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Headquartered in South Jordan, Utah, Lendio is a leading business loan marketplace. It boasts a massive library of lenders, a wide array of loan products, top rankings in Entrepreneur magazine, and an award-winning culture.
The company’s mission is to fuel the American Dream by helping small business owners across the US find the financing they need to expand, develop, or simply keep their doors open in times of crisis — all through an easy-to-use, 15-minute application.
To date, Lendio has facilitated over 200,000 small business loans for $10 billion in total funding —including $8 billion in PPP loan approvals as part of government COVID-19 relief (which helped save an estimated 1.1 million jobs). Yet, there’s more to the company than numbers.
Lendio is innovative and adaptive. It’s a values-driven organization striving to provide equal access to capital for underserved communities and America’s smallest businesses.
Read on to discover The Good, The Bad, and The Bottom Line about Lendio, as well as verified Lendio reviews from past borrowers.
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 receive funding in as little as 24 hours.
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 300 alternative lenders. Several well-known banks and lending institutions are included in these options:
Highlight: Lendio's multi-lender marketplace offers high odds for a good match.
By having several options to choose from, borrowers can be confident that they will get a good loan and rate for their business.
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.
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:
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:
Lendio provides live chat software on its website so that its customers can enjoy a convenient, on-demand customer service experience. Through this software, Lendio employees are available to assist borrowers and answer questions about business loans within minutes.
Lendio incentivizes getting your books in order by providing a bookkeeping software called Sunrise. Prospective borrowers with active Sunrise accounts are two times more likely to receive funding. While it’s not a guarantee of funding, using Sunrise by Lendio can give you a leg up as you prepare to apply for a business loan.
Sunrise tracks incoming and outgoing money within your organization’s interactions with customers and vendors. It also connects your bank accounts, allows you to create and manage your invoices (set to paid, unpaid, or overdue), and generates visuals that display profit and loss patterns.
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.
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. Plus, some borrowers may be overwhelmed by the sheer number of options within a network of over 300 lenders.
Prospective borrowers should be aware that Lendio does not directly finance loans. Rather, it is a technology company that facilitates the optimal matching of borrowers to lenders using a proprietary algorithm.
Therefore, Lendio is not responsible for the interest rate, repayment term, origination fee, loan forgiveness, or any other aspect of the loan product. Those and other details are left to the discretion of the direct lender.
Keep in mind that each Lendio review may reflect the consumer's experience using Lendio's platform, the quality and service of the loan obtained with one of Lendio's partnered lenders, or both.
Lendio does assign each borrower a dedicated personal funding manager to ask about your needs and walk you through different loan options, just as an online lender or bank representative would do. But these interactions are all virtual; there are no in-person consultations at a brick-and-mortar location, which may deter some borrowers.
Lendio has earned the respect of small business owners by providing the following:
Plus, while this doesn’t impact the service you receive, Lendio is a company that gives back. It donates a percentage of funds to low-income entrepreneurs around the world for every loan facilitated. If you start and complete your borrowing journey with Lendio, you have the satisfaction of knowing your business has helped borrowers in impoverished countries obtain short-term micro-loans.
The bottom line is that you can submit an application online, and — depending on the loan type and amount — you can receive your funds in as little as one business day.
Want to hear from consumers who have actually worked with Lendio? 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 marketplace for your working capital and other borrowing needs.
Lendio offers a variety of different loan types that include business lines of credit, SBA Loans, Business Term Loans, Equipment Financing, and more.
There are many factors when it comes to approving a business for a loan; however, many business can get approved if they have been in business for one year, have more then $10,000 in monthly revenue, and a credit score of at least 550.
No, Lendio is not a direct lender. We are an online marketplace that helps connect businesses with the best available loan options.
We have over 75 lenders in our network.
We provide loans for up to $5,000,000 and greater, depending on the product.
Since we have over 75 lenders in our network, we do everything we can to help a business secure a loan at the rates that work best for them and their situation.
There is no fee at all to apply through Lendio and see what options your business may qualify for. However, like with any loan, there will be an interest or fix fees but none of that money goes to Lendio.
Applying is free and will not impact your credit.
Once the loan application and approval are completed, you can access your capital in as little as 24 hours.
Find the perfect loan for your small business. Compare options, choose your loan, and get funded fast. Our streamlined application process and proprietary algorithm match you with loan options from a nationwide network of esteemed lenders. We’ve helped small business owners like you get over $10 billion in loans.
Best Company guarantees your satisfaction if you choose a company that has earned this distinction. If you're not satisfied after 30 days, simply let us know and we'll give you $100. Yes, it’s really that simple.
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