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I wanted to write a review, because I’ve seen many negative ones appearing for Lendio’s 2021 customer service performance. These reviews seem to be written mainly by people who have been frustrated with the lack of personal attention, general procedural opacity, and inability to reach their loan representatives by phone.
I must ask you all to trust the process. I myself was also frustrated by what seemed to be a black vortex of customer service - I am certain now that they are overwhelmed with applications, and simply do not have the manpower to be thousands of different places at once. I encourage you to reach out via Chat, after logging in. In doing so I was able to receive the personal attention I needed. Click into chat, select the prompt that best fits your question, and continue through the sub-prompts until you arrive at “Other” - upon clicking this, you will leave the chat bot and be connected with a real person. I just received a large PPP loan through Lendio. It took about 4 weeks from when I first submitted the application. The delay was likely due to the their system not having been updated to handle Gross Income-based calculations; an allowance included in Congress’s most recent stimulus legislation. Very satisfied with Lendio.
I recently logged into the Lendio portal to check my PPP application status. I had been previously approved and was told so with a PLP and SBA number. However, this time I logged in it had said my application was only sixty percent completed. Confused, I filled out the small green form at the bottom of the page to have someone contact me about this. Within maybe ten minutes a gentleman named Cody ** called me. He informed me that everything was okay and that I should not concern myself with what I saw. He also informed me that I should upload an additional form for faster processing. I was amazed as he sat on the phone with me while I downloaded my tax returns and helped me through the entire process of uploading a single file to my account.
Most financial institutions give you some instruction and then hang up; Cody walked me through the whole process. I hope there are more people like this gentlemen there because it was the best experience I've ever had with a financial (affiliated) institution. Thank you again Cody **, you're good people and that's a rare thing in this world now.
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Mr. Russell ** from Lendio was not only able to help our company attain the PPP loan during this very scary economic time, but he made the experience less stressful and confusing. Mr. ** was professional and went the extra mile by helping us every step of the way and with the patience and hard work a person in my position could only wish for. I had asked around and attempted to work with other banks and companies, but found out very very quickly I was just a number in a long line of others attempting to get the same funding. Mr. ** actually took the time to know my name and the name of my company while others had not. In the end this is a relationship my company will keep if and when any further funding is ever needed. Thank you from our company and the employees who will soon return to work. Thank you and again Thank You.
When the CARES Act was signed, I was the finance professional in charge of securing a PPP loan for our company. It quickly became apparent that local banks weren't equipped to handle the massive volume of applicants or had the speed required to get approvals before the funds ran dry. The bigger banks didn't want to consume resources to process PPP loans for new customers so many small businesses were stuck with the slower, less equipped smaller banks. I submitted an application to our bank. Days went by and I didn't hear anything back. Our bank was experiencing a massive amount of phone calls about the PPP loans and I never got a call back.
I heard about Lendio and since they touted top-notch service, I decided to give them a try. I submitted the application and documents online. Within an hour I had call from Taylor ** at Lendio asking some follow up questions on my application! He was super helpful in answering my questions and said I could call, text, or email him any time. He was very responsive and patient. I told all my neighbors that were experiencing the same issues with their banks to submit an app with Lendio and to call Taylor. Which they did. A thanks to Taylor and the Lendio team for stepping up when many big banks with resources didn't have enough "incentive" to help out small businesses.
I am a Business owner who like so many small businesses, are struggling through this crisis we find upon us. For whatever reason whether it be no more money or not in time to receive the first bailout, our employees are in dire straights for an opportunity to feed their Families. We cannot keep them if I cannot pay them. I received an email from a gentleman who I now call my Hero! His name is Taylor ** and a loan officer from Lendio trying to help all he can so that when the second round of funding is released then he would have a part in saving my business. He walked me through the steps via computer and if I may say, took much patience on his part as I'm not the best. As busy and overwhelmed as he was trying to help others, he made time for me.
Throughout the application process if for any reason I had a question or the requested documentation wasn't being received, Taylor called to verify receipt. I have been in business for 40 years and have never experienced the professionalism, kindness and dedication as I have found in Lendio and Taylor. A truly pleasurable process due to my Friend, My Hero, Taylor.
I have requested for this Lender to "CANCEL" my PPP loan with them and they have failed to do so. On April 16 I log onto the Lendio site to cancel my PPP app because I no longer wanted to do business with Lendio due to their unprofessionalism and I was unable via their site to cancel my app. So I called in for the supervisor by the name of "Philip **" but he was Unavailable so a rep by the name of "Michelle" answered the phone and stated that she will send Mr. ** an email regarding the cancellation, but I have yet to hear back from Philip ** or from Lendio regarding my request to CANCEL. I decided to CANCEL because the level of customer service experience with this company has been very unprofessional and exhausting. All I am asking is for the company to please cancel my App and send me confirmation to my email showing that my App has been canceled.
