Lendio Review


2.5 rating

Foundation Year


Office Address
4100 Chapel Ridge Road, Suite 500, Lehi, UT 84043

Phone number


  • Easy online application
  • Variety of loan types
  • 1-7 day time to funding
  • Relaxed credit score requirements
  • Helpful loan calculators
  • Live chat
  • Secure website


  • Not a direct lender
  • High interest possible
  • Not BBB accredited
  • Some loans require extra documentation
  • No face-to-face consultation
  • Mixed reviews


Lendio is a loan aggregation service headquartered in South Jordan, Utah. It’s a platform that allows you to apply for a loan with a wide range of partnered lenders with a single application. They offer a wide array of loan products and have a good reputation.

Their mission is to fuel the American Dream by helping small business owners find the loan they in times of crisis — through a simple and fast online application.

The company has already served over 200,000 applicants for $10 billion in total funding.

What loans does Lendio offer?

Short Term Loan

  • Loan amounts range from $2,500 to $500,000
  • Loan terms range from 1 to 3 years
  • Funding within 24 hours
  • Min. interest rate – 8%
  • Must be at least 2 years in business
  • Good credit score required

Business Line of Credit

  • Loan amounts range from $1,000 to $500,000
  • Loan terms range from 1 to 2 years
  • Funding takes 1–2 weeks
  • Interest rates range from 8% to 24%
  • Must be at least 6 months in business
  • Must earn at least $50,000 per year
  • 600+ credit score required
  • May require collateral
  • Only pay for the money you use

Merchant Cash Advance/ACH

  • Loan amounts range from $5,000 to $2,000,000
  • Loan terms up to two years
  • Funding within 24 hours
  • Min. interest rate -18%
  • Collateral usually not required
  • Good credit score usually not required
  • 4–6 months of bank statements or receivables
  • Repay the loan by paying a percentage of your daily credit card deposits

Business Term Loan

  • Loan amounts range from $5,000 to $2,000,000
  • Loan terms range from 1 to 5 years
  • Funding within 24 hours
  • Min. interest rate – 6%
  • Fixed interest rates or a fixed flat fee
  • Easy and fast online application
  • Taken for any business purpose
  • Good credit score required
  • Must be in business for some time
  • Collateral required
  • My require proof of income

Business Acquisition Loan

  • Loan amounts range from $5,000 to $5,000,000
  • Loan terms range from 10 to 25 years
  • Funding within 30 days
  • Min. interest rate – 5.5%
  • Good credit history required
  • Proof of income required
  • Time in business required
  • Must provide financial performance

Business Credit Card

  • Loan amounts range from $1,000 to $500,000
  • Loan terms range from 1 to 2 years
  • Funding within 1–2 weeks
  • Interest rates range from 8%–24%
  • 680+ credit score required
  • Collateral required
  • Easy online application

Commercial Mortgages

  • Loan amounts range from $250,000 to 5,000,000
  • Loan terms range from 20 to 25 years
  • Funding within 45 days
  • Interest rates range from 4.25%–6%
  • Loan amount depends on credit score
  • Collateral required
  • May need to provide additional documentation

Small Business Administration (SBA) Loan

  • Loan amounts range from $50,000 to $5,000,000
  • Loan terms range from 10 to 25 years
  • Funding within 1-3 months
  • Interest rates based on prime rates

Equipment Financing

  • Loan amounts range from $5,000 to $5,000,000
  • Loan terms range from 1 to 10 years
  • Funding within 24 hours
  • Min.interest rate – 7.5%
  • Covers a variety of financing needs
  • Must be 1 year+ in business
  • Must earn at least $50,000 per year
  • 650+ credit score required
  • Proof of income required for credit score lower than 650
  • Collateral required
  • Easy online application

Accounts Receivable Financing

  • Loan amounts up to 90 percent of receivables
  • Loan terms up to 1 year
  • Funding within 3 days
  • Min. interest rate – 5%
  • No collateral required.

The company also offers a variety of SBA loans (SBA 7(a) Loan, SBA 504 Loan, SBA Express Loan, PPP Loan).

What states does Lendio service?

The company provides loans in all 50 US states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

What terms and rates does this company offer?

Since Lendio is not a direct lender, it cannot quite the exact rates and fees. They will vary, depending on the lender you’re matched with. According to the website, charges may include:

  • Interest;
  • Origination & Administration Fees;
  • Prepayment Penalties.

The referral service is free to use.

How do I qualify for a Lendio loan?

Because the referral service works with a wide range of various lenders, your business does not have to meet any specific eligibility criteria to be eligible for a loan.

To have the best chance of approval, you must meet the following requirements:

  • Time In Business: 6 months or more
  • Revenue: $10,000 per month
  • Credit Score: 550+

The requirements for equipment financing are more stringent. To get approved, you must be at least 12 months in business and have a 650+ credit score.

Can I pay a loan back earlier?

Your prepayment penalties and other fees depend on the individual lender you are matched with. You’ll have to find out if the lender charges a prepayment penalty if you decide to pay off your loan before the due date.

Can I take a loan if my credit score is low?

Yes. Even if you have a bad credit score, you can still qualify for a loan with Lendio. Lenders from the network offer some loan types for bad credit, for example, a merchant cash advance. But you probably will not be able to get a real estate loan with bad credit. The higher your credit score, the more likely you are to get approved.

How to apply for a loan?

The application process is easy and only takes 15 minutes. First of all, you must create an account and fill out an application form. You will be asked to provide some basic information, such as your name, business, and your monthly income. At this point, the company will perform a soft pull on your credit report, which will not impact your credit score.

Then Lendio will try to match you with participating lenders who are able to make a loan offer. According to the website, this step takes no longer than 3 business days.

A company representative will contact you with any loan offers received. You can review offers and choose the one you like most. If you are ready to accept the offer, you will continue the funding process with the chosen lender.

How to pay a loan back?

Repayment terms vary depending on the lender, loan period, loan amount, and other factors. As Lendio partners with a wide range of lenders, you can be sure to choose the repayment terms you find most attractive.

Does Lendio have a mobile app?

This company doesn’t have a mobile app, which may cause some inconvenience for active smartphone users.


Lendio is a reliable loan matching service that has earned the respect of many small business owners all across the USA. They can boast of a simple application process, great customer support, helpful loan calculators, and a large number of participating lenders. Besides, applying for a loan via this platform doesn’t impact your credit. You can submit an application online and receive your funds as soon as the next business day. The majority of Lendio’s reviews are positive, highlighting the company’s brilliant communication, great customer service, easy and fast application, and decent rates. We can recommend this company for your borrowing needs.


2.0 rating

Very quick process. But it’s been 6 days since I’ve signed the contract and sent a voided check. Still no money!

Bruce Mullins
1.0 rating

Bad customer support. Contacted them many times but no response. I applied with 2 banks to be safe. I have spent the whole day trying to talk to a real person but in vain. Applying through this website was a big mistake.

Anthony Larsen
1.0 rating

Worst experience ever!! Do not use them. They never answer calls and are never doing what they promise. It’s been 5 days and still no money. Terrible service. Run away. Apply with a local lender. LENDIO IS WASTE OF TIME!

Wendy Ford
1.0 rating

A wide range of products and fantastic customer service.

Sandra Brown
1.0 rating

Lendio doesn’t answer emails, doesn’t return phone calls. Not recommended company.

Cynthia Perkins

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