What if you could have access to 75+ Amazing lenders with one simple application and get up to $5 MILLION dollars instantly after seeing this Lendio Review?
Getting your small business funded is priority number one to build, grow, expand and even get out of a tight pinch but guess “Who’s” holding you back?
The Banks are a great start but even more, is YOURSELF, what do I mean? When the banks give you a big fat “NO”, your other two options are to reach even deeper into your savings account and take out your money you were planning to tuck away for your kids college tuition or for another reason, and also asking your friends and family which you just can’t ask for help (anymore)...
So that leaves You high and dry with no other option, right? Not so fast, luckily there’s an alternative lending solution with Lendio and that’s what I “Michael Granados” a small business owner like yourself and a business loan broker will be pulling back the curtains inside this review to show you the pros and cons, alternatives and so much more you MUST know if you want a small business loan to finally push your business forward...For Good!
Alright, let’s get into it.
What Is Lendio?
Lendio is a Free online small business loan marketplace in the United States operating as the “mediator” between you and the Lenders. What they do is help you understand the different types of small business loan options they offer and help you decide the best funding option for you, then they have you apply and send your application to the lender who will then decide to approve you or not.
If you’re anything like me, you want to know right from the start, “Why Lendio and not any other online marketplace?”
Listen, I’ve reviewed other small business loan online marketplaces like Fundera, or a Lendzi or a Lending Tree and the reason Lendio is a somewhat better option is that for one they carry Much More Lenders as well:
- Have lower APR Rates
- Carry Merchant Cash Advances
- $12,000,000 Funded
- 300,000+ Small businesses helped
- Exceptional tools and resources
Related: Lendio Vs Fundera post
These are just some of the many benefits of going with Lendio but what I really do like is their “Merchant Cash Advance” which if you didn’t know what that is, it’s a cash advance where you can get fast (even same day) funding deposited into your bank account and be able to use the money like today.
Merchant Cash Advances by definition is a type of cash advance that takes a percentage of your future credit card sales. We’ll go into it more in detail later but if you’d like to check out a Superior Merchant Cash Advance that has same-day funding, click here to see my #1 Recommendation.
Now let’s go deeper inside.
Going Inside Lendio
Let’s take it back to the home page and check out what you’ll likely see:
Isn’t it hard to believe how this one company has helped people get up to $12 BILLION+ in funding from lenders nationwide? NUTS, right?
So before we click on that “pink” Get Started button (which will take you to a page for standard business financing application questions), let’s go over the different loan types
Lendio Loan Types
- Business Line Of Credit
- Short Term Loan
- Long-term loan
- SBA Loans
- Business Credit Card
- Equipment Financing
- Commercial Mortgage
- Accounts Receivable Financing
- Startup Loan
- Business Acquisition Loan
- Merchant Cash Advance
By the way, Lendio is a great option for startup trucking companies, and I wrote an article dedicated to the best business loans for trucking you can check out right here.
Which Loan Type Is Best For You?
It really depends on your businesses needs to be honest, but after extensively helping out many small businesses get PROPER funding, I really am fond of Merchant Cash Advances, why?
Like I mentioned in an earlier section, Merchant Cash Advances (MCA’s) are a very fast way to get approved with same day approval and even in many cases same day funding, plus they offer you as the business owner the chance to fuel your business’s growth right away as opposed to waiting days, weeks, and even months.
There are many Pros And Cons to it of course and If you’d like to see all of them plus my #1 Recommended merchant cash advance company who’s partnered with an Up To $25k (and even up to $2,000,000) program to bring you a “Hybrid” that’s much greater, click right here to see.
Lendio Free Tools
When you scroll down the home page you’ll get a “Free Tools To Manage Your Cash Flow” section
Click through there and you’ll see this page:
So Lendio has partnered with a “CRM” type of software called Sunrise to power your analytics and more, check out...
