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.
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