Lendio Business Loans Review 2024

Lendio is a business loan marketplace, meaning they don’t actually issue business loans themselves. Instead, they serve as a platform for researching and obtaining loans through outside institutions. 

Instead, they boast a network of over 75 lenders that entrepreneurs can peruse on the website to compare eligibility requirements, loan amounts, interest rates, and repayment terms. Moreover, one application allows you to apply to any of the lending options on the website, saving you time. 

• Lender Network: With Lendio’s extensive network of lenders, businesses have access to a substantial amount of lending opportunities. 
• Loan Variety: Lendio doesn’t connect startups with just one loan type; there are several types of loans available on the Lendio platform. 
• Easy to Use: The Lendio platform is super user-friendly, requiring only one application to get you closer to your funding goals. 
• Location Availability: Lendio is available in all states, which is not true for all business loan marketplaces and lending institutions. 
• Highly Rated: With a plethora of glowing reviews, Lendio boasts positive reception from their customers. 

• Not All Lenders Included: There are some lenders that aren’t included on the platform. Therefore, if you have a specific lender in mind, you may have to look into whether they participate in Lendio’s marketplace. 
• Some Information Unavailable: Some helpful information about each loan isn’t included on the website, requiring a bit more research at times. 
• Virtual Only: For entrepreneurs seeking an in-person financing conversation, Lendio may pose a challenge as the platform is entirely online. 

Lendio boasts business financing options from lines of credit to classic term loans. Depending on the type of funding you choose, there will be various requirements and terms that you will need to meet to qualify for the loan of your choice. 

With so many loan options available on the Lendio platform, minimum requirements will vary based on loan type and lender. However, there are a few minimum requirements that need to be met across the board: 

• Minimum time in business is six months
• Minimum credit score is 560 
• Minimum annual revenue of at least $50,000
• Must have a business bank account 

As we mentioned above, Lendio is home to an extensive list of funding options. These include credit cards, cash advances, and government-backed loans. Here are the types of financing options you can find on the Lendio platform. 

Accounts Receivable Financing

Also known as AR financing, Accounts Receivable Financing enables businesses to sell their unpaid invoices to receive a percentage of their value. Allowing you to obtain instant capital in exchange for a small portion of the asset. These loans come with a factoring fee starting at 3%. 

• Terms: Up to one year 
• Time to fund: About 24 hours 
• Loan amount: Up to $10 million 

Equipment Financing

Equipment financing loans allow you to finance the purchase or lease of expensive equipment for your business. Whether it is tech, vehicles, or farm equipment, these loans help purchase valuable resources to run your business. Interest rates for equipment loans through Lendio start at 7.5%. 

• Types: 1-5 years 
• Time to fund: About 24 hours 
• Loan amount: $5,000 to $5 million

Business Credit Card

Business credit cards provide access to working capital while helping you build a strong business credit history. Lendio offers five types of business credit cards on the platform: Ink Business Unlimited Credit Card, Ink Business Cash Credit Card, Ink Business Premier Credit Card, Ink Business Preferred Credit Card, and BILL Divvy Corporate Card – each with varying requirements and restrictions. 

• Annual Fees: $0-$195 
• APR: 0-27.24%

Business Cash Advance

A business cash advance or merchant cash advance allows businesses to borrow money and repay funds with future credit or debit card sales. Factor rates start at 1.08 for business cash advances on the Lendio platform. 

• Terms: 3-36 months 
• Time to fund: About 24 hours 
• Loan amount: $5,000 to $2 million 

Business Line of Credit

Business lines of credit offer a flexible funding option for startups looking to increase cash flow when they need it. One of the biggest benefits of business lines of credit is that you only pay interest on the amount you use, not the entire amount of credit you have access to. Interest rates range from 8-60% on business lines of credit with Lendio. 

• Terms: 6-8 months 
• Time to fund: 1-2 days 
• Loan amount: $1,000 to $250,000

Business Term Loan

Business term loans are the most common, standard business loans providing capital upfront with a repayment schedule that includes interest. Term loans are predictable and offer lower interest rates than many other financing options; however, they have stricter requirements, such as credit score minimums. Interest rates for business term loans through Lendio start at 8.49%. 

• Terms: 6 months to 10 years 
• Time to fund: About 24 hours 
• Loan amount: $5,000 to $2 million 

SBA Loan

SBA loans are facilitated by the US Small Business Administration. These government-backed loans offer favorable repayment terms and may be easier for entrepreneurs to obtain since they are guaranteed by the SBA. 

• Terms: 10-30 years 
• Time to fund: 1-2 months after approval 
• Loan amount: Up to $5 million

Lendio is used by small business owners and startup founders alike to financially support their business ventures. Many entrepreneurs raved about specific funding managers that helped not only facilitate their loan acquisition but also saved their startups money. However, one common complaint is high rates and interest on loans, as well as ineffective communication. 

Here are some verified customer reviews from Trustpilot about Lendio:

“What an awesome experience trying to get loans for my business. I've never had any other lenders that work super fast and actually cater to my business. Lendio saved my business twice getting us. Special thanks to Desiree for fast communication and sending the banks whatever they needed as fast as lightning. I will be back for more loans for sure. Recommend 100000%.”

“The person helping me went above and beyond to provide me with service that I have never received before. He ended up saving my company $15K and that is very impactful for a small business. I would and will recommend this company to other small business finding themselves in need of capital.”

“I found that the process was simple but everything was very much up in the air and it didn't feel like there was someone to get in touch with to answer any questions. The actual loan felt like I wasn't dealing with an actual company and at several points in time I felt like the company was not even real. It made me feel very insecure. The loan did go through but I would prefer more follow through.”

With 90% of Lendio’s reviews being five stars, a major feat for any company, customers are generally happy with their service. However, negative reviews note a need for lower rates and better communication. Overall, Lendio’s reviews were impressive. 

If you’re not sold on Lendio for your business loan needs, there are alternatives out there, such as UpLyft Capital, that offer a more niche financing alternative. This is how the two companies match up next to each other. 

Both of these financing platforms offer decent startup funding options. If you’re looking for more selections to choose from, Lendio is going to allow you to shop around with different lenders and loan types. However, if you are having trouble securing financing, a business cash advance through Uplyft Capital may be a good choice for you. 

Applying for a startup business loan through Lendio isn’t just easy – it is also incredibly fast. Simply submit an application on the website and get connected with a funding manager who will help you determine the right funding type for your business and what you qualify for and facilitate the process. 

Once you’ve compared lenders and custom funding offers, you can choose the right loan for your business’s needs. Funding is typically received in as little as 24 hours. 

For business owners looking for variety in their business loan selection, as well as a quick and easy process, Lendio is a great choice. Applications are fast and, with the help of your funding manager, can result in a custom offer built for your business. Plus, turnaround time is typically very short, getting you the funding you need fast. 

However, any entrepreneur looking for a more hands-on approach to taking on business loans or financing may not be best served by this online-only provider. Instead, they may be better suited to a financial institution that they are able to communicate with in person. 

Overall, Lendio offers such an immense selection of business funding options that many businesses can find applicable funding sources from their easy-to-use marketplace. 

Recommended: Simplify your search for startup funding by leveraging Lendio's comprehensive loans marketplace. Apply Now.

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