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Lendio Small Business Loans Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Lendio is a Utah-based online service that puts small business owners in contact with their network of over 75 different lenders. Their Funding Managers then advise borrowers and serve as their single point of contact during the process. The application process is free, and funds can be available in as little as 24 hours.
 
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How is Lendio rated?

Breakdown

4.7/5
Loan Options
4.7/5
Application Requirements
4.7/5
Average Rates & Fees

Overall Rating: 4.7 / 5 (Excellent)

Lendio is a well reviewed, small business loan marketplace. The company has a particularly good reputation for customer service, and the ability to explore multiple lenders in order to get their clients the best deal possible. Since Lendio partners with over 75 loan providers, interest rates and fees vary wildly, as well as qualification requirements. Lendio, however, advises prospective borrowers to meet a few basic credit and income conditions in order for them to get the most out of the service.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

SBA Loans

Min. Loan Amount
$50,000
Max Loan Amount
$5,000,000
Min Term Length
10 years
Max Term Length
25 years
Repayment Terms
Fixed monthly payments

Term Loans

Min Loan Amount
$5,000
Max Loan Amount
$2,000,000
Min Term Length
12 months
Max Term Length
60 months
Repayment Terms
Fixed weekly, bi-monthly, or monthly payments

Business Lines of Credit

Min Loan Amount
$1,000
Max Loan Amount
$500,000
Min Term Length
12 months
Max Term Length
24 months
Repayment Terms
Monthly payments

Invoice Financing

Loan Amount
Up to 90% of the Account Receivable
Min Term Length
12 months
Max Term Length
36 months

Merchant Cash Advance

Min Loan Amount
$5,000
Max Loan Amount
$200,000
Min Term Length
3 months
Max Term Length
24 months
Repayment Terms
Daily, weekly, or monthly deductions from credit card sales.

Equipment Loans

Min Loan Amount
$5,000
Max Loan Amount
$5,000,000
Min Term Length
12 months
Max Term Length
60 months
Repayment Terms
Fixed monthly payments

Loan Options - 4.7 / 5

Lendio is an online marketplace that provides access to most types of small business loan products. Although the company partners with over 75 affiliates, each with different types of loan options, Lendio offers a variety of ranges and terms on its website, in order to give customers an idea of what they will be getting for given loan types. Lendio is able to get access to very high maximum term and equipment loans in particular. The company also features flexible repayment term lengths.

Lendio Rates & Fees

SBA Loans

Min APR
6.5%
Max APR
9.0%

Term Loans

Fees: Lendio advertises term loan rates that range from 6%-30%. Actual APR, however, will depend on the chosen lender's term length and fees.

Lines of Credit

Fees: Lendio advertises line of credit rates that range from 8%-24%. Actual APR, however, will depend on the chosen lender's term length and fees. The higher your credit score the better your rate will be. A traditional line of credit with a rate as low as prime+ can be obtained with a 680+ credit. If your credit is challenged at the moment then a non-traditional loan can give you a good option with higher rates.

Invoice Financing

Min APR
5.0%

Invoice Financing

Fees: Lendio will finance up to 90% of accounts receivable at a factor rate as low as 5%. There also can be an additional cost per invoice fee.

Merchant Cash Advances

Min APR
18.0%
Max APR
40.0%

Equipment Loans

Fees: Lendio advertises equipment financing rates that range from 7.5%-45%. Actual APR, however, will depend on the chosen lender's term length and fees.

Average Rates & Fees - 4.7 / 5

Lendio offers base interest rate ranges for all of its different types of loans. However, since loan related fees vary from lender to lender, it is impossible to calculate APR ranges with any real accuracy. Lendio itself does not charge the customer any additional fees, but generates its revenue from partners.

Application & Qualifications

Online Application
Funding Time
Get the capital you need in as little as 24 hours.
Min. Annual Revenue
$120,000
Min. Credit Score
550

Application Requirements - 4.7 / 5

Prospective borrowers do not have to meet any qualifications to use Lendio's portal. However, since all of the company's partners have their own personal set of qualifications, Lendio recommends you have a credit score of at least 550, 6 months in operation, and a minimum of $10,000 in revenue a month. Lendio claims that 70% of its applicants ultimately qualify.

Lendio Reputation

Customer Feedback

Trustpilot Score
9.7 out of 5
BBB Rating
A+
BBB Neutral Reviews
0
BBB Negative Reviews
0
Date Collected
2019-02-06

Consumer Education - 4.8 / 5

Lendio has over 1,000 reviews on Trustpilot and they are 96% positive. Customers particularly praise agents' personal attention and ability to negotiate with multiple lenders in order to get the best deal possible. They also highlight the company's quick, smooth approval and funding process.

Contact & Additional Information

Homepage URL
https://www.lendio.com
Company Phone
(855) 853-6346
Headquarters Address
10235 South Jordan Gateway, Suite 410, South Jordan, UT, 84095

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Customer Comments & Reviews

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J
J M
9/6/2017
Be wary of this company. They are loan aggregators, not lenders - they spam broadcast your credit file to 75+ lenders, many of whom conduct hard pulls on your personal credit without your knowledge (happened to me, I had 4 hard pulls from 4 lenders in as many days, without any notice - had it not been for Experian alerting me directly, I never would have known). Dropped my personal credit 19 points in a week; of course, Lendio claims they know nothing about it - because they only take your information and send it to others, they are not actual lenders. So why do you need Lendio in the first place? Great question. As soon as you apply, you will be placed in a text-messaging... Read More

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Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements: $100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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