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:
By having several options to choose from, borrowers can be confident that they will get a good 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 Frequently Asked Questions
What types of business loans can I apply for with Lendio?
Lendio offers a variety of different loan types that include business lines of credit, SBA Loans, Business Term Loans, Equipment Financing, and more.
What are Lendio’s basic business loan requirements?
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.
Is Lendio a direct lender?
No, Lendio is not a direct lender. We are an online marketplace that helps connect businesses with the best available loan options.
How many lenders are in Lendio’s network?
We have over 75 lenders in our network.
What is the highest loan amount Lendio provides through its network?
We provide loans for up to $5,000,000 and greater, depending on the product.
How do rates compare to other business loan providers?
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.
Does Lendio charge any fees for using its online lending marketplace?
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.
Will applying with Lendio impact my credit score?
Applying is free and will not impact your credit.
How quickly will Lendio transfer funds once the loan application and approval are complete?
Once the loan application and approval are completed, you can access your capital in as little as 24 hours.
Star Rating
486 Reviews
Review Breakdown
Sentiment Criteria
bookmark Featured Review
Verified Customer
Morris
I had heard of some of the difficulties that other businesses had in obtaining a PPP loan and the process for us was just seamless. No glitches, everything was pretty straighforward. We got the information they requested and they took care of everything for us and the result was positive. I'd reocmmend Lendio to colleauges if they're in need of a company that would help them to get a loan and help with their business, especially during this time period.
Reply from Lendio
Jun 01, 2020
Thanks so much for your kind words, Morris! Your recommendation means a great deal to us, as does your feedback regarding the end-user experience! We look forward to providing your colleagues the same exemplary service and high-quality experience we were able to give you!!
bookmark Featured Review
Verified Customer
Raise The Woof
They were quick to process my application. I answered a series of questions, and they matched me up to a bank that met my needs. I received funding within a matter of days.
Reply from Lendio
Jun 02, 2020
Thanks so much for your feedback! Glad to hear we were able to provide a great user experience and quickly match you with a lender who met your needs.
Verified Customer
Brian Quimby
Good service , follow up phone calls, good disclosure of terms, friendly, easy to deal with
Reply from Lendio
Nov 23, 2020
We appreciate your review Brian! We're so happy to hear that we were able to assist you in finding the funding you need!
Verified Customer
David
Communication is very good with Lenido. I choose them because they were recommended by the small business association.
Reply from Lendio
Nov 04, 2020
We take pride in how great our communication is with our business owners and we thank you for the 5 star review!
Verified Customer
Anonymous
I went through my credit card processor, Heartland, and they connected us to Lenido. We’ve been happy with it. It was quick so that was appreciated. They answer your questions and take care of anything. We’ve used it twice and the first time it was a much better interest rate.
Reply from Lendio
Nov 04, 2020
We appreciate your review and we're glad we were able to make the process so quick and easy for you!
Verified Customer
Matt
They were the most communicative people I’ve worked with. It was very easy to get things worked out.
Reply from Lendio
Nov 04, 2020
Thanks for your review Matt! We believe communication is key and we're glad we were able to make things so easy!
Dan
I liked thee customer service they did a great job helping me and my family out
Reply from Lendio
Jul 14, 2020
Hi Dan, we're so happy we were able to help you and your family! Thanks for your review!
Verified Customer
Data Destruction LLC
They were able to provide prompt service in getting us a PPP loan!
Reply from Lendio
Jun 20, 2020
Thank you for taking the time out of your day to review Lendio! Thank you, for letting us know you are happy with your delightful experience. We wish you well!
Verified Customer
Anonymous
Lendio was very fast and responsive to my needs. They came through quicly when other companies left me hanging. I recommend them and would work with them again.
Reply from Lendio
Jun 20, 2020
Thank you for your wonderful review! We are thrilled to know that your experience was spectacular. Communication is very important to us, we work diligently to keep everyone informed with correct, reliable, and regular updates. Thank you once again for your review!
Verified Customer
805 Small Business Owner
Applied, approved, and funded PPP withing 1 week.
