Lendio Review: Business Loan Marketplace

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Looking for funding partners for your business can be a daunting task. That’s where Lendio comes in. Lendio offers a loan marketplace where businesses can find the right funding partner that suits their needs. Whether you’re looking for startup loans, merchant cash advances, commercial mortgages, or equipment loans, Lendio has got it all covered.

The platform’s funding manager matches businesses with partners that offer interest rates that meet their business needs. This means prospective borrowers can easily find the right financing option without having to worry about high-interest rates.

In addition to this, Lendio also provides equipment financing, business lines, and cash advances through its company partners. So whether you’re a startup or an established business owner, Lendio has something for everyone.

With its user-friendly interface and wide range of options, Lendio is quickly becoming the go-to platform for businesses looking to secure funding. So why wait? Sign up today and take advantage of all that Lendio has to offer!

Pros and Cons of Using Lendio for Small Business Loans

If you’re a small business owner looking for a loan, Lendio could be a great option for you. With its wide range of loan options and quick online application process, it’s no wonder that Lendio has become a popular choice among entrepreneurs. However, as with any financial decision, there are both pros and cons to using Lendio for your small business loan needs.

Pros: Wide Range of Loan Options Available

One of the biggest advantages of using Lendio is the variety of loan options available. From traditional term loans to lines of credit and even SBA loans, Lendio offers something for every type of business. This means that no matter what your specific needs are, you’re likely to find a loan that fits your situation.

In addition to the variety of loan types available, Lendio also partners with over 75 lenders. This means that you have access to multiple lenders through one platform, making it easier to compare rates and terms without having to go through each lender individually.

Pros: Quick and Easy Online Application Process

Another major advantage of using Lendio is the quick and easy online application process. Rather than having to fill out lengthy paper applications or visit multiple lenders in person, you can apply for a loan from the comfort of your own home or office.

The online application process takes just minutes to complete and requires basic information about your business such as revenue history and credit score. Once submitted, Lendio matches you with potential lenders who may be able to offer you funding.

Cons: High Interest Rates for Some Loan Options

While there are many benefits to using Lendio for your small business loan needs, there are also some potential downsides. One downside is that some loan options offered through Lendio come with high interest rates.

For example, merchant cash advances (MCAs) are a type of loan offered through Lendio that can come with interest rates as high as 200%. While MCAs can be a good option for businesses that need quick access to cash, they can also be incredibly expensive in the long run.

Cons: Limited Availability in Certain States

Another potential downside to using Lendio is the limited availability in certain states. While Lendio operates in all 50 states, not all lenders may offer loans in every state. This means that depending on where your business is located, you may have fewer options.

Customer Reviews and Feedback on Lendio’s Services

If you’re considering using Lendio for your business financing needs, it’s important to know what other customers are saying about their experiences with the company. Here’s a breakdown of some of the most common themes in customer reviews and feedback:

Positive Reviews: Excellent Customer Service

One of the most consistently praised aspects of Lendio’s services is their customer service. Many reviewers have noted that they received great service from Lendio representatives, who were helpful and knowledgeable throughout the process. Customers also appreciate that they can get in touch with someone quickly if they have questions or concerns.

Positive Reviews: Great Service and Helpful Support

In addition to excellent customer service, many customers have praised Lendio for providing a great overall experience. They appreciate the user-friendly online platform and the ease of submitting applications. Customers also find Lendio’s advisors to be extremely helpful, providing relevant information tailored to each account.

Negative Reviews: Credit Score Requirements and Availability of Funds

While many customers have had positive experiences with Lendio, some negative reviews highlight issues around credit score requirements and availability of funds. Some customers report being denied funding due to low credit scores or not receiving as much funding as they had hoped for. However, it’s important to note that these factors may vary depending on individual circumstances.

Highly Rated Privacy Policy

Customers rate Lendio highly. The company has strict privacy policies in place to ensure that sensitive data is kept safe and secure.

