Lendio ppp review

Lendio ppp review DEFAULT

Lendio

Rated with 5 stars
Jack of Englewood, CO Verified Reviewer
Original review: May 5, 2021

I worked with Bill ** at Lendio in Denver Colorado. I originally applied for my second PPP loan through U.S. Bank where I got my first PPP loan. I applied with U.S. Bank on February 5, 2021 and U.S. Bank declined the loan on April 26, 2021 after dozens of request for information that I fulfilled. I have been a U.S. Bank customer for 25 years and I keep a fair amount of money on deposit with them. I applied with Lendio and Bill on April 26, 2021 right after I was turned down by U.S. Bank and my loan was funded on May 5, 2021. Thank you, Bill, and Lendio for helping me keep my payroll going during this difficult time.

Rated with 5 stars
profile pic of the author
Eric of Milwaukee, WI Verified Reviewer
Original review: April 9, 2021

I wanted to write a review, because I’ve seen many negative ones appearing for Lendio’s 2021 customer service performance. These reviews seem to be written mainly by people who have been frustrated with the lack of personal attention, general procedural opacity, and inability to reach their loan representatives by phone.

I must ask you all to trust the process. I myself was also frustrated by what seemed to be a black vortex of customer service - I am certain now that they are overwhelmed with applications, and simply do not have the manpower to be thousands of different places at once. I encourage you to reach out via Chat, after logging in. In doing so I was able to receive the personal attention I needed. Click into chat, select the prompt that best fits your question, and continue through the sub-prompts until you arrive at “Other” - upon clicking this, you will leave the chat bot and be connected with a real person. I just received a large PPP loan through Lendio. It took about 4 weeks from when I first submitted the application. The delay was likely due to the their system not having been updated to handle Gross Income-based calculations; an allowance included in Congress’s most recent stimulus legislation. Very satisfied with Lendio.

Read full review

Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

Rated with 5 stars
profile pic of the author
William of Denver, CO Verified Reviewer
Original review: Dec. 24, 2020

When my local bank was unwilling to approve a loan for my business, I was able to get multiple app offers through Lendio. They gave me options when I felt like I had none. I was able to use this money to save my business! The staff at Lendio was amazing! Everyone was extremely responsive and fast. I cannot recommend this company more highly to any business owner in need of a loan!

Rated with 2 stars
Clifford of Princeton, TX Verified Reviewer
Original review: Oct. 2, 2021

Thank you for the First Draw PPP but the Second Draw PPP was disappointing. My application for the Second draw was submitted in April 2021. Approved May 23, 2021. I received an email June 24, 2021. Then cancelled in August 2021.

Rated with 1 star
Yolanda of Santa Clarita, CA Verified Reviewer
Original review: July 7, 2021

I have applied for a PPP loan twice and after giving them all my information for three months document after document, which I felt uneasy putting all my information out there it was very difficult for me. I’m trying to restart my business. Due to Covid I pretty much have lost my business, which I explained to my agent several agents that I dealt with in three months my situation .. It was finally approved and they sent me a DocuSign. I made a mistake on it on. A question I didn’t know. After that I never got it taken care of. They said they’ll re-issue a new one and never did. Very disappointing. After you believe you got the loan and then they mess up on their end and I end up with a bad deal!!! This should’ve never happened.. It's very unprofessional and very disappointing!! I would never recommend this company to anyone.. Very sad about this..

Rated with 1 star
Tara of Kenner, LA Verified Reviewer
Original review: June 30, 2021

Something should be done to get back at this low down company. I was told my Second draw would be on a fast track when I applied in January. Then they ignored me till May to make changes on my application so it looked like I didn't apply till May .. Such evil and lack of common courtesy because my company only needed 5900 to stay afloat so my loan didn't mean as much to them. I'm now out of business and they just keep hurting others. I have never been treated so bad and during a pandemic too..

Rated with 1 star
Jolanda of San Antonio, TX Verified Reviewer
Original review: June 28, 2021

This company is a rip off because no matter how you try to communicate with them there are never any replies. I have been waiting for my loan for over 3 months and no response the loan officer never calls you back to update you and I have signed all loan documents and no loan. I will not use them for my second draw and sorry I used them for my first draw. I can't do my second draw until I am done with them..I am so over these people.

