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Lendio Business Loans

Jessica Cotzin Jessica Cotzin Last update:
Loan Amount
$1K-$5M
Min Credit Score
580
Funding time
1-90mo

Founded in 2011, Lendio provides a platform for business financing in which they match borrowers with their large network of over 75 high-quality leading lenders, including big names like American Express, Bank of America, Kabbage, and LendingClub.

With a wide range of loan types, such as a business line of credit loan, SBA loan, startup loan, equipment financing, and more, Lendio simplifies the loan application process by allowing borrowers to apply for free in just 15 minutes and without any impact to your credit score.

From there, your business will be matched with financing options from multiple lenders. An expert will get in touch with you to help find the best option for your business’s needs.

Lendio Loan Types Available

  1. Business Line of Credit
  2. SBA Loan
  3. Short Term Loan
  4. Merchant Cash Advance
  5. Business Term Loan
  6. Business Credit Card
  7. Equipment Loan
  8. Commercial Mortgage Loan
  9. Accounts Receivable Financing
  10. Startup Loan
  11. Business Acquisition Loan

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Business Line of Credit

Good for: Flexible Financing

  • Loan amounts: $1,000 – $500,000
  • Loan Terms: 1 – 2 year maturity
  • Requirements: 560 credit score minimum, 6 months in business, $20,000 or more in monthly revenue.

A business line of credit is a great option for businesses that require flexible financing, as it provides a safety net. The APR you can get varies on the lender but depends largely on credit score, term length, and fees. Typically, a minimum credit score needed for a line of credit is 680.

SBA Loan

Good for: Rates Comparable to Bank Loans

  • Loan amounts: $50,000 – $5,000,000
  • Loan Terms: 10 – 25 years
  • Requirements: Need a tangible net worth of more than $15 million and an average net income of $5 million or less for the two years prior to your application.

Since SBA loans are less risky for lenders, borrowers can secure better rates and terms.

Short Term Loan

Good for: Small Business Loan with Fast Financing

  • Loan amounts: $2,500 – $500,000
  • Loan Terms:1 – 3 years
  • Requirements: Good credit, been in business for 2 years or more

Lendio’s short term loan is ideal for borrowers who need a small business loan fast, with time to funds being as quick as 24 hours. The only downside is that lenders may require collateral.

Merchant Cash Advance

Good for: Fast Cash

  • Loan amounts: $5,000 – $200,000
  • Loan Terms: Up to 2 years
  • Requirements are lenient due to the nature and terms of the loan.

Lendio’s merchant cash advance allows business owners to borrow against future earnings to get cash now, which is perfect for businesses that need quick cash. Time to funds is as early as 24 hours and requirements are lenient.

Business Term Loan

Good for: Established Businesses

  • Loan amounts: $5,000 – $2,000,000
  • Loan Terms:1 – 5 years
  • Requirements: collateral

Lendio’s Business term loan is best for established businesses that have solid financial statements and a substantial down payment to lower the total loan costs. Additionally, this loan type requires collateral, which is standard.

Business Credit Card

Good for: Flexibility in Funding

  • Loan amounts: $1,000 – $500,000
  • Loan Terms:1 – 2 year maturity
  • Requirements: 680+ credit score

The Lendio business credit card allows borrowers to increase their working capital while building their business credit. This card is flexible and can be used for any business needs, and is a great alternative to a small business loan.

Equipment Loan

Good for: Financing Business Equipment

  • Loan amounts: $5,000 – $5,000,000
  • Loan Terms: 1 – 5 years
  • Requirements: 650+ credit score, 12 months in business, $20,000 or more in monthly revenue

This is the perfect loan type to fund your business’s equipment, and despite some qualification restrictions, it’s actually pretty easy to qualify. Even if your credit score isn’t high enough, if you can show proof of good cash flow and revenues for the past 3-6 months, you can still qualify.

Commercial Mortgage Loan

Good for: Buying, Building, or Renovating Business Space

  • Loan amounts: $250,000 – $5,000,000
  • Loan Terms: 20 – 25 years
  • Requirements: Varies depending on lender

Since this is an asset-based loan, what you qualify for will be based on your credit score as well as the value of the property you’re using as collateral.

