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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Lendified

Finanso.Multilogin™

About lender

Lendified is a Canadian financial company founded in 2015 to support small businesses. The company’s founders served as bank executives for over 30 years, so they have an impressive experience in this industry. Since then, Lendified has helped hundreds of entrepreneurs to build and strengthen their businesses.

Lendified claims its business loans have become a popular alternative to paperwork-intensive bank loans, expensive merchant cash advances, and other forms of financing. Instead, customers must spend more than 10 minutes filling out the application form on the company’s website, and Lendified’s operators will approach them.

The company provides loans up to $150,000. Still, what’s more important, they are different from other financial institutions due to their interest rate system, which makes them more profitable and attractive for business people.

Features

Lendified is a company that can boast several unusual features. First of all, it supports small businesses with their funds. The company’s mission is to help entrepreneurs - the economic engine of Canada - build their businesses by providing them with the necessary funds.

Lendified offers different products

  • refinancing;

  • cash flow;

  • inventory and sourcing;

  • bill and supplier payment;

  • equipment;

  • relocation and expansion;

  • hiring and training;

  • advertising and promotion services.

As we see, the list is extensive, so clients can find something that they need.

Moreover, the company operates in different industries such as retail, auto-related, e-commerce, health and beauty, restaurants, construction, and others. This is only a part of the industries that they are connected with.

Lendified uses a system that calculates an interest rate based on the unique risk profile of the customers’ businesses.

The company doesn’t impose limits on the usage of borrowed funds. However, customers must use it to make the business grow and are not required to provide any collateral.

The most significant amount to borrow is $150,000, and the terms are limited to 24 months.

Pros and cons

However, Lendified has significant pros and cons that can influence the customers’ opinions.

Pros

  • The company provides small businesses with opportunities to grow;

  • The company’s rates directly depend on the customer’s business's unique risk profile;

  • The application form can be filled out quickly;

  • The customer will realize the company’s decision in 48 hours;

  • Lendified provides many different loan options;

  • Lendified operates in many industries;

  • The company operates across the whole country;

  • Customers can use their funding for anything they need to strengthen their business;

  • They have no “hidden” fees and penalties;

  • If a customer pays responsibly, their credit score will increase.

Cons

  • Lendified has too narrow specialization;

  • The company has quite strict requirements for businesses;

  • The company’s website contains not finished and poorly crafted pages;

  • They charge an origination fee.

As we can see, Lendified has some advantages, such as simple and quick application and the lack of “hidden” fees. Also, they operate across the country and deal with businesses from entirely different industries.

On the other hand, there are some disadvantages. For example, Lendified charges an origination fee and has strict requirements.

Loan conditions

Initially, a client must find the application form on Lendified’s website and fill it out. Then, the company’s operators will connect them in 48 hours to inform them whether they are approved or not.

Lendified approves businesses with more than $100,000 annual revenue and operates for more than one year. Also, the customer must be 18 or more years old, be a Canadian citizen and have a credit score higher than 610. While filling the application form out, the customer will need to mention their personal information and information about their business. Also, some documents may be required.

Lendified allows its customers to borrow between $5,000 and $150,000. The terms are fixed and vary between 3 and 24 months. The interest rate is calculated depending on the information about the customer’s business. However, most companies receive an Annual Interest Rate between 8 and 18%. The repayment period is not adjustable. The customer repays their loan bi-weekly, and the needed amount is debited automatically.

Methods of loan funding

When the customers complete the application, they must wait for pre-qualification and approval. According to the information from the company’s website, usually, they respond in 48 hours. After that, the borrowed amount will be transferred directly to the customer’s account.

FAQ

What is Lendified?

Lendified is a Canadian-based and operated financial organization. They operate across the whole country, and their main mission is to help entrepreneurs and other business people find opportunities to make their businesses grow. So they provide small businesses with loans with adjustable and flexible interest rates.  

Who owns Lendified?

Lendified is a company managed by its founders. Lendified has 12 investors, including Home Capital Group And CI Financial.

How do you qualify for Lendified?

Firstly, the customer needs to fit in some requirements such as being older than 18 years old, being a Canadian citizen, and having a credit score higher than 610. Also, there are some requirements directed at the customers' businesses. For example, Lendified will likely approve the company if it has more than $100,000 annual revenue and has operated for more than one year. Also, the industry in which the business operates is essential too.      

How much can you borrow from Lendified?

Lendified provides customers with loans starting from $5,000 up to $150,000. 

Is it a legitimate company?

Lendified I.N. Funding Inc. is a legitimate company. The corporation ID on Opengovca is 10436658. The business number is 790945885.

Company documents

Privacy Policy
Terms of use

Our business loans have become a popular alternative to paperwork intensive bank loans, expensive merchant cash advances, and other creative forms of financing disguised as true business loans.

© Lendified

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What to pay attention to when applying for a loan from Lendified

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Lendified from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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