Lendio is a business financing platform that matches its customers to their lending partners in order to find the best loan options available. They don’t originate loans directly, their network of over 75 business funders make it possible for them to offer a range of products including SBA loans, lines of credit, short term loans, merchant cash advances, equipment financing, and more.
We compiled reviews from around the web and determined that Lendio has a mix of positive and negative ratings. We also compared the most popular pricing options available.
Summary of Lendio User Reviews
What Lendio does well:
Users who gave Lendio positive feedback said that the company’s customer service is helpful, responsive, and communicates all the options really well. Many customers said that the process of getting financial assistance went smoothly.
What Lendio does not do well:
Users who gave Lendio critical feedback mentioned their costly fees compared to other similar companies. Some customers also said that they had to provide a lot more documentation than they were prepared for.
Most Helpful Positive User Review
A customer who gave Lendio a 5-star rating on Trustpilot said that she couldn’t be happier with her experience with Lendio. She said that the company has helped her secure a loan that allowed her to build her business’s credit as well as hire new employees. She mentioned that her lender had exhibited excellent attention to detail and explained the entire process to her thoroughly.
Most Helpful Negative User Review
A customer who gave Lendio a negative review on Better Business Bureau said that the company is only interested in luring him into getting a very high interest short term cash advance. He reported that after he indicated that he was interested in getting a Business Installment Loan, the company had lost interest very quickly. He claimed that he sent Lendio a profit and loss statement along with all his bank statements and tax returns, but didn’t receive any reply.
Lendio doesn’t charge their customers directly. Instead, they receive commission from their funding partners. Fees will vary depending on the partner funder you’re working with. For instance, their short term loans’ interest rates range from 8%-13%. Charges may include interest or a flat fee, administrative fees, origination fees, prepayment penalties, and other fees depending on the funder.
|Business Line of Credit|
|Short Term Loan|
|Merchant Cash Advance|
|Business Term Loan|
|Accounts Receivable Financing|
|Business Acquisition Loan|
Useful Lendio Resources
Lendio: Equipment Financing Is An Option For Small Businesses – Here’s an interview with Brock Blake, the CEO of Lendio, about equipment financing.
Startup Business Loans 2018: The 11 Best Ways to Fund Your Startup – In this article, we’ll analyze the 11 best startup business loans — from SBA loans to angel investors to Rollovers for Business Startups (ROBS).
How to Get a Loan to Buy a Business in 2018 – We’ll show you how to get a loan to buy a business and where to find business acquisition financing.
Top 5 Bad Credit Business Loan Options for 2018 – We review the best bad credit business loans available to help you find a good fit to get financed quickly.
Easy Business Loans: What Are the Best Easy Financing Options for 2017 – In this article, we review the three best places to get easy business loans in terms of funding amounts, application process, qualifications for approval, and funding times.
Lendio Video Overview
This video shows how Lendio financing works.