Rated with 1 star
Matt of Boise, ID Verified Reviewer
Original review: June 25, 2021

Applied with Lendio in January. First my application wasn't updated automatically to the new application so I had to re-apply. Received loan documents 4 separate times, each time something went wrong on either Lendio's side or the lender's side. Had 4 different funding managers and each was nearly impossible to get a response out of. When I did get a response they just say, "Everything looks good just be patient." Got some email yesterday saying our PLP number was cancelled but not to worry they will be re-submitting and you will be issued a new PLP number. When I called they said the email was sent by mistake and I should have received a follow up email saying they were not able to secure funding. Worst experience ever. Do not use. Complete joke, no customer service, no answers. Their website says "Fueling the American Dream" more like crushing the American Dream for companies who need the help and deserve better.

Rated with 1 star
Danielle of Newton, NJ Verified Reviewer
Original review: June 23, 2021

I received an SBA number and was told that I had already been emailed Docusign by Consumer Bank which was not true and I confirmed my email with them and checked by SPAM folder. After a bunch of different representatives I was told that Consumer Bank can't fund me as we took too long to have the application and Docusign completed. Then I was told not to worry because they set me up with another Bank who has agreed to fund our business - Texas National Bank... I never received their Docusign either as I was informed by numerous reps that it was on its way. To end it all, the time frame had expired for funding and then I got a made up email saying that I didn't qualify as decided on by the SBA. The SBA had already approved and gave me a number!!! I was strung along and mislead. Our company never was funded. Stay away from this company!

Rated with 1 star
Donald of Mansfield, TX Verified Reviewer
Original review: June 23, 2021

Uploaded ppp docs four times since 3/1/21. 6 months later, still haven't completed loan, and ask for documents again. 3 people worked on loan. Gotten nowhere and won't get govt funds we are qualified for. We missed our window. Avoid like the plague.

Rated with 1 star
Camelia of Orlando, FL Verified Reviewer
Original review: May 18, 2021

The worse! I’ve been waiting and waiting to hear I don’t qualify. Seem like a cat and mouse game. Bad bad bad. Bad business. Bad bad bad in a time like this. No contact until 20 days later but I had to contact.

Rated with 1 star
MILORAD of Peoria, AZ Verified Reviewer
Original review: May 18, 2021

I do not know where to begin... Started 2nd PPP loan with Lendio back in January - yes January, still did not get funded and I am thinking it's not even going to happened... Submitted all necessary documentation, got loan # from SBA just to get my application withdrawn cause they missed something on the application.. Since then at least 5 funding managers quit, was assigned to another person over and over... I am on my wit's ends and now I was told no more funds and eventually to apply for a third round (if there is one, that is).. I am thinking this is not happening after all... Speechless and late to use other lender cause SBA stopped accepting application... 5 month and nothing...

Rated with 1 star
Anthony of Hanover, MD Verified Reviewer
Original review: May 12, 2021

Applied for a PPP loan and was told I was approved back in February 2021. Now May 2021 and I have yet to receive funds and all I’m being told is I might not receive it because the deadline has passed, but I had all my information submitted.

Sours: https://www.consumeraffairs.com/business-loans-and-financing/lendio.html

Lendio Review

Pros

  • Borrower qualifications are lower than banks
  • Multiple types of financing available
  • High borrowing amounts
  • Long-term financing options available
  • Applicants can quickly be prequalified
  • Application process is fast and easy
  • Customer service is helpful

Cons

  • Rates can be expensive
  • Funds can take a while to disburse

Lendio Overview

Lendio is a business financing platform that matches customers to funders. While Lendio does not originate loans directly, its network of over 300 business funders — including big names, such as Kabbage, OnDeck, Amex, BlueVine, and many others — is designed to be a one-stop-shop for financing.

In the interest of clarity, let’s get this out of the way first: Lendio does not originate business loans. Instead, this service operates more as a matchmaker for lenders and business owners. You tell Lendio who you are and what you’re looking for, and it, in theory, does the rest.

Using an aggregator such as Lendio can be beneficial for a few different reasons: The company does most of the work of finding financing for you (which saves time), you are presented with multiple offers (you can be sure you aren’t missing out on a better offer), and the service is absolutely free to use.

For those who want to give it a try, Lendio is undoubtedly worth the effort. Customers report that Lendio’s customer service is responsive and helpful, and the application process is fast and easy. If it’s your first time dipping your toes into the alternative lending market, Lendio is a good place to start.

Are you interested in learning more? Read on for the details!

