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finder.com’s rating: 4.79 / 5.0
★★★★★
$500
Min. Amount
$5,000,000
Max. Amount
Product Name | Lendio business loans |
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Min. Amount | $500 |
Max. Amount | $5,000,000 |
Loan Term | 12 to 300 months |
Min. Credit Score | 560 |
APR | Starting at 6% |
Requirements | Operate business in US or Canada, have a business bank account, 560+ personal credit score |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Lendio’s customer service and short, easy application make it a standout among similar marketplaces. It slashes the time it takes for busy small business owners to find the right loan by taking on most of the heavy lifting in the form of a vetted network of competitive small business lenders. It also promises quick funding, sometimes in as little as 24 hours.
However, Lendio also has a mixed history — some customers say it was a great option, but others state that Lendio didn’t provide enough information and failed to respond to multiple emails.
To see other connection services and direct lenders, use our table to compare even more options.
Yes, Lendio is a legit connection service that outlines how your information is used to connect you to lenders. It doesn’t sell any of your personally identifiable information — instead, it works on a pay-per-lead model. Its website is encrypted and secure, and its privacy policy covers a variety of details on how and why your information is collected.
Lendio doesn’t charge any fees to use its connection service. If you opt for a short-term loan through one of the providers in its network, interest rates start at 6% for loans from $500 to $5,000,000. Loan terms last anywhere from one to three years.
However, Lendio doesn’t list a maximum APR. You’ll need to fill out its online form and be connected with a lender to see the rates your business might be eligible for.
Use the calculator below to estimate your ideal monthly payment to help make the selection process quicker.
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Lendio uses your credit score, time in business, bank statements and collateral — if applicable — to connect you to a suitable lender. The amount you qualify for, as well as your APR, will depend on these factors.
The better your annual revenue and personal finances, the more likely you are to score a rate near the 8% mark. If you don’t have the best credit, or are a newer business, you may not qualify for competitive rates on a term loan.
The exact eligibility criteria you and your business need to meet will depend on the lender you’re connected with. But typically, you’ll need to meet these basic requirements:
When you’re ready to get started, have this information on hand:
Lendio does require more information than other connection services, but this helps it narrow down your options to find the right lender for your business’s needs.
Lendio doesn’t state what types of businesses its network of lenders work with. However, you may struggle to find financing if you’re in a nontraditional or high-risk industry like cannabis or adult entertainment. Reach out to Lendio to ensure that your business will qualify — and double-check with the lender you’re connected with to confirm your business is eligible for financing.
The lenders in Lendio’s network offer a wide variety of financing options, including:
SBA loans | Up to $5 million | Up to 11% | 10–30 years |
Business lines of credit | $1,000–$500,000 | 8–24% | 1–2 years |
Equipment loans | $5,000–$5 million | Starting at 7.5% | 1–5 years |
Commercial mortgages | $250,000–$5 million | Starting at 4.25–6% | 20–25 years |
Startup loans | $500–$750,000 | 0–17% | Up to 25 years |
Business acquisition loan | $5,000–$5 million | Starting at 5.5% | 10–25 years |
Merchant cash advances | $5,000–$200,000 | Starting at 18% | Up to 2 years |
Invoice factoring | Up to 80% of outstanding invoices | Starting at 5% | Up to 1 year |
Your business may also qualify for a business credit card. However, the exact terms and credit limits its lending partners offer aren’t lisited on Lendio’s website.
BBB accredited | No |
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BBB rating | |
BBB customer reviews | 3.76 out of 5 stars, based on 45 customer reviews |
BBB customer complaints | 37 customer complaints |
Trustpilot Score | 4.9 out of 5 stars, based on 8,353 customer reviews |
Customer reviews verified as of | 13 October 2020 |
Lendio receives high marks on its Trustpilot page. Multiple customers praise its customer service team for quick, helpful action during the COVID-19 outbreak. However, customers on its BBB page report that they struggled to contact Lendio and learn more about their loan options — including their lender — after filling out Lendio’s online form. Others also had problems contacting their lenders in general and stated Lendio didn’t do enough to help them during the PPP loan application process.
In May 2020, Lendio received a warning letter from the FTC that states its marketing created a misleading affiliation between the SBA and Lendio. In addition, an affiliated lead generator charged a fee for its service — despite the SBA expressly prohibiting any lender or connection service from charging a fee. However the FTC letter has since been responded to and resolved.
To get connected with a lender, follow these steps:
Lendio will review and confirm your information. If you’re connected with a lender, you will be able to submit a full application. Many of the lenders in Lendio’s network are quick, so you may be able to complete your application and have your loan funded as soon as the next business day — although it may take longer depending on your lender and your business.
Because Lendio is not a lender, you won’t make repayments through it. Instead, contact your lender and review your loan agreement to determine your repayment schedule, options and potential fees.
To avoid missing payments, see if you can set up autopay from your business’s bank account. And if you face unexpected financial problems that could affect your repayments, contact your lender as soon as possible to work out a possible solution.
Lendio is useful if you’re not sure where to start, but you can also compare a full suite of business lenders to see which option might best suit your business.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.