Reply from Lendio
Jun 19, 2020
Hello there! Thank you for your wonderful feedback! We are thrilled to know that the process for filling out the PPP application was easy from beginning to end. That is our goal! Thank you for your review!
Verified Customer
Darrell Brooke
Fast, efficient, well organized, friendly helpful
Reply from Lendio
Jun 19, 2020
Hello Darrell! Thank you for your positive feedback. Lendio strives to make applying for the PPP as smooth, easy, and stress-free as possible. We’re glad to hear that you found the process effective! Thanks again!
Verified Customer
Sean
Professional and timely service. When I applied with Lendio I received confirmation immediately and timely updates on my loan. Highly recommend!
Reply from Lendio
Jun 19, 2020
Hello Sean! We are thrilled to know that you found our efforts to make the whole application process for the PPP smooth, easy, and quick. We are working diligently to make this process as easy as can be. Thank you for your wonderful review!
Verified Customer
S Johnson
They processed our PPP loan within 24 hours. Thank you!
Reply from Lendio
Jun 20, 2020
Thank you very much, S Johnson! We always strive for the absolute best experience for those that we serve. Thanks again and we wish you the best!
Verified Customer
Imperial Movers Inc
They were quick to get the me money I needed during this Covid-19 difficult time.
Reply from Lendio
Jun 20, 2020
Thank you for the kind words! I'm glad to hear our team was able to keep up to speed throughout the process, and we were able to match you with a quick and effective lending partner and you were able to get the funding needed! We are here for you! Thanks again for your review!
Verified Customer
Bluevine
accurate, fast, good product, and good service
Reply from Lendio
Jun 20, 2020
Hello! Thank you for your positive feedback. Lendio strives to make applying for the PPP as smooth, easy, and stress-free as possible. We’re glad to hear that you found the process effective! Thanks again!
Verified Customer
Amy
After applying through multiple banks I was already familiar with, I decided to try Lendio as a last resort. They paired me instantly and I was approved within 24 hours by the bank they suggested.
Reply from Lendio
Jun 20, 2020
Thank you for your review Amy! I'm glad to hear our team was able to keep up to speed throughout the process, and we were able to match you with a quick and effective lending partner! All the best to you in the future!!
Verified Customer
Diddy Riese Cookie
PPP Loan accesses was immediate after waiting for a large bank for a couple of months.
Reply from Lendio
Jun 19, 2020
When the big banks fail, we're here to make sure you and your business can be taken care of! Thank you for the review, Diddy Riese Cookie!
Verified Customer
Happy Borrower
Very quick and responsive service. I applied for the PPP loan, and within a week I got mine approved. None of the other lenders were anywhere near helpful, including the local bank that I've been doing business with for more than 16 years.
Reply from Lendio
Jun 20, 2020
Thank you for trusting your business and it’s needs with Lendio at this time. We understand the urgency and are happy we were able to help you get the funding you needed. Thanks again! We wish you well!
Verified Customer
Dave k
Very efficient process. Used to help get ppp loan which I was able to complete in under 48 hours funded money in the bank
Reply from Lendio
Jun 20, 2020
Thank you for your review, Dave! With our single application, we are able to pair you with one of our SBA approved lending partners. The purpose of this is to make the PPP more accessible and the process smooth and simple. We wish you the best!
Verified Customer
Very happy small business owner
Very helpful and fairly easy application process that helped us get our PPP loan.
Reply from Lendio
Jun 20, 2020
Thank you! Here at Lendio, we are working with everything we got to make the process as smooth and simple as it can be. Thank you for your review!
Verified Customer
Scott
Quick response. Simple process. Good communication.
Reply from Lendio
Jun 20, 2020
Thank you for your review, Scott! We are pleased to hear that you were able to connect with our specialists, as communication is very important to us. We wish you well in your future endeavors.
Verified Customer
Neil
start to finish received loan in less than 2 weeks
Reply from Lendio
Jun 20, 2020
Hi Neil! Thank you for your 5-star review! We’re so glad you were able to secure funding! That is wonderful news! Here at Lendio, we celebrate each time we hear that a small business has received approval. Thanks again and we wish you well in the future!
