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Lendio online business loan marketplace review

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This service has a network of over 300 legit business lenders.

finder.com’s rating: 4.79 / 5.0


  • Best for business owners that want to compare a variety of loan options and lenders.
  • Pick something else if you want to work with a direct lender.


Min. Amount


Max. Amount


Product NameLendio business loans
Min. Amount$500
Max. Amount$5,000,000
Loan Term12 to 300 months
Min. Credit Score560
APRStarting at 6%
RequirementsOperate business in US or Canada, have a business bank account, 560+ personal credit score
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Expert review

Anna Serio

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.

Expert review

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.

Is Lendio legit?

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.

How much will this loan cost me?

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.

Business loan calculator

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How it works

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.

What do I need to qualify?

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:

  • Based in the US or Canada
  • Valid business bank account
  • At least a 560 personal credit score

What information do I need to complete Lendio’s online form?

When you’re ready to get started, have this information on hand:

  • Six months of business bank statements
  • Social Security number
  • Business Tax ID number
  • Date of birth
  • Ownership percentage
  • Personal credit score range
  • Personal income
  • Estimated monthly revenue
  • Estimated annual profit
  • Existing business debt and monthly repayments

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.

What industries does Lendio work with?

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.

What other types of financing does Lendio offer?

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



1–2 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



Up to 25 years

Business acquisition loan

$5,000–$5 million

Starting at 5.5%

10–25 years

Merchant cash advances


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.


  • Positive reviews of customer service
  • Large network of over 300 lenders
  • 10 types of financing available
  • May receive funding in as little as 24 hours


  • Best loan terms reserved for those who have been in business for longer than two years
  • Customers have reported spotty response times from Lendio staff
  • Lendio is not BBB accredited

See other top business loan options

Data updated regularly
Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans

Fora Financial business loans
$5,000 – $500,000
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.

ROK Financial business loans

ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

OnDeck small business loans
Finder Rating: 4.7 / 5: ★★★★★

OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

Rapid Finance small business loans
Finder Rating: 3.74 / 5: ★★★★★

Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK

Compare up to 4 providers

Lendio reviews and complaints

BBB accredited No
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.

Received a warning from the FTC

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.

How do I fill out Lendio’s online form?

To get connected with a lender, follow these steps:

  1. Click Check eligibility to be redirected to Lendio’s online form.
  2. Select some basic details about yourself and your business, then select See your options.
  3. Fill out Lendio’s comprehensive form with information about yourself and your business.
  4. Upload six months of bank statements or connect your business bank account to Lendio.
  5. Review your application and submit.

What happens after I sign up?

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.

How do repayments work with Lendio?

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.

Frequently asked questions

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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.

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