Here’s what you’re getting with their tools:
- In-Depth Cash Flow Analysis. You will be able to leverage the robust reporting Lendio has to identify trends and seasonality specific to your business's cash flow.
- Cash Flow Alerts. You will receive alerts that warn you if your business is approaching a negative cash flow period so you can better manage your capital on-hand and avoid unnecessary bank fees.
- Track your loans and revenue. You can use Lendio’s cash flow insights to know you’re spending your business loans and where your capital is being spent at all times.
Also added to your cash flow is Free bookkeeping:
How Lendio EXACTLY Works In 3 Simple Steps…
- STEP 1: Apply In Just 15 Minutes
- STEP 2: Compare Options From 75+ Lenders
- STEP 3: Get Funded In As Little As 24 Hours
Lendio has partnered with 75+ great lenders such as:
- Bank Of America
- American Express
- The Business Backer
- Headway Capital
- Mulligan Funding
Did you know Lendio had a “compare lenders” page for you to see what other small business owners had to say?
Lendio Application Process
When you get started with your Lendio application here’s what you’ll likely come across:
You get a 5 Step Process of:
- STEP 1: Add Your Basic Info
- STEP 2: Owner Info
- STEP 3: Business Info
- STEP 4: Documents
- STEP 5: Submit
Here’s what other people had to say:
Here are some reviews on Trustpilot:
How Much Does Lendio Cost?
Nothing. It’s completely free to get started with and submit your application, however, the other less often seen costs can come in the form of your time, energy, and headaches with starting an application you know you won’t get approved for, wasting your time with a type of loan you don’t really need, and even worse are the high interest rates that’ll end up costing you more money and pain.
So keep those “intangible” cost factors on the back of your mind. That’s why I recommend a greater solution where you don’t have to deal with ANY rates, you get fast funding (same day), and you can build back your business much faster, see what I’m talking about here:
Here are a few common questions:
Why is lendio taking so long?
One question I often get asked and I see is why lendio takes so long to process a funding and here's why...
Time varies by each lender, and you can usually expect to see a business financing options from your lenders within a day or two of receiving your completed application.
After you compare your loan options and choose the best one for your business, the lenders will then work to finalize your loan agreement as quickly as possible. Once your loan has been approved and finalized, you can often access your funds within 24 hours. PLUS: You will get asked for supporting documents, background check and so forth.
This video below explains it well:
What Are Lendio Rates?
The rates depend on the type of loan you're getting, for example: If it's a startup loan, then you can expect from 0-17%.
How Does A Cash Advance Work?
Cash advances is a popular form of an "advance" where you can get access to many really fast like in 24 hours fast - depending on the company you're working with it can be even faster.
Most commonly are "Merchant Cash Advances" which take a percentage of your future credit card sales. Interest rates can be high but if you find the RIGHT company who also works with "Revenue Based Funding" like one called Bitty Advance, you won't have to worry about interest rates!
Who’s Lendio For?
Lendio is created for Small business owners who can’t get traditional funding from the banks, can’t reach deeper into their savings, and can’t ask for friends and families help (anymore) and want an alternative lending option to help build, grow, expand, and even get out of a tight pinch.
- Small business owners who want trusted and reputable lenders so you know you’re getting professional help from professional institutions
- Startups - Trucking works great for Lendio as well do other options.
- You’re looking for a platform that hosts all types of small business loans so you can have more options at your disposal.
- Small business owners who want fast funding within the next 24 hours or so
- People who want free tools to manage their cash flow through specific analytics and bookkeeping services
- People who want to compare lenders before they make a decision on how to proceed forward
- You want to go through an online marketplace first.
- All industries included
Who’s It Not For?
