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An online lender specializing in merchant cash advances for small businesses.
Lendr focuses on small and mid-sized business needs. Rather than evaluating strictly how long your business has been around and your personal credit score, Lendr takes a more holistic approach and considers all aspects of your finances when determining rates and terms. But you’ll need to make sure your business can afford daily or weekly repayments.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
First, do I qualify?
Lendr business loans are generally available to business that
Are at least 12 months old
Make at least $10,000 a month
Aren’t located in Alaska or Hawaii
The business owner should have a personal credit score of at least 520.
What types of business loans does Lendr offer?
Lendr specializes in merchant cash advances. Lendr gives your business a set amount of funds, and then you make daily repayments over
4 to 14 months
until your loan is paid off. Some businesses may even qualify for a weekly repayment schedule.
This type of financing is best for those who need a short-term business loan and have the cash flow to afford frequent repayments.
Loan amounts range from $5,000 to $500,000 — though businesses have borrowed as much as $650,000 in the past. The interest rate your business will pay can range from 15% to 25%. Your business will also pay a fee of either $200 or 2% of your loan amount.
Working capital loans, equipment financing and more
Although Lendr mainly focuses on merchant cash advances, business owners may qualify for other types of financing, including working capital loans and equipment financing. These fixed-term loans can cover most one-time expenses, while working capital loans are designed to help cover day-to-day expenses during an off season.
After speaking with a loan specialist, Lendr will work with you to determine which type of loan would be best for your business’s needs.
Small-business friendly. You only need to be around for a year and make $10,000 a month to qualify.
Unsecured. Your business doesn’t have to put up anything for collateral to qualify.
Good credit not necessary. Your business can qualify for a Lendr business loan even if your credit score isn’t perfect.
Quick online application. Applying is simple and your business can get funds in .
Affected by Hurricane Florence? Lendr has your back
Lendr CEO Tim Roach has announced that Lendr will suspend September 2018 repayments for all clients that have been affected by Hurricane Florence. Those still struggling with the aftermath of the hurricane might also qualify for a temporary reduced repayments. And if your business needs help getting back on its feet, Lendr has a history of offering additional funding to businesses affected by natural disasters.
What to watch out for
Tough repayment schedule. If your business can’t afford to make daily or weekly repayments, you might be better off choosing a different lender that offers a monthly payment option.
Unsecured. This can also be a bad thing: Secured loans tend to have more competitive rates.
Not for new businesses. You can’t qualify for a Lendr loan if your business is a startup just getting off the ground.
Not available in all states. If your business is located in Alaska or Hawaii, you won’t qualify for a Lendr loan.
Compare more business loan offers
Updated October 20th, 2019
What does the Internet say about Lendr?
Not much, which isn’t surprising for such a small lender. But the few comments that are around are mixed at best. While it gets an A+ rating from the Better Business Bureau (BBB) based on business practices, it has no reviews on its BBB page. Five customers have filed complaints against Lendr with the BBB, though none are available to the public.
As of May 2018, it gets a low 6.2 out of 10 rating on Trustpilot based on a small pool of 201 reviews. Only 50% of customers rated it as excellent. Reviews themselves were mostly positive and customers seemed pleased with how smoothly the application process worked. Multiple reviewers said they felt like Lendr really cared about their business.
A few complained that loan approval took a long time, with one warning against using Lendr for emergencies. Some customers also had negative experiences with customer service.
Am I eligible?
In addition to your business’s eligibility, you’ll need to have a personal credit score of at least 520 in order to qualify. And while eligibility might vary depending on what type of financing your business needs, for most Lendr loans your business must
Make at least $10,000 a month. This can be an average of $10,000 over the past three months.
Be established for at least a year. Startups newer than this won’t qualify.
Lendr claims that around 95% of applicants that meet these three requirements get approved.
How do I apply?
You can apply for a Lendr business loan online in a few minutes. Follow these steps to get started.
Go to Lendr’s website and click Apply Now.
Fill out the basic form with information about you, your business and how much you want to borrow before hitting Apply.
Wait for a Lendr funding specialist to get in touch with you. If you prequalify, the specialist will tell you the next steps you need to take and ask you for documentation.
Submit any additional details and documents about your business.
A state-issued ID. Usually business owners submit a copy of their driver’s license.
A voided check. The check should be from the bank account that you want to use to pay off your business loan.
A business lease. Lendr also wants to see the contract you have with your landlord for retail or office space.
Some business owners are also asked to provide proof that their business makes at least $10,000 a month. This could include bank statements from the last three months or your business’s most recent tax return.
I got a business loan from Lendr. Now what?
Once your funds are disbursed, repayment begins almost immediately. Business owners typically have three different repayment methods to choose from:
Pay a percentage of your business’s credit card sales. Lendr withdraws a portion of your business’s credit card sales until the loan is paid off.
Pay a fixed daily repayment. Lendr withdraws the same small repayment each day from your business’s bank account.
Pay a percentage of your daily deposits. Lendr withdraws a portion of your business’s daily deposits into its bank account.
Choose one that makes the most sense for your business. If you have a high enough revenue, the fixed daily payments might be the quickest and least expensive way to pay off your loan. Otherwise, you might want to opt for the percentage amount of your business’s daily credit card sales or deposits.
If you qualified for weekly repayments, your due dates will be determined in your loan agreement.
Should you have any questions about your repayments, contact customer service by calling 888-887-2812. You can also live chat with a Lendr representative on its website if you’re logged into Facebook messenger.
More about Lendr
Up until recently, Lendr was a small business itself with less than 100 employees between New York and Chicago. It announced in March 2018 that it was expanding through a partnership with MidCap Financial Trust. The partnership gives Lendr access to as much as $50 million for funding loans, meaning that it will be able to to offer even more businesses financing.
Businesses that generate daily revenue and have sufficient bank account balances to support frequent repayments might benefit the most from Lendr cash advance. Its rates are a bit high, but it has minimal eligibility requirements and a much simpler application process.
Before you make a decision about your business loan, you might want to check out our business loans guide to compare other lenders and learn more about your options.
Frequently asked questions
You can. Lendr allows you to apply for funds to pay off an existing business loan and pay for a new business expense.
Probably not, but you’ll have to reprogram your credit card terminal to give Lendr access. You can do this yourself over the phone with Lendr’s tech team. It typically takes about 10 minutes.
If that doesn’t work, Lendr can also calculate your repayment amounts from the daily deposits into your business bank account.
Your business’s gross volume includes all cash, credit card, debit card and check receipts your business receives.
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