Lendio

• Easy 15-Minute Application
• Loan Options from 75+ Lenders
• Variety of Loan Types
• Helpful Loan Calculator
• No Origination Fee
• Live Chat
• Lendio Reviews

Easy 15-Minute Application

Many business loan providers require an overly complicated and lengthy application process for customers. Lendio only has one application and it is quick, free, and easy to fill out. Additionally, borrowers can be receive funding in as little as 24 hours. 

Loan Options from 75+ Lenders

Lendio is committed to helping each business owner identify financing options through the lender that is right for them. As a result, the company offers loan options from more than 75 alternative lenders. Several well-known banks and lending institutions are included in these options:

• PayPal
• Bank of America
• American Express
• Chase
• Kabbage
• Fundation
• OnDeck
• Authorize.Net
• Headway Capital
• Funding Circle
• Lending Club
• QuarterSpot

By having several options to choose from, borrowers can be confident that they will get a good rate for their business. 

Variety of Loan Types

Lendio strives to help company owners find loans that fit both their business and their wallet. Because of this, a variety of financing solutions are available, including business lines of credit, short-term loans, merchant cash advances, business term loans, business credit cards, equipment financing, commercial mortgages, accounts receivable financing, startup loans, business acquisition loans, and SBA loans.

Business Line of Credit

• Loan amounts from $1,000–$500,000
• Loan terms from 1–2 years
• Funding time between 1–2 weeks
• Interest rates ranging from 8–24%
• Six months or more in business
• $50,000 or more in annual revenue
• Credit score of 560 or higher
• May require collateral
• Only pay interest rates on the funds you use, not the entire amount borrowed

Short-Term Loan

• Loan amounts from $2,500–$500,000
• Loan terms from 1–3 years
• Funding time as soon as one business day
• Interest rates starting at 8%
• At least two years in business
• Solid credit score required

Merchant Cash Advance

• Loan amounts from $5,000–$200,000
• Loan terms up to two years
• Funding time as soon as one business day
• Interest rates starting at 18%
• Pay back the loan by paying a percentage of your daily credit card deposits
• Typically doesn't require collateral or credit pulls
• 4–6 months of bank statements or receivables

Business Term Loan

• Loan amounts from $5,000–$2,000,000
• Loan terms from 1–5 years
• Funding time as soon as one business day
• Interest rates starting at 6%
• Fixed interest rates or a fixed flat fee
• 15-minute application
• Funding for just about any business opportunity
• Credit score, time in business, and collateral required
• P&L statements or bank statements may be needed to show revenue

Business Credit Card

• Loan amounts from $1,000–$500,000
• Loan terms from 1–2 years
• Funding time between 1–2 weeks
• Interest rates ranging from 8–24%
• Credit score of 680 or higher
• May require collateral
• 15-minute application

Equipment Financing

• Loan amounts from $5,000–$5,000,000
• Loan terms from 1–5 years
• Funding time as soon as one business day
• Interest rates starting at 7.5%
• Covers a variety of financing needs, including forklifts, point-of-sale software, office furniture, appliances, delivery vehicles, solar panels, HVAC units, etc.
• At least one year in business
• $50,000 in annual revenue
• Credit score of 650 or higher
• Credit score lower than 650 requires proof of solid cash flow and revenue for the past 3–6 months
• Equipment you purchase can be used as required collateral
• 15-minute application

Commercial Mortgages

• Loan amounts from $250,000–5,000,000
• Loan terms from 20–25 years
• Funding time as soon as 45 days
• Interest rates ranging from 4.25–6%
• Use to purchase or build a business location, expand or remodel your current business location, or refinance a payment term to adjust your interest rate
• Loan amount based on credit score and property you're using as collateral
• May need to provide purchase contract, property blueprints, market analysis for property, project budget, scope of work, assessment of the property's existing condition

Accounts Receivable Financing

• Loan amounts up to 80 percent of receivables
• Loan terms up to one year
• Funding time as soon as three days
• Interest rates starting at five percent
• No collateral required

Startup Loan

• Loan amounts from $500–$750,000
• Loan terms up to 25 years
• Funding time between 2–4 weeks
• Interest rates ranging between 0–1%
• Six months in business
• Credit score of 680 or higher
• May require collateral
• 15-Minute application

