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:
- Business Term Loan: An installment loan payable over a set period with a fixed or variable interest rate.
- 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.
- Start-up Loan: An installment loan that helps you pay for the expenses that come with building a business.
- SBA Loan: A government-backed loan product with a competitive interest rate.
- Short Term Loan: A loan that’s designed to cover unexpected costs and cash flow gaps to keep your business afloat.
- Merchant Cash Advance: Provides quick access to capital by letting you borrow against future earnings.
- 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.
- Commercial Mortgage: A loan that covers building-related financial costs so you can expand, remodel or refinance your commercial property.
- Accounts Receivable Financing: A solution that lets you convert unpaid invoices into cash for a small fee that’s known as a factor rate
- 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.
