Lendio Review: Features, Fees, and How to Apply

Lendio is a platform that connects small business owners with potential lenders. It offers a range of financing options, including term loans, lines of credit, and invoice financing.

Lendio's platform is user-friendly and allows business owners to apply for multiple loans at once, saving time and effort. This feature is particularly useful for businesses that need to secure multiple loans to meet their financial needs.

Businesses can get approved for loans in as little as 24 hours, making it a quick and efficient way to access capital.

Lendio is a financial technology company that provides a platform for small business owners to access various funding options.

Lendio was founded in 2011 by Brock Blake, and it's headquartered in Lehi, Utah.

The company's platform connects small businesses with over 75 lenders, offering a range of funding options, including loans, lines of credit, and invoice financing.

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Lendio is a free online marketplace that connects small business owners with multiple lenders. It's like a one-stop shop for loans.

Lendio was founded in 2011 by Brock Blake in Salt Lake City, Utah.

The platform allows small business owners to compare loan offers from multiple lenders in one place, saving them time and effort.

Lendio has helped over 200,000 small business owners get funded with more than $10 billion in loans.

Lendio offers a range of loan options, including term loans, lines of credit, and invoice financing.

The platform uses a secure and easy-to-use application process, making it simple for small business owners to apply for loans.

Lendio's lending platform is designed to make the loan application process as smooth and efficient as possible. The platform reviews your business's financial projections, use of funds, industry, and monthly revenue to find loan options that match your qualifications.

Lendio's online application process is surprisingly quick, taking an average of just 15 minutes to complete. This is a big improvement over traditional lending applications, which can take up to 25 hours to fill out.

The platform uses a series of questions to predict which loan type will best suit your needs. This helps ensure that you're presented with loan offers that are tailored to your business.

Each borrower is assigned a funding manager to guide them through the process and answer any questions they may have. This personalized support can be a huge help in navigating the loan application process.

Lendio offers a range of financing options, including credit cards, lines of credit, short-term specialty loans, and long-term traditional loans.

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Applying for a loan through Lendio is a streamlined and user-friendly process that takes only a few minutes to complete. You'll need to visit the Lendio website and fill out a simple application form with basic business information.

Lendio uses this information to match you with potential lenders from its extensive network, based on the likelihood of approval. This ensures you're matched with loan options that best suit your needs.

The entire process is designed to be quick, with decisions and funding often possible within a few days.

Applying for a loan through Lendio is a streamlined and user-friendly process that takes only a few minutes to complete.

You'll need to visit the Lendio website and complete a simple application form, which asks for basic business information such as revenue, time in business, and the amount of funding needed.

Lendio uses this information to match you with potential lenders from its extensive network, based on the likelihood of approval. This is all done quickly, with decisions and funding often possible within a few days.

Once you've submitted your application, you can review the loan offers and select the one that best fits your needs. If you choose to proceed, you may need to provide additional documentation to the lender for final approval.

Lendio's network includes a range of business loans, including commercial mortgages and startup loans, to cater to diverse business needs. They can also help you access SBA-approved lenders that offer SBA loans with favorable terms.

Lendio's interest rates, choice of lenders, ease of use, and excellent customer service are all highly rated by users, earning an A+ rating with the BBB.

At Lendio, we believe that collaboration is key to helping small businesses thrive. We've formed partnerships with leading companies to expand our financing options and make it easier for businesses to access the capital they need.

In October 2023, we partnered with Dun & Bradstreet to embed our financing options in their small business portal. This integration allows businesses to access multiple funding options in one place.

Our collaboration with Asure Software in November 2023 has also been a game-changer. Asure's Human Capital Management software now includes our marketplace, giving businesses a one-stop-shop for all their financing needs.

In July 2024, we worked with FIS to launch a small business lending solution aimed at banks. This partnership leverages our underwriting technology and digital lending components to help financial institutions better serve SMB loan needs.

We also partnered with Meow, a business-focused neobank, in September 2024. Meow customers can now view multiple funding offers through our platform in one application, using depositor data to help qualify views of financing options quickly.

In February 2025, we partnered with PAYRO Finance to embed our marketplace into their offerings. This gives PAYRO's clients a broader range of financing options from our network via a single application.

Our partnerships have allowed us to expand our reach and offer more financing options to small businesses.

Lendio offers a range of loan options to suit different business needs.

Equipment financing allows small businesses to acquire needed equipment on credit, with loan amounts ranging from $5,000 to $5 million.

