Lendistry business loans review
Borrow a large amount at competitive rates — but specific details are hard to find online.
finder.com’s rating: 3.77 / 5.0
- Best for newer businesses with strong monthly revenue.
- Pick something else if you want to work with a more transparent lender.
|Product Name||Lendistry business loans|
|Loan Term||12 to 120 months|
|Min. Credit Score||680|
|APR||Starting at 6.75%|
|Requirements||680+ personal credit score, 2+ years in business|
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 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.
Lendistry has one of the larger maximum term loan amounts out there, making it a good choice for businesses that need a hefty influx of working capital without working with the SBA. Of course, it also has SBA loans — making it a versatile choice. Its rates are competitive, and as a Community Development Financial Institution (CDFI), Lendistry is committed to providing affordable financing to underserved business communities.
However, it’s one of the few business lenders that charges prepayment penalties, and it can take up to 20 days to get your funds. And if you’re looking for a lender that provides information up front, check elsewhere. Lendistry only has a handful of pages and FAQs — none of which really give details about how its loans work or what other fees it charges.
For more options, compare other business loan lenders.
Lendistry current accepting PPP applications
Lendistry has partnered with Goldman Sachs and is still accepting PPP applications. To get started, visit Lendistry’s website, click Apply now or review its requirements. Once your application has been submitted, Lendistry will review it and get back to you within 48 hours to ensure it has all the information it needs. However, funding is limited — and applications are only being accepted from businesses located in 10 serviced states.
Because of this, Lendistry is not currently offering its usual business loan options. Check with a Lendistry representative to see when your business will be eligible to apply.
How much will this loan cost me?
Lendisty offers term loans of to . Its terms last up to 10 years, and you’ll have 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 below.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
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.
What industries does Lendistry work with?
Lendistry doesn’t state what industries it will or will not work with. You may have a difficult time qualifying for a loan if your business is involved in cannabis or adult entertainment. But it will work with other high-risk industries like trucking, construction, healthcare, home improvement and restaurants. To confirm your business is eligible, reach out to a Lendistry representative.
What do I need to qualify?
Lendistry requires you and your business to meet the following requirements:
- $12,500+ monthly revenue
- At least two years in business
- 680+ personal FICO credit score
- No bankruptcies in the last three years
- No defaults on any government loans
What information do I need to apply?
Typically, Lendistry asks to see these documents:
- Three months of business bank statements
- Two years of business tax returns
- Two years of personal tax returns
- Social Security number
- Business Tax ID number
- Proof of average monthly sales
However, the documents you need to apply varies depending on your creditworthiness, time in business and revenue.
What other types of financing does Lendistry offer?
|Type of loan||Loan amount|
|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|
- Competitive rates ranging from 6.75% to 16%
- Registered Community Development Financial Institution
- Large maximum loan amount of $3 million
- Multiple fees, including potential prepayment penalties
- Funding may take up to 20 business days
- Limited information available online
See other top business loan options
Is Lendistry legit?
Does Lendistry get good customer reviews?
|Customer reviews verified as of||20 May 2020|
There’s almost nothing online about Lendistry. It gets an A+ rating from the Better Business Bureau (BBB), but there are no reviews or complaints available. There are also no mentions of Lendistry on Trustpilot or even the major online forums like Reddit as of May 2020. Its reviews on Yelp are all recent — and all focused on its PPP loans, not its normal business financing.
How do I apply?
You can apply online by following these steps:
- Visit Lendistry’s website and select Apply now under Term loans.
- Enter information about your business and yourself.
- Wait for a member of the Lendistry team to get in touch with you by phone or email.
What happens after I apply?
Once you submit your application, Lendistry will give you 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.
How do repayments work with Lendistry?
Your repayment schedule will depend on the type of loan you borrowed. For term loans, you can expect monthly repayments. However, Lendistry doesn’t state directly what it charges for late fees or prepayment fees. To get an idea what your business might have to pay, reach out to Lendistry or check the terms of your loan agreement.
See how Lendistry compares to other lenders by visiting our business loans guide.
Frequently asked questions
Image source: Shutterstock and lendistry.com
Business loan ratings
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