Table of Contents

Services Offered By Lendio

Lendio is a business loan marketplace. Provide information about yourself and your business, and Lendio will help you find lenders for which you’re eligible. This includes a broad swath of financial products. The availability of specific products will depend on various factors, such as your credit score, the industry you work in, how long you’ve been in business, and the amount of revenue you take in. Additionally, loan terms will vary between Lendio’s partner lenders.

Loan options available through Lendio include:

  • Short-Term Loans: An installment loan with a term that usually lasts less than a year, and borrowers are charged a flat fee rather than the typical interest rate. Repayments are made daily or weekly.
  • Term Loans: Your classic loan where borrowers are provided the loan amount in the form of a lump sum in exchange for a promise to repay the amount borrowed plus accumulated interest. Term lengths vary with these loans. Payments are made monthly, weekly, or daily.
  • Merchant Cash Advances: The funder purchases a percentage of your future card-based sales in exchange for a lump sum. The funder collects by withholding a percentage of your daily card-based sales.
  • Lines Of Credit: Rather than giving you a lump sum, the lender establishes a credit limit that you can borrow against. You can draw on your line of credit repeatedly so long as the total drawn amount doesn’t exceed your credit limit.
  • SBA Loans: Term loans and other products that are partially guaranteed by the Small Business Administration. These loans have some favorable properties relative to most other loans with regard to term length, interest rates, and available loan amounts.
  • Equipment Financing: Loans and leases that are designed to facilitate ownership or rental of tangible assets.

Lendio Borrower Requirements

Any business can apply for Lendio’s services. Unfortunately, there’s no guarantee that you will receive funding; according to Lendio, only six out of ten businesses get approved for a business loan through its service.

Because Lendio works with over 300 different entities, ranging from lenders who specialize in startup business loans to banks and SBA lenders, your business does not have to meet any specific qualifications to be eligible for this service. In fact, Lendio no longer even publishes recommended qualifications for businesses.

Nevertheless, you should probably expect to have an easier time getting approved for a loan through Lendio the longer you’ve been in business, the better your credit rating is, and the larger your monthly revenue flow is.

Lendio Interest Rates & Fees

Lendio does not charge a fee for its service. Instead, Lendio’s revenue comes from its partner lenders. Per Lendio’s FAQ:

Lendio does not charge you to be matched to a potential lender. The offers that appear on the site are from companies from which Lendio receives compensation.

Loan terms will vary, depending on the partner funder you’re working with. These charges may include:

  • Interest: The main cost of borrowing, interest is usually expressed as a percentage of the loan amount that you borrowed. This number may be confusing because different lenders may cite a daily, weekly, quarterly, or annual interest rate. Make sure you know which one you’re looking at.
  • Fixed Fee: Some alternative lenders, especially those offering short-term loans and merchant cash advances, may use a fixed fee rather than an interest rate. A fixed fee is expressed as a percentage of the amount you borrowed or as a decimal multiplier. So if you borrowed $10,000 at a 20% fee (or a 1.2 rate), you’d owe $12,000. While easier to understand than interest rates, be careful with fixed fees; they can often be more expensive.
  • Origination & Administration Fees: These are fees that may or may not be charged by the lender in addition to your interest rate or a flat fee — they represent the “cost” of processing and managing your loan. These fees might not be disclosed upfront, so be sure to ask your lender about them. These fees may be flat or a percentage of your loan amount.
  • Prepayment Penalties: You’d think a lender would be happy to get their money back sooner, right? Well, not always, especially if they’re counting on accruing a minimum amount of interest over time. Some lenders may charge a fee if you pay off your loan early. If you’re thinking about doing so, make sure you’re working with a lender who doesn’t charge this fee.
  • Other Fees: More types of fees? If you can think of it, there’s probably someone who charges for it. Some lenders may charge fees for processing certain types of payments, for example.

Are you looking for a more exhaustive look at fees charged by alternative lenders? Check out our article about common fees charged during the lending process. For more specifics, check to see if we’ve reviewed the service on the Merchant Maverick site.

Additionally, Lendio does offer some general information about what loan terms to expect by product type.

Business Lines Of Credit

Here are the terms you can expect for a business line of credit through Lendio.

