Lendio is a business loan broker that partners with over 75 lenders to help small businesses get access to financing that suits their business operations. It can be used by a wide variety of borrowers and offers flexible qualifications since its lender network is so vast.
Additionally, the process of applying is simple, as you can apply for multiple financing solutions with just a single application. Loan options are plentiful and inclusive of SBA loans, term loans, equipment loans, commercial mortgages, cash advances, and more.
In my review, I’ll touch upon why you should consider Lendio. I’ll also go over loan offerings, pros and cons, general features, the application process, and more, so that you can determine if it might be a good fit for your business.
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Lendio overview
Lendio is a loan marketplace that has been serving small businesses since 2011. Over 400,000 businesses have been matched with financing solutions that help them boost operations and maintain cash flow, as Lendio has facilitated over $16 billion in funding since its founding. Essentially, its marketplace of lenders and tools allows more small businesses to qualify and receive funding quickly.
The company markets itself as the nation’s leading funding marketplace, and for good reason. One single application can connect small businesses with over 75 potential funding partners and financial solutions. Its embedded, AI-driven marketplace and integrated lending technology make it stand out from other brokers, making the overall process quick and seamless.
It can connect you with a wide range of financing options, in which a single application can help you review all your potential options at once. Should you have questions or need assistance, it has a large team of experienced professionals at your disposal to help you navigate the process. Overall, it is a flexible and time-saving option if your small business doesn’t know where to start in the journey of obtaining financing.
Who Lendio is right for
Lendio, which tops our list of the best small business loans due to its flexible qualifications and variety of loan options, has use cases and financing options for nearly any type of business borrower. Its partnering lenders can work with a wide variety of business sizes and industries.
The broker is very transparent in terms of starting rates, qualifications, and potential funding amounts. While those, of course, vary per partnering lender, it can be a great fit for borrowers who want to
- Keep the application process simple: Instead of applying for various loans with numerous lenders, you can shop around all in one place with Lendio. You fill out one simple application, and then are matched with lenders that meet your criteria.
- Receive a variety of financing options: If you aren’t quite sure what type of financing is best suited for your business needs, you can do some research with Lendio and speak to a representative who can help you determine what your best options might be.
- Save time and (potentially) money: Since you only have to fill out one application, you can save on application fees that would normally be associated with applying with multiple lenders. Overall, this can save you time as well.
- Get a customized experience with a broker: Its representatives are well-versed in small business loan offerings, so if you want to ensure you’re getting the best deal, working with one of its advisors can be a great perk.
Pros & cons of Lendio
Loan types offered by Lendio
As previously mentioned, there is a wide variety of loan types to consider with Lendio. Based on your specific business financing needs, choosing the right type can come with a variety of key considerations. That said, below are some of its applicable financing options, with the general rates, terms, and qualifications that you can expect.
Note that actual loan details may vary widely based on your qualifications as a borrower and that the starting rates, terms, amounts, and eligibility requirements are estimates. The participating lender will designate actual loan details and requirements.
Lendio qualification requirements
Lendio business loan requirements are actually subject to the participating lender’s criteria. Since it’s a broker and not a direct lender, it can only provide guidelines rather than finite qualifications. That said, qualifications are still flexible since a variety of lenders can be presented to you.
General guidelines are included below but will, of course, vary per lender. Overall, qualifications are favorable with competitors and can be influenced by a wide variety of factors.
It’s worth noting that the better your creditworthiness, revenue, and total time in business, the more favorable rates and terms you’re likely to secure. Maintaining a good relationship with your potential lender is key to getting the best deal for your budget.
Since there’s variability in requirements among lenders, it’s important to know that just meeting the minimum requirements does not guarantee approval. If requested by the lender, you may have to provide supplemental criteria.
Check out our guide on how to get a small business loan for tips on how to improve your odds.
How to get financing from Lendio
If you’re still wondering, “How does Lendio work?” let’s walk through the basics.
Lendio’s application process can be completed entirely online. The application is simple to fill out and offers potential financing options quickly. It outlines the process in three steps:
Step 1: Share your vision.
You’ll access and complete Lendio’s online application and provide your business information and goals. Those include the following:
- Business industry
- Funding amount
- Credit score
- Time in business
- Monthly revenue
- Business details (franchise, non-profit, etc.)
- Loan purpose
- Business location
- Entity type
- Annual personal income
- Annual profits
- Contact information
The application will take only a few minutes, and once you’ve filled out the required details and submitted, it will be sent for review and presented to its network of 75+ lenders. It’s worth noting that no hard credit pull takes place during this process. There are also no application fees or obligations to accept an offer.
Step 2: Compare your options.
Lendio will work with you to ensure you match with the right financial partner and product specific to your business needs and budget. Its representatives can aid you along the way and help you compare and understand all your options.
Your dedicated personal funding manager will ask about your needs, walk you through different loan options, and help you choose the perfect small business loan. The goal is to make informed decisions and get access to funds quickly, so the closer you work with them, the better your experience.
Essentially, once you’ve matched and compared all your options, you can proceed with the lender you’d like to work with. You’ll also be notified of either the details regarding approval by the partner lender or the reasoning for denial if not approved.
Step 3: Get your money.
Once you’ve moved forward with the process, Lendio will facilitate the loan, and you could access funds in as little as the next business day. Should you have any questions or concerns during this process, you can reach out to your personal funding manager.
Visit Lendio
Lendio alternatives & comparison
Lendio is a great provider, but you should still consider all your potential options. See how Lendio stacks up to some competitors.
My methodology in reviewing Lendio
When reviewing Lendio as a business loan provider, there are a few common factors that I took into consideration when assigning a rating. Overall, I evaluated general features, loan offerings, customer experience, and the application process.
Note that assigned ratings are not based on an individual lending experience, but rather on the variety of elements that would impact the lending experience for a typical small business borrower.
Customer testimonials of Lendio
Based on its 4.7-star rating on Trustpilot across over 21,000 reviews, Lendio reviews from its customers are quite positive. Its highlights mostly have to do with its customer service, ease of application, and variety of features. This company earns high praise across the board, with customers regularly sharing standout experiences.
It’s not uncommon to see shout-outs to specific team members, who are frequently credited for going above and beyond. The customer support team, in particular, received glowing feedback for being attentive, patient, and quick to resolve any issues or questions.
The broker also has an A+ rating with the Better Business Bureau. However, this does not highlight specific customer reviews, but rather an overall rating.
Frequently asked questions (FAQs)
It depends on your preferences. If you have a specific lender in mind, it’s worth applying directly with it. If you’re unsure of your potential lending options, a broker can be useful and help you review multiple options at once.
Generally, the process of applying is quite simple. It can be done online, and the application itself only takes a few minutes. Approvals can vary depending on the lenders you’re matched with, but overall, this can be a way to increase your chances of finding lenders willing to issue financing.
No. Lendio’s initial application is free of charge. That said, there may be fees charged by the lender you work with during the facilitation of the loan process, but they can vary widely.
Bottom line
Lendio can be a great financing solution if your small business is unsure of whom to approach first when it comes to choosing a lender. Its partnering lenders offer competitive rates and terms, and the process can save you overall time and money.
If you’re looking to work with a broker that will help you get the best deal, keep things simple, and charge no application fee, Lendio can be an excellent option that meets your customized business financing needs.