Accounts Receivable Financing

Good for: Poor Credit

  • Loan amounts: Up to 80% accounts receivable
  • Loan Terms: Up to 1 year
  • Requirements: Not specified

This type of financing doesn’t rely on your credit score because it’s all about the company that owes you money. If you have reliable clients with good credit, you can access accounts receivable funding in as soon as 72 hours.

Startup Loan

Good for: New Businesses

  • Loan amounts: $5,000 – $750,000
  • Loan Terms: Up to 25 years
  • Requirements: 680+ credit score, in business 6 months

Opting for Lendio’s startup loan is a good way for new businesses to get funding without giving up company equity. The loan amount you can get depends on the type of business you’re starting, your experience within the industry, and your credit score.

Business Acquisition Loan

Good for: Buying an Existing Business

  • Loan amounts: $5,000 – $5,000,000
  • Loan Terms: Revolving or 10-25 Years
  • Requirements: You’ll need records of the business’s financial valuation and performance, a business plan, and financial projections. You may also need experience, depending on the lender.

Lendio’s business acquisition loan is ideal for borrowers looking to buy an already-existing franchise or business. These loan types typically come with low interest rates and high loan amounts. They can also fund pretty quickly, with cash ready in as little as 30 days.

Lendio: Pros

  • Flexible on credit score. Getting approved is based more on strong balances and revenue.
  • Variety of loan types available
  • Soft credit check for the initial application
  • Save time with offers from multiple lenders

Lendio: Cons

  • Application process is a bit long for a marketplace because it requires 3 bank statements
  • Since Lendio is not a direct lender, the terms only become clear after applying for a loan

Application Process

The Lendio application process can take up to 15 minutes to complete. It begins with you entering the amount needed (the minimum and maximum will vary depending on the loan type you’ve selected).

Information you’ll need to provide:

  • Credit score
  • Business start date
  • Monthly revenue for your business
  • Category of your business (i.e. finance, legal services, etc.)
  • Multi-select section with questions such as: has there been a bankruptcy, does your business invoice customers, is it a non-profit, etc.
  • The percentage of the business that you own
  • The purpose of your loan (i.e. expansion, working capital, payroll, etc.)
  • State your business resides in
  • Annual profits
  • Annual personal income
  • Type of entity (i.e. LLC, corporation, etc.)
  • Select which is most important — amount of funds, speed of funds, or cost of funds

You will then be prompted to create your Loan Profile by filling out some personal details and business information. You may be required to submit a few bank documents as well. Once you submit your application, Lendio will conduct a soft credit check which will not harm your score.

The information provided will be used to pull offers from their network of lenders who you qualify for. According to their Customer Service Guarantee, you will be matched with lenders within 72 hours of your submission.

A Lendio customer service agent will reach out to you with the offers, which you can also review and compare online. These offers will include details such as the APR, loan terms, and the amount you qualify for. Once you choose a lender that’s best suited for your business, you can move forward with the funding process with that lender.

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Privacy & Security

With an A+ rating with the Better Business Bureau, Lendio is a trusted business financing platform that works with the nation’s top lenders.

Lendio has extensive security measures in place which serve to protect the misuse or loss of sensitive information that is stored in their database, including SSL technology and other proprietary measures.

Customer Support

You can get in touch with the Lendio support team either through their online contact form, social media, or phone number. Additionally, Lendio has helpful resources like a blog page, which covers a variety of financial topics, news in the business world, and a Q&A page for small business owners looking for financing options.

Final Thoughts

Lendio is not a direct lender, but rather a matchmaking service for those seeking funding for their business. Using their free service can be beneficial for a variety of reasons, with the biggest being that you get multiple offers from lenders you qualify for in their network, thus saving you time and effort.

The rates and terms you get will vary depending on the lender you’re matched with, and getting approved depends largely on your business’s performance and revenue.

While there have been mixed reviews from customers online, it’s worth trying out their free service to see what kind of rates your business qualifies for. The initial application won’t harm your credit score and it could possibly save you time on searching for a business loan.

Address

4100 Chapel Ridge Road

Suite 500

Lehi, UT 84043

Disclaimer
This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.