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Lendr business loans review

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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.


Min. Amount


Max. Amount


Product NameLendr merchant cash advances
Min. Amount$5,000
Max. Amount$500,000
Loan Term4 to 14 months
Min. Credit Score520
APR15% to 25%
RequirementsBusiness must be 12+ months old, have monthly revenue of $10,000+ and not be located in Alaska or Hawaii. Minimum borrower credit score of 520+.

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.

What are the benefits of a Lendr business loan?

  • 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.

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Lendr reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer complaints 2 customer complaints
Trustpilot Score 4.8 out of 5 stars, based on 116 customer reviews
Customer reviews verified as of 15 October 2020

Not much, which isn’t surprising for such a small lender. The most recent reviews on its Trustpilot page are from 2019 — and there are no reviews on its BBB pages. 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 elegible?

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.

  1. Go to Lendr’s website and click Apply Now.
  2. Fill out the basic form with information about you, your business and how much you want to borrow before hitting Apply.
  3. 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.
  4. Submit any additional details and documents about your business.
  5. Review and sign your final loan offer.

You can get your funds in.

Step-by-step application with screenshots

What documents do I need to apply?

Most businesses must submit:

  • 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.

Bottom line

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.

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