CHARLOTTE, N.C., June 7, 2016 /PRNewswire/ -- LendingTree®, the
nation's leading online loan marketplace, announced today that it
proudly joins members of the Innovative Lending Platform
Association (ILPA) in developing a model small business
lending disclosure called the SMART (Straightforward Metrics
Around Rate and Total Cost) Box. The SMART Box will
present a small business with a chart of standardized pricing
comparison tools and explanations, including various total dollar
cost and annual percentage rate metrics that enable a comprehensive
pricing comparison of small business loans.
LendingTree will be working closely with the ILPA over the
90-day "national engagement period" to coordinate with the ILPA and
other industry stakeholders on the creation and implementation of
the SMART Box.
"The adoption of an industry standard benefits all parties,"
said Doug Lebda, founder and CEO of
LendingTree. "Lenders benefit from being able to easily and
concisely explain their loans. But, more importantly,
borrowers win when lenders are completely transparent."
With the growth of its small business network, LendingTree has
seen first-hand the range of financing products available to small
business organizations, and the benefit of common disclosure
standards and verbiage to assist loan comparisons. It is
LendingTree's hope that an industry standard such as the SMART Box
can increase the transparency for borrowers and help them select
the financing solution that best fits a given need or use-case.
"LendingTree is a market leader in helping small businesses
identify and secure critical growth capital, and they share ILPA's
mission to help all small business customers make responsible
credit decisions," the ILPA said in a statement. "We are thrilled
they have joined us as a key early engagement partner and we
welcome their leadership as we develop the SMART Box model
disclosure."
A 2015 LendingTree survey found that majority of business owners
named "Ease/Convenience of application" and "Interest rate and
costs" as primary decision factors when choosing a business loan
lender.
"A simple disclosure allowing the borrower to easily compare
rates and costs is exactly what business owners need," continued
Lebda. "We feel the work the ILPA is doing in this area is
invaluable and we look forward to working with them to create a new
industry standard for small business lending."
About the Innovative Lending Platform
Association
The Innovative Lending Platform
Association is focused on advancing small business online lending
education, advocacy, and best practices. To promote common
disclosure verbiage and standardization, the group's first
priority, launched in partnership with the Association for
Enterprise Opportunity (AEO), the leading advocate for
microbusiness in the United
States, is an initiative to create a model small business
lending disclosure called the SMART Box. Together the three
founding companies of the Innovative Lending Platform Association –
CAN Capital, Kabbage and OnDeck – have provided access to more than
$12 billion dollars in working
capital to small businesses to help drive growth and hiring.
Organizations seeking to engage with the Innovative Lending
Platform Association in the development of the SMART Box
initiative, please go to:www.innovativelending.org.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan
marketplace, empowering consumers as they comparison-shop across a
full suite of loan and credit-based offerings. LendingTree provides
an online marketplace which connects consumers with multiple
lenders that compete for their business, as well as an array of
online tools and information to help consumers find the best loan.
Since inception, LendingTree has facilitated more than 55 million
loan requests. LendingTree provides free monthly credit scores
through My LendingTree and access to its network of over 350
lenders offering home loans, personal loans, credit cards, student
loans, business loans, home equity loans/lines of credit, auto
loans and more. LendingTree, LLC is a subsidiary of LendingTree,
Inc. For more information go to www.lendingtree.com,
dial 800-555-TREE, like our Facebook page and/or follow
us on Twitter @LendingTree.
MEDIA CONTACT:
Megan Greuling
Megan.Greuling@LendingTree.com
704-943-8208
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SOURCE LendingTree