Lendio Review

Lendio is a leading online marketplace for business owners and entrepreneurs in search of capital. As of October 2020, the company offers specialized commercial loans in 11 distinct categories along with extensive informational resources, loan calculators, and many other support tools.

More than 75 lenders maintain partnerships with the site, giving users access to a wide range of financing options. This model benefits customers, as participating lenders know they are vying against their competitors to secure your business.

Financial services industry reports from 2018 show that traditional banks only approve about one-quarter of the loan applications they get while alternative lenders finance barely more than half. Services like Lendio provide an easier, more reliable route to securing enterprise funding, since their wide network includes lenders willing to work with customers of all backgrounds and borrowing profiles.

Let’s dig in to see what Lendio offers, how it stacks up against similar services, and whether you should consider it if you need a business loan.

Lendio’s Loan Types

Lendio offers loans and financing options in 11 different categories:

Loan Terms

Loan amounts, credit limits, interest rates, and repayment terms vary, depending on the type of loan or financing option you pursue. The following overview covers the specifics attached to each Lendio loan type as of October 2020.

Business credit cards

Business lines of credit

SBA loans

Short-term loans

Business term loans

Merchant cash advances

Equipment financing

Commercial mortgages

Accounts receivable financing

Startup loans

Business acquisition loans

Borrower Requirements

Generalizing about borrower requirements is difficult, given that Lendio has more than 75 lenders in its network and each of them maintains their own internal standards. Eligibility requirements also vary depending on the type of loan you’re seeking and how much money you’re looking to borrow.

You stand the best chance of being approved for a loan if you meet the following minimum standards:

However, keep in mind that some loan programs may impose higher credit rating minimums. The better your credit, the more options you will have and the better your terms will be.

Pros and Cons of Lendio

Here’s what customers and reviewers particularly like about the Lendio model:

However, Lendio does come with some caveats:

What Others Are Saying About Lendio

As of October 2020, Lendio has a very favorable profile on Trustpilot. Its profile there counts more than 8,300 user-submitted reviews, which delivered average scores of 4.9 out of 5. An impressive 91% of reviews awarded Lendio a full 5/5 rating.

Meanwhile, the Better Business Bureau (BBB) shows an aggregate score of 3.73 out of 5 on 45 reviews.

All in all, Lendio appears highly trustworthy with a strong customer satisfaction track record.

The Bottom Line

Entrepreneurs often struggle to secure the financing they need to keep their businesses thriving, especially amid the economic uncertainty from the COVID-19 pandemic. Lendio offers a convenient, efficient way to explore many different options with a single application, delivering up to $5 million in financing at very competitive rates.

If you’re in need of a loan and you’re having a hard time finding one, Lendio is definitely a good place to continue your search.