Lendio Small Business Loans Review 2024
Regardless of why you need money for your business, Lendio Business Loans offer every type of loan to serve any type of business.
In this review, we’ll go over the details of Lendio's business loans to help you decide if Lendio’s loans offer the right features for your business.
Recommended: Visit our comprehensive guide on small business loans or read our review of the best small business loans.
Lendio's Business Loans
Our Approach:
To help match your business with the right loan, we compared Lendio’s loan offerings and matched those to the businesses that would benefit most from them.
In this review, we’ll cover the types of loans Lendio offers to help you decide if Lendio is the right lending partner for your small business.
Selecting the best small business loan for your company comes down to three things:
- Type of business you have
- Needs of your business
- What you want for the future of your business
Lendio Business Loans Summary:
Lendio is a company that currently partners with about 15 lenders, one of which funds all the business loans for the company Alibaba. Before COVID-19, Lendio had around 70 different lenders; however, most of those companies shut down when small businesses could no longer afford to remain in business. When you need a business loan, you apply through Lendio, and their partners present loan offers, and you simply pick the best loan for your small business.
PROS
- Low credit score approval
- Money can be used for any business expense
- Free up your cash
- Transparent fees
- Easy, fast approval
- Don’t need collateral
- The average loan is $96,000
- Get better rates as lenders are competing for your business
- Great customer support
CONS
- Six months of bank statements
- Two years of tax returns
- Soft credit check before being approved
- Fewer lending partners than prior to COVID-19
Recommended: Read our guide on how to build business credit.
How to Apply for a Lendio Business Loan:
- Apply online at Lendio.com in 20 minutes providing basic details about your business.
- Get loan offers in a few days.
- Accept the loan offer.
- Get funded as early as the same day.
Types of Lendio Business Loans
Lendio is not actually a lender, but they do partner with approximately 15 private lenders that offer every type of business loan available. Lendio helps any type of business get funding for any reason.
Here’s some information to help you decide if Lendio is the right place to apply for a loan:
Interest rates: Varies depending on the type of loan, business needs, and other factors. There are no set minimums.
Average loan size: $96,000
Lendio Loan Benefits:
- Free up cash flow
- Quick approval process
- Any type of loan conceivable
- Low credit score okay
- Less work finding funding
- Lenders compete for your business.
Qualifications:
- 500+ credit score
- 2+ years in business
- Six months bank statements
- Business checking account
How to Apply:
- Visit Lendio.com and click “Start Application.”
- Provide basic details about your business.
- Get an approval decision within a few business days.
- Get funded the same day or next.
Lendio Customer Reviews
Lendio has mostly five-star reviews from customers. Here are some verified Lendio reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:
“Great service, speedy and easy. Matt Graham was great to work with. He was very responsive the entire transaction/underwriting process. He word [sic] hard to find the right package that worked for my needs for my business.
I tried traditional big banks and it was a complete hastle [sic] and waste of time trying to get anyone to do anything, specifically Chase and US Bank. I'd recommend to any small biz owners looking outside of big banks.”
“Straightforward, Effective, Prompt, and Great Service!”
“Good and rapid answer.”
Learn more by checking out our comprehensive guides on small business loans.
Lendio Review Ratings
Value - 4.5/5
Overall, Lendio’s value works well for most businesses needing a business loan. Lendio doesn’t charge loan buyers; they get paid on the back-end by the lender the buyer chooses.
Customer Service - 5/5
Lendio’s customer service is “super helpful” based on many of their previous customers’ reviews. We reached out to them personally, talking with Brian at the Detroit branch, and we have to say that he was nice and super helpful.
Ease of Use - 4.5/5
Applying for a loan seems easy. Everything is explained perfectly on Lendio’s website. Loan decision turnaround time is fast, often a couple of days. You can get funded the same day or next in most cases.
Included Features - 4.5/5
We like that Lendio specializes in helping business owners across the entire gamut of business needs. Lendio offers loans to serve any business type or need.
Final Thoughts on Lendio
Lendio may be the right lender for your business if you have at least a 500 credit score, two years of tax returns, and can provide six months of bank statements. It doesn’t matter your situation. Apply with Lendio, and chances are you’ll be approved and able to quickly fund your business.
If you are an established business with good credit, a traditional bank loan will offer you better interest rates and terms. Lendio doesn’t partner with traditional banks and instead partners with independent lenders.
Visit our comprehensive guide on small business loans.
Lendio FAQ
Lendio is a legitimate company; however, they do not actually offer loans. They are a third-party lending partner, connecting lenders with businesses.
Lendio partners with mostly fintech lenders, which are companies that use electronic platforms to connect with borrowers. Sometimes fintech credit is known as loan-based crowdfunding, peer-to-peer lending, or marketplace lending.
Lendio requires only a 500 FICO credit score but prefers one in the 600s.
No. Once Lendio receives your application, they scrub it and then do a soft pull.
Yes. Lendio uses encryption technology to protect your data and make the process of applying for a loan simpler and less time-consuming.
