Lendio

Overview

Lendio is a leading small business loan marketplace that connects entrepreneurs with over 75 lenders offering merchant cash advances, term loans, SBA loans, lines of credit, and other financing products. Founded in 2011, the platform has facilitated over $15 billion in funding to 300,000+ businesses. As a marketplace rather than a direct lender, Lendio’s value lies in comparison shopping—businesses complete one application and receive multiple offers from competing lenders.

Key Differentiators:

• Marketplace model: Access to 75+ lenders with one application
• Wide product range: MCAs, term loans, SBA, equipment, lines of credit
• No cost to apply: Free marketplace service (lenders pay Lendio)
• Comparison shopping: Receive multiple competing offers
• Funding specialists: Dedicated advisors guide the process
• High approval rates: 85%+ of qualified applicants receive offers

Merchant Cash Advance Details

Factor Rates & Terms

• Factor rates: 1.15–1.45 (varies by lender, credit, revenue)
• Advance amounts: $5,000 – $500,000
• Holdback percentage: 10–25% of daily sales
• Term length: 3–18 months typically
• Renewal options: Varies by lender
• Early payoff: Discounts available with some lenders

Eligibility Requirements

• Time in business: 6+ months (some lenders require 1+ years)
• Monthly revenue: $10,000+ minimum ($12,000+ for some lenders)
• Credit score: 550+ (some lenders accept 500+)
• Bank statements: 3–6 months required
• Industry restrictions: Most standard industries accepted
• Startups: Limited options, some lenders consider with strong revenue

Funding Speed

• Application to offers: 24–72 hours
• Offer to funding: 1–5 business days (varies by lender)
• Emergency funding: Some lenders offer same-day
• Documentation: Single application, lenders may request additional docs

Other Financing Products Available Through Lendio

Term Loans

• Amounts: $5,000 – $2,000,000
• Terms: 1–5 years
• Rates: 6–30% APR
• Lenders: 20+ term loan providers

SBA Loans

• Amounts: $30,000 – $5,000,000
• Terms: 10–25 years
• Rates: 6–13% APR
• Processing time: 30–90 days
• Lenders: SBA-approved banks and lenders

Business Lines of Credit

• Amounts: $1,000 – $500,000
• Draw periods: 6–24 months
• Rates: 8–25% APR
• Features: Revolving, interest-only on used amount

Equipment Financing

• Amounts: Up to 100% of equipment cost
• Terms: 2–7 years
• Rates: 6–30% APR
• Collateral: Equipment being financed

Commercial Real Estate Loans

• Amounts: $250,000 – $5,000,000
• Terms: 5–25 years
• Rates: 5–12% APR
• Use cases: Purchase, refinance, construction

Startup Loans

• Amounts: $10,000 – $750,000
• Terms: 1–5 years
• Rates: 8–30% APR
• Requirements: Strong business plan, personal credit 680+

Application Process

Step-by-Step

1. Online application: Basic business information (10–15 minutes)
2. Document submission: Bank statements, tax returns, business docs
3. Lender matching: Lendio’s algorithm matches with suitable lenders
4. Offer presentation: Receive multiple loan/MCA offers (typically 2–5)
5. Funding specialist consultation: Advisor helps compare and choose
6. Selection & acceptance: Choose best offer, work directly with lender
7. Funding: Money deposited (timeline varies by lender)

Required Documents

• 3–6 months business bank statements
• Business tax returns (1–2 years for larger amounts)
• Personal identification (driver’s license, SSN)
• Business license/registration documents
• Voided business check or bank verification
• Business plan (for startups or large loans)

Cost & Fee Structure

Marketplace Fees

• Application fee: None
• Underwriting fee: None (lenders pay Lendio commission)
• Success fee: None charged to borrowers
• Consultation fee: None

Merchant Cash Advance Costs (via lenders)

• Factor rate fee: Varies by lender (1.15–1.45 range)
• Origination fee: 0–5% (varies by lender)
• Underwriting fee: Some lenders charge 1–3%
• ACH return fee: $25–$50 per failed withdrawal
• Early payoff: Discounts vary by lender

Comparison to Industry Averages

Customer Experience

Ratings & Reviews

• Trustpilot: 4.7/5 stars (based on 4,800+ reviews)
• Better Business Bureau: A+ rating, accredited
• Google Reviews: 4.6/5 stars (1,200+ reviews)
• ConsumerAffairs: 4.5/5 stars
• CNBC Select: “Best for comparison shopping” (2026)

