Lendio helps small businesses get financing by matching applicants to a network of over 75 lenders. This business lending service specializes in small business financing, providing a number of loan types including a business line of credit, ACH loans, SBA loans, equipment financing, and more. Lendio business loans range from $5,000 up to $2 million with repayment terms between three months to five years. Rates vary according to the loan type and lender, but range between 3% to 30%.
Because Lendio has a network of lenders, businesses with a range of credit scores can qualify for a loan. Small businesses benefit from choosing between different loan options to find the best loan for their needs. Lendio doesn’t charge borrowers a fee. Since Lendio charges its partner lenders, businesses looking for a loan can submit an application, review offers, and accept a loan without any additional fees.
As a loan aggregate service, Lendio has flexible rates and terms. Rather than providing one set lender, Lendio has a network of lenders. Applicants receive a number of offers and choose the loan that suits their business.
Lendio specializes in loans for small businesses and provides a variety of different financing options including business line of credit, SBA loans, short-term loans, merchant cash advance, business credit card, equipment financing, commercial mortgage, American Express merchant financing, startup loans, and acquisition loans.
The free application process lets businesses view loan options without commitment or affecting credit. Lendio is not a direct lender which means businesses can browse a number of others to find rates and terms best for their needs. Eligible businesses must have an average monthly revenue of at least $10,000, a credit score of 580 or better, and no history of bankruptcy.
Because Lendio has a network of over 75 lenders, businesses can choose repayment terms that make the most sense for their business. Repayment terms between three to five years, depending on the loan.
Customers consistently give Lendio positive reviews. The Lendio blog gives tips for growing small businesses and other financial related articles. Lendio customer support is available by online contact form, phone, or post. Lendio also hosts social media pages on Facebook, Twitter, LinkedIn, and Google+.