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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.

Lendio

Finanso.Multilogin™

About lender

Lendio is the largest marketplace for small business loans. The platform helps small business owners connect with active banks, credit unions, and other lending sources, enabling them to get secure loans for their growth. Business owners can use the platform to find lenders to manage credit, loans, equipment financing, and other ways to improve their cash flow.

Brock Blake, now the CEO, started Lendio, Inc. in 2011. According to Wikipedia, the company gave out its first loan in the fourth quarter of 2013. Chad Iverson is the CFO. The company's capital office is in Lehi, Utah.

Based on more than 17,500 reviews on Trustpilot, the company has a rating of 4.7 out of 5 stars. Lendio has an A+ rating from the Better Business Bureau (BBB), and over 120 customers have given it an average rating of 2.82 out of 5 stars.

Pros and cons

Pros

  • Available in every state;

  • A wide range of funding sources;

  • Large available loan amounts;

  • Availability of long-term funding options;

  • Applicants can be rapidly pre-qualified;

  • The application process is quick and simple;

  • Customer support is prompt and friendly;

  • Positive feedback and reviews.

Cons

  • Not compatible with all lenders;

  • Few details are available for each funding solution.

Terms and conditions

Terms and conditions differ for business purchases and expansion or payroll. Therefore, by identifying why you require loans, Lendio can eliminate lenders who are unlikely to approve you.

The terms of your loan will depend on who your partner funder is. Some of these fees could be:

  • Interest. Interest is the significant expense of borrowing money and is indicated as a percentage of the loan. Different lenders issue a daily, monthly, quarterly, or annual interest rate, which might be confusing.

  • Fixed fee. Some of the lenders, notably those offering short-term loans and merchant cash advances, levy a fixed fee. A fixed charge is a percentage or decimal multiple of the amount borrowed. Fixed fees are pricey but easier to understand than interest rates.

  • Prepayment penalties. A lender may not want their money back sooner if they expect interest over time. If you pay off your loan early, some lenders may charge you. If you wish to do this, ensure your lender doesn't demand it.

Funding a loan

Lendio offers the following loan options:

  • Business Lines Of Credit. Instead of giving you a lump sum, the lender limits how much you can borrow. You can keep taking money out of your line of credit as long as the total amount you take out doesn't exceed your credit limit. You can use it whenever you need extra cash and only pay interest on the funds you use. Loan amount $1,000–$500,000. Disbursement of funds takes as little as 24 hours.

  • Short-Term Loans. A short-term installment loan usually lasts less than a year and has a flat fee instead of the usual interest rate. Payments are made every day or every week. Loan amount $1,000–$500,000. Disbursement of funds takes as little as 24 hours.

  • Term Loans. A traditional loan in which the loan amount is given to the borrower in one lump sum in exchange for a promise to pay back the loan amount plus interest. The terms of these loans vary. Payments are made once a month, once a week, or once a day. Loan amount $5,000–$2,000,000. Disbursement of funds takes as little as 24 hours.

  • Merchant Cash Advances. The funder gives you a lump sum in exchange for a share of your future card-based sales. The funder gets their money by taking a cut off your daily card sales. Loan amount $2,500–500,000. Disbursement of funds takes as little as 24 hours.

  • SBA Loans. The Small Business Administration partly backs term loans and other products as well. Some things about these loans are better than most other loans, like the length of the loan term, the interest rates, and the amount of money that can be borrowed. Loan amount Up to $5,000,000. Disbursement of funds takes 30–90 days.

  • Equipment Financing. Loans and leases are meant to support the purchase or leasing of tangible goods.

  • Business Credit Cards. A business credit card can help you boost your working capital, receive quick access to cash when needed, participate in rewards programs, and build your credit. If you don't yet qualify for a small business loan or aren't quite ready for one, business credit cards could be the answer. Limit varies. Disbursement of funds takes as little as 24 hours.

Lendio offers a fast financing process.

  1. Fill out the 15-minute online application. It's secured with bank-grade encryption and SSL technology, so you know your information is safe.

  2. Receive matches. The company pairs you with loan options from Lendio's network. Their dedicated funding managers can help you weigh the pros and cons of each option.

  3. Get funded. Once approved, you'll be able to access your capital in as little as 24 hours.

Reviews

FAQ

Is Lendio a legitimate company?

Lendio is a legitimate company, but they do not provide loans. They are a third-party loan partner that connects lenders and businesses.

Is Lendio free?

Lendio does not impose a service fee. Lendio's profit is instead provided by its partner lenders.

Who owns Lendio?

Brock Blake is the co-founder and CEO of Lendio, the nation's leading provider of small business financing solutions.

How long does the Lendio compliance review take?

It all depends on the lender and the type of loan you request. For instance, the business terms loans take up to 24 hours, startup business loans two to four weeks, and SBA Loans one to two months.

Company documents

Terms & Agreements
Terms of use
Privacy Policy

Revolutionizing small business lending, one loan at a time.

© Lendio

Calculate loan payments in Lendio

Lendio calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Lendio

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Lendio and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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