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Lendio

Small Business Loans Made Easy
Submit a 15-minutes single online application and get matched to a network of lenders for free and with no obligation.

Overview

Lendio is a small business online marketplace with the vision of revolutionizing small business lending. With banks rejecting about 80% of small business loan applicants, Lendio was born to help small business owners get the funding they need. With an easy online application, excellent customer reviews, access to multiple loan products from their network of lenders, Lendio can help you find the right business lending option for your business and assist you through the application process. 

Lendio’s Story

Lendio believes that a prosperous America starts with small businesses. Therefore, access to capital should be simpler and quicker for small business owners.

Since their foundation, they have facilitated more than 216,000 loans to the value of over $10,000,000,000 to help small businesses hire staff, buy equipment, or maybe help them stay open. As their next milestone, they want to reach one billion dollars in small business loans to contribute to the American economy. They believe this $1,000,000,000 in small business funding will create more than 25,000 jobs, having an economic impact of $1,207,000,000 per year. 

As part of their commitment to giving back, Lendio donates a percentage of the funds from every loan facilitate in the platform to low-income entrepreneurs through their program “Lendio Gives.” 

Business Loans Types

As part of its vast network of lenders, Lendio offers different loan options through its small business loan marketplace to make sure you can find the right business loan for your business:

  1. Business Term Loan: A traditional small business loan that you can pay back in installments to easily predict your repayments.
  2. Business Line of Credit: It is one of the most flexible ways for financing, as you can use the capital for different things, from hiring staff to upgrading the office.
  3. SBA Loan: A government-backed loan that may offer better rates and terms than a bank one.
  4. Short Term Loan: A loan to cover unexpected costs, keep the doors open during a short hard time, or finance a short-term project.
  5. Merchant Cash Advance: It allows you to borrow money based on your business’s future revenue.
  6. Equipment Financing: To cover the tools or resources needed for nearly any industry.
  7. Commercial Mortgage: Designed to help your business building-related financial costs.
  8. Accounts Receivable Financing: Get fast access to cash by selling your purchase orders or receivables.
  9. Start-up Loan: Designed to help you get started with the business.
  10. Business Acquisition Loan: Designed to help you buy a business.

Lendio makes it easy to get your small business funded with so many options and their network of lenders, whatever your needs may be.

Business Loans Eligibility

There are over 75 small business lenders on Lendio’s marketplace platform, which means they will be able to help your business secure funding easier than if you were to apply directly to each lender. In addition, many traditional banks and some lenders may look into your credit score, not just the business credit score but also your personal credit score. An excellent credit score will probably give you a better chance to secure a loan at lower interest rates. However, suppose you don’t have a perfect business or personal credit score. In that case, Lendio also partners with alternative lenders that look into other things like time in business, financial projections, assets, or revenue to approve business loans to qualify for certain types of loans.

The first thing you need to address before applying for a business loan is identifying how much money you want to borrow and calculating how much time it would take you to repay the loan. Also, how fast you need the money, as some business loans like government-backed SBA loans can take longer than other loan types. With this information in mind, you can prepare an application to start reaching out to lenders. Typically, lenders will ask you for this sort of information:

  • Personal background information
  • A resume and solid business plan
  • Credit reports
  • Personal and business tax returns
  • Signed personal financial statements
  • Projected financial statements
  • Personal and business bank statements
  • The cost or value of possible collateral
  • Business licenses and registrations
  • Articles of incorporation
  • Contracts you have with third parties
  • Franchise agreements
  • Commercial leases

Lendio saves you time in the research and application process since you can fill out one single loan application, and Lendio will send it to multiple lenders in their network. This also increases the chances for your loan to be approved. In addition, since this initial application does not impact your credit score, you have no obligation at this stage of the process.

Lendio’s Customer Service 

One thing that makes Lendio different is their customer service. Although they are an online business loan marketplace, and the whole process can seamlessly be completed online, they also have business lending specialists at hand that will help you review your options and navigate the application process. Lendio also has physical locations across the U.S. if you prefer to visit them.

Lendio has helped more than 300,000 small business owners get funding for a total amount of over $12 million, providing excellent customer service to navigate what can be a complicated and lengthy process.

Lendio Reviews

Lendio’s customer service is reflected in its customer reviews. With a great Trustpilot score of 4.7-star rating at the moment of writing, Lendio’s customers are positively reviewing items like their great customer assistance during the process and responsiveness, how easy the process is, and how fast you fast can get funds for certain types of loans.

