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Lendio

Small Business Loans Made Easy
Submit a simple application and get matched with lenders for free without impacting your credit score.

Overview

Lendio is an online marketplace that connects small business owners with lenders who can help them secure the funds needed to start or expand operations. To date, the digital platform has helped fund over 300,000 loans for more than $12 billion and has excellent customer reviews. 

Lendio’s Story

Lendio was established to provide innovative funding solutions for small business owners. Before its inception, co-founders Brock Blake and Trent Miskin noticed a significant issue with the landscape of small business lending – at least 80 percent of applicants are rejected for funding through traditional lending channels. 

Consequently, they established Lendio to put a spin on small business lending and help business owners get loans to fund that next big idea or get back on track financially. The platform has flourished significantly, and Lendio now partners with over 75 industry leaders, including American Express, Bank of America, Chase, Kabbage and PayPal, to make small business loans more accessible to those who need it most. 

Plus, Lendio consistently pays it forward by donating a percentage of every loan to Kiva to help support low-income entrepreneurs around the globe.

Types of Business Loans

Lendio features an assortment of loan options to choose from:

  1. Business Term Loan: An installment loan payable over a set period with a fixed or variable interest rate.
  2. Business Line of Credit: A pool of funds you can borrow from as needed to hire staff, purchase inventory and equipment, expand operations, cover invoices and more.
  3. Start-up Loan: An installment loan that helps you pay for the expenses that come with building a business.
  4. SBA Loan: A government-backed loan product with a competitive interest rate.
  5. Short Term Loan: A loan that’s designed to cover unexpected costs and cash flow gaps to keep your business afloat.
  6. Merchant Cash Advance: Provides quick access to capital by letting you borrow against future earnings.
  7. Equipment Financing: A loan that’s suitable for company’s in every industry and provides funding for tools and resources needed to operate more effectively.
  8. Commercial Mortgage: A loan that covers building-related financial costs so you can expand, remodel or refinance your commercial property.
  9. Accounts Receivable Financing: A solution that lets you convert unpaid invoices into cash for a small fee that’s known as a factor rate
  10. Business Acquisition Loan: A loan product that’s designed to help you buy an existing business or franchise

Business Loans Eligibility

It varies by lender and loan product. Prepare to provide the following information when exploring funding options with Lendio: 

  • 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’s Customer Service 

Lendio offers phone support Monday through Friday from 7:30 am – 5 pm MST. You can also submit an inquiry through the online form or visit a location near you for in-person support.

Lendio Reviews

Here’s what past and current customers are saying about Lendio: 

  • Lendio was very helpful in finding the proper deal we needed for our business. The loan officer was patient and was diligent in the whole process! Thank you for all the help!—Andrew M. (Trustpilot review) 
  • I have had my own LLC for over 10 years. Over the course of those years, I have followed various steps to build my business credit. I had always wanted a line of credit but was not sure if my business was the type to receive one. So I decided to do some online searching and came across Lendio. I had seen their name pop up here and there and wasn’t sure if I was ready. After filling out my online form and uploading all the required documents, I was contacted by a member of the Lendio team. He actually took the time to find out what my needs were. He had no agenda other than helping to get the funding I wanted. I was approved the same day of my application, and funds were in my account the next day. That’s what I call fantastic service. Thank you to Lendio and the dedicated lending team specifically for making this process so easy. I will be doing business with you again!—Dionne L. (Trustpilot review)
  • The process was easy, with a quick turnaround on funding. Customer service was fantastic, and they answered all of my questions without any hesitancy. I will definitely keep using Lendio going forward.—Jennifer K. (Trustpilot review)

How Does Lendio Work?

It’s easy to get started with Lendio, and it only takes 15 minutes of your time. Here’s a quick overview of the process: 

  • Step 1: Submit Lendio’s small business loan application and upload the requested documentation. It’s free and won’t impact your credit score. 
  • Step 2: If your company is a good candidate for funding, Lendio will present potential matches to you in the dashboard. 
  • Step 3: Review loan offers, select the best fit and take the next step to finalize your loan application.
  • Step 4: Get approved and access the loan proceeds. Some receive funds in just 24 hours, but it depends on the loan product you select.

FAQs About Lendio (8)

  • What is Lendio?

    Lendio is an online platform that matches small business owners with lenders who provide over 10 funding options. It has over 75 lenders in its network and simplifies the lending process with a single loan application that only takes 15 minutes to complete.

  • What are the requirements for Lendio loans?

    Each lender has its own qualification criteria. So, it’s best to submit the online application to determine if you’re a good fit for a loan from a partner in the Lendio network. It’s free and won’t impact your credit score unless you decide to move forward with a loan product.

  • How to get funding for a business with Lendio?

    If Lendio finds a match for your business, you’ll want to identify the option that works best. Also, decide on a loan amount that makes sense for your business financially.

  • Is Lendio SBA-approved?

    Lendio is not a direct lender. However, many of the lenders in its network are SBA-approved and offer SBA 7(a) Loans, SBA 504 Loans and SBA Express Loans.

  • How can I easily get an SBA loan from Lendio?

    You can expect a lengthy application process with SBA loans. However, the rates are quite competitive, and Lendio streamlines the application process to make securing these loan products a bit easier.

  • Is Lendio a legitimate company?

    Yes! Lendio is accredited by the Better Business Bureau (BBB) with an A+ rating. It also boasts an excellent Trustpilot rating based on over 17,500 reviews and is rated as a leading lender comparison site by Forbes Advisor.

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

    It depends on several factors. Applying for a small business loan from a bank could take around 29 hours to complete all the necessary paperwork and upload supporting documents. Even worse, you likely won’t get an answer from a loan officer for some time. But with an online lending marketplace, like Lendio, you can quickly apply and have an answer in minutes. Plus, some loans are funded in as little as one day.

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

    You can go through a brick-and-mortar bank, but you’ll likely spend several days awaiting a response. And some institutions don’t offer much flexibility with regards to lending criteria. Or you can explore an online lending marketplace, like Lendio, that makes finding the perfect loan for your business easy and gets you a quick response from lenders in its extensive network.

Lendio

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Lendio Products and Services

Why Us

Easy Online Application

It only takes 15 minutes of your time to apply for funding, and you'll only have to upload documents once.

Access a Network of Lenders

Your loan application is sent to over 75 reputable lenders in the Lendio network to identify potential matches.

Free Expert Advice and Bookkeeping

You can access free resources on small business loans and business credit, along with loan calculators to help you understand loan costs. Plus, Sunrise by Lendio lets you do your bookkeeping for free, which increases your chances of qualifying for a loan.

Video

Lendio

SPOTLIGHT

Find The Perfect Business Loan

Lendio
Get the funding your business needs and deserves. Apply with Lendio today in a fraction of the time you’d spend applying with a traditional bank. If approved, you could have the capital in your bank account in as little as 24 hours.

Business Loan Marketplace

Lendio is a one-stop shop for small business lending. Submit an online application in just 15 minutes to access its network of over 75 lenders. If approved, you could get funded in as little as 24 hours.

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