Lending Tree - Business Loan

[joeyv1985]

All, 

I'm applying for a business loan with Lending Tree. Has anyone ever used them? If so, what's your experience been.  I started my business about 2 years ago so I don't have a lot of trade lines. My personal FICO 8's range is 791(Experian), 803(Equifax), and 806(Transunion). My business Equifax is 463 out of 580. I bring this up because the case manager says they do soft pulls for businesses of my size. 

[GApeachy]

Hey, did you go for it?

Also, how are you able to get your Equifax Business score?  Is it where we can call in and pay a subscription?  I used to be able to purchase online but I don't see that option anymore unless I'm overlooking it or flat out looking in the wrong place....ty in advance.

[joeyv1985]

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@GApeachy wrote:

Hey, did you go for it?

Also, how are you able to get your Equifax Business score?  Is it where we can call in and pay a subscription?  I used to be able to purchase online but I don't see that option anymore unless I'm overlooking it or flat out looking in the wrong place....ty in advance.

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Hello GApeachy, 

LendingTree allows you to connect to multiple loan operators. It's more of a platform than anything else. I also applied with Wells Fargo which has a mortgage, business checking, and personal checking. A couple of organizations from the LendingTree platform have replied but I'm still waiting for others to do so as well, so we'll see. I'm looking for a working capital loan to help me with my AR/AP. First time doing this, so it's a learning curve for me. As far as my Experian business score, I actually went onto their website, put my information in, and paid for the report. I'm not sure what kind of value it will bring, but along with my Equifax(I didn't know I had one TBH) score, and D&B, my scores are pretty "good" all things considered. My problem is that I don't have a lot of trade lines. So in short, I have no idea how got the Equifax score. Hope this helps. 

[GApeachy]

Good Luck!  I don't have any experience so I'll be listening out for your update(s).  I do get Experian Biz reports and free NAV but now NAV doesn't show a score at all for Equifax and when they did it was full of errors, including Bin number.  So I guess you get what you pay for.  All the best to you

[joeyv1985]

Thank you and good luck to you as well. I meant Wells Fargo has my mortgage, business checking, and personal checking not "has a". I'll send an update as they come. Hopefully by tomorrow or Monday. 

[joeyv1985]

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@GApeachy wrote:

Good Luck!  I don't have any experience so I'll be listening out for your update(s).  I do get Experian Biz reports and free NAV but now NAV doesn't show a score at all for Equifax and when they did it was full of errors, including Bin number.  So I guess you get what you pay for.  All the best to you

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Hello GApeachy,

After serious consideration, I decided not to go through with the working capital loan. A couple of things jumped out at me:
1. Daily Payments(Usually $188-250 per day). Didn't see that coming. I was expecting monthly. 
2. Loans were usually for 9 months or less. Most were in the 6-month range. 
3. APR came out to just north of 25%. Many were in the 30% range. Ouch. 
It bears repeating, I've never applied for a working capital loan before, let alone a business loan, so this is all new to me. Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan. They start off with a soft pull, and should you move forward, they will do a hard pull. The amount that they give is determined by your monthly deposits. I've had about $200K in deposits for the past 6 months, so I was approved for anywhere from $15K to $30K. The latter is what I applied for and mostly got. Also, the business that you're in has a lot to do with it as well. Certain sectors they deem risky, might not get approved, or they will keep things close to the vest when giving you terms. All kidding aside, it had "loan shark" quality to it. To their credit, the loan officers were forthcoming and I appreciated their candor. Some sourced their own loans while others out-sourced it. I was conditionally "approved" with Wells Fargo, where I do all my banking, but the application process with them seems really slow. Wells Fargo did a hard pull(Experian) right off the bat when I applied.  Nonetheless, this was a really good learning experience and I'm glad I went through with it. Let me know if you have any more questions. Cheers. 

[WayneSki]

After serious consideration, I decided not to go through with the working capital loan. A couple of things jumped out at me:
1. Daily Payments(Usually $188-250 per day). Didn't see that coming. I was expecting monthly. 
2. Loans were usually for 9 months or less. Most were in the 6-month range. 
3. APR came out to just north of 25%. Many were in the 30% range. Ouch. 
It bears repeating, I've never applied for a working capital loan before, let alone a business loan, so this is all new to me. Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan. They start off with a soft pull, and should you move forward, they will do a hard pull. The amount that they give is determined by your monthly deposits. I've had about $200K in deposits for the past 6 months, so I was approved for anywhere from $15K to $30K. The latter is what I applied for and mostly got. Also, the business that you're in has a lot to do with it as well. Certain sectors they deem risky, might not get approved, or they will keep things close to the vest when giving you terms. All kidding aside, it had "loan shark" quality to it. To their credit, the loan officers were forthcoming and I appreciated their candor. Some sourced their own loans while others out-sourced it. I was conditionally "approved" with Wells Fargo, where I do all my banking, but the application process with them seems really slow. Wells Fargo did a hard pull(Experian) right off the bat when I applied.  Nonetheless, this was a really good learning experience and I'm glad I went through with it. Let me know if you have any more questions. Cheers. 

