Founded in 2011, Lendio is has become the largest small business loan marketplace in the US. They offer a number of loan products including a business line of credit, ACH loans, SBA loans, equipment financing, and more. Small business loans range from as little as $5,000 all the way up to $2 million. Repayment terms vary between three months to five years and rates vary according to lender, but range between 3% to 30%. Lendio matches prospective businesses with one of their 75+ lenders, meaning businesses with a range of credit scores can qualify.
Since Lendio works with a large group of lenders, rates and terms are flexible and can range from lender to lender. After submitting the online application form, Lendio will contact you with a number of offers and it is then up to you to choose which loan best suits your business.
When it comes to loan products, Lendio features a number of different financing solutions including a business line of credit, SBA loans, short-term loans, merchant cash advance, business credit card, equipment financing, commercial mortgage, American Express merchant financing, startup loans, and acquisition loans.
Lendio's application process is easy and free to use. It allows businesses to view their loan options without affecting their credit score. In order to apply, small businesses must have a monthly revenue of at least $10,000, be in business for at least 6 months, have a credit score of 560 or better, and no history of bankruptcy.
Repayment terms vary depending on the lender, loan amount, term length, and other factors. With Lendio's network of 75+ lenders, you can be sure to see a variety of loan options and choose the repayment terms you find most comfortable.
Lendio offers numerous forms of customer support, offering service by online contact form, phone, or post.
In addition to their customer support, they have a dedicated small business blog providing helpful financial tips and guides. You can also find helpful information on one of Lendio's social media channels, whether on Facebook, Twitter, or LinkedIn.