FAQ

What is a reverse-auction loan?

A reverse-auction loan is a lending process where multiple lenders compete to offer you the most attractive loan terms based on your submitted requirements. Instead of you searching for lenders, they come to you with their best offers, giving you the power to choose the most favorable one.

How does the reverse-auction process work?

You submit your loan requirements, and lenders will bid with their best rates and terms. You can review the offers and choose the one that suits you best.

What are the main benefits of a reverse-auction loan process?

A reverse auction allows lenders to compete for your business, helping you secure more favorable rates and terms compared to traditional loan shopping.

Can I negotiate the loan terms with lenders?

Yes, once you receive offers, you have the opportunity to communicate with lenders directly. Some lenders may allow flexibility in loan terms depending on your profile.

Is there a fee to use your service?

At Lendr Tendr, our service is completely free for borrowers. We connect you with trusted lenders and tailored loan options at no cost to you. Our goal is to make the lending process simple, transparent, and accessible—without charging any hidden fees or upfront costs.

Will using this service affect my credit score?

Submitting your loan for tender won’t impact your credit score in any way. If you decide to accept an offer and move forward with it, a credit check may be conducted by the lender, which could have some effect on your score.

Is there a fee to use your service?

Our service is free for borrowers. Lenders pay a fee to access and respond to loan requests, so there’s no charge to you.

Are there any hidden fees I should be aware of?

We have a transparent fee structure, and any applicable fees will be clearly outlined in the loan offer from each lender.

Are there any penalties for withdrawing from the loan process?

No, there are no penalties for withdrawing your application at any time if the offers do not meet your needs.

How do I know if I qualify for a loan?

Our platform allows multiple lenders to review your loan request based on the details you provide—like your income, employment status, and credit profile. Once they’ve assessed your information and created tailored offers, you’ll receive notifications.

What documents are required to apply for a loan?

Generally, you’ll need proof of income, identification, and possibly bank statements. Specific documents vary by lender and loan type.

How long does it take to receive loan offers?

After submitting your loan requirements, lenders typically respond within 24-48 hours, though response times may vary.

Can I apply for multiple loan types at the same time?

Yes, you can submit requirements for multiple loan types, and lenders will respond with their best offers for each.

Is my personal information secure on your platform?

Yes, we prioritize your privacy and use advanced encryption to protect your data. Only verified lenders can access your information to provide relevant offers.

How can I contact customer support?

You can reach our support team via email, phone, or live chat on our website. We’re available to assist with any questions or issues you may encounter.

Will my information be shared with third parties?

Your information is only shared with lenders you’ve agreed to consider. We do not sell or share your data with any unauthorized third parties.

How do I know if my data is protected against unauthorized access?

Our platform employs strong security measures, including data encryption and regular security audits, to ensure that your information is safe and protected.