The interest rate for equipment financing starts at 7.5%, and terms can be as short as 1 year or as long as 10 years.

Here are some key details about equipment financing:

A line of credit is a type of financing that allows you to access a designated amount of funds as needed, up to the established limit. This can be a great option for businesses with ongoing projects or seasonal fluctuations in income.

You can draw from the funds up to the limit, and only pay interest on the amount utilized. Some lines of credit have a fixed expiration date, while others are revolving, allowing for continued access and repayment over time.

The loan amount for a business line of credit can range from $1,000 to $500,000. Interest rates can start from 8% to 60%, which is a relatively wide range.

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Repayment terms can vary from 1 to 5 years, and you can choose from a monthly, bi-monthly, weekly, or daily payment schedule. Some lines of credit may come with fees, ranging from 0% to 5%.

Here's a breakdown of the key features of a business line of credit:

You'll typically need a credit score starting at 600 to qualify for a business line of credit. The funding time is usually 1-2 days, and you may need to provide documentation such as a 1-page application, 3-6 months of business bank statements, and sometimes a business tax return.

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Equipment financing is a type of loan that allows small businesses to acquire needed equipment on credit. This can include construction equipment, medical equipment, office furniture, and more.

Businesses can finance equipment with loan amounts ranging from $5,000 to $5 million. Lendio offers equipment leases or loans with its financing program, using the equipment as collateral.

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The interest rate for equipment financing starts at 7.5%. This is a competitive rate for businesses looking to acquire equipment on credit.

Equipment financing offers flexible repayment terms that can be customized to suit each borrower. Businesses can choose terms ranging from 1 to 10 years.

Here are some key details about equipment financing:

Commercial Mortgage is a type of loan designed for businesses looking to purchase commercial real estate or refinance an existing loan.

These loans provide financing for buying buildings, offices, warehouses, and other types of commercial real estate.

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Lendio's qualifications vary depending on the product and lender selected.

Most business finance products have application requirements, including credit standards and financial documentation to verify revenue, cash flow, and ability to repay.

To qualify for a Business Term Loan, you'll need a credit score of 600+, at least 1 year in business, and $8,000 in monthly revenue.

Business Lines of Credit and Accounts Receivable Financing also require a credit score of 600+, but with a shorter time in business requirement of 6+ months and $8,000+ in monthly revenue.

Commercial Mortgages have varying credit score requirements, ranging from 520+ to 650+, depending on the specific product.

Lendio's fees are actually a relief to many small business owners. Lendio does not charge any fees to customers for their services, which is a big perk.

This is because Lendio acts as a broker, not a lender. They get paid directly by the lender for referring customers, known as a broker fee.

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Lendio's qualifications for loans vary depending on the product and lender selected. Most business finance products have application requirements including credit standards, and financial documentation to verify revenue, cash flow, and ability to repay.

To be eligible for a loan, you'll typically need a good credit score, which can range from 520 to 650 depending on the loan type. For example, commercial mortgages require a credit score of at least 520, while business term loans require a credit score of 600+.

Your annual revenue and time in business are also key factors in determining your eligibility for a loan. Lendio typically requires a minimum of $8,000 in monthly revenue, with some loans requiring a higher credit score for lower-cost options.

Here are some specific qualification requirements for different types of loans offered by Lendio:

Additionally, Lendio requires a business bank account with a well-established U.S. bank, such as Chase or Wells Fargo, to be eligible for a loan. You'll also need to provide accurate information about your current average monthly sales deposits to your business bank account.

The application process for a Lendio loan is surprisingly straightforward. You can start by visiting the Lendio website and following the outlined steps.

It typically takes about 15 minutes to complete the application, which involves providing basic information about yourself, your business, and your financial needs. This is a relatively quick process, especially considering what's at stake.

Lendio requires a significant amount of documentation to support your application, including three months of business bank statements. This extensive documentation is necessary for the underwriting process to give you the best possible chance of approval.

To apply for a Lendio loan, simply visit the Lendio website and follow the outlined steps. The application process is streamlined and straightforward.

You'll need to provide basic information about yourself, your business, and your financial needs, which typically takes around 15 minutes to complete.

Lendio requires extensive documentation, including three months of business bank statements, which is a bit more involved than a typical online application.

To get started, you'll need to submit your application and documentation, which will then be reviewed by a Lendio representative.

Short-term loans are designed to help small businesses bridge temporary cash flow gaps.

These loans feature terms of up to twelve months, which can provide a significant relief for businesses in urgent need of cash.