Credit Limit$1,000-$500,000
Term Length1-2 years
Interest Rate8-24%
Origination FeeBy lender
CollateralUnknown

Lines of credit grant businesses a bit more flexibility than they’d have with a loan. They come in two different forms: revolving and non-revolving. Revolving lines of credit function a bit like credit cards. You can draw on them in small or large amounts up to your credit limit, and you only pay interest on the amount of credit you’ve used. As you pay off your debt, that credit becomes available to use again. Non-revolving lines of credit are nearly identical, but the credit is a one-time deal; after you pay it off, it doesn’t become available for use again. Typically, revolving lines of credit have higher interest rates than non-revolving lines of credit.

The convenience of a line of credit generally comes at a premium, often in the form of recurring administrative fees (monthly or annually) or draw fees. Otherwise, you’ll pay off your line of credit in the same way you’d pay off a term loan. Some lenders may even allow a grace period on your business credit before you need to start making payments.

SBA Loans

Here are the terms you can expect from an SBA loan through Lendio.

Borrowing Amount$50,000-$5 million
Term Length10-30 years
Interest RateLearn more
Origination FeeSBA fees + by the lender
CollateralVaries

Businesses that qualify can get an SBA-guaranteed loan through one of Lendio’s partners. These loans tend to have lower interest rates and longer terms than the ones newer small businesses may otherwise be able to access. There are several different types of SBA loans, the most common being general 7(a) loans and CDC/504 construction and equipment loans. There are additional types that you may find circumstantially useful, such as disaster loans.

Be prepared for a longer approval process if you decide to apply for an SBA loan since you’ll have to satisfy the substantial requirements and paperwork required by the Small Business Administration. Some lenders may offer SBA Express Loans, which can expedite the process a bit — it’s still not super fast — at the cost of a lower maximum borrowing amount. Going through a preferred lender, which is a status that the SBA confers upon some of its partners, will also speed up the process.

Short-Term Loans

Here are the terms for short-term loans through Lendio.

Borrowing Amount$2,500-$500,000
Term Length1-3 years
Interest RateStarts at 8%
Origination FeeBy lender
CollateralUnknown

If you need working capital fast, especially if you don’t have great credit, a short-term loan can come in handy. These loans typically have expedited and simple application processes, with funds reaching your bank account in a day or two if you’re lucky.

However, be aware that most short-term loans have to be repaid daily or weekly through an automated withdrawal from your business bank account. Short-term loans usually don’t accumulate interest like other term loans, as they typically last less than a year. Instead, lenders charge a fixed percentage fee. For example, if you borrow $1,000 at a factor rate of 1.3, you’ll owe $1,300. As I mentioned above, while this fee is easy to wrap your head around, it can disguise just how expensive the money you’re getting is.

Due to the fixed-fee structure, you don’t have to worry as much about prepayment penalties, and in some cases, you may be able to reduce the amount of money you owe by paying off your loan early. Usually, lenders that allow this will be pretty upfront about it, but be sure to ask if you anticipate paying off your loan early.

Because short-term loans often rely on high-interest rates and the laws governing interest vary from state to state, individual lenders may or may not offer them within your state. And if they do, the supplemental fee structure may vary from state to state.

Business Term Loans

Here are the terms for business term loans through Lendio.

Borrowing Amount$5,000-$2 million
Term Length1-5 years
Interest RateStarts at 6%
Origination FeeBy lender
CollateralVaries

Business term loans are closer to the traditional bank loans you may be used to. They accumulate interest and feature regular, recurring payments. These payments may be monthly, weekly, or even daily. In many cases, those payments will be automatically deducted from your business checking account through an automated clearing house (ACH) or a similar service.

Depending on the lender, you may have to provide collateral or sign a personal guarantee. These allow the lender to claim or liquidate the asset you put up to recoup some of their loss should you default on your loan. Be sure you understand what you’re putting up for the loan, especially in the case of unsecured loans, which don’t use traditional collateral. Personal guarantees, in particular, might be a little confusing if you haven’t encountered them before. Essentially, a personal guarantee allows the lender to come after your personal assets and your business assets should you fail to keep up with payments.

Since term loans last a bit longer, and your financial situation may change, you’ll want to be aware of factors such as prepayment penalties (as the name implies, these are fees charged for paying off your loan before the agreed-upon terms).

