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Rating by Finanso®

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's pay off


Repayment of loan

Some small business loans can be repaid with a simple monthly payment. In contrast, others need automated daily withdrawals from your merchant account.

Depending on the lender and loan type, you select and criteria like your business history, your payment schedule and method may vary. Usually, the stronger your business and credit, the fewer loan payments you'll have to make and the more payment processing alternatives you'll have. Conversely, the worse your credit score and overall business strength, the more frequent and determined your payment options will be.

Equifax, Dun & Bradstreet, and Experian are the three business credit reporting agencies where you can check your score. Once you know your score, you can work to improve it.

Conditions of loan extension

Your loan extension terms will differ depending on your choice of lender and loan type. It would be best if you inquired with your lender about possible options.

Early payoff

Lendio is a marketplace for lending. So you need to check where your lender stands on early payment. Some lenders will provide you a small discount if you pay off your business loan early, while others may impose prepayment penalties. Before you make hasty prepayments, you should inquire with your lender about any applicable fines and reductions.


How does Lendio PPP work?

Lendio is a marketplace for lending that connects borrowers to vetted networks. Lendio is not a lender, and applying does not guarantee you a PPP loan.

Does Lendio charge a fee for PPP?

Lendio offers its service free of charge.

How fast is Lendio?

The process for applying is short and easy to understand. The application for Lendio only takes 15 minutes to finish. Within 24 hours, you may be approved and have the money put into your account.

Calculate loan payments in Lendio

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

Loan amount

Enter the desired loan amount

1000 $
2000000 $
Loan term

Specify the loan term for the calculation


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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All Lendio’s reviews by September 2022
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