By now, you might have realized that there is an imbalance in the finance industry. If you’ve ever searched online for a new loan or lender, you’ve probably experienced this for yourself. The good news is that there is now a solution in RateBunni – but more on that in a moment. First, let’s take a look at the problem.
A 2020 FDIC study found that community banks only hold 15% of the total loans in the banking industry. So who is getting the majority of loan business? Those bigger banks. How are they doing this? By spending big money on advertising. Five banks spent at least a billion dollars on advertising in 2020, in a year in which marketing spend was down overall due to the pandemic.
How It Impacts You
Because the big banks are spending so much money on advertising, they dominate all online channels. That’s why it’s so hard to find the smaller banks and fintechs who might offer better rates and features.
You might feel like your only option is to go with one of these banks because you see the same ones over and over on Google and lending marketplaces. Fortunately, there is a solution: RateBunni from Lend-Grow. RateBunni shows you rate information and more from hundreds of lenders, including harder-to-find community banks. These smaller banks can offer better deals on loans because they don’t have the massive advertising budgets and other costs. Here are some more ways RateBunni benefits you in your next loan search:
Comprehensive & Complete
With RateBunni we believe in strength in numbers. When you have more lenders to choose from, you’re more likely to find the best deal for you. The problem is, on other sites, you’ll only see a limited number of lenders (who are paying to be there, but more on that later). On RateBunni, you can search over 300 lenders across the United States. Finally all lenders are in one place.
More Details for Each Lender
There’s more to consider about a new bank thank just interest rates. RateBunni makes it easy to see things like customer ratings, digital experience, and even local focus and employee composition. You’ll be able to see things like:
- Branch information and location
- Headquarters
- Customer ratings
- Rate trends
- How fast the loan application is
- Digital capabilities like online prequalification, online applications, and use of direct deposit to get your funds
- Community involvement and giving
- Leadership composition
- Employee inclusiveness such as diversity index
- …and so much more
The information is updated regularly, so you always have an accurate picture of what each lender offers.
Unbiased Information
By now, you’ve likely realized that most sites only show you the lenders which are paying to be there. But did you know that even the order in which you see lenders on a webpage is influenced by their revenue? It’s true. This creates a problem: They are maximizing their profit, not your success in finding a new lender.
RateBunni is different. We never do paid reviews or rankings, so you only see the best lenders for you, based on what you care about. No ifs, ands or buts.
Personalized for You
We know that no two searches are the same, and we designed RateBunni with that in mind. Everyone has different preferences when looking for a new lender, and we’ve built RateBunni to accommodate this customization. That starts with filtering your search results by monthly payment, customer reviews, digital features, and more. You can also save your favorite lenders and get easy access to their rates when you revisit RateBunni.
Where does the information come from?
To pull of an amazing feat such as RateBunni, we’ve collected information from hundreds of different websites and bring them all in one place. These include third parties like the CFPB (Consumer Finance Protection Board), NCUA (National Credit Union Administration).
Find Your Next Lender
One of the great things about RateBunni is the fact that you don’t have to provide any personal information to use the tool. That means you won’t have lenders calling you and sending you mail trying to pressure you to get a loan through them. You can do your search on your own terms and on your schedule, with your personal preferences. Try RateBunni and get access to all of the information you need in one place to find your next lender.