Lendio Review

ByCaroline BantonSep. 09, 2020

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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 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 APR Terms
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 Prime+ 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

Lendio customer testimonials

ExcellentReviews 8,328
TrustPilot is the world’s most powerful review platform, free and open to all.
  • author
    Leon Pratt
    21 hours ago
    Great customer service

    Great customer service, Excellent communication, Provided a great experience with filled out application.


  • author
    Dayrith Bach
    21 hours ago
    Easy and fast

    Easy and fast. Really happy with their service.


  • author
    Drew Medlin
    a day ago
    I did not take a ppp loan

    I did not take a ppp loan. I waited b/c my small business had not experienced too much loss until August or so. Once I was in trouble the loan money was gone. Then September 2nd my business card was hacked and I bounced employee checks on a Friday after 5pm...🤦‍♂️🤦‍♂️ My bank was gonna take 7-10days to do anything..I’m losing my mind. I completed and application with Lendio and with 5min Brian Jewkes called me...not only did he listen to my awful situation, but he clearly assured me that I wasn’t the only small business Hurting, but he thanked me for trying to do the right thing by using my personal money to help my business get even here! He then told me what he needed, he walked me through the application Over the phone and email. He promptly answered my emails and phone calls during the process, and once I was approved he then patiently heard what I was comfortable with and said I can get that for you. It’s was done and easy...the next morning I met the GM of my bank and he extended my Business cap-Line and I got what I needed. I actually felt bad b/c Brian Jewkes worked hard at getting me the loan that best fit my situation in an actual emergency and took more time than my actual bank did! His personal service and professional was as good as my Lawyer, and way better than the service I got at my own Bank. I’d recommend and use Lendio again based off the Service and professionalism of Brian Jewkes alone! He made me feel safe to use an outside lender when most of us know the dangers of borrowing money as a small business. Thanks


  • author
    Kelly Masood
    a day ago
    It has been a very good experience…

    It has been a very good experience working with Lendio. They check the paper work thoroughly and follow up with missing items and get clarification and offer advice for right course of action


  • author
    Thomas Charles Doc Applegate
    2 days ago
    The staff at Lendio is great

    The staff at Lendio is great. A particular shout out to Scheli as she spotted the application issue that had caused me to get denied for a PPP loan from 4 or 5 previous lenders. None of the other lenders that took my application saw the mistake I was unknowingly making and thus I wasted my entire summer filling out apps and being turned down without ever knowing why. I would use Lendio any time I have the chance.