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Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Features
  • Business loans of up to $5 million
  • Get your capital within 24 hours
  • Get connected with over 75 lenders
  • Funding managers explain your loan options

Lendio Review (2022)

Lendio is an online broker that partners with more than 75 lenders to provide business loans for businesses in the U.S.

Startups and small businesses often have limited access to capital funding. With its network of lenders, Lendio helps businesses get the funding they need.

They have a quick and free online application process that only takes minutes. With Lendio you can get the capital you need within 24 hours.

Here’s a quick summary of the types of business loans Lendio offers:

Loan TypeTerms
Business Term Loan$5,000 to $2 million
Starting from 6% APR
Available in all states
Repayments from 1 – 5 years
Startup Loan$500 to $750,000
Starting from 0% to 17% APR
Available in all states
Repayments depend on the lender
SBA LoansUp to $5 million
APRs not disclosed
Available in all states
Repayments from 10 – 30 years
Business Line of Credit$1,000 to $500,000
Starting from 8% to 24%
Available in all states
Repayments from 1 – 2 years
Equipment Financing$5,000 to $5 million
Starting from 7.5% APR
Available in all states
Repayments from 1 – 5 years
Merchant Cash Advance$5,000 to $200,000
Starting from 18% APR
Available in all states
Repayments depend on the lender
AR FinancingUp to 90% of receivables
Starting from 2% APR
Available in all states
Repayments depend on the lender
Business Acquisition Loan$5,000 to $5 million
Starting from 5.5% APR
Available in all states
Repayments depend on the lender

Here’s what we’ll cover in this Lendio review:

What is Lendio?

Lendio is a business financing platform that connects business owners and lenders.

Despite not actually offering loans itself, Lendio’s network of over 75 business lenders — which includes well-known companies like Kabbage, OnDeck, Amex, Fundbox, and many others — is meant to serve as a one-stop shop for funding.

Lendio has funded more than $12 billion in loans so far and facilitated more than 300,000 loans to date. With banks typically rejecting up to 80% of business loan applications, Lendio makes it possible for business owners to get the funding they need by comparing a variety of lenders.

Chosen 515 times
  • Business loans of up to $5 million
  • Get your capital within 24 hours
  • Get connected with over 75 lenders
  • Funding managers explain your loan options

Types of Business Loans

Lendio offers a variety of business loans and the platform is easy to use. Business owners can apply for more than one type of loan at a time and will be connected with more than 75 lenders to find the type of business funding they need.

Business Term Loans

With a business term loan from Lendio, you can borrow from $5,000 up to $2 million and get funding as soon as 24 hours.

Loan terms are from one year to 10 years with interest rates as low as 6%.

Short-term loans are typically less than 18 months and normal-term loans can be from two years up to 10 years or more.

Lendio’s business term loans are available in all states.

Business Line of Credit

A business line of credit can give you business funding from $1,000 up to $500,000 with interest rates starting at 8% APR.

A business line of credit is available from Lendio in all states and funding can be within two weeks. Repayment terms are from one to two years.

Merchant Cash Advance

Business owners can get a merchant cash advance from Lendio of between $5,000 and $200,000. Repayment terms for merchant cash advances are up to two years and interest rates start at 18% APR.

You can get funding within 24 hours and this is available in all states.

Equipment Financing

With equipment financing, you can borrow from $5,000 up to $5 million and get funding within 24 hours.

Loan terms are typically between one and five years, and interest rates can be as low as 7.5%. Equipment financing is a type of asset-based lending that helps business owners get funding to buy or lease the equipment they need.

Credit approval is a bit more flexible for these loans and the equipment is typically used as collateral for the loan.

SBA Loans

With Lendio you can apply for SBA loans of up to $5 million and terms between 10 years and 30 years. SBA loans are available in all U.S. states.

Startup Business Loans

For business owners who need a startup loan, Lendio can connect you with lenders that offer startup loans between $500 and $750,000.

Interest rates start at 0% or 17% with repayments up to 25 years.

Funding is typically between two weeks and four weeks.

Accounts Receivable Financing

With accounts receivable financing, businesses can get fast cash of up to 90% of their receivables. Funding happens within 24 hours and APRs start at only 3%. Repayment terms are up to a year.

Applying for financing online takes only 15 minutes.

Business Acquisition Loans

With a business acquisition loan from Lendio, you can borrow from $5,000 to $5 million and get funding within 30 days.

Loan terms are revolving, or up to 25 years and interest rates start as low as 5.5%.

You can use a business acquisition loan to buy a business, including an existing business or a franchise, even if you don’t have the capital ready.

Fees

Lendio doesn’t charge any fees as its revenue comes from its partners.

Depending on the loan offer you choose, the fees that the lender charge may include the following:

  • Fixed fees: Some lenders charge a fixed fee rather than an interest rate, especially those lenders that offer short-term business loans.
  • Interest rates: The cost of borrowing will vary between lenders.
  • Origination fees: Some lenders may charge an origination fee or an administration fee.
  • Prepayment penalties: Some lenders may penalize you when you repay your loan earlier as they may lose out on interest rate payments.
Chosen 515 times
  • Business loans of up to $5 million
  • Get your capital within 24 hours
  • Get connected with over 75 lenders
  • Funding managers explain your loan options

They represent the “cost” of processing and administering your loan and may or may not be added to your interest rate or a flat fee by the lender.