Merchant Cash Advances

Here are the terms for merchant cash advances made through Lendio:

Borrowing Amount$5,000-$200,000
Term LengthUp to 2 years
Interest RateStarts at 18%
Origination FeeBy funder
CollateralRarely

A merchant cash advance superficially resembles a short-term loan but differs in some important ways. Technically, you’re not borrowing money; you’re being paid for a claim on your future credit card receipts. This loophole allows lenders to skirt around many of the regulations governing business loans. Depending on how badly you need the money, this can be a good or bad thing.

MCAs are a costly way to get funding for your business, but they tend to have very low credit score qualifications. Like short-term loans, the interest rate associated with MCAs is a fixed fee. That fee may be expressed as a percentage (as in the table above) or as a decimal multiplier (1.18 instead of 18%). To get the amount you owe, multiply the amount of money you’re seeking by the interest rate ($10,000 x 1.18 = $11,800).

Unlike loans, MCAs don’t have definitive term lengths. Instead, your funder will collect a percentage of your daily credit card sales until the advance has been paid off. So if you’re doing really good business, you’ll pay your MCA back more quickly. On the other hand, if you’re having a rough quarter or two, your MCA can drag on for quite some time.

Equipment Financing

Here are the terms for equipment financing through Lendio:

Borrowing Amount$5,000-$5 million
Term Length1-5 years
Interest RateStarts at 7.5%
Origination FeeBy funder
CollateralUsually, the equipment being financed

Equipment loans, despite sharing many traits with a business term loan — regular payments, interest — are handled differently than loans used for working capital.

When you’re borrowing money to buy equipment, you’re using it to acquire a tangible asset that can be used as collateral for the loan. In theory, this can reduce the lender’s risk and allow them to offer better terms and rates than they would without the collateral. This comes with some tradeoffs. Even when dealing with alternative lenders, the equipment financing process tends to be a bit more traditional. Lendio suggests a 650 minimum credit rating and 12 months in business.

While many equipment loans traditionally require a down payment, Lendio’s funders do not.

Application Process

If you’re a business owner who would like to apply, you must start by creating an account and filling out an application. The application will ask for basic information about yourself, your business, and your business finances. At this point, Lendio will perform a soft pull on your credit report, which will not affect your score.

Lendio will shop your information around to get offers from the lenders that you may be eligible for. According to the customer service agreement, this step should take no longer than 72 hours.

A Lendio representative will get back to you with any offers received on your behalf. You can compare offers and choose the one best suited for your business and situation. When you’ve made your decision, you will be able to continue the funding process with your chosen lender.

Sales & Advertising Transparency

Lendio’s website provides all the information you need to know about the service, and the salespeople are similarly transparent. Customer reviews do not report incidents in which they were surprised by fees or other unexpected policies. The only caveat is that you won’t know your loan’s exact terms until you are paired with a lender. Considering Lendio itself doesn’t have that information, it does an admirable job of preparing prospective borrowers for what they might expect.

There are some subtle differences between the types of loan products, so you may need to click through some links to find all the information available. Be sure to make use of the loan calculators to get a handle on what to expect.

Lendio’s usually excellent rating where sales and advertising transparency does have a recent gray mark, however. The company was warned by the Federal Trade Commission and SBA about potentially misleading coronavirus relief marketing.

Customer Service & Technical Support

Customer support is available by phone or email. You can also interact with the company on Facebook, Twitter, Instagram, and LinkedIn.

When you apply for the service, you are assigned a funding manager who is your single point of contact. Your funding manager will bring you offers, help decide which options are best for your business, educate you on the loan products, and generally be available if you have any questions.

It’s worth noting that Lendio has a public customer service agreement on its website, which promises customer service standards, such as treating the customer with “transparency and respect” and answering questions “in a timely manner.” Although these are not particularly groundbreaking standards, the fact that Lendio publicly posts its agreement means the company at least understands how important these issues are to creating a positive experience for borrowers.

Customers report that the service is proactive, helpful, and transparent, and many like being assigned to a single funding manager who is familiar with their business and situation. However, a few customers say that the service is too heavy-handed with the sales pressure when it comes to phone conversations. Some have also complained about receiving a lot of calls from funding managers.

Lendio Customer Reviews, Complaints, & Testimonials

Negative Reviews & Complaints

Lendio has a Better Business Bureau (BBB) profile, though the company is not currently accredited. Lendio has racked up a total of 95 complaints in the past three years, 92 of which were in the last 12 months. As you might imagine from that timing, these are mostly PPP-related complaints. Lendio is not currently rated by the BBB.

As mentioned earlier, Lendio also received a warning from the Federal Trade Commission and SBA for “misleading coronavirus relief marketing.”

