Lendio

Lendio is an online loan network facilitator. After a brief application, the company matches small and local businesses and appropriate lenders within the Lendio network.

• Products: Lendio is a marketplace that connects borrowers to the lender network. There are more than 50 lenders willing to offer funds for a variety of business needs.

• Interest rates and fees: Interest rate vary based upon the specific lender. Lendio gets paid by the individual lenders, not the borrower.

• Service: The Lendio loan specialist helps facilitate the borrower and lender matching process.

• Borrower qualifications: Minimum average revenue of at least $10,000 per month for at least 6 months. Credit score over 550 and no bankruptcy within the past 3 years. The borrower must be current on mortgage or rent payment and have a business bank account for loan proceeds to be deposited.

• Fast approval process: The application takes minutes and the funding may take from two days to two weeks.

• Loan limits: Terms based upon the specific lender. The lenders offer a variety of capital amounts for qualified borrowers.

• Repayment options: Determined by the specific lender and debited from borrower’s bank account.

• Best for: Small business owners seeking access to multiple lenders for a variety of business funding needs.