Verified Customer
Matt
Quick and easy with the right products, service, and follow-up. Professionals
Reply from Lendio
Jun 20, 2020
Thank you for your review, Matt! That is what we are aiming for! Speed, efficiency, and convenience. We have been blessed to be a part of so many approved PPP applications. Once again thank you for your review!
Verified Customer
Kevin
We got the loan very quick in a couple of days.
Reply from Lendio
Jun 19, 2020
Hello, Kevin! Thank you for your five-star review! We are thrilled that you were able to get your PPP approval so quickly. We’re so glad you were able to secure funding! That is wonderful news! Thanks again and all the best to you in the future!
Verified Customer
D.S.
Very quick and easy. Only lender out of 5 who actually came through.
Reply from Lendio
Jun 19, 2020
Hi D.S! Thank you for trusting your business and it’s needs with Lendio at this time. We understand the urgency and are happy we were able to help you get the funding you needed. All the best to you in the future!
Verified Customer
PPP freelance
Quickly and effectively found a lender for my needs (PPP loan).
Reply from Lendio
Jun 19, 2020
Thank you for trusting your business and it’s needs with Lendio at this time. We understand the urgency and are happy we were able to help you get the funding you needed with the right lender. All the best to you in the future!
Verified Customer
Russell
They were very helpful in helping me get the PPP loan
Reply from Lendio
Jun 20, 2020
Hi Russell! Thank you so much for your review! We are happy to hear about your positive experience with Lendio! We wish you well in your future endeavors.
Verified Customer
Mangia E. Bevi, Inc.
application process was streamlined, response was quick, matched me with the right bank, got the loan quickly
Reply from Lendio
Jun 19, 2020
Thank you for the kind words, Mangia! I'm glad to hear our team was able to keep up to speed throughout the process, and we were able to match you with a quick and effective lending partner! Thanks again!
Verified Customer
Espe
They were very prompt and easy to go online
Reply from Lendio
Jun 19, 2020
Espe, we appreciate your review! We’ve tailored our website to be easy to navigate so you can have a painless experience! Thanks again!
Verified Customer
Happy Biz Owner
When my bank did not process my PPP in a timely manner, Lendio processed my loan within 3 days I had the $ in 5
Reply from Lendio
Jun 20, 2020
Thanks for the 5-stars! Our Lendio representatives know how to do it! We are so happy you were able to secure funding! We wish you and your business the very best!
Verified Customer
MBP
Ease of use, efficiency and reliability.
Reply from Lendio
Jun 20, 2020
Thank you, MBP! Here at Lendio, we are working with everything we got to make the process as smooth and simple as it can be. Thank you for your review!
Verified Customer
TEAMS AFH
Because even when my own financial institute couldn’t assist with my needs Lendio stepped right up
Reply from Lendio
Jun 20, 2020
Thank you for your feedback! It has been a pleasure to assist you, and we look forward to serving you again in the future!
Verified Customer
Passport 2 Health Chiropractic
I applied for PPP with 3 other companies and Lendio was a quick turnaround, within 24 hours
Reply from Lendio
Jun 19, 2020
Thank you for your feedback! It's our pleasure to be of service to our borrowers; glad to hear we were able to provide you quick and effective service! We wish you the best!
Verified Customer
:)
Very responsive. I applied for the PPP loan with a different lender (that I did all my business banking and loans) and was basically ghosted. Lendio turned it around FAST and got me in touch with Blue Vine. Approved within a week.
Reply from Lendio
Jun 09, 2020
Thank you for the five stars! So sad to hear these too-common stories of long-time partners ditching small businesses, but here at Lendio we're glad to have your back! Posted this to another merchant by accident, but I wanted to make sure that we got back with you!
Verified Customer
Mindy Covington
Efficient in every way, great communication throughout the whole process
Reply from Lendio
Jun 09, 2020
Thanks so much for the 5 stars, Mindy! Glad to hear that we were able to provide you a great experience.