There are, however, some issues people have complained about:

  • Delays: While still fast compared to traditional lending, Lendio is a bit slower than many of the individual companies it partners with. Some customers also complained about falling through the cracks.
  • Drawn Out Process: Related to the delays, one prominent complaint spoke of receiving regular new offers from Lendio that were then never followed through.
  • Hard Credit Inquiries: Some customers complained about receiving hard inquiries on their credit when they were told there would only be soft ones.
  • Lots Of Documentation Needed: Some customers had to provide a lot more documentation than they were prepared for.
  • Mismatches: Some customers complained about being paired with lenders who were a poor match for their business and industry type.

Positive Reviews & Testimonials

On Trustpilot, Lendio has over 13,000 reviews, with an aggregate rating of 4.7 out of 5. Additionally, the company has some longer testimonials on its YouTube page.

Here are some of the things people like about Lendio:

  • Customer Service: Users found Lendio’s customer service to be helpful and responsive in most cases. The dedicated case managers were generally well-received by customers.
  • Easy To Use: Many customers found the centralized platform and its interface easy and intuitive to work with.
  • Fast: While a little slower than some other alternative options, the process is still pretty quick, especially when compared to traditional sources.
  • Stress Saving: Lendio removes a lot of the legwork borrowers would otherwise have to do with each lender.
  • Easy To Qualify: Customers who had trouble qualifying for loans through traditional sources appreciated that Lendio was able to find them funding at relatively reasonable terms.

We’d like to hear from you, though! Have you tried Lendio? Do you have anything to add to the conversation? Leave a comment below!

FAQs About Lendio

Lendio is a loan aggregation service, meaning it’s a platform that allows you to apply to its pool of partnered lenders — and all their accompanying loan options — with a single application. The idea is that it saves you the trouble of applying to multiple lenders to get your application accepted.

Does Lendio charge a fee?

Lendio does not directly charge borrowers a fee. However, since the partner lenders do pay to have access to Lendio’s applicant pool, you may end up with higher rates from the lender you’re paired with than if you directly apply to them. This isn’t guaranteed, however.

Is it safe to apply for business financing through Lendio?

All borrowing carries the risk of default and the associated problems that come with it. However, there’s no danger specific to a business owner who applies to Lendio. It’s a well-established company with largely positive user reviews.

Lendio isn’t a lender, so it doesn’t directly originate any loans that the SBA could guarantee. That said, Lendio can pair you with an SBA approved lender.

Final Verdict

Over the last decade, a huge number of online lenders have cropped up, and many of these lenders have innovated funding in ways that are beneficial to merchants. However, the sheer number of options available means it’s difficult, not to mention time-consuming, for merchants to find a product suited for their business.

If it’s your first time looking for alternative funding and you’re confused about where to start your search or don’t have the time to fill out multiple applications, Lendio may be an excellent resource for your business. This company (and others like it) provides a much-needed service. Even better, there’s no fee for using the service, which puts Lendio ahead of some of its competition. If, however, you already have a good working relationship with a lender you like, you can probably expedite the process by directly working with that lender.

If you’d prefer to apply to a lender directly, check out our small business loans comparison chart or an alternative suggestions page.




To learn more about how we score our reviews, see our Business Loan Rating Criteria. Sours: https://www.merchantmaverick.com/reviews/lendio-review/
  1. Buy og names
  2. Jayco swift 2014
  3. Van rentals winston salem nc
  4. Brazilian chillout music

Lendio Small Business Loans Review 2021

Lendio's Business Loans

Our Approach:

To help match your business with the right loan, we compared Lendio’s loan offerings and matched those to the businesses that would benefit most from them.

In this review, we’ll cover the types of loans Lendio offers to help you decide if Lendio is the right lending partner for your small business.

Selecting the best small business loan for your company comes down to three things:

  • Type of business you have
  • Needs of your business
  • What you want for the future of your business

Lendio Business Loans Summary:

Lendio is a company that currently partners with about 15 lenders, one of which funds all the business loans for the company Alibaba. Before COVID-19, Lendio had around 70 different lenders; however, most of those companies shut down when small businesses could no longer afford to remain in business. When you need a business loan, you apply through Lendio, and their partners present loan offers, and you simply pick the best loan for your small business.