Expertise of Advisors

Customers appreciate the expertise of Lendio’s advisors who are experienced in providing relevant information tailored to each account’s unique circumstances.

Types of Business Loans Offered by Lendio

Looking for a loan to fund your business? Lendio offers a variety of loan types to suit the needs of different businesses. Here are some of the types of loans you can get through Lendio:

Business Term Loans

Business term loans are one of the most common types of loans available through Lendio. With this type of loan, you borrow a fixed amount and pay it back over a set period, usually ranging from one to five years. The interest rate is typically fixed, so you know exactly how much you’ll be paying each month.

SBA Loans

Lendio also offers Small Business Administration (SBA) loans, which are backed by the government. These loans have lower interest rates and longer repayment terms than many other types of business loans. However, they can be harder to qualify for because they require more documentation and have stricter requirements.

Business Lines of Credit

A business line of credit is like a credit card for your business. You’re given a maximum amount that you can borrow, but you only pay interest on the amount you actually use. This type of loan is useful for businesses that have fluctuating cash flow or need access to funds quickly.

Startup Loans

If you’re just starting out with your business, it can be difficult to get funding because lenders see startups as risky investments. However, Lendio provides funding for startups as well as established businesses. Keep in mind that startup loans may come with higher interest rates or stricter requirements than other types of loans.

The type of loan your business qualifies for depends on several factors, including your credit score, revenue, and time in business. When applying for a loan through Lendio, make sure to provide accurate information about your business so that they can match you with the right lender.

Lendio Fees and Rates

one of the most important factors to consider is the fees and rates associated with the loan. In this section, we’ll dive into the fees and rates offered by Lendio.

Interest Rates

Lendio offers loans with interest rates ranging from 6% to 36%. The actual interest rate you receive will depend on several factors, including your credit score, business revenue, and loan amount. Generally speaking, borrowers with higher credit scores and more established businesses will qualify for lower interest rates.

It’s worth noting that Lendio does not set the interest rates for its loans. Instead, they work with a network of lenders who determine the rates based on their own underwriting standards.


The fees charged by Lendio vary depending on the lender and the type of loan. Some lenders may charge an origination fee or application fee, while others may not charge any fees at all.

To get a better idea of what fees you can expect to pay for a particular loan offer, be sure to carefully review the terms provided by the lender. Lendio’s loan calculator can help you estimate your monthly payments and factor in any applicable fees.

One thing to keep in mind is that some lenders may charge prepayment penalties if you pay off your loan early. This means that if you’re considering paying off your loan ahead of schedule to save on interest charges, you should check whether there are any penalties involved before accepting a loan offer from Lendio.

Applying for a Business Loan through Lendio

Looking for financing options to grow your business? Look no further than Lendio. With a variety of loan options available, including SBA loans and term loans, you’re sure to find the perfect fit for your business needs.

Loan Options

Lendio offers loans ranging from $1,000 to $5 million with flexible loan terms. Whether you need a short-term loan or something more long-term, they’ve got you covered. You can choose from several different types of loans, including:

  • SBA Loans
  • Term Loans
  • Business Lines of Credit
  • Equipment Financing
  • Invoice Factoring

Application Process

Applying for a loan through Lendio is simple and straightforward. The entire process can be completed online in just a few minutes. Here’s what you’ll need to do:

  1. Fill out an application: Provide basic information about your business and the type of financing you’re looking for.
  2. Get matched with lenders: Lendio will match you with up to five lenders who are interested in working with your business.
  3. Choose a lender: Compare the different offers and select the one that best fits your needs.
  4. Complete the process: Work directly with your chosen lender to complete any additional paperwork or requirements.

Once approved, funding can be available in as little as 24 hours! It’s that easy.


To qualify for a loan through Lendio, there are some basic requirements that must be met:

  • Your business must have been operational for at least six months.
  • You must have at least $50,000 in annual revenue.
  • You must have a valid business bank account.
  • Your personal credit score should be at least 550.