Loan amounts from $2,500 to $500,000 are available, giving businesses a range of options to choose from.

Low fixed monthly payments and no prepayment penalties make these loans a more manageable financial burden.

No hidden fees are associated with these loans, keeping costs transparent and predictable.

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Lendio has an excellent online reputation, with a 4.7-star rating from over 21,500 customer reviews on Trustpilot.

Many positive reviews focus on the quality of customer service and the borrowing experience, with customers praising the knowledge, courtesy, and professionalism of the customer service team.

Customers have mentioned that their funding specialist was very helpful and professional, with one reviewer even mentioning that they would use Lendio again and recommend it to anyone looking for a business loan.

Some negative reviews mention high costs and fees associated with the lenders matched by Lendio, with a few customers complaining about prepayment penalties and high-interest rates.

Lendio also has a stated commitment to providing exceptional customer service and satisfaction, with the majority of customer reviews being positive and citing the support from Lendio's team of expert loan officers.

Lendio has a 4.7-star rating from over 21,500 customer reviews on Trustpilot.

Many customers praise Lendio's customer service team for being knowledgeable, courteous, and professional. They often mention their funding specialists by name and express gratitude for the attention and dedication they receive.

The application process at Lendio is often described as easy and quick, with some borrowers able to grow their businesses due to the ease of qualification and fast funding time.

However, some customers have complained about being charged exorbitant fees and high-interest rates by lenders matched with through Lendio. Others have experienced delays in receiving their loan funds or felt that the lender didn't meet their needs.

Some customers have also reported being contacted by lenders with aggressive sales tactics after providing their information to Lendio.

Lendio has received numerous awards and recognitions for its innovative approach to business loans.

The company's co-founders, Brock Blake and Trent Miskin, were honored with the Ernst & Young Entrepreneur of the Year Award 2020, Utah Region. They've also received recognition for their leadership and entrepreneurial spirit.

Brock Blake was recognized by Utah Business magazine as the 2021 CEO of the Year, a testament to his vision and leadership. This achievement highlights the company's commitment to excellence.

Lendio was awarded the Best Workplaces Award in New York 2020 by Great Place to Work and Fortune, ranking 11th among small and medium-sized businesses. This award is a great achievement for any company.

Here's a list of some of Lendio's notable awards:

Lendio's platform reviews metrics including the business's financial projections, use of funds, industry, and monthly revenue to find loan options for borrowers.

Lendio's algorithm matches your business profile with the criteria set by its network of over 75 lenders, helping identify the lenders most likely to approve your loan and offer terms that suit your needs.

To compare loan offers, Lendio will send you offers from lenders that match your request and qualifications. This allows you to choose the loan offer that best suits your needs.

You can compare loan offers from Lendio's network of over 75 lenders, which is broader than many competitors, typically partnering with fewer lenders.

Each applicant receives guidance from a dedicated funding specialist, providing a personalized touch that many online platforms lack.

By comparing loan offers, you can ensure that you're getting the best terms for your business. This might involve adjusting the loan amount or term to make the financing more appealing to lenders.

Here's a quick summary of the factors to consider when comparing loan offers:

By considering these factors and comparing loan offers, you can make an informed decision that meets your business's specific needs and goals.

Protecting your personal and business information is a top priority at Lendio. They take several measures to ensure your sensitive information is protected from unauthorized access.

Lendio uses strong encryption technology to secure the transmission and storage of data, so you can feel confident that your information is safe. This encryption technology is a robust safeguard against data breaches and cyber attacks.

Compliance with regulations is also a key aspect of Lendio's data protection efforts. They adhere to applicable federal and state regulations regarding data protection and privacy, including those related to financial transactions and consumer privacy.

Access to personal and business information is strictly controlled and limited to authorized personnel only, based on their role within the company. This means that only those who need to access your information can do so.

Regular security audits and assessments are conducted by Lendio to identify and address potential vulnerabilities in its systems. This proactive approach helps to prevent data breaches and ensure the continued security of your information.

Lendio's clear privacy policy outlines how your information is collected, used, and protected. This policy is readily available to users and provides transparency about Lendio’s data practices.

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Lendio's roots date back to 2006 when it was founded as FundingUtah by Blake and Miskin.

The company's name was later changed to FundingUniverse, and by 2011, it had evolved into Lendio with Blake as CEO.

Lendio facilitated its first loan in Q4 2013 and by 2015, it had expanded to $128 million in financing.

