This will recall the information you entered in your previous loan or credit card application, so you only have to enter the information specific to this loan. Although the loan application is relatively short and straightforward, if you do get called away before you can complete your application, you can save your information and resume the application at your convenience.

After you submit your information, you will receive up to four loan offers within one business day. Your offers will come from the over 100 banks and lenders included in LendingTree's Network. It includes some of the most respected names like Chase, Citizens Bank, First USA, Household Finance Corporation, Prudential and Wells Fargo, as well as lesser-known banks.

When deciding among your offers, obviously the interest rate, fees and other terms of the loans will be a primary factor in your decision. However, you also want to choose a bank that is responsive to your needs and pleasant to work with. Lending Tree helps in this regard with a scorecard of all their lenders based on feedback from previous LendingTree customers. Each bank is rated according to the overall experience, interest rate, fees and closing costs, responsiveness and customer service.

Once you decide on the loan you want, you can accept it and reject the other offers. Then LendingTree will guide you through the process of closing the loan. You can check the status of your loan requests online at any time, so you can stay in the loop throughout the process.

Even though LendingTree strives to make it simple, there can be times when you have a question during the process. LendingTree has customer support available to help via telephone or a form on their website. LendingTree.com also has a resource center that offers valuable information on everything you need to know about loans, including a loan calculator, term definitions, and much more.

LendingTree is a great service to shop for loans, it's quick and easy to use. Plus there are no broker's fees, so their service is free to the consumer. However, when shopping for a large long-term loan such as a home mortgage, small differences in interest rates can make a huge difference in the cost of the financing over the life of the loan. For this reason it is important to shop around and compare many offers. While LendingTree is easy to use and will send you up to four loan offers in just one day, it is a good idea to also use other loan services for additional offers to compare. (10/24/00)

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