Lendio: What Happens After You Submit?

Lendio describes itself as a small business marketplace: one application is matched against its network of Financing Providers. Lendio says it will provide, on request, a list of the Financing Providers with whom an applicant's data was shared.

Lendio's privacy policy says that as part of applying for business financing, the applicant agrees that Lendio will share their information with lenders, business financing providers, banks, and brokers within its marketplace, and that those Financing Providers may retain the information even if the applicant never enters into an agreement with them.

In a public reply to a spam complaint, Lendio noted that credit reporting agencies may share notification of a credit inquiry with other lenders as trigger leads, and pointed applicants to OptOutPrescreen.com or 1-888-567-8688 to opt out.

Lendio says applicants can request a list of the Financing Providers their data was shared with, and directs trigger-lead opt-outs to OptOutPrescreen.com or 1-888-567-8688. Contact preferences with individual providers must be managed with each provider directly.