In 2014, the company coordinated $12.4 million in funding to over 400 small business owners.

Lendio's growth accelerated with the launch of its Franchising program in early 2017.

By 2018, the program had facilitated $430 million to over 7,000 small businesses in the U.S.

In Q2 2018, Lendio reported 90% year-over-year revenue growth.

Lendio's journey began in 2006 as FundingUtah, which later evolved into FundingUniverse and eventually became Lendio in 2011.

Blake has been at the helm as CEO throughout the company's transformation.

Founded in 2011, Lendio facilitated its first loan in Q4 2013.

In 2014, Lendio coordinated $12.4 million in funding to over 400 small business owners.

By 2015, the company had expanded to $128 million in financing.

Lendio raised $20 million in funding from Comcast Ventures and Stereo Capital in October 2016.

By 2016, Lendio had delivered over $250 million in total funding to more than 10,000 small businesses.

The Lendio Franchising program was launched in early 2017.

As of 2018, it had facilitated $430 million to over 7,000 small businesses in the U.S.

In Q2 2018, Lendio reported 90% year-over-year revenue growth.

Lendio announced it had serviced $1B of total loans to over 51,000 small businesses across the country, providing $3.8B in economic output in October 2018.

In Q1 2020, Lendio secured $55M in a Series E Funding Round.

The company onboarded hundreds of lenders to help facilitate $8 billion in loan approvals for over 100,000 businesses during the first month of the Paycheck Protection Program in 2020.

In early 2021, Lendio helped facilitate over 213,000 PPP loan approvals totaling about $9.8 billion.

By 2023, Lendio had facilitated more than 330,000 small business loans totaling over $13 billion, including $9.8 billion in PPP loans.

Acquisition is a crucial step in the history and development of businesses. Business acquisition loans can provide the necessary funding for expansion, acquisition, and consolidation. These loans can be used to finance the purchase of equipment, inventory, or other assets.

The loan terms for business acquisition loans are flexible, with repayment options ranging from six to sixty months. This flexibility allows businesses to choose a repayment plan that suits their needs.

Lendio offers a vast network of over 75 lenders, making it a great option for finding a perfect match for your business financing needs.

You can access various loan types through Lendio, including term loans and advance financing based on future sales.

The platform is designed to be user-friendly, making it easy to navigate and explore different loan options.

Lendio's lender network includes small business loan marketplaces, offering a range of loan types such as business term loans, lines of credit, and accounts receivable financing.

Here's a breakdown of the loan options available through Lendio:

Lendio's borrowing amounts range from $8,000 to $10 million, making it a great option for businesses of all sizes.

To qualify for a loan through Lendio, you'll need a credit score of 520-640+, at least 6 months in business, and a monthly revenue of $8,000+.

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Lendio offers a wide range of loan options to meet diverse business needs, with over 75 lenders to choose from.

The application process is efficient and can be completed quickly, saving time for business owners. This is especially helpful for those who may not have a lot of time to spare.

You can get prequalified on the same day you apply, which is a big plus for businesses that need financing fast. Lendio's online application process is convenient and can be completed in minutes.

One of the biggest advantages of Lendio is that it offers high borrowing amounts, with some loans available up to $750k. This is a significant amount of money that can help businesses cover big expenses.

Lower qualifications than banks and credit unions are another benefit of using Lendio. This means that businesses with less-than-perfect credit may still be able to qualify for a loan.

Here are some of the key pros and cons of using Lendio:

It's worth noting that while Lendio has many benefits, there are some potential drawbacks to consider. For example, some lenders may require extensive documentation, and rates and fees can be expensive.

Lendio is a legitimate online marketplace for business loans, accredited by the Better Business Bureau since 2021 with an A+ rating.

The company partners with a wide range of accredited lenders and adheres to industry standards in protecting user data and privacy.

Lendio consistently receives positive reviews for its service and effectiveness, making it a reliable and trustworthy platform for small business financing.

Lendio is a legitimate online marketplace for business loans, accredited by the Better Business Bureau since 2021 with an A+ rating.

Lendio partners with a wide range of accredited lenders, ensuring that businesses have access to a variety of financing options.

The company adheres to industry standards in protecting user data and privacy, providing a secure experience for its users.

Many businesses have successfully secured financing through Lendio, which consistently receives positive reviews for its service and effectiveness.

Lendio's reliability and trustworthiness are reflected in its A+ rating from the Better Business Bureau, a testament to its commitment to providing a high-quality experience for its users.

