Loan types – Line of credit, short-term loan, term loans, equipment financing, merchant cash advance, invoice financing, SBA loan, personal loan for business, startup business loan
Loan amount - $2,500 to $5 million
Repayment Terms – 3 months to 25 years
Top Pro – A variety of loan offerings for different business needs
Top Con – Support only available via e-mail
Best for – Small and medium-sized businesses that require different credit solutions
LendGenius may be a newcomer to the business lending industry, but the company has already made a strong name for itself. The LendGenius model offers customers access to its wide network of reliable lenders that offer a diverse range of business financing services. The company works to help its customers get matched to the most ideal lender with a simple application, and ensures that they receive the right lending solution to meet their unique needs. Moreover, the company emphasizes education for small and medium-sized business owners to help manage finances and improve fiscal responsibility. The company offers informative learning resources, as well as detailed descriptions of the services offered by their network of partners. LendGenius also aims to streamline the financing application process for its customers, reducing the time amount of time between application submission and funding receipt significantly.
LendGenius was designed with small and medium-sized businesses in mind. The company has focused on delivering a comprehensive lending model that can accommodate the needs of a small business by providing the right blend of credit services to help meet a variety of needs. The company works diligently to connect businesses to partner lenders thanks to a straightforward application that narrows down the available options a business is prequalified to receive. Additionally, most of the options available through LendGenius have competitive rates alongside an extensive range of loan amounts. With a serious devotion to producing high-quality educational content on finances and credit services, as well as detailed descriptions of all the financing options available, LendGenius presents an exemplary alternative for small and medium-sized businesses seeking to compare their accessible borrowing options.
We discovered several very likable aspects of LendGenius’ financing solutions upon further review. Although the company does not directly offer business loans, it does work with a vast network of well-established lenders who offer a variety of different solutions. LendGenius will help you through the prequalification process starting with a simple application that will help identify which lenders and credit services are pertinent. This makes the matching process easier, and creates competition between lenders, putting the power squarely into borrowers’ hands by helping provide more reasonable rates and terms. Apart from the qualification process, we were impressed with the company’s blog, which offers an excellent blend of informative educational articles and guides. Moreover, LendGenius is happy to explain in detail each of the financing options they offer, helping businesses understand the implications of each solution to enable the most beneficial borrowing decision possible. With an expansive range of amounts, terms, and interest rates, LendGenius can accommodate different industries while providing the best solution to fit a business’s unique circumstances. Here are just a few of the LendGenius highlights:
Getting started with LendGenius is a rapid process. The company’s application is designed to take very little time and effort, and will only request relevant details to match you to the best possible lender for your specific needs. After filling in the first page of the application, businesses will be assigned a case manager who will assist with the remainder of the process and help uncover the right business financing solution. After this initial step, applicants are asked to provide basic details about their business, including revenues, invoicing history, and cash flow figures. Finally, LendGenius requests that the appropriate documentation be filed. Once this has been reviewed, the company matches businesses with those lenders with whom they were prequalified. This helps expedite the matching process by cutting down on the likelihood of being rejected or receiving unfavorable terms. It is vital to remember that final terms and conditions are negotiated directly with the lender, and LendGenius will not be present during those discussions.
While most business lenders are happy offering one or two different financing options to potential customers, LendGenius chooses to go above and beyond, offering ten different alternatives designed to fit any small or medium-sized business’ needs. The company can connect business owners with loan providers able to offer diverse choices from business lines of credit to invoice financing, and even the government-regulated Small Business Administration (SBA) loans program. This results in a wealth of choices for businesses designed to give them a more tailored financing fit without damaging their future growth potential. These are the types of loan options offered by LendGenius’ partner network:
With such a wide range of options, it is only natural that LendGenius’ network can offer an incredibly expansive range of loan terms, amounts, and interest rates. Businesses can borrow as little as $2,500 and take a loan as large as $5 million. In addition, they are not limited to one or two different loan terms, but can find the financing solution that works best with their revenue model and existing cash flow to ensure that the debt can be repaid in a timely manner and without placing an undue burden on their business.
While the documentation required by the application may vary between loan types, generally LendGenius asks that applicants have the following prepared before applying:
Depending on the type of loan or financing being sought, LendGenius may request additional documents such as business plans, equipment quotes, outstanding invoices, and others.
Another aspect of LendGenius that impressed us is their commitment to education and assistance for small businesses. Outside of their excellent offerings for startups, the company’s blog features an extensive collection of insightful articles that cover topics including personal and business finances, best practices for certain industries, and guides on financing. Furthermore, the company offers detailed breakdowns of each loan type, their benefits and disadvantages along with best practices to increase the odds of approval.
One of the biggest benefits of LendGenius’ model is the incredible selection of different repayment terms offered by partners within the network complete with favorable interest rate options. Due to the variety of financing products available, repayment terms may vary greatly, but in turn give small businesses more control over how they want to handle their financing. The shortest repayment terms available are for 3 months while the longest is offered through SBA loans and can reach up to 25 years. Be aware that these repayment terms can show a significant degree of variation depending on the lender and remember that LendGenius is not directly setting the terms. The financing rates charged can also vary widely, with some partners within LendGenius’ network offering options starting as low as 6.99% APR. However, it is important to be cognizant of the fact that the rates listed on LendGenius’ website are representative, and all final loan terms are negotiated directly with the loan provider.
LendGenius takes great care to protect its customers’ information, and is very transparent about its data collection practices. The company does not share your personal details without your consent, and generally only uses customer data to improve their offerings and services. As part of their services, LendGenius is required to share some customer details with its network of lenders, but does not sell this information to third parties without your knowledge. Additionally, data is stored on servers protected by industry-standard security protocols and both virtual and physical safety measures.
Overall, we were very pleased with LendGenius’ customer support, although the company could improve it further by expanding the available support channels. As of now, customers can reach LendGenius via e-mail, and we found that our queries were answered quickly and effectively. Most e-mail requests are returned within a single business day, although on weekends the response times may vary. In addition, the company hosts extensive information on all of the loan products it offers through its network of lenders. The inclusion of an FAQ section could assist in providing more details to customers, but overall, we were satisfied with the quality of service delivered by LendGenius.
The LendGenius marketplace has some very positive attributes that really set it apart from competitors. However, we did find certain areas where the company could improve to boost their services even further:
On the other hand, there were several characteristics that left a strong, postive impression:
LendGenius supplies an excellent alternative to the traditional model of business lending. By connecting businesses directly to lenders and enabling them to choose the most attractive alternative, the company has returned the power to borrowers. With an impressive variety of loan offerings, loan terms, and interest rates, LendGenius is an excellent fit for a broad range of small and medium-sized businesses. While the company could improve its channels of communication, its commitment to education and support makes it an excellent choice for businesses operating across a number of different industries.
21600 Oxnard St.
Woodland Hills, CA