Lendio Review


Lendio matches you to the most appropriate lenders in the USA, based on your needs.

Pros:

  • Application process is fast and easy
  • Relaxed credit score requirements
  • High borrowing amounts

Cons:

  • Complicated terms and fees
  • Rates can be expensive

Average Rating: 4

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Detailed Review

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:

  • Their loans
  • Borrower qualifications, fees, and repayments
  • Lendio Reviews
  • Competitors
  • The application process
  • Customer Service
  • Pros and Cons

For starters, these are the basic things you need to know about Lendio:

Lendio Bio and History

Who are they? What do they do?

  • Lendio is a company that does not lend money to businesses; but instead, they match you to the most appropriate lenders in the USA, based on your needs.
  • Lendio is a Utah-based company founded in 2011 by Brock Blake and Trent Miskin.
  • They offer multiple types of financing:
    – Business Lines of Credit
    – SBA loans
    – Short-term loans
    – Merchant Cash Advance
    – Business Term Loan
    – Equipment Financing
    – Commercial Mortgage
  • Their borrowing amounts are from $50.000 – $5 million with a term length of 10-30 years.
  • To apply for a loan, you need to fulfill their requirements, which include:
    – Minimum time in business – 6 months
    – A minimum credit score of 560
    – Annual revenue of $50.000

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.

Lendio Borrower Requirements, Terms, and Repayments

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:

  • You should have been in business for at least 6 months
  • Your credit score should be 550
  • $10.000 monthly revenue

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 Interest Rates and Fees

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:

  • Interest
  • Fixed fee
  • Origination and Administration fees
  • Prepayment penalties
  • Other fees

Additionally, Lendio does offer some general information about what loan terms to expect by product type.

Services offered and types of funding

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.

Lendio Application Process

How do you apply? Easy! Just follow the steps:

  • Step 1 – Go to the website, create an account and fill out an application. The application includes:
    – Basic information
    – Owner information
    – Business information
    – Documentation
    – Submitting of the documentation and information
  • Step 2 – Lendio will shop your information around to get offers from the lenders that you may be eligible for (this step should not take more than 72 hours)
  • Step 3 – A Lendio representative will get back to you with any offers received on your behalf. You can compare offers and choose the one best suited for your business and situation.
  • Step 4 – When you’ve made your decision, you will be able to continue the funding process with your chosen lender.

Customer service and technical support

How can you reach OnDeck?

Customer support is available by:

  • Phone – +1 855 853 6346
  • Email
  • Social Media – Facebook, Twitter, Instagram, LinkedIn

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.

Lendio Competitors

Some of the top competitors of Lendio include Bankrate and ArgonCredit. Let’s see how they differ.

  • Lendio vs ArgonCredit

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.

  • Lendio vs. Bankrate

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.

Lendio User Reviews

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.

Negative Reviews and Complaints:

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:

  • Delays
    Despite being quicker than some online lenders, some people have complained about delays.
  • Drawn out process
    Related to the delays, one prominent complaint spoke of receiving regular new offers from Lendio that were then never followed through.
  • Hard credit pulls
    Some customers complained about receiving hard credit pulls without being warned.
  • Endless documentation
    Some customers had to provide a lot more documentation than they were prepared for.
  • Mismatches
    Some customers complained about being paired with lenders who were a poor match for their business and industry type.

Positive Reviews and Testimonials:

  • Customer Service
    Users have found Lendio’s Customer service to be quite helpful and dedicated.
  • Easy to use
    Many customers found the centralized platform and its interface easy and intuitive to work with.
  • Quick
    Although some Lendio alternatives might be quicker, Lendio is still pretty quick to use.
  • Stress saving
    Lendio removes a lot of the legwork borrowers would otherwise have to do with each lender.
  • Qualifying is easy
    Some customers that didn’t have luck qualifying in other lending companies didn’t have any trouble qualifying for a Lendio loan.

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.

Pros and Cons:

Let’s check out some of the general pros and cons:

Pros:

  • A variety of loan types
  • Borrower qualifications are lower than what banks have
  • Relaxed credit score requirements
  • High borrowing amounts
  • 1-7 day time to funding
  • The application process is fast and easy

Cons:

  • Complicated terms and fees
  • Rates can be expensive
  • Funds can take a while to disburse
  • Payment penalties

Conclusion

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.

Compact Review


  • Expected loan amount

    $50.000 – $5 million

  • Loan term

    10 to 30 years

  • Minimum time in business

    6 months

  • Minimum credit score

    560

  • Annual revenue

    $50,000