By partnering with accredited lenders, Lendio offers a trustworthy platform for small business financing, giving entrepreneurs the confidence to pursue their financial goals.

Lendio recommends Ocrolus as a long-term AI partner in scaling smarter lending.

Their collaboration has evolved analytics capabilities and delivered consistent value to lenders across the marketplace.

The relationship between Lendio and Ocrolus is rooted in shared innovation.

They've co-developed product, making it easy for lenders to adopt more sophisticated credit decisioning tools without increasing operational overhead.

Using Ocrolus' Cash Flow Analytics reduces manual calculations and develops analytics that improve future underwriting decisions.

You can get a loan through Lendio with loan amounts ranging from up to $150k for startup business loans, to up to $5 million for business acquisition and other loan types.

The lender you choose to work with will finalize the loan process, and you could receive your funds within 24 hours to several weeks.

Lendio's lenders have high loan limits, with up to $2 million for term loans and merchant cash advances.

Startup business loans have loan amount ranges of up to $150k, interest rates of up to 31%, and terms of 3 months to 5 years.

Here's a breakdown of the funding times for different loan types:

You can get prequalified on the same day you apply, and qualified applicants get a dedicated funding specialist to assist with the process.

Applying for a Lendio loan is a relatively quick process, taking around 15 minutes to complete the online application. You'll need to provide basic information about yourself, your business, and your financial needs.

The application process is straightforward and streamlined, making it easy to navigate. However, be prepared to provide extensive documentation to support your application. Three months of business bank statements are required, for instance.

To get started, simply visit the Lendio website and follow the outlined steps. A Lendio representative will then submit your application and documentation for underwriting conditional approval.

Lendio offers a range of term loans that cater to different business needs, with loan amounts ranging from $1,000 to $2 million.

These loans can be repaid over a period of 6 months to 5 years or longer, depending on the borrower's creditworthiness.

The funding time for these loans is relatively quick, with some options available within 1-2 days.

Business owners can expect no prepayment penalties for these loans.

Lendio is accessible to business owners across the United States, with a minimum credit score of 660 required for startup loans.

Some lenders may also require business or personal assets as collateral, and a minimum of six months in business.

Here's a summary of the loan terms and availability:

Lendio offers competitive pricing with loan rates and terms varying depending on the lender and business's credit score. Loan terms range from three to thirty-six months, and loan amounts range from $1,000 to $5 million.

Lendio also provides flexible payment options, including weekly, bi-weekly, and monthly payments. This flexibility can help businesses manage their cash flow more effectively.

Lendio is a highly rated financial institution with a strong track record of growth and success. It has consistently met its financial obligations and has a solid financial history.

The company is rated A+ by the Better Business Bureau, indicating its commitment to providing excellent customer service.

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Lendio offers competitive pricing, with loan rates and terms varying depending on the lender and the business's credit score, financials, loan amount, and other factors.

Loan terms range from three to thirty-six months, and loan amounts can be as low as $1,000 or as high as $5 million.

You can choose from flexible payment options, including weekly, bi-weekly, and monthly payments.

Discounts and incentives may be available for borrowers with excellent credit and financials.

By working with over 75 lenders, Lendio allows you to compare interest rates and loan specifics to find the best fit for your needs.

This diverse network of lenders includes traditional banks, online lenders, and alternative lenders, offering a range of financing options, such as short-term and long-term loans, SBA loans, lines of credit, and more.

Lendio is a highly rated financial institution and is considered financially stable, with a strong track record of growth and success.

The company has consistently met its financial obligations, which is a great sign of financial stability.

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Lendio is rated A+ by the Better Business Bureau, indicating its solid financial history and commitment to providing excellent customer service.

This rating is a testament to the company's reliability and trustworthiness.

Lendio's financial stability is a key factor in its ability to provide secure financing options for small businesses.

If you need help with anything, you can reach out to Lendio's customer service team at (855) 853-6346.

You can also contact a representative through a message form on Lendio's website contact page.

Lendio is best suited for small business owners who don't know what funding they need and want to explore their options across lenders.

The lending platform is also suitable for businesses seeking to partner with a reputable company. It works with vetted and highly reputable lenders.

If you're concerned about privacy or want to do your own lender research, Lendio may not be the best option. Businesses with excellent credit, high annual revenue, and more than two years in business could likely find less costly financing options.

The easy application and variety of lending products make Lendio an attractive option. Based on user reviews, available products, and its lender network, Lendio is rated 4.3 out of 5.