CHARLOTTE, N.C. -- Dec. 8, 1998 -- With an eye toward building a leadership position in an online loan market expected to reach $100 billion by 2001 (source: Tower Group), LendingTree today announced it has signed an agreement with Yahoo! to expand visibility for its loan offerings within targeted areas of Yahoo!'s highly trafficked Finance, Real Estate and Classifieds areas. Beginning January 1, individuals will be able to easily access The LendingTree Network from loan-related areas within Yahoo! and have banks bid for their business.
"By working with Yahoo!, LendingTree has the opportunity to reach millions of daily users and gain mindshare from a targeted audience for our wide variety of loan services," said Doug Lebda, CEO and founder of LendingTree. "Now Yahoo! users can easily empower themselves and take advantage of our unique approach to lending."
Under the terms of the agreement, LendingTree is a major advertiser on Yahoo!'s loan areas within Yahoo! Finance (http://quote.yahoo.com), Yahoo! Real Estate (http://realestate.yahoo.com) and Yahoo! Classifieds (http://classifieds.yahoo.com) sections. Graphical links for LendingTree appear in these areas and take users directly to LendingTree's Web site (www.lendingtree.com). A co-branded Yahoo! and LendingTree quarterly promotion will give-away $10,000 to a consumer who uses LendingTree to secure a loan. In addition, LendingTree will be accessible from banners throughout the Financing and Real Estate pages within Yahoo! Yellow Pages (http://yp.yahoo.com) and on loan-related categories.
"Yahoo! recognizes the potential of the online loan market, and we're taking advantage of all avenues to bring our users convenient access to the loan information and services they need," said Mike Riley, producer for Yahoo! Finance. "By featuring LendingTree banners in our loan-related areas, we offer a fast way for users to get to LendingTree's wealth of resources and find the loan solutions that suit their situation."
Since LendingTree's launch in July '98, its network of lenders has increased by more than 100 percent to 21 national lenders. Recent additions to the network include Citibank, Advanta and BankOne.
LendingTree's relationship with Yahoo! comes on the heels of the launch of The LendingTree Branch Network, which enables e-commerce sites to offer their customers financing solutions for all kinds of goods and services. Sites participating in The LendingTree Branch Network offer high-end merchandise such as cars, consumer electronics, vacations, furniture, luxury items and homes that often require financing assistance. Affiliates are paid a fee for every complete loan application submitted through one of their links. About LendingTree, Inc. LendingTree, Inc., founded by Doug Lebda in 1996 and based in Charlotte, N.C., is the only place - on or off-line - where a network of lenders bid for borrowers' business. Loan types include personal, auto, mortgage, home equity, credit cards and debt consolidation. The company is led by a management team comprised of veterans in the banking, financial services and information technology industries. In addition, LendingTree has formed strategic partnerships with priceline.com and Snap. LendingTree is an equal opportunity lender. Go to www.lendingtree.com or call 704-541-5351 for more information.