If you meet these qualifications, then applying for financing through Lendio is definitely worth considering!

Industries Served

Lendio works with a wide range of industries, including:

  • Retail
  • Hospitality
  • Construction
  • Healthcare
  • Manufacturing

No matter what industry your business is in, Lendio can help you find the financing you need to succeed.

Comparing Lendio to Other Small Business Loan Providers

there are many options available in the market. However, not all loan providers are created equal. In this section, we will evaluate Lendio’s small business loan offerings and compare them to other loan providers.

How We Evaluated Lendio Small Business Loans

To evaluate Lendio’s small business loans, we looked at the following factors:

  • Loan options: We evaluated the variety of loan options offered by Lendio.
  • Interest rates: We compared Lendio’s interest rates with those of other loan providers.
  • Repayment terms: We analyzed the flexibility of repayment terms offered by Lendio and other lenders.
  • Approval process: We assessed how quickly and efficiently borrowers could get approved for a loan.
  • Customer reviews: We looked at customer feedback on various review sites to gauge overall satisfaction with Lendio’s services.

What Sets Lendio Apart from Other Small Business Loan Providers?

Lendio stands out from other small business loan providers because it connects borrowers with multiple lenders. This means that small business owners can access a wider range of financing options than they would be able to through a specific lender. Lendio partners with lenders who offer competitive interest rates and flexible repayment terms, making it easier for borrowers to find a loan that suits their financial needs.

Another advantage of using Lendio is that it provides access to SBA loans. These loans are backed by the Small Business Administration and offer favorable repayment terms for borrowers. This can be especially beneficial for businesses that need longer repayment periods or lower down payments.

How Does Lendio Compare to Other Providers?

Compared to traditional banks, which often have strict lending requirements and high interest rates, Lendio’s partner lenders offer more competitive rates and flexible repayment terms. Because Lendio works with multiple lenders, borrowers have a higher chance of getting approved for a loan.

When compared to other online loan providers, Lendio’s variety of financing options stands out. While some providers may offer lower interest rates or faster approval times, they may only provide one or two types of loans. With Lendio, small business owners can access lines of credit, term loans, SBA loans, equipment financing and more.

What Lendio is Good At

Lendio excels at providing small business owners with access to multiple lenders and a wide range of financing options. Its partner lenders offer competitive interest rates and flexible repayment terms that are tailored to each borrower’s financial situation.

What Lendio is Bad At

One downside of using Lendio is that it charges a fee for its services. While this fee is typically lower than what borrowers would pay in interest over the life of the loan, it can still add up over time.

Because Lendio works with multiple lenders, borrowers may receive offers from lenders with varying requirements and terms. This can make it difficult for borrowers to compare offers and choose the best option for their needs.

Final Thoughts on Lendio’s Business Loan Marketplace

Ready to take your small business to the next level? Look no further than Lendio’s business loan marketplace. With a variety of loan options, competitive rates and fees, and positive customer reviews, Lendio is a top choice for entrepreneurs looking for funding.

As outlined in our review, there are both pros and cons to using Lendio for small business loans. However, overall the benefits outweigh any potential drawbacks. Customer feedback is overwhelmingly positive, with many praising the ease of application and quick turnaround time.

Lendio offers a range of loan types to fit your unique needs, from traditional term loans to SBA loans and even equipment financing. And with transparent fees and rates, you can trust that you’re getting a fair deal.

Applying for a business loan through Lendio is simple and straightforward. Just fill out their online application form and wait for lenders to compete for your business. Plus, if you need help along the way, their customer service team is always available to assist you.

When comparing Lendio to other small business loan providers, it’s clear that they stand out in terms of customer satisfaction and variety of loan options. So why not give them a try?

In conclusion, if you’re looking for a reliable source of funding for your small business, look no further than Lendio’s business loan marketplace. With their competitive rates and fees, easy application process, and positive customer reviews, they are sure to meet your needs. Don’t wait – start exploring your options today!

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