Published By Janet Gershen-Siegel at August 22nd, 2018
Our Lendio review can help you decide on the best lender for your business. This is one of our Credit Suite reviews of online lenders.
Lendio is an online lending company in the online space. Lendio acts as a go-between for borrowers and lenders, to provide small business loans. Loan types include business lines of credit, SBA loans, term loans, MCAs, equipment financing, and accounts receivable financing. We look at the specifics and drill down into the details.
This review was updated in 2020.
Lendio is located online here: https://www.lendio.com/. Their physical address is:
10235 South Jordan Gateway
South Jordan, UT 84095
The Lendio phone number is: (855) 853-6346. Their contact page is here: https://www.lendio.com/contact/.
Lendio will check your company’s time in business. They also want to see your personal credit score and your monthly sales. Funding is in as little as 24 hours.
Loan Amounts run from $1,000 – 500,000. Lendio’s loan term has a 1-2 year maturity date. Their payment frequency is monthly. The time to funds is 1 – 4 weeks.
The rate ranges from 8% – 24% interest.
Loan Amounts run from $50,000 – 5 million. Lendio’s loan terms are 10-25 Years. Their payment frequency is monthly. The time to funds is 30 – 90 days.
Their interest rate is over the prime rate of interest.
Loan Amounts run from $2,500 – 500,000. Their loan terms are 1 – 3 Years. Their payment frequency can be daily, weekly, or bi-monthly. The time to funds is 1 – 4 weeks.
Their interest rates run from 8% – 13%.
Loan Amounts run from $5,000 – 2 million. Their loan Terms are 1 – 5 Years. Their payment frequency can be weekly, bi-monthly, or monthly. The time to funds 1 day to 4 weeks.
Their rate runs from 6% – 30%.
Loan Amounts run from $ 5,000 – 200,000. Their loan Terms are 3 – 24 Months. Their payment frequency can be daily, weekly, or monthly. The time to funds is 24hrs – a week.
Their rate runs from 18% – 40% or more in interest.
Loan Amounts run from $ 5,000 – 5 million. Their loan Terms are 1 – 5 Years. Their payment frequency is monthly. The time to funds is as little as 24 hours.
Their interest rates run from 7.5% – 45%.
Loan amounts are available up to 90% of A/R. Their loan terms are 1 – 3 Years. You can get funding in as little as 48 hours.
Their Factor Rate is 5% and up.
Advantages include flexible payment frequencies and several loan options are available. Some maximum amounts are rather high.
Disadvantages are that it is a fairly long time before you can get your funds. Other players in the online lending space are a lot faster. Plus some rates are very high.
Lendio does not seem to be a good place to go if you are in a hurry to get funding. But if you need a great deal of funding ($1 million or more), then Lendio is a possible choice. And a delay in getting that much money should be reasonable and downright expected.
Interest rates max out rather high. A business borrowing $5 million via equipment financing could be looking at a 45% interest rate. That’s over $2 million without compounding!
Businesses doing best with Lendio are the ones needing a great deal of funding and that are willing to wait for it. Also, they are confident they can pay their debts back on time if not early. Otherwise, there are other lenders online which will provide funds more quickly and many of those charge lower rates.
And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math.
Go over the details carefully, and decide if this option will be good for you and your company. In addition, always consider alternative financing options that go beyond lending, including building business credit. So this is in order to best decide how to get the money you need to help your business grow.
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