PROS

  • Low credit score approval
  • Money can be used for any business expense
  • Free up your cash
  • Transparent fees
  • Easy, fast approval
  • Don’t need collateral
  • The average loan is $96,000
  • Get better rates as lenders are competing for your business
  • Great customer support

CONS

  • Six months of bank statements
  • Two years of tax returns
  • Soft credit check before being approved
  • Fewer lending partners than prior to COVID-19

How to Apply for a Lendio Business Loan:

  1. Apply online at Lendio.com in 20 minutes providing basic details about your business.
  2. Get loan offers in a few days.
  3. Accept the loan offer.
  4. Get funded as early as the same day.

Types of Lendio Business Loans

Lendio is not actually a lender, but they do partner with approximately 15 private lenders that offer every type of business loan available. Lendio helps any type of business get funding for any reason.

Here’s some information to help you decide if Lendio is the right place to apply for a loan:

Interest rates: Varies depending on the type of loan, business needs, and other factors. There are no set minimums.

Average loan size: $96,000

Lendio Loan Benefits:

  • Free up cash flow
  • Quick approval process
  • Any type of loan conceivable
  • Low credit score okay
  • Less work finding funding
  • Lenders compete for your business.

Qualifications:

  • 500+ credit score
  • 2+ years in business
  • Six months bank statements
  • Business checking account

How to Apply:

  • Visit Lendio.com and click “Start Application.”
  • Provide basic details about your business.
  • Get an approval decision within a few business days.
  • Get funded the same day or next.

Lendio Customer Reviews

Lendio has mostly five-star reviews from customers. Here are some verified Lendio reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:

“Great service, speedy and easy. Matt Graham was great to work with. He was very responsive the entire transaction/underwriting process. He word [sic] hard to find the right package that worked for my needs for my business.

I tried traditional big banks and it was a complete hastle [sic] and waste of time trying to get anyone to do anything, specifically Chase and US Bank. I'd recommend to any small biz owners looking outside of big banks.”

“Straightforward, Effective, Prompt, and Great Service!”
“Good and rapid answer.”

Lendio Review Ratings

Value - 4.5/5

Overall, Lendio’s value works well for most businesses needing a business loan. Lendio doesn’t charge loan buyers; they get paid on the back-end by the lender the buyer chooses.

Customer Service - 5/5

Lendio’s customer service is “super helpful” based on many of their previous customers’ reviews. We reached out to them personally, talking with Brian at the Detroit branch, and we have to say that he was nice and super helpful.

Ease of Use - 4.5/5

Applying for a loan seems easy. Everything is explained perfectly on Lendio’s website. Loan decision turnaround time is fast, often a couple of days. You can get funded the same day or next in most cases.

Included Features - 4.5/5

We like that Lendio specializes in helping business owners across the entire gamut of business needs. Lendio offers loans to serve any business type or need.

Final Thoughts on Lendio

Lendio may be the right lender for your business if you have at least a 500 credit score, two years of tax returns, and can provide six months of bank statements. It doesn’t matter your situation. Apply with Lendio, and chances are you’ll be approved and able to quickly fund your business.

If you are an established business with good credit, a traditional bank loan will offer you better interest rates and terms. Lendio doesn’t partner with traditional banks and instead partners with independent lenders.

Lendio FAQ

Is Lendio a legit company?An orange arrow pointing down

Lendio is a legitimate company; however, they do not actually offer loans. They are a third-party lending partner, connecting lenders with businesses.

What is a fintech lender?An orange arrow pointing down

Lendio partners with mostly fintech lenders, which are companies that use electronic platforms to connect with borrowers. Sometimes fintech credit is known as loan-based crowdfunding, peer-to-peer lending, or marketplace lending.

What credit score do you need for Lendio?An orange arrow pointing down

Lendio requires only a 500 FICO credit score but prefers one in the 600s.

Does Lendio do a hard pull?An orange arrow pointing down

No. Once Lendio receives your application, they scrub it and then do a soft pull.

Is Lendio secure?An orange arrow pointing down

Yes. Lendio uses encryption technology to protect your data and make the process of applying for a loan simpler and less time-consuming.

Sours: https://howtostartanllc.com/reviews/lendio-small-business-loans-review
2nd Lender: Lendio walkthrough

.

Review lendio ppp

.

Lendio Review - How They Scam - Business Loan - Tried To Rip Me Off With 80% Interest APR - 2020

.

Similar news:

.



1446 1447 1448 1449 1450