Lendio
A broad funding marketplace for comparing options—at the cost of sharing your application more widely.
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Lendio makes sense if you want one application to shop many lenders and products. That convenience is also the tradeoff: your information can be shared across a large lender network, so it is a poor fit if your main priority is limiting calls, texts and data distribution.
At a Glance
How FundingRank Evaluates Lendio
FundingRank does not assign one lender-wide star score across unlike financing products. We publish product-level requirements and costs, flag conflicting provider disclosures, and keep application privacy separate.
This is a marketplace or network model. A single form can be presented to multiple financing providers, each of which may retain your information and contact you independently.
What we found: Lendio's model is one application presented to a marketplace of 75+ financing providers. Its privacy policy states that matched providers may retain your information even if you never complete an agreement. Lendio says it will provide, on request, a list of the providers your application data was shared with.
Why there is no lender-wide star rating
A term loan, line of credit, SBA product and revenue-based financing structure are not interchangeable. A single blended score can reward easier qualification or penalize missing disclosures in ways that look like a judgment about financing quality. FundingRank compares the underlying product facts instead.
Compare Your Business With Published Minimums
This checks published minimum requirements only. It is not prequalification or an approval estimate.
When Lendio May Make Sense
Compare the lender's strengths and tradeoffs with your financing needs.
May Work Well If
May Not Be a Fit If
Financing Products
Lendio does not have one loan fee schedule because it is a marketplace. Rates, fees and payment terms come from the lender behind each offer.
Before You Apply
Lendio does not have one marketplace-wide underwriting standard because participating lenders make the credit decision. Current Lendio product pages publish category guidance, including 625+ credit / $8,000+ monthly revenue / 3+ months for unsecured business loans and 500+ credit / $4,000+ monthly sales / 3+ months for revenue-based financing.
Typical Requirements
What You May Need
- Initial business and owner information requested by Lendio
- Revenue, operating history and funding-purpose information
- Partner-specific bank statements, identification or financial records after matching
- Additional lender-specific documentation before closing
How the Application Works
- Tell Lendio about the business and funding goal through its online application.
- Lendio presents the application to its network of 75+ lenders.
- A Lendio funding manager may contact the applicant to understand needs and discuss potential products.
- Review the offers returned by partner lenders, including lender identity, amount, payment frequency, term, fees and total cost.
- Choose an offer and complete any partner-specific underwriting or documentation.
- After acceptance and final approval, funds can reach the business bank account as soon as the next business day depending on the lender and product.
Fees, Credit Checks and Early Payoff
The three places a business funding offer usually costs more than the headline number suggests.
Fees
Lendio does not have one loan fee schedule because it is a marketplace. Rates, fees and payment terms come from the lender behind each offer.
Credit check
Lendio says submitting the marketplace application is free and does not impact the applicant's credit score. A partner lender may conduct additional credit checks later in the process, particularly after the borrower chooses to move forward.
Paying it off early
Early-payoff rules depend entirely on the lender and product you choose. Do not assume an offer gets cheaper just because it says there is no prepayment penalty.
What Happens After You Apply
Review who receives the application, how follow-up works, and the expected funding timeline.
Where Your Application Goes
This is the biggest thing to understand about Lendio: one application can be presented to a network of 75+ lenders. That can create more options, but it also means more companies may receive your information and contact you.
Servicing, Availability and What Borrowers Report
What the relationship looks like once the money lands, and where the lender is actually able to operate.
Building business credit
Varies by partner lender. FundingRank does not attribute business-credit reporting to Lendio marketplace financing unless the specific lender reports it.
Where it operates
Lendio markets its marketplace nationally. Actual lender and product availability varies by state, industry, business profile and partner underwriting.
Customer support
Lendio offers funding managers who can help borrowers review marketplace options. The lender you ultimately choose handles the actual financing relationship.
What borrowers report
Borrowers often like the range of options and human help. The main downside is the same one built into the business model: one application can create several lender relationships.
Lendio Compared
Side-by-side breakdowns against the lenders business owners weigh against this one.
Alternatives to Lendio
Compare the lender with other providers that may fit a similar financing need.
Lendio FAQs
More on Lendio
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