Lendio

• Easy 15-Minute Application
• Loan Options from More Than 300 Lenders
• Variety of Loan Types
• Helpful Loan Calculators
• Live Chat
• Bookkeeping Software Incentive 
• Lendio Reviews

Easy 15-Minute Application

Many business loan providers require an overly complicated and lengthy application process for customers. Lendio only has one application and it is quick, free, and easy to fill out. Additionally, borrowers can receive funding in as little as 24 hours. 

Loan Options from More Than 300 Lenders

Lendio is committed to helping each business owner identify financing options through the lender that is right for them. As a result, the company offers loan options from more than 300 alternative lenders. Several well-known banks and lending institutions are included in these options:

• American Express
• Kabbage
• OnDeck
• Authorize.Net
• Headway Capital
• Funding Circle
• Opportunity Fund

Variety of Loan Types

Lendio strives to help company owners find loans that fit both their business and their wallet. Because of this, a variety of financing solutions are available, including business lines of credit, short-term loans, merchant cash advances, business term loans, business credit cards, equipment financing, commercial mortgages, accounts receivable financing, startup loans, business acquisition loans, and SBA loans.

Business Line of Credit

• Loan amounts from $1,000–$500,000
• Loan terms from 1–2 years
• Funding time between 1–2 weeks
• Interest rates ranging from 8%–24%
• 6 months or more in business
• $50,000 or more in annual revenue
• Credit score of 600 or higher
• May require collateral
• Only pay interest rates on the funds you use, not the entire amount borrowed

Short Term Loan

• Loan amounts from $2,500–$500,000
• Loan terms from 1–3 years
• Funding time as soon as one business day
• Interest rates starting at 8%
• At least 2 years in business
• Solid credit score required

Merchant Cash Advance/ACH

• Loan amounts from $5,000–$2M+
• Loan terms up to two years
• Funding time as soon as one business day
• Interest rates starting at 18%
• Pay back the loan by paying a percentage of your daily credit card deposits
• Typically doesn't require collateral or credit pulls
• 4–6 months of bank statements or receivables

Business Term Loan

• Loan amounts from $5,000–$2,000,000
• Loan terms from 1–5 years
• Funding time as soon as one business day
• Interest rates starting at 6%
• Fixed interest rates or a fixed flat fee
• 15-minute application
• Funding for just about any business opportunity
• Credit score, time in business, and collateral required
• P&L statements or bank statements may be needed to show revenue

Business Credit Card

• Loan amounts from $1,000–$500,000
• Loan terms from 1–2 years
• Funding time between 1–2 weeks
• Interest rates ranging from 8%–24%
• Credit score of 680 or higher
• May require collateral
• 15-minute application

Equipment Financing

• Loan amounts from $5,000–$5,000,000+
• Loan terms from 1–10 years
• Funding time as soon as one business day
• Interest rates starting at 7.5%
• Covers a variety of financing needs, including forklifts, point-of-sale software, office furniture, appliances, delivery vehicles, solar panels, HVAC units, etc.
• At least 1 year in business
• $50,000 in annual revenue
• Credit score of 650 or higher
• Credit score lower than 650 requires proof of solid cash flow and revenue for the past 3–6 months
• Equipment you purchase can be used as required collateral
• 15-minute application

Commercial Mortgages

• Loan amounts from $250,000–5,000,000+
• Loan terms from 20–25 years
• Funding time as soon as 45 days
• Interest rates ranging from 4.25%–6%
• Use to purchase or build a business location, expand or remodel your current business location, or refinance a payment term to adjust your interest rate
• Loan amount based on credit score and property you're using as collateral
• May need to provide purchase contract, property blueprints, market analysis for property, project budget, scope of work, and assessment of the property's existing condition

Accounts Receivable Financing

• Loan amounts up to 90 percent of receivables
• Loan terms up to 1 year
• Funding time as soon as 3 days
• Interest rates starting at 5%
• No collateral required (Factoring is secured by your eligible invoices) 

Business Acquisition Loan

• Loan amounts from $5,000–$5,000,000
• Revolving loan terms from 10–25 years
• Funding time as soon as 30 days
• Interest rates starting at 5.5%
• Approval based on credit history, time in business, and revenue
• Must provide financial performance and financial projections

Small Business Administration (SBA) Loan

• Loan amounts from $50,000–$5,000,000
• Loan terms from 10–25 years
• Funding time between 30–90 days
• Interest rates based on prime rates, which are rates that commercial banks charge customers with trustworthy credit

