Minimum Time in Business
$5,000 - $200,000
Within 24 Hours
Lendio was founded back in 2011 by Trent Miskin and Brock Black. Since then it has established itself as one of the largest loan marketplaces for small businesses in all of the U.S. According to their website, Lendio is also an authorized marketplace for SBA’s Paycheck Protection Program.
According to Lendio reviews, the minimum loan amount that you can get is $500, while the maximum loan can go up to $5 million. The terms of the loan can vary and be anywhere from 1 to 25 years. In this Lendio review, we are going to take a closer look at what Lendio has to offer.
The following is a step-by-step process of how you can apply for a business loan using Lendio.
Getting a loan using Lendio’s platform requires users to complete an online application which has been divided into 5 parts:
The application consists of multi-answer questions as well as normal questions regarding your business. Typically, the Lendio online application process takes around 15 minutes to complete. To make sure you don’t waste time, keep all the necessary documentation close by while you’re filling out the online application. According to Lendio online reviews, you should get an answer to your application within 72 hours.
|Minimum time in business||6 months|
|Credit score required||A minimum credit score of 560|
|Annual revenue required||Min. $50,000|
|Borrowing amounts range||$5,000 – $200,000|
|Origination (or any other) fee||By funder|
|Funding time||Within 24 hours|
|Location requirements||Citizen or legal resident of the U.S. or Canada|
|Eligible industries||Businesses with more than 500 employees|
|Personal loan guarantee required||No|
|Collateral||Yes (requirements vary)|
|APR||0.00% – 24.00%|
According to Lendio online reviews, the terms and rates for small business loans vary depending on the applicant company’s circumstances at the time of submitting their loan application and the type of loan that they apply for. There’s absolutely no charge for you to apply through Lendio or browse through the options of small business loans available on the platform. However, users will need to pay an interest rate (fixed fee) to the lender once they find a loan.
According to 2020 Lendio reviews, the platform offers a reasonable repayment agreement. Repayment terms vary between three months to five years. Rates depend on the lender but will range between 3% and 30%. The best thing about finding a loan with Lendio is that businesses with different credit scores can qualify.
You can get a loan with lower credit scores
Multiple types of loans
Extra documentation required for some loans
How does Lendio compare to other business loan providers?
According to the excellent Lendio Google reviews, it is a reliable company to do business with. Lendio customer reviews praise everything from the stress-free sign-up process to the plethora of loan options, which have been designed to cater to a variety of different borrowers. Since no two businesses are alike, Lendio offers multiple loan options, which have been well received by its customers. Lendio also offers a solid after-sales customer support service that is also highly appreciated by its clients.
Some of the top competitors of Lendio include Bankrate and ArgonCredit. Here’s how they compare with Lendio’s offers:
ArgonCredit is a fintech company that provides personal loans. The financial lending platform is relatively new to the game, starting out in 2014, and as a result, is not as well known as Lendio. While ArgonCredit is an online personal loan startup, the company does have plans of expanding to the UK, Europe, and Australia to cater to more prime and near-prime borrowers. Lendio business loans reviews, on the other hand, show that Lendio offers a solid foundation and better customer recognition.
Bankrate Inc. is a consumer financial services company. Although Bankrate was founded back in 1976, its venture into the online sphere is also relatively new. The platform does, however, give you access to free tools and expert analysis. Users can also take part in an award-winning contest to make smarter financial decisions, which makes it an engaging experience. Lendio still ranks higher when it comes to the quality of the provided loans.
Lendio is one of the best places where you can get short-term business loans, a business line of credit, startup loan, SBA 7a loan, SBA 504 loan, merchant cash advance, SBA express loan, business acquisition loan, or an ACH loan. Following the coronavirus outbreak, other loan options include SBA economic injury disaster loans and the Paycheck Protection Program (PPP).
Of course, Lendio has different rules and regulations, including limitations for taking out each one of these loans, so you will have to visit their website to get more detailed information on the specific loan you’re interested in.
Overall, according to Lendio reviews, the service is a great opportunity for small business owners and startups to get access to quick money when they need it the most.
No. But, after filing for bankruptcy, you may be eligible to apply for a loan again after 12 months. It is also possible to apply for a loan sooner since lenders may find some advantages in a bankruptcy filing. For instance, a business that's already filed for bankruptcy is unlikely to do so again for a long time, which is an attractive prospect for some lenders.
There are no strict ineligibility requirements per se, but you might have trouble securing a loan if your company has more than 500 employees.
Lendio offers unmatched customer service. According to Lendio customer service reviews, its clients do not have to wait too long to get a reply to their queries. Customers can request a callback at 855-253-6387. Customers can also share their feedback by sending an email to email@example.com.
No, an eligibility check will not impact your credit score. But you can get free credit score reports for your business by Experian, Equifax, and Dun & Bradstreet. After that Lendio will find lenders that you could be eligible for. This process shouldn’t take longer than 72 hours.
According to Lendio loan reviews, the company offers various types of loans that are geared towards business owners of all sizes, particularly small business owners.
The service does not have any BBB rating because it is not BBB accredited, but the Lendio client reviews on the BBB website are mostly positive.
Lendio facilitates PPP loans as an agent through Lendio’s trusted network of approved lenders. It is not a direct lender. As a result, it does not report to credit bureaus.
No, according to Lendio reviews, Lendio does not charge a service fee. Instead, the company's revenue comes from its partner lenders.