Common Praises

• Multiple options: Ability to compare offers
• Free service: No cost to use marketplace
• Helpful advisors: Funding specialists provide guidance
• Time savings: One application vs. dozens
• High approval chances: 85%+ qualified applicants get offers

Common Complaints

• Sales calls: Some report aggressive follow-up
• Communication gaps: Occasional delays between parties
• Lender quality variance: Some lenders better than others
• Process complexity: Multiple parties can create confusion
• Rate variance: Offers can vary significantly

Industry Specializations

Best For These Industries

• General small business: Wide range of industries served
• Retail: Inventory financing, seasonal needs
• Restaurants: Equipment, renovations, working capital
• Healthcare: Medical practices, dental offices, clinics
• Construction: Equipment, payroll, materials
• Service businesses: Marketing, expansion, working capital
• Startups: With strong plans and personal credit

Industries With Limitations

• Adult entertainment: Limited lender participation
• Gambling/casinos: Restricted by most lenders
• Cryptocurrency: Few lender options
• Highly regulated: May need specialized lenders

Regulatory & Compliance

Licensing & Registration

• Registered: Lehi, Utah (formerly South Jordan, UT)
• Licenses: Marketplace not requiring lending licenses
• Compliance: Partners with licensed lenders in all states
• Transparency: Clear about marketplace model, lender relationships

Industry Affiliations

• Small Business Finance Association (SBFA): Member
• Commercial Finance Association (CFA): Participant
• Better Business Bureau: Accredited business
• Financial Technology Association: Member

Strategic Considerations

When Lendio Makes Sense

• Comparison shopping: Want to see multiple offers
• Uncertain qualification: Not sure which lender/products fit
• Time efficiency: Want to avoid applying to dozens of lenders
• Complex needs: Require multiple financing types
• First-time borrowers: Benefit from advisor guidance
• Free service important: Don’t want to pay application fees

When to Consider Alternatives

• Already know preferred lender: Might apply directly
• Urgent funding: Direct lenders may be faster
• Highly specialized needs: May require niche lender
• Privacy concerns: Prefer not to share data with marketplace
• Simple MCA only: May get better rate with direct lender

Contact Information

Primary Contact

• Website: lendio.com
• Phone: (855) 853-6346
• Address: 3300 N. Ashton Blvd, Lehi, UT 84043
• Email: support@lendio.com

Application Portal

• Online application: lendio.com/apply
• Document upload: Secure portal available
• Status tracking: Dashboard with updates
• Support: Phone, email, live chat, dedicated advisors

Comparison to Other Providers

vs. 1West Finance

• Lendio advantage: Larger lender network (75+ vs 50+), wider product range
• 1West advantage: Potentially faster MCA-specific matching

vs. Direct Lenders (Credibly, Forward Financing)

• Lendio advantage: Comparison shopping, multiple options
• Direct lender advantage: Potentially faster process, direct relationship

vs. Bank Loan Officers

• Lendio advantage: Access to alternative lenders, higher approval rates
• Bank advantage: Lower rates for qualified applicants, established relationships

vs. Other Marketplaces (Fundera, Nav)

• Lendio advantage: Larger lender network, higher customer ratings
• Competitor advantage: Some offer more niche products or features

Final Recommendation

Overall Rating: 4.6/5 Stars

Best suited for: Small business owners who want to compare multiple financing options through a single application, especially those uncertain about which lender or product type best fits their needs.

Consider if: You value comparison shopping, want to see multiple offers before deciding, appreciate free advisor guidance, need various financing types (MCA, term loan, SBA, etc.), or want to maximize approval chances by reaching multiple lenders simultaneously.

Look elsewhere if: You already know which direct lender you want to use, need funding urgently (same-day), have highly specialized requirements needing niche lenders, or prefer direct relationships without intermediary involvement.

Bottom line: Lendio provides exceptional value as a small business loan marketplace, offering access to 75+ lenders through a single application. Their free service, high customer ratings, and funding specialist support make them an excellent starting point for businesses exploring financing options. While the marketplace model adds a layer between borrower and lender, the ability to compare multiple offers often results in better terms and higher approval rates than applying to individual lenders separately.

Last updated: March 2026. Rates, terms, and lender participation subject to change. Verify current offers directly with lenders through Lendio marketplace before applying.