Lendio Review
Every business needs capital in order to cover its running costs, pay salaries, order stock, cover the cost of invoices, and generally pay for growth and expansion as it aims to get bigger in the future. Unfortunately, you can’t always generate sufficient capital on your own, and that’s where the best business lenders can help. Companies like Lendio offer a range of business loans in order to provide funds and short-term financial solutions for businesses in need. This review will look at the pros and cons of Lendio as a business lender and help you decide whether or not it’s the right company for you.
Lendio Overview
Founded in 2011 and based in Woodbury, New York State, Lendio is a business financing platform that doesn’t actually offer direct loans to its users. Instead, it works together with over 70 funding partners, including some of the biggest names in the business like Bluevine and Kabbage, in order to let you compare quotes and choose the best possible option, saving time and enjoying total peace of mind while choosing the best business loan for you.
Essentially, Lendio is a business funding matchmaker. You sign up and provide some information about your business and the kind of loan you need, and Lendio’s system then uses that information to match you with one or more lenders. Best of all, the service is totally free to use.
Back to top ↑Business Loans Offered by Lendio
Lendio is a matchmaker, so it doesn’t offer any loans directly, but it can help you find the following types of loans from its network of trusted providers:
- Short Term Working Capital Loans – Ideal for covering day to day costs and short-term debts
- Long Term Business Loans – Used for larger purchases and paid off over a longer period of time
- Lines of Credit – A credit account which can be drawn from over a set period of time
- Merchant Cash Advances – The lender will be repaid via your business’ credit card sales
- Equipment Loans – Used to pay for equipment and tools used to run your business
Lendio Details
Here’s all you need to know about how Lendio business loans work:
- Applications – Anyone can head over to the Lendio site and use the service for free, but you aren’t guaranteed to get approved for funding with Lendio. All of the platform’s partners have their own requirements. Some will demand that your business has a certain revenue and has been operating for a year or more, for example, while others will be a little more relaxed.
- Rates and Fees – Lendio doesn’t charge any kinds of fees for the use of its services. The lenders are the ones who have to pay Lendio if you choose to work with them after using the Lendio platform. The fees and rates for each loan you find will vary depending on the provider.
Lendio Verdict
For anyone who wants to make the business loan finding process a lot easier and faster, Lendio is a super platform to use. It’s easy and fast, giving you matching loans in a matter of minutes and letting you compare rates from a wide variety of lenders.
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