Lendio Review

Caroline Banton

In a Nutshell

Lendio is an online small business loan aggregator that brings business owners and lenders together on one platform. The site is free to use and offers 11 distinct loan programs for every business need, from business acquisition to commercial real estate. The variety of loans offered increase the likelihood that you will find both a lender and a specific loan that suits your circumstances.


  • 11 different loan types
  • No minimum FICO score


  • Some loans require extra documentation
  • Prepayment penalties vary

Lendio Lendio Visit Site

Lendio at a Glance

Loan amount
$5,000 - $2 million
Minimum monthly revenue
Depends on the lender
Age of business
Depends on the lender
Minimum credit score
Depends on the lender
Repayment terms
1 - 5 years
Time until funding
As little as 24 hours
Direct lender or marketplace

Why Choose Lendio?

Lendio is not a direct lender. It is a platform that directs you to the services of various lenders based on your borrower profile, not just your profits. At least one of Lendio’s loan programs allows you to obtain a loan if you have been in business for as little as three months (however, there are stricter personal requirements for new or recently formed businesses). Also, some options have low rates.

Lendio aims to make small business loans as simple as possible. The platform can connect you to over 75 leading lenders. Lendio strives for ease with a 15-minute application and a proprietary algorithm that finds your quotes. The company is rated A+ (on a scale of A+ to F) by the Better Business Bureau, and 9.5 (out of 10) with TrustPilot. Lendio considers American small businesses to be the backbone of the American economy and provides $1 billion in funding for small businesses.

Loan Features 

  • Terms: 1 to 5 years for traditional business loans
  • Eleven different business loan types
  • Loan amount: $5,000 to $2 million
  • Funding in as little as a 24 hours
  • APR varies according to lender and type of loan
  • Prepayment penalties vary with loan program/lender
  • No minimum FICO score
  • No minimum time in business 

Loan Application Process

To start the process, you must complete a questionnaire. The lender you are ultimately matched with will depend on your answers. Once you are matched with a lender and loan program, you will complete a more detailed application for the direct lender. The exact loan process varies from one lender to another in terms of time, but it typically takes between two days and two weeks.

The Lendio site performs a soft credit pull when you inquire about a loan. However, your credit score won't be negatively affected. Once you are matched with a lender, a formal credit report will be pulled, at which time you are well on your way in the application process.

The basic requirements for a business loan with Lendio include:

  • Gross revenue averaging consistently $10,000 for at least six months
  • Minimum of 12 months in business (less for certain loan programs), but generally at least two years in order to qualify for the best loans and pricing
  • No minimum credit score
  • No bankruptcies in the past three years
  • A business bank account 
  • You must be current on your mortgage or rent payment
  • The business must be based in the United States

The specific documentation required to get a business loan through Lendio varies from one lender to another and also depends on the type of loan being applied for. Typically, an application will require at least the following:

  • A signed loan application
  • Six months of current business bank account statements
  • Mortgage or landlord verification

Because Lendio is a business loan aggregator, it offers access to 11 different types of loans:

Loan Type
Loan Amount
Business Credit Cards
Depends on the provider
Depends on the provider
Depends on the provider
Equipment Financing
$5,000 - $5 million
As low as 7.5%
1 to 5 years
Startup Loan
$500 - $750,000
As low as 0-17%
Up to 25 years
Business Line of Credit
$5k - $500k
8% to 24%
1 to 2 years
Merchant Cash Advance (MCA)
$5,000 - $200,000
As low as 18%
Up to 2 years
Short-Term Loan
$2,500 - $500,000
As low as 8%
1 to 3 years
Business Term Loan
$5,000 to $2 million
As low as 6%
1 to 5 years
Commercial Mortgage
$250,000 to $5 million
As low as 4.25% to 6%
20 to 25 years
Accounts Receivable
Up to 80% of receivables
As low as 5%
Up to 1 year
SBA Loan
Up to $500,000
10 to 30 years
Business Acquisition
$5,000 to $5 million
As low as 5.5%
Revolving or 10 to 25 years

Lendio does advise that certain business types, those considered "restricted industries," may experience difficulty getting a loan through the platform. Those businesses include hunting, fishing and forestry, auto dealers, gambling, legal services, non-profits, mining, commercial real estate, and insurance.