Lendio offers a variety of SBA loans. To qualify, you'll need two years of business and personal tax returns, a YTD profit and loss statement, a YTD balance sheet, and a debt schedule. The most common SBA loans that Lendio offers are SBA 7(a) loans, SBA 504 loans, and SBA Express loans. Lendio's website provides the following information about SBA loans and the company's specific requirements:

• SBA 7(a) Loan — This is a loan used to purchase land, cover construction costs, expand an existing business, refinance current debt, or buy machinery, furniture, supplies, or materials. SBA 7(a) loans of $25,000 or less typically do not require collateral. However, larger loan amounts will likely need collateral to qualify. 
• SBA 504 Loan — Once awarded an SBA 504, your lender will typically cover 50 percent of your project costs, while your SBA loan covers 40 percent. This means that you will need to provide the other 10 percent at the time of funding. Depending on your circumstances, you may need to cover up to 20 percent. This loan type is mainly used for financing fixed assets, but other costs may be eligible for coverage. Qualified projects include purchasing an existing building, buying a new facility or renovating it, purchasing land or making improvements to it, buying long-term machinery, or refinancing debt you incurred by expanding or renovating your business, facilities, or equipment.
  
  
• SBA Express Loan — This express loan is meant for people who need funds quickly. These loans are typically reviewed within 36 hours, but it may take up to 30 days to receive funding. SBA Express loan amounts can reach up to $350,000. Loans more than $25,000 will likely require collateral. Loan terms can range from 5–25 years.
  
  
• PPP Loan — While the Paycheck Protection Program has ended as of August 8, 2020, Lendio's role in facilitating these loans speaks to its competence in helping consumers obtain SBA loans. During the COVID-19 crisis, Lendio facilitated over $8 billion total for more than 100,000 businesses through the Paycheck Protection Program loan (PPP loan). Many customer reviews describe being initially frustrated by their prospects in obtaining the loan through other lending institutions but finding success through Lendio’s application and loan matching service. 

Helpful Loan Calculators

Because the company works with so many lenders, its loan calculator is both accurate and helpful for company owners. The Lendio website offers different calculators for each type of business loan borrowers might be interested in, including the following: 

• Automated Clearing House (ACH) Loan Calculator 
• Business Credit Card Calculator
• Business Term Calculator 
• Equipment Loan Calculator 
• Invoice Factoring Calculator
• Short-term Loan Calculator
• Startup Business Loan Calculator 
• Commercial Mortgage Calculator 
• Line of Credit Calculator 

Live Chat

Lendio provides live chat software on its website so that its customers can enjoy a convenient, on-demand customer service experience. Through this software, Lendio employees are available to assist borrowers and answer questions about business loans within minutes. 

Bookkeeping Software Incentive 

Lendio incentivizes getting your books in order by providing a bookkeeping software called Sunrise. Prospective borrowers with active Sunrise accounts are two times more likely to receive funding. While it’s not a guarantee of funding, using Sunrise by Lendio can give you a leg up as you prepare to apply for a business loan. 

Sunrise tracks incoming and outgoing money within your organization’s interactions with customers and vendors. It also connects your bank accounts, allows you to create and manage your invoices (set to paid, unpaid, or overdue), and generates visuals that display profit and loss patterns. 

Lendio Reviews

With hundreds of positive reviews, Lendio clearly provides a satisfactory customer experience. Its ratings and reviews are high, highlighting quick funding time, quality customer service, low rates, and high loan amounts. Borrowers can have peace of mind knowing Lendio is a trusted company that outshines many alternative lenders.

• Variability of Options
• Not a Financial Institution 
• No Face-to-Face Consultation 

Variability of Options

Though having many small business lending options is by no means the worst problem to have for a lending company, it does present one complication in that it makes rate guarantees difficult to make.

Because there are so many alternative lenders, Lendio can’t make promises about rates or fees because it is not setting the terms for the loan offers. Plus, some borrowers may be overwhelmed by the sheer number of options within a network of over 300 lenders. 

Not a Financial Institution 

Prospective borrowers should be aware that Lendio does not directly finance loans. Rather, it is a technology company that facilitates the optimal matching of borrowers to lenders using a proprietary algorithm. 

Therefore, Lendio is not responsible for the interest rate, repayment term, origination fee, loan forgiveness, or any other aspect of the loan product. Those and other details are left to the discretion of the direct lender.  

Keep in mind that each Lendio review may reflect the consumer's experience using Lendio's platform, the quality and service of the loan obtained with one of Lendio's partnered lenders, or both. 

No Face-to-Face Consultation 

Lendio does assign each borrower a dedicated personal funding manager to ask about your needs and walk you through different loan options, just as an online lender or bank representative would do. But these interactions are all virtual; there are no in-person consultations at a brick-and-mortar location, which may deter some borrowers.