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 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:
- Business Term Loan: A traditional small business loan that you can pay back in installments to easily predict your repayments.
- 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.
- SBA Loan: A government-backed loan that may offer better rates and terms than a bank one.
- Short Term Loan: A loan to cover unexpected costs, keep the doors open during a short hard time, or finance a short-term project.
- Merchant Cash Advance: It allows you to borrow money based on your business’s future revenue.
- Equipment Financing: To cover the tools or resources needed for nearly any industry.
- Commercial Mortgage: Designed to help your business building-related financial costs.
- Accounts Receivable Financing: Get fast access to cash by selling your purchase orders or receivables.
- Start-up Loan: Designed to help you get started with the business.
- 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’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:
- 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.
- 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.
- 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.
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