Asking your lender about these costs is important because they might not be mentioned upfront. These costs could be fixed or based on a percentage of your loan balance.

Some alternative lenders may charge a flat fee as opposed to an interest rate, particularly those who provide short-term loans and merchant cash advances.

A fixed charge is specified as a percentage of the loan amount or as a multiplier in decimal form. Therefore, if you borrowed $10,000 at a 20% fee (or a 1.2 rate), you would owe $12,000 in total.

Be cautious with fixed fees because they are typically more expensive even though they are simpler to understand than interest rates.

How to Qualify for a Lendio Loan

The requirements for a business loan differ based on the lender Lendio connects you with. Lendio isn’t a lender itself; rather, it connects you with lenders.

Here are some requirements you would have to meet, though, while looking at all of their lenders:

Step 1

Personal Credit Score

Lendio does not determine the minimum personal credit score needed to be eligible for business financing; each individual lender does. Lendio only offers this data for a select few categories of financial products, such as:

  • Startup business loans: 680
  • Business line of credit: 560
  • Equipment financing: 650

Although Lendio doesn’t list a specific credit score as a requirement, we recommend that you have a minimum score of at least 670 to increase your chances of approval.

Step 2

Time in Business

Even for beginning loans, the majority of the lenders in Lendio’s network demand that you have been in operation for at least six months. Some loan kinds may have more stringent restrictions, such as those from the U.S. Small Business Administration (SBA) (at least two years) or loans for equipment (at least one year).

Step 3

Annual Revenue Requirements

Depending on the sort of finance you’re seeking and the exact lender Lendio matches you with, the revenue required to qualify for a loan will vary. The annual minimum revenue requirements for business loans typically range from $50,000 to $250,000.

Lendio, however, only offers examples for a few specific types of business finance, such as:

  • Business lines of credit. $50,000 (minimum)
  • Equipment financing. $50,000 (minimum)

How to Apply for a Lendio Loan

It only takes a few minutes to complete an application on Lendio’s website to be connected with a lender.

Lendio will typically get in touch with you within a day or two to go through your alternatives and assist with the application process with a particular lender. Application requirements vary depending on the lender.

You can complete your application online within 15 minutes and apart from your personal and business details, you may need to upload additional documentation.

Lendio doesn’t charge any application fees and you can get access to your business capital as soon as 24 hours.

Our Lendio Review

    Cons

  • Does not work with all lenders

  • Not much information available for each funding solution

To assist you in getting the finance your business needs, Lendio works with a network of over 75 other lenders. With Lendio’s extensive network of lenders, this popular lending platform can be a solid choice for business owners who want to quickly compare lenders and get funding.

Prospective borrowers may submit applications for a range of loans, including initial business loans, short-term loans, and equipment finance, among others.

Who Lendio Is Best For

Lendio is best for business owners who:

  • Are thorough: Lendio has more than 75 lenders to save you a lot of time when it comes to comparing business loan lenders.
  • Aren’t sure what type of loan to choose: Lending helps you choose the best business loan that may work for your business.
  • Want to work with reputable lenders: Lendio has great reviews and is a popular resource in the online small business lending world.

Who Lendio Isn’t Right For

Lendio may not be the best option for business owners who:

  • Want to be private: Lendio may share your information with many lenders so you might receive follow-up calls or emails.
  • Want to vet lenders thoroughly first: Lendio’s model works to connect you with specific lenders instead of you doing your own research and getting in contact with lenders on your own.

Transparency

You can get all the information you need about the service on Lendio’s website, and the sales representatives are equally open.

Customer reviews do not detail instances where fees or other unexpected policies caught customers off guard.

The only catch is that until you are matched with a lender, you won’t know the precise terms of the loan. Lendio does make an effort to prepare potential borrowers about what they could expect, though.

To find all the information provided, you might need to go through a few pages because there are some minor distinctions between the various loan product kinds. Always use a loan calculator to get an idea of what to expect.

Customer Service

Lendio offers support via phone from Mondays to Fridays and you can also submit a request online. They also have a comprehensive FAQ and help section.

Is Lendio Legit?

Is Lendio legitimate? Yes. Lendio is a well-known loan broker that connects business owners with a network of 75 reputable lenders.

Are you a customer? See more Lendio reviews below or add your own.

Lendio FAQs

How much can I borrow?

Depending on the loan type, you can borrow up to $5 million with Lendio.

Can I get a startup loan?

Yes, Lendio can match you with lenders that offer startup loans between $500 and $750,000.

Does Lendio offer SBA loans?

You can apply for an SBA loan with Lendio, with terms of up to 30 years and loans of up to $5 million. However, funding can take up to two months. 

How do I qualify for a Lendio loan?

Lendio connects you with a range of lenders and the requirements can vary between loan types. You typically need a credit score of at least 560 for a business line of credit, and 650 for equipment financing. You should also be in business for at least six months and typically have an annual revenue of $50,000 or more

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Reviews of Lendio

Lendio is rated 62 out of 300 companies in total rating and got an average review score of 4.5 based on 2 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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Agung Pratama reviews | November 9, 2021
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Marge C. 1 review | August 7, 2017
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Lendio is an excellent business loan matching service. Many options were offered from various lenders and comparing these options was made easy and simple.
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