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Great data points! It's usually best to start at whatever bank you have your deposits at and a banking relationship with, to apply for business products. This sentence in your post " Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan", is what I stress to people. These business credit gurus have everyone spinning their wheels and waisting time and money building business credit, but an 80 Paydex score or 85 Experian Biz score won't help them get any funding or higher limits! The banks are going to look at your personal credit PERIOD, that's the only way they can get an accurate picture of how you pay your bills and handle credit.

Thank you for that post!

[joeyv1985]

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@WayneSki wrote:

After serious consideration, I decided not to go through with the working capital loan. A couple of things jumped out at me:
1. Daily Payments(Usually $188-250 per day). Didn't see that coming. I was expecting monthly. 
2. Loans were usually for 9 months or less. Most were in the 6-month range. 
3. APR came out to just north of 25%. Many were in the 30% range. Ouch. 
It bears repeating, I've never applied for a working capital loan before, let alone a business loan, so this is all new to me. Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan. They start off with a soft pull, and should you move forward, they will do a hard pull. The amount that they give is determined by your monthly deposits. I've had about $200K in deposits for the past 6 months, so I was approved for anywhere from $15K to $30K. The latter is what I applied for and mostly got. Also, the business that you're in has a lot to do with it as well. Certain sectors they deem risky, might not get approved, or they will keep things close to the vest when giving you terms. All kidding aside, it had "loan shark" quality to it. To their credit, the loan officers were forthcoming and I appreciated their candor. Some sourced their own loans while others out-sourced it. I was conditionally "approved" with Wells Fargo, where I do all my banking, but the application process with them seems really slow. Wells Fargo did a hard pull(Experian) right off the bat when I applied.  Nonetheless, this was a really good learning experience and I'm glad I went through with it. Let me know if you have any more questions. Cheers. 

---

Great data points! It's usually best to start at whatever bank you have your deposits at and a banking relationship with, to apply for business products. This sentence in your post " Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan", is what I stress to people. These business credit gurus have everyone spinning their wheels and waisting time and money building business credit, but an 80 Paydex score or 85 Experian Biz score won't help them get any funding or higher limits! The banks are going to look at your personal credit PERIOD, that's the only way they can get an accurate picture of how you pay your bills and handle credit.

Thank you for that post!

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You're welcome WayneSki. Although my Paydex, Equifax, and Experian business scores are decent, my business trade lines are limited at best, so I'm sure that's considered by the underwriter as well. Again this is a process that, IMHO,  all small business owners SHOULD go through at least for posterity's sake.  

[joeyv1985]

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@WayneSki wrote:

After serious consideration, I decided not to go through with the working capital loan. A couple of things jumped out at me:
1. Daily Payments(Usually $188-250 per day). Didn't see that coming. I was expecting monthly. 
2. Loans were usually for 9 months or less. Most were in the 6-month range. 
3. APR came out to just north of 25%. Many were in the 30% range. Ouch. 
It bears repeating, I've never applied for a working capital loan before, let alone a business loan, so this is all new to me. Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan. They start off with a soft pull, and should you move forward, they will do a hard pull. The amount that they give is determined by your monthly deposits. I've had about $200K in deposits for the past 6 months, so I was approved for anywhere from $15K to $30K. The latter is what I applied for and mostly got. Also, the business that you're in has a lot to do with it as well. Certain sectors they deem risky, might not get approved, or they will keep things close to the vest when giving you terms. All kidding aside, it had "loan shark" quality to it. To their credit, the loan officers were forthcoming and I appreciated their candor. Some sourced their own loans while others out-sourced it. I was conditionally "approved" with Wells Fargo, where I do all my banking, but the application process with them seems really slow. Wells Fargo did a hard pull(Experian) right off the bat when I applied.  Nonetheless, this was a really good learning experience and I'm glad I went through with it. Let me know if you have any more questions. Cheers. 

---

Great data points! It's usually best to start at whatever bank you have your deposits at and a banking relationship with, to apply for business products. This sentence in your post " Your personal FICO scores and monthly deposits are the biggest determining factors when being approved for a loan", is what I stress to people. These business credit gurus have everyone spinning their wheels and waisting time and money building business credit, but an 80 Paydex score or 85 Experian Biz score won't help them get any funding or higher limits! The banks are going to look at your personal credit PERIOD, that's the only way they can get an accurate picture of how you pay your bills and handle credit.

Thank you for that post!

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Good Morning WayneSki, 

Just a quick follow-up. As mentioned I was tentatively "approved" for a business line of credit with Wells Fargo. After not hearing anything from them for 2 weeks, to my surprise, I got the loan all setup. I signed into the Wells Fargo app, and to my surprise, along with my personal and business checking as well as my mortgage, there was my business line of credit. $35K just waiting to be spent. 

[pizzadude]

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@joeyv1985 wrote:

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Good Morning WayneSki, 

Just a quick follow-up. As mentioned I was tentatively "approved" for a business line of credit with Wells Fargo. After not hearing anything from them for 2 weeks, to my surprise, I got the loan all setup. I signed into the Wells Fargo app, and to my surprise, along with my personal and business checking as well as my mortgage, there was my business line of credit. $35K just waiting to be spent. 

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Congrats on the BLOC approval from WF !  What terms / interest rates did you accept ?