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finder.com’s rating: 3.77 / 5.0
Bottom line: Under normal circumstances, this nonprofit lender could be a great resource for SBA Community Advantage loans and small business financing. But it paused its lending programs to focus on COVID-19 relief and a pilot program for Amazon sellers. Read our review of Lenistry’s lending program or learn about the grants it administers.
Starting at 6.75%
|Loan term||12 to 120 months|
|Min. Credit Score||680|
|APR||Starting at 6.75%|
|Requirements||680+ personal credit score, 2+ years in business|
Lendistry launched a short-term lending pilot program for Amazon sellers in September 2021. Amazon Community Lending offers short-term loans to e-commerce businesses on an invitation-only basis. Here's how it works.
You can check to see if your store qualifies for this pilot program by logging into Seller central. If you're eligible, you should receive an invitation to apply from Amazon Lending with instructions on how to apply.
Lendistry is also focusing on COVID-19 relief options for small businesses. Here are a few programs that it is involved with:
Currently, Lendistry doesn’t appear to have any plans to relaunch its small business lending programs.
Lendistry combines the resources of a nonprofit lender with the speed of an online business loan provider. It was the first community development financial Institutions (CDFIs) to offer online business loans across the country — most CDFIs I’ve reviewed only serve a small geographic area. Lendistry is also one of the most active Small Business Administration (SBA) Community Advantage loan providers, is a government-backed loan program for businesses that don’t normally qualify for SBA funding.
But like many community lenders, it isn’t always easy to find information about Lendistry online, even when Lendistry’s small business loan programs were up and running. The minimum credit score for its regular lending program is also 680 — higher than other CDFI's I've reviewed. It's possible to find other community lenders with no credit score requirements at all. and It’s unclear when Lendistry will return to offering business loans again — in the meantime,consider another provider.
Lendistry's standard term loans ran from $250,000 to $3 million. Its terms last up to 10 years, with an APR between 6.75% to 16% — including an origination fee up to 3% of your loan amount.
Rates are fixed for the life of the loan, and you can expect to make regular monthly repayments.
To see how much your business might pay every month, use our business loan calculator.
Calculate how much you could expect to pay each month
|Loan terms (in years)|
Because Lendistry works with business owners who have good to excellent personal credit, you can expect fairly competitive rates. However, the APR you receive will also be based on your monthly revenue, time in business and other factors. To get the best rate — and largest loan amount — you’ll need to exceed Lendistry’s minimum requirements.
Lendistry currently isn't offering small business loans — but these online providers do. Fill out the form with information about yourself and your business to compare loans you might qualify for.
Lendistry required you and your business to meet the following criteria:
Typically, Lendistry only asked to see these documents when you apply for a small business loan.
However, the documents you need to apply varies depending on your creditworthiness, time in business and revenue.
In addition to its standard business loan, Lendistry also offered the following types of financing:
Commercial real estate loans
$250,000 to $3 million
Express Business line of credit
Up to $250,000
Revolving line of credit
Up to $3 million
|BBB customer reviews||1.15 out of 5 stars, based on 39 customer reviews|
|BBB customer complaints||50 customer complaints|
|Customer reviews verified as of||27 August 2021|
Lendistry only has a few customer reviews — and most are complaints on the Better Business Bureau and Yelp about its handling of PPP loan applications. Negative reviews are unfortunately typical for most lenders that offered PPP loans. With constant updates to the loan program and a higher volume of applications, most lenders weren't designed to handle an emergency loan program like the PPP. There are no mentions of Lendistry on Trustpilot.
When lendistry offered loans, you could apply online by following these steps:
Once you submit your application, Lendistry typically gave an approval decision within 24 to 48 hours. If approved, your funds will be deposited into your business bank account within 10 to 20 days. To get an SBA loan through Lendistry, it could take between one to three months to receive the funds — sometimes even longer.
For Lendistry grants, you can also find the application links on Lendistry's home page. To apply for PPP loan forgiveness, sign in to your Lendistry portal. If you have any questions about an application call the phone number 888-594-7270.
Lendistry is one of the few nonprofit lenders that operates online and offers rates that stop at 16% APR. Many popular online lenders have interest rates that start much higher — and can often reach 90% or even 100% APR. But it's also more difficult to qualify with than your typical community lender. Consider another provider if you're looking for funds to start a new business or have a credit score below 680.
See how Lendistry compares to other lenders by reading our business loans guide.
Image source: Shutterstock and lendistry.com
Lendistry business loans is not currently available on Finder
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