Do you want to apply for a business loan but are unsure of the services of each company?
Do you quickly want to find the best option for a loan?
Lendio might be the solution to your problem, so let’s check out this Lendio Review and find the good and bad things about this company.
In this Lendio Review, I am going to inform you about:
For starters, these are the basic things you need to know about Lendio:
Who are they? What do they do?
If it is your first time getting into the alternative lending market, we suggest Lendio.
Are you interested in learning more about Lendio? Let’s get into it.
As we have said above, Lendio does not lend money but will help you find the best option for you and your business according to your requirements.
Although Lendio works with over 300 different businesses, only 6 out of 10 get approved for a loan.
Your best chance for approval is if you meet the following qualifications:
The requirements for equipment financing are more stringent. The preferred qualifications for that type of loan are 12 months in business and a 650 credit score.
Lendio does not charge a fee for its service. Instead, Lendio’s revenue comes from its partner lenders.
Loan terms vary depending on the partner you are working with. The charges may include the following:
Additionally, Lendio does offer some general information about what loan terms to expect by product type.
What kind of services does Lendio offer, and what kinds of funding? Let’s see the table below:
|Types of loans||Loan amount||Loan term||Time to funds||Interest rate|
|The business line of credit||$1000-$500.000||1-2 years maturity||1-2 weeks||8-24%|
|SBA Loan||$50.000-$500.000||10-25 years||30-90 days||Prime+|
|Short term loan||$2.500-$500.000||1-3 years||As soon as 24 hours||As low as 8%|
|Business term loan||$5.000-$2.000.000||1-5 years||As soon as 24 hours||As low as 6%|
|Merchant cash advance||$5.000-$200.000||Up to 2 years||As soon as 24 hours||As Low as 18%|
|Business credit card||$1.000-$500.000||1-2 year maturity||1-2 weeks||8-24%|
|Equipment financing||$5.000-$5.000.000||1-5 years||As soon as 24 hours||As low as 7.5%|
|Commercial mortgage||$250.000-$5.000.000||20-25 years||As soon as 45 days||4.25-6%|
|Accounts receivable financing||Up to 80% of receivables||Up to 1 year||As soon as 24 hours||As low as 5%|
|Startup loan||$500-$750.000||Up to 25 years||2-4 weeks||0-17%|
|Business acquisition loan||$5.000-5.000.000||Revolving or 10-25 years||As soon as 30 days||As low as 5.5%|
The availability of specific products will depend on various factors, such as your credit score, the industry you work in, how long you’ve been in business, and the amount of revenue you take in. Additionally, loan terms will vary between Lendio’s partner lenders.
How do you apply? Easy! Just follow the steps:
How can you reach OnDeck?
Customer support is available by:
After you have been approved for a loan:
Customers report that the service is proactive, helpful, and transparent, and many like being assigned to a single funding manager who is familiar with their business and situation. However, a few customers say that the service is too heavy-handed with the sales pressure when it comes to phone conversations. Some have also complained about receiving a lot of calls from funding managers.
Some of the top competitors of Lendio include Bankrate and ArgonCredit. Let’s see how they differ.
Since ArgonCredit was founded in 2014, it is not as well known as Lendio is. Lendio has supported borrowers in Senegal, Rwanda, Zimbabwe, Tanzania, Peru, and more than 70 other countries, whereas ArgonCredit has plans to expand in the UK, Europe, and Australia. Lendio has a better and more solid foundation. It is also better recognized by the customers than ArgonCredit.
Although Bankrate was an older company than Lendio, being founded in 1976, it has not been online until recently. Lendio ranks higher when it comes to the quality of the loans.
Of course, just as any other company, Lendio has some positive and negative feedback from people. Let’s check out the reviews and see what people think about Lendio and its services.
Although Lendio has a Better Business Bureau, it has still not been accredited. The company has an A+ rating, despite the 37 complaints in the last 3 years. Most of them have been PPP-related due to the Covid-19 outbreak.
Let’s see what people have complained about:
On Trustpilot, Lendio has over 4,000 reviews, with a rating of 4.9 out of 5.
Additionally, the company has some longer testimonials on its YouTube page.
Let’s check out some of the general pros and cons:
If you need a company to find the best match for a loan for you and your business, Lendio is the right option.
Instead of going through the lengthy processes to get a loan from a bank, Lendio helps you quickly and easily find the exact type of loan you need.
In this Lendio Review, we have seen that people find it easy to apply. The customer service is excellent, the borrowing amounts are high, there are many types of financing available, and most importantly, the service is free to use.