Lendio Reviews

Lendio Business Loans Terms & Requirements

• 500 credit score minimum
• 6 months in business
• $96,000 or more in annual revenue
• Collateral
• Records of the business’s financial valuation

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, $50,000 or more in annual 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 – 30 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.

Does Lendio do a hard credit check?

Lendio typically performs a soft credit pull when you initially apply to pre-qualify for loan options, which does not affect your credit score. However, once you proceed with a specific loan application from one of the lenders in their network, the lender may conduct a hard credit check, which can impact your credit score. This hard credit inquiry usually occurs during the final approval process.