Lendio Business Loan Reviews (2023)

byMayor •February 08, 2023

0

LENDIO BUSINESS LOAN REVIEW

Lendio is a business financing offering by Lendio, based in Lehi, UT. Founded in 2011, Lendio offers access to small business loans in 50 states (and Washington, DC).

LENDIO FAQ

What are Lendio’s rates?

Lendio offers a fixed APR business financing product that ranges from 6% APR.

Does Lendio charge an origination fee?

Yes, Lendio charges a loan origination fee.

What limitations does Lendio set on the purpose of the business loan?

Lendio considers business loan applications for business purposes, such as:

Equipment Purchase

Inventory

Lease Improvement

Product or Service Expansion

Technology Investment

Working capital

What types of small business loans does Lendio offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Lendio provides access to the following business loan types:

Unsecured Term Business Loans

Secured Term Business Loans

Does Lendio charge prepayment fees?

Yes, Lendio charges additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.

How much can you borrow from Lendio?

Business loan amounts start at $5,000 and go up to $2,000,000.

What is the maximum business loan term you can get with Lendio?

Lendio offers small business loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Lendio Business Loan?

Lendio Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 550 and up to 850 may be eligible for Lendio Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Lendio Business Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Lendio Business Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

Recent bank statements
Business formation documents
Driver's license
Government issued photo ID
Proof of identity

What is the estimated funding time for a business loan via Lendio?

Lendio can provide a credit approval decision in less than an hour and fund the business loan within 1 business day.

Does Lendio Business Loan report your account activity to credit bureaus?

Yes, Lendio Business Loan reports your account activity to the following credit reporting agencies:

Equifax
Experian
Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

CONTACT

HEADQUARTERS 4100 CHAPEL RIDGE ROAD SUITE 500 LEHI, UT 84043 USA

Visit Site

Email Support

HOURS OF OPERATION

Sunday Closed Monday 6:30am - 7:00pm Tuesday 6:30am - 7:00pm Wednesday 6:30am - 7:00pm Thursday 6:30am - 7:00pm Friday 6:30am - 7:00pm Saturday Closed

Available in 50 states and Washington, D.C.

Alaska
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
Washington, DC
Delaware
Florida
Georgia
Hawaii
Iowa
Idaho
Illinois
Indiana
KansasKentucky
Louisiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Carolina
North Dakota
Nebraska
New Hampshire
New Jersey
New Mexico
Nevada
New York
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
West Virginia
Wyoming

Who Lendio Isn’t Right For

Lendio is typically not right for business owners who:

Value privacy. Lender networks like Lendio often give your contact information out to many lenders, and so you may see a flurry of phone calls, emails and mailings.

Want to thoroughly vet a lender first. Lendio’s model connects you with specific lenders instead of you doing your own initial research on a group of lenders.

Customer Reviews

Reviews of Lendio are largely positive. The company has a rating of 4.7 out of 5 stars with Trustpilot, based on over 17,500 reviews. The Better Business Bureau (BBB) has given Lendio an A+ accreditation, along with over 120 customers who’ve left an average rating of 2.82 out of 5 stars. Finally, the company has nearly 8,000 reviews on Google, with 4.7 out of 5 stars.

Methodology

We reviewed Lendio based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Lendio based on the weighting assigned to each category:

Loan cost: 35%

Loan details: 25%

Customer experience: 20%

Eligibility and accessibility: 10%

Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated Lendio’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

Tags: Business Loan