- People who don’t want high-interest rates
- Small business owners who don’t want to wait sometimes days for lenders to get back to you (yes it has happened)
- People who want better non-startup options with no interest/factor rates
- Tire Kickers
Pros And Cons
- Fast Funding within 24 hours
- Various small business loan types so you can have more to work with and more flexibility
- 75+ Partnered Lenders with trusted and proven providers so you will feel more comfortable
- Works with startups and non-startups
- Great tools and bookkeeping
- High Interest Rates
- Bad communication
- Give out your data to big companies who can do what they want with it
- You don't always get close to the money you want
There are most definitely Greater alternatives and believe it or not Lendio is not my go-to solution, and I’m going to show you which platform is for both Startups and Non-Startups.
By far my favorite and most highly recommend small business loan platform is the first option for Bitty Advance because they deal with what’s called “Revenue Based Funding” which is FAR Better than A traditional Merchant Cash Advance where they don’t have to deal with:
- Higher Costs
- No complicated payback payments
- No High Expenses…
And instead, you get:
- Your money based on your revenue
- Fast money into your bank account
For the reasons I just listed and more are why I love them for small businesses that have at least 4+ months in. With them you can get up to $2,000,000 or up to $25k with their very popular, special, and unparalleled program Who is in a partnership with one of the best merchant cash advance platforms in Bitty Advance.
You can learn about option number one I listed above here:
Above all, for startups I'd go with GoKapital because with pre-revenue and no time in business you can get access to up to $500,000 if you have the right credit requirements. If you'd like to learn more about GoKapital, click here to see the review I made.
Lendza is another great solution for startups and even small businesses with more time under their belt, but what I like about Lendaza is it’s very flexible, you get just about the same amount of business loan types as Lendio with the addition of better communication and funding times.
If you’d like to learn more about Lendsza, head on over to our Merchant Cash Advances who have same-day funding post here.
Aside from that, Credit Suite is a great place to turn to for helping you establish your business credit and I've partnered with them to make the transition simple and without a hassle. If you'd like to learn about using Credit Suite to build your business credit, click here.
What I Liked Most About Lendio
I’d have to say the cash flow tools and analytics were, why? It’s very crucial as a small business owner that you where you’re money is going, and how it’s being allocated so you can make more precise judgments as to how to optimize.
This way you are growing a healthy business and know you’re on the right track even in the darkest of times.
What I Liked Least
I definitely do not like the way they “service” small business owners on the fact that they can take some time to get back to you after your first inquiry, and the management of helping you out can feel stressful.
Also, I’d like to add that they give you outrageous interest rates (up to 17%), and if you have no credibility in your business and it’s on a decline, you will get higher interest. Hold on, there’s another thing to add on…
When you request a certain amount of funding and you’re certainly qualified for it, you’ll get less than what you bargained for and it’s just the Lendio way I guess.
I believe above all though is that it's an "Online Marketplace" that can sell your information to third party lenders thus you get contacted over and over again via a phone call, email and much more time and time again...
Only to create an endless amount of headaches and your credit may get hurt doing this and did I mention you don't always get the best lender for your specific needs and industry?
You also may be "bait and switched" which means you're told you can get a specific service or amount for certain terms and rates only to then be told you didn't qualify and now you have another service that you didn't want but could qualify for but you want transparency and didn't get it - overpromised and underlivered are the words here.
Final Thoughts And Next Steps
What was your favorite part about Lendio? Did you have a least favorite feature that stood out to you most?
Now that you know Lendio is an “Online Marketplace” for connecting you with 75+ Small business loan lenders to help build, grow, expand, and even get you out of a tight pinch, there’s one last thing to decide…
Are they worth your time? I honestly do like how Lendio is helping in many small business loan types, they give you tools to track your cash flow and more, but it’s a tough “sell” because they stack on high interest rates, they don’t have the best communication at times, and can give you less money than what you wanted/needed…
And for these reasons and more I can’t recommend them as being your “go-to” solution for a small business loan. Instead, if you’d rather see my #1 Recommendation for startups, for all business loan types you can see here, and for my non-startups, click the button below to see the best option for you.