Business Acquisition Loan

• Loan amounts from $5,000–$5,000,000
• Revolving loan terms from 10–25 years
• Funding time as soon as 30 days
• Interest rates starting at 5.5%
• Approval based on credit history, time in business, and revenue
• Must provide financial performance and financial projections

Small Business Administration (SBA) Loan

• Loan amounts from $50,000–$5,000,000
• Loan terms from 10–25 years
• Funding time between 30–90 days
• Interest rates based on prime rates, which are rates that commercial banks charge customers with trustworthy credit

Lendio offers a variety of SBA loans. To qualify, you'll need two years of business and personal tax returns, a YTD profit and loss statement, a YTD balance sheet, and a debt schedule. The most common SBA loans that Lendio offers are SBA 7(a) loans, SBA 504 loans, and SBA Express loans. Lendio's website provides the following information about SBA loans and the company's specific requirements:

• SBA 7(a) Loan — This is a loan used to purchase land, cover construction costs, expand an existing business, refinance current debt, or buy machinery, furniture, supplies, or materials. SBA 7(a) loans of $25,000 or less typically do not require collateral. However, larger loan amounts will likely need collateral to qualify. 
• SBA 504 Loan — Once awarded an SBA 504, your lender will typically cover 50 percent of your project costs, while your SBA loan covers 40 percent. This means that you will need to provide the other 10 percent at the time of funding. Depending on your circumstances, you may need to cover up to 20 percent. This loan type is mainly used for financing fixed assets, but other costs may be eligible for coverage. Qualified projects include purchasing an existing building, buying a new facility or renovating it, purchasing land or making improvements to it, buying long-term machinery, or refinancing debt you incurred by expanding or renovating your business, facilities, or equipment.
• SBA Express Loan — This express loan is meant for people who need funds quickly. These loans are typically reviewed within 36 hours, but it may take up to 30 days to receive funding. SBA Express loan amounts can reach up to $350,000. Loans more than $25,000 will likely require collateral. Loan terms can range from 5–25 years.

Helpful Loan Calculator

Because the company works with so many lenders, its loan calculator is both accurate and helpful for company owners. The Lendio website offers different calculators for each type of business loan borrowers might be interested in, including the following: 

• Equipment Loan Calculator
• Merchant Cash Advance (MCA) Affordability Calculator 
• SBA Loan Calculator
• Short-Term Loan Calculator
• Startup Business Loan Calculator
• Commercial Mortgage Payment Calculator

No Origination Fee

An origination fee is a fee that is required by some lenders for processing a loan application. The fact that Lendio is a marketplace — where potential applicants can find lenders — rather than a direct lender itself, means that the company doesn't charge any origination fees.

The choice of having an origination fee is somewhat up to the customer who chooses which lender to go with, as Lendio simply lays out lending options. Be aware that you may still pay an origination fee to the lender of your choice. 

Live Chat

Lendio provides live chat software on its website so that its customers can enjoy a convenient, simple customer service experience. Through this software, Lendio employees are available to assist borrowers and answer questions about business loans within minutes. 

Lendio Reviews

With hundreds of positive reviews, Lendio clearly provides a satisfactory customer experience. Its ratings and reviews are high, highlighting quick funding time, quality customer service, low rates, and high loan amounts. Borrowers can have peace of mind knowing Lendio is a trusted company that outshines many alternative lenders. 

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• Variability of Options

Variability of Options

Though having many small business lending options is by no means the worst problem to have for a lending company, it does present one complication in that it makes rate guarantees difficult to make. Because there are so many alternative lenders, Lendio can’t make promises about rates or fees because it is not setting the terms for the loan offers. 

Lendio has earned the respect of small business owners by providing the following:

• A simple application process so you don't have to waste valuable time being unsure of what to do next. 
• A personal funding manager to walk you through each step. 
• Helpful loan calculators to reference throughout the process. 
• A large number of lenders in its business loan marketplace, improving your chances of finding a lender that will work with you. 

You can submit the application online, and—depending on the loan type and amount—you can receive your funds in as little as one business day. 

You can find Lendio reviews below if you want to see what customers have to say about the lender. The majority of Lendio's ratings and reviews are five-stars, highlighting the company's open communication, quality customer service, simple application and loan process, and competitive rates. 

As a trusted name in business lending with overwhelmingly positive feedback from customers with businesses of their own, we highly recommend that you use Lendio’s lending marketplace.