Before you apply for a small business loan, you want to know it’s a company you can trust and that comes from previous clients. Lendio has many positive customer reviews reporting the excellent service they got from the lending experts. Lendio has a 4.7 out of 5-star rating in Trustpilot and nearly 10,000 verified customer testimonials. As an example of a customer review, Paige Oliverio, Owner of Urban Patchwork, said: “With my line of work, which is fairly seasonal, there are invoices and contracts that won’t be paid for months. Lendio worked with me quickly and allowed us to get funds for everything…”

How Does Lendio Work?

As part of their commitment to making loans more accessible and straightforward to small businesses, Lendio makes it easy to get funded. It is worth noting that filling the online application for Lendio will have no impact on your credit scores, and there is no obligation to accept a loan offer. If you are ready, visit Lendio’s website and follow 3 simple steps:

  1. Apply: Their application process takes 15 minutes, and it is all completed online, even if they need to request extra documentation. Also, there is no fees nor obligation for applying.
  2. Compare Options: With over 75 lenders in their marketplace and their guidelines and help, they make it more accessible for you to find the right small business loan. Using a single application, you can access Lendio’s nationwide network of lenders.
  3. Get Funded: After your loan has been approved, you will have access to the capital in as little as 24 hours.

If you have any questions, you can to an expert or visit a location to help you get funds for your small business loans.

Get started with your loan matching service for free and with no obligation. 

About Lendio (8)

  • What is Lendio?

    Lendio is a company that facilitates loans between businesses and lenders. They partner with more than 75 lenders to offer more options for businesses looking for funding. By filling out an online application, you get matched with the extensive banks and lenders network of Lendio, making it easier for your business to find the terms and funding you need. They can also help small businesses with bad credit find financing.

  • What are the requirements for Lendio loans?

    The requirements for a Lendio loan vary by the lender and type of loan. It’s a good idea to have a credit score of 680 or higher. You also need to show that your business is sound. Depending on the loan product, you may need a minimum of six months in business and as much as two years. In some cases, you may need to provide some form of collateral to secure the loan, such as your account receivables or other tangible real property.

  • How to get funding for a business with Lendio?

    To get funding for a business with Lendio, you need to start by filling out an online application. It’s beneficial to review exactly how much money you need and how much you can comfortably repay. You don’t want to find yourself in a position where you struggle to repay the funds. After the review, you need to choose the option that best suits your needs.

  • How to get a loan to start a small business?

    Startup funding for a small business relies more heavily on your personal credit. It’s a good idea to have a credit score of at least 680. However, there are some loan products for people and companies with bad credit. You also need to be able to show that the company has been running for at least six months. If you have experience with other startup companies, it’s a good idea to highlight that information.

  • How to get SBA loans from Lendio easily?

    The Small Business Administration (SBA) works to help small businesses help by guaranteeing loans. Lendio works with the SBA to provide funds. You need to fill out the online application and provide all the necessary documentation. You don’t need a high credit score or extensive time in business to secure an SBA loan, but it does take longer to process than other Lendio loan products because of the extensive paperwork involved.

  • How hard is it to get a small business loan?

    It’s easy to get a small business loan if you find the right lender. This means you need to know where to look. Lendio offers various loan products, and some are easy to obtain even if the business has a lower than average credit score. However, you may need to offer collateral or make the payments through your daily credit card sales.

  • Is Lendio legitimate?

    Lendio is a well-established company headquartered in Lehi in Utah, operating in the U.S. since its foundation in 2011. Up to date, they have helped over 300,000 businesses get funded to a total amount of over $12 million.

  • Is Lendio SBA-approved?

    Lendio has SBA-approved lenders in their network. Therefore, if you are looking into an SBA loan for your business, you can submit a single application through Lendio, and they will extend it through their SBA-approved lenders in their network, increasing your approval chances while saving you time.

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Products and Services

Why Us

Easy Online Application

Apply in 15 minutes and provide all the documentation easily online. Submit one single application to all the lenders.

Access a Network of Lenders

Access business loan options from 75+ lenders and get your funds in as little as 24 hours after approval.

Free Expert Advice

They have facilitated over 216,000 small business loans to the value of over $10,000,000,000 by helping them to choose the right loan.

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Lendio

SPOTLIGHT

Find The Perfect Business Loan

Lendio
Compare your options for a business loan, choose your plan, and get funded using the Lendio business loan 15-minutes application with no cost for you to apply.

Business Loan Marketplace

Lendio is a business loan online marketing place to help you getting business financing. Submit an online 15 minutes application to access their network of over 75 lenders and get funded in as little as 24 hours after approval.

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    This page’s information results from independent research by our editorial team, who does their best to reflect factual and accurate information about the financial institution and its products. Financial institutions are not responsible for the content posted on Banks.com; visit the financial institutions’ website or contact it directly if you have any questions.

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