Where data security is concerned, your information on Lendio is protected by the same 256-bit encryption that banks use and includes auditing, back-ups, and encrypted login information.

Lendio Costs: Repayment Terms

Loan terms range from one month to 25 years, depending on the type of loan you need and are approved for. Fees are determined by each individual lender, and interest rates will be within the ranges appearing on the chart above for each loan type. Some loans do impose a prepayment penalty.

With some loans, repayment occurs when a percentage of your monthly business receipts are automatically transferred to the lender on a daily basis. Others will call for scheduled monthly payments.

Help & Support 

Lendio can be contacted by phone at either the South Jordan, Utah, or New York office. You can also contact Lendio through social media, including Facebook, Twitter, and Linkedin. Email contact is available directly through the company website.

Lendio has a comprehensive FAQ page that will answer most of your questions on its loan process. The company also has a blog that provides real world examples of how Lendio loans have benefited small businesses.


Lendio could be the perfect platform for your small business since it represents an entire marketplace of all types of lenders. You can take out one loan with one lender and another type of loan with a different lender. Lendio provides you with an ongoing source of financing as your business grows.

Physical Address 


4100 Chapel Ridge Road

Suite 500

Lehi, UT 84043

Caroline Banton is a freelance writer of business and finance articles that have been featured in The Huffington Post, The Motley Fool, Time, MSN, PYMNTS.com, GOBankingrates.com, SaleMove, and MyBankTracker.com. Before becoming a writer, Caroline had over fourteen years of experience working at the World Bank. Caroline has an MBA from Johns Hopkins University.

Lendio customer reviews

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Top Reviews

Marcella, TX
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

They are very good brand. Worth the time. I am happy with my business loan.

Lindy, VA
a year ago

I trust them because the Better Business Bureau gave them a great rating. We got our loan well within when we expected.

Carlos, FL
a year ago

Is good company. But you always have to make sure, you are more then clear on the details, because lenders will always get you.

Rachel, OK
10 months ago

I love the brand and great quality and it's affordable. It made the excruciating process of getting a business loan slightly easier.

Seth, FL
a year ago

Good brand been around for years. They are legit, people write good reviews online. quality customer service providers. My loan was what I needed at the time.

Kevin, IL
a year ago

Good deal, value for money. They didn't rip me off. Good customer service, very quick to react

Jonathan, FL
a year ago

I think it was a good service that worked okay for the price, although there may be better options in terms of rates..

Donald, CA
a year ago

From my experience the company is fair and the loan I got was reasonable. But I have heard from other business owners that there are better rates out there, so I may try and consolidate.

Alana, TN
a year ago

I felt the ease of use could of been better. I feel the visual is too much, an overkill. The loan itself was good though and I am happy with what I got.

Ashley, OK
a year ago

Lendio was easy to use and the customer service response was timely. We actually just inquired about using Lendio for a business in progress.

Pat, CA
a year ago

I like the layout at the ease of use I could comprehend everything on the website. This has helped me with getting a business loan.

Rylee, OK
a year ago

It's super easy to use. I like the features and what it's able to do. Works well for me and my company.

Stephanie, OH
a year ago

Because I had no real problems with them. It seemed a little overcomplicated though. I will look at other options next time I need a loan.

Denny, GA
a year ago

Lendio is free and easy to use. It allows users to have access to help people get there businesses started.

Renee, OH
a year ago

I had a bad experience with the staff. Their customer service skills could use some work. When dealing with the public you need a positive attitude and be personable.

15 reviews