Verified Customer
Anonymous
quick and easy. no hassle. fast. not slow.
Reply from Lendio
Jun 09, 2020
Thanks for the 5 stars! Glad to hear we were able to serve you quickly and effectively.
Verified Customer
Cullen Canazares
The Lendio platform is very easy to use, the technology is clean and we got results.
Reply from Lendio
Jun 09, 2020
Thanks so much for your feedback! Glad we were able to match you with a lender who was able to meet your needs, and great to hear that our Development team was able to deliver a great experience!
Verified Customer
It was quick and easy.
I've got what I asked Lendio for. It was quick and easy.
Reply from Lendio
Jun 09, 2020
Thanks so much for the 5 stars! Glad we were able to get your business the funding it needs.
Verified Customer
A Shehu
The application process was clear and concise. Not cumbersome at all. The response was also very fast and efficient.
Reply from Lendio
Jun 09, 2020
Thank you so much for the 5 stars! Great to hear that our Development team's work providing a great user experience was effective, and even better to hear that our Lendio reps provided the white-glove service we're known for!
Verified Customer
Anonymous
Ease and speed with which the transaction was conccluded.
Reply from Lendio
Jun 09, 2020
Thanks so much for your feedback! Glad to hear we were able to get your business the funding it needed quickly.
Verified Customer
Great service!
Fast service. I received a personalized email, and one representative followed up three times.
Reply from Lendio
Jun 09, 2020
Thanks so much for your feedback! Glad to hear that the reps you worked with were able to provide the white glove service we strive for here at Lendio.
Verified Customer
Bud
Very easy to deal wirh, I was told about lando by my banker and filling out the application was very easy, they guided me thru it every step if the way.
Reply from Lendio
Jun 09, 2020
Thanks for the 5 stars, Bud! Glad we were able to provide you a good experience, and we hope that you'll pass along the good word!
Verified Customer
Friedman Sales
Their application was the easiest to make sense out of. They reacted the quickest to my needs.
Reply from Lendio
Jun 09, 2020
Thanks so much for your feedback! Glad we were able to provide a great and quick experience.
Verified Customer
Jen
Fast and easy to get the loan. Great to work with and fast response
Reply from Lendio
Jun 09, 2020
Thanks so much for your feedback, Jen! It was great to work with you, as well, and we look forward to serving you again!
Verified Customer
Karen
Quick response. Good customer Service. Cares about your company.
Reply from Lendio
Jun 09, 2020
Thanks for the 5 stars! Glad to hear we were able to provide you a great and caring experience.
Verified Customer
Joseph D. Saggio/Flexible Systems
Helpful, great follow through and helped my companies and about 30 of my customers successfully get the PPP loan.
Reply from Lendio
Jun 09, 2020
Thanks so much for the 5 stars, Joseph! Glad to hear we were able to help you and so many of your clients, and we look forward to serving you again soon!
Verified Customer
RMS Laser Group
quality service and fast. Our loan was approved in a few days. Our bank did nothing for us.
Reply from Lendio
Jun 08, 2020
Thanks so much for your feedback! Stories of longtime banking partners abandoning smaller businesses like yours are becoming all too common, but here at Lendio we're glad to ensure that you and all of our smaller merchants are able to get the funding you need!
Verified Customer
Anonymous
They were quick, efficient and willing to help small businesses. Thanks Lendio.
Reply from Lendio
Jun 09, 2020
Thanks so much for the 5 stars! We're glad to be able to serve your business.
Verified Customer
Kaushik Rathod
Quick and simple and also easy. Start to finish application and it was process faster and quick.
Reply from Lendio
Jun 09, 2020
Thank you for the five stars! So sad to hear these too-common stories of long-time partners ditching small businesses, but here at Lendio we're glad to have your back!
Verified Customer
Laura
Very helpful & easy to work with. I was directed to Blue Vine & had my $$ within 2 days!
Reply from Lendio
Jun 02, 2020
Thanks so much for your feedback, Laura! Glad to hear we were able to match you with a lender who was able to quickly get you the funding you need!