Fundera vs Lendio

Rebecca Graham
Rebecca Graham | Contributor

While not direct lenders themselves, highly reviewed Fundera and Lendio are online marketplaces dedicated to curating the best loan options for borrowers. 

So how exactly does it work? 

The process is similar for both Fundera and Lendio. Both companies match borrowers with a number of financing options based on factors like time in business, monthly revenue, personal FICO score, and cash needs. Then, they review each loan offer with you to ensure that you have all the information necessary to make the best decision for your business.

From there, you work directly with the lender you've chosen to fulfill the terms of the loan. 

Fundera logo verified_user
#18 Fundera
6.9 Overall Score
4.6
starstarstarstarstar_half
(21)
Lendio logo verified_user
#1 Lendio
9.2 Overall Score
4.7
starstarstarstarstar_half
(482)

Overview

Fundera

Lendio

Max Loan Amount
Max Loan Amount
$5 Million
$5 Million
Lowest APR Rate
Lowest APR Rate
7.00%
4.0%
Origination/Closing Fees
Origination/Closing Fees
0.00%+
None
Time to Funding
Time to Funding
1 Day
1 Day
Time In Business
Time In Business
6 Years
14 Years

Ratings

Fundera

Lendio

Overall Score
Overall Score
6.9 of 10
9.2 of 10
Review Score
Review Score
4.6
starstarstarstarstar_half
4.7
starstarstarstarstar_half
Value for Money
Value for Money
4.3
starstarstarstarstar_half
4.1
starstarstarstarstar_half
Quality of Product or Service
Quality of Product or Service
4.3
starstarstarstarstar_half
4.5
starstarstarstarstar_half
Customer Service
Customer Service
4.4
starstarstarstarstar_half
4.2
starstarstarstarstar_half
Company Trustworthiness
Company Trustworthiness
4.4
starstarstarstarstar_half
4.4
starstarstarstarstar_half
Likely to Recommend
Likely to Recommend
9.2 of 10
8.8 of 10

Reviews

Fundera

Lendio

Number of Reviews
Number of Reviews
21
482
Review Breakdown
Review Breakdown
4.6
starstarstarstarstar_half
5 star
90%
4 star
0%
3 star
0%
2 star
0%
1 star
10%
4.7
starstarstarstarstar_half
5 star
82%
4 star
12%
3 star
2%
2 star
1%
1 star
4%

Reviews for Fundera

Helpful Favorable Review

starstarstarstarstar

Margaret Balodis

October 30th, 2020 Cleveland, OH

It was a great experience. Not sure I could find one single thing that was not to my satisfaction. Application was easy to fill out. Acceptance procedure was explained and followed exactly. Answer was received in a crazy quick amount of time. Will look to this organization for any type of loan in the future if needed. And have told everyone that will listen....contact Fundera. Honestly, was quick, professional and received the result that I wanted.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Roger Jones

October 30th, 2020 Diamondhead, MS DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

Our business credit card processor is PAYMENT DEPOT which has saved us money and has been good to work with. FUNDERA send repeated emails to us stating they partnered with Payment Depot and would can get us working capital at competitive rates. I thought great they already have our credit card processing details this should be easy. WRONG. They wanted months of bank statements and of course there ap filled out. Why one star? Because I sent them the bank statements only to wait days to get a horrible outrageous offer. Week later another offer even higher rates.


Reviews for Lendio

Helpful Favorable Review

Verified Customer

starstarstarstarstar

Happy Borrower

October 30th, 2020 Gastonia, NC DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

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.


Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

ALath

October 30th, 2020 Portland, OR

They took my Payroll Protection loan application, never acknowledged receipt, did not return 2 phone messages, finally 6 days later they now have a pop up customer support when you login to your account and I asked about my application. They had sent it to my credit union that does not do SBA loans. After 6 days they said they would pull it and send it to another bank. Save yourself the hassle and just go to your bank or at least a bank who processes SBA loans. Waste of time! Terrible service! I wonder how many loan applications will never get to the SBA.


The Final Word

Both Fundera and Lendio are excellent options for all types of loan products, loan amounts, and loan purposes. Most importantly, customer reviews are largely positive for both of these companies. 

The differences between the two companies are minor, but may play into your decision, so we'll review where the companies stand in regards to some additional aspects. 

Partner Network Size

Both companies are committed to helping each business owner identify financing options through a lender or multiple lenders that work for their situation.

Fundera works with 20 online lenders in its partner network to facilitate a variety of business loans for borrowers. Lendio offers loan options from more than 75 alternative lenders. 

Keep in mind that neither company can make promises about rates or fees because they are not setting the terms for the loan offers. 

Loan Types

Fundera's available loan options include the following: 

  • SBA loan
  • Business line of credit
  • Term loan 
  • Startup loan 
  • Equipment financing 
  • Invoice financing 

Lendio has an edge over Fundera in regards to loan types as it offers all of the above loan products plus the following: 

  • Merchant Cash Advances 
  • Business credit cards
  • Commercial mortgages 
  • Business acquisition loans

Eligibility Requirements 

Fundera applicants need a minimum personal FICO score of 550. Lendio doesn't specify a minimum credit score, but states that prospective borrowers with less-than-perfect credit can qualify for a business loan.  

Whether you work with Lendio or Fundera, your loan term, interest rate, and financing options depend on your personal and business financials as a small business owner, including FICO score. 

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