Lendio

Lendio is a fintech company that connects small businesses with its network of more than 75 lenders. A wide range of loan products are available, and eligible business owners can choose from SBA loans, short-term loans, traditional term loans, and other options. Qualification requirements and loan terms vary by lender, but consumers can submit an application online and review available offers before making a decision.

Lendio Pros and Cons

Lendio business loan overview

Year Founded: 2011 Credit Score Required: Varies BBB Rating: A+ Minimum Loan Amount: Varies Max Loan Amount: Varies Minimum APR: Varies Maximum APR: Varies Minimum Monthly Revenue: Varies Trustpilot Rating: 4.8 stars Trustpilot Reviews: 20,430

How does Lendio work?

As a lending marketplace rather than a direct lender, Lendio lets borrowers see offers from a range of lenders with a one-time, streamlined prequalification process. After submitting their information, Lendio compares offers from its partner lenders to match borrowers with products that best fit their needs.

Loan amounts, repayment terms, interest rates, and qualification requirements vary by the individual lender. Once an applicant chooses an offer that meets their needs, Lendio facilitates loan approval and finalization through the third-party lender. Lenders typically fund loans in as little as 24 hours.

Lendio business loan features

Because Lendio is a lending platform rather than a direct lender, it offers a range of loan products with varying features. These are the general characteristics of business loans available through Lendio’s partners:

• Borrowing limits: Available loan amounts vary by lender and loan type. For example, startup loans are available up to $150,000, while business term loans are offered for between $5,000 and $2 million.
• Repayment terms: Repayment terms vary by lender and loan type.
• Monthly fees: Interest rates depend on the lender, loan type, and borrower creditworthiness, with the most qualified consumers accessing the most competitive rates. Commercial mortgage rates start as low as 4.5%, business term loan rates start around 6%, and short-term loan rates start at 8%.
• Qualification requirements: Credit score, time in business, and revenue requirements vary by lender. In general, Lendio reports that borrowers should have a minimum credit score of 600 to qualify—though some lenders may only require a score in the 500s. Likewise, many lenders require at least six months in business and $8,000 in monthly revenue, but these minimums vary.
• Funding speeds: According to Lendio, receiving funds may take as little as 24 hours post-approval. Ultimately, this depends on the lender and the borrower’s banking institution.

How to apply for a Lendio business loan

Lendio’s online application usually takes about 15 minutes to complete and requires information about how much you need to borrow, your personal credit score, the age of your business, average monthly revenue, and industry. To access it, navigate to Lendio’s homepage and click on the “Apply for Financing” button.

Options are typically available one to two days after you submit a complete application form. Compare your loan offers, choose an option that meets the needs of your business, and await final loan approval.

Documents required for the application process may include a business plan, proof of business ownership, proposed loan use, profit and loss statements, month-to-date transactions, bank statements, and a business credit score. Exact qualification requirements for personal loans through Lendio may vary but generally include the following:

• Be at least 18 years old
• Have been in business for at least six months, though some lenders may require as few as three months or up to one to two years
• Have an average monthly revenue of at least $8,000
• Have a FICO Score of at least 600, though a score in the 500 may be adequate for some lenders.

Lendio fees

Borrowers who identify loan offers through the Lendio platform pay fees determined by their individual lender—not Lendio. As such, costs vary depending on several factors, including lender, loan type, and borrower qualifications.

Customer support

Lendio is not a direct lender, instead helping business owners get offers from multiple lenders. That said, the company offers a customer support team so prospective borrowers can discuss loan offers with a representative. Reps can be contacted via phone, Monday through Friday, from 7:30 am to 5 pm MST. Business owners can also contact Lendio through an online form, and the company offers online resources to assist with the loan application process.

Customer reviews

Lendio has a 4.8-star rating on Trustpilot based on 20,430 reviews. Reviews are less positive on the Better Business Bureau (BBB) website, where Lendio has a 2.72-star rating based on 120 customer reviews. Negative reviews reveal a challenging application process, trouble getting approved, and unhelpful customer service representatives.

Who Is Lendio best for?

Lendio is best for borrowers who want to review business loan options from a network of more than 75 lenders without submitting multiple applications. For that reason, the marketplace is also best for business owners who prefer the convenience of having numerous offers compiled for them rather than researching a range of lenders to get the most competitive rate.

Lendio vs. Fundera

Both Lendio and Fundera are lending marketplaces that let borrowers choose from loan offers from a network of lenders. While Lendio works with more than 75 lenders, Fundera has a smaller offering of at least 17 lenders. The two platforms also offer a similar range of loan products, but Lendio offers commercial real estate loans, whereas Fundera does not. Similarly, Fundera helps consumers get personal loans, and Lendio does not.

How Lendio stacks up