We applied for a PPP loan on Mar 16, 2021. Today is Apr 7, 2021 (3 weeks later). We have received only one communication on status from Lendio in 3 weeks, so I logged into our portal today to ask customer service in the chat window. The representative said that our application was under review, then when I asked about expected timeline, 23 minutes later the rep came back and said the application had been rejected.
When I asked why/when they were planning on notifying us of the rejection, the rep said a notice had been mailed on Mar 24. This is certainly odd, since 1) no rejection notice was received via mail or email, 2) on Mar 31 Lendio emailed us asking for more documents, and 3) on Apr 1 we received the one and only status communication from Lendio saying our application passed the compliance review. Why would Lendio reject the application Mar 24, then continue processing? Lendio has held our PPP application hostage for 3 weeks! Thank goodness they extended the PPP loan application deadline or we would have been completely locked out from receiving PPP funds!
I WISH I COULD GIVE 0 STARS. FIRSTLY, My original funding manger Ebony ** ignored me for 27 days straight, she refused to answer even when her status was marked as "Online and available". I tried calling, texting and emailing and every time I was ignored, my calls were silenced as I was pushed aside as if I didn't even matter. After my application was marked as Approved and I obtained a PPP number my application sat for another 20 days without any updates so I reached out and had my funding manager switched. Now my current funding manager started off great with her communication but after the first day she no longer responds to texts, calls or emails. Lendio outright REFUSES to withdraw my application and Lendio outright REFUSES to disburse my funds.
Lendio has caused me now 2 months of delays and added suffering. Bluevine approved my first draw loan in 6 days... This company is a joke, and a sick one at that. They have no human decency and do not care about you in any way, shape or form. I am unable to apply anywhere else sine Lendio approved me and REFUSES to withdraw my application OR disburse my funds I was supposed to be guaranteed. STAY FAR AWAY FROM LENDIO. PLEASE I BEG YOU, DO NOT MAKE THE SAME MISTAKE I DID. THEY ARE THE ABSOLUTE WORST.
TL;DR: STAY AWAY FROM THIS COMPANY. I've been passed around to about 7 different agents since I started my PPP loan application almost 6 months ago. Nobody knows what they're doing generally, and nobody within Lendio knows what other Lendio agents are doing - they just keep passing the blame from department to department. I received an email from a "Catherine **" a few days ago saying that I needed to provide additional documentation, but hasn't responded to my requests for clarity on what exactly she needs. I was also ghosted by 5 agents before her - one especially annoying interaction was with an "Eva **" who assured me she would handle my case personally. After our initial call, she fell off the face of the planet. ZERO ACCOUNTABILITY AND ABSOLUTELY TERRIBLE CUSTOMER SERVICE.
If you are reading this and thinking of using Lendio please keep in mind two things:
(2) Lendio customer service is a black hole. You will occasionally get emails from Lendio reps with their names and phone numbers listed at the bottom of the email and then never hear from that person again. They will never return your calls and will never reply to your emails.
Lendio author review by Barbara Friedberg
Lendio is an online loan network facilitator. After a brief application, the company matches small and local businesses and appropriate lenders within the Lendio network.
Products: Lendio is a marketplace that connects borrowers to the lender network. There ae more than 50 lenders willing to offer funds for a variety of business needs.
Interest rates and fees: Interest rate vary based upon the specific lender. Lendio gets paid by the individual lenders, not the borrower.
Service: The Lendio loan specialist helps facilitate the borrower and lender matching process.
Borrower qualifications: Minimum average revenue of at least $10,000 per month for at least 6 months. Credit score over 550 and no bankruptcy within the past 3 years. Borrower must be current on mortgage or rent payment and have a business bank account for loan proceeds to be deposited.
Fast approval process: The application takes minutes and the funding may take from two days to two weeks.
Loan limits: Terms based upon specific lender. The lenders offer a variety of capital amounts for qualified borrowers.
Repayment options: Determined by specific lender and debited from borrower’s bank account.
Lendio questions and answers
- What needs does Lendio fulfill, and how do you fulfill those needs better than your competition?
- We help small businesses learn about loans, find a loan, apply for a loan, and get funding. We have a dedicated loan specialist assigned to every small business, helping them along the way.
- What problem is Lendio trying to solve?
- Lendio specializes in getting small businesses the financing they need, no matter what stage of business they are in.
- What sets Lendio apart from the competition?
- Options. Speed. Trust. We are the leading business financing marketplace right now, and we give small businesses all of their loan options in one place.
- How does Lendio measure success?
- We measure success by the number of small businesses we help find financing.
- What’s the most common misconception consumers have about your industry?
- A lot of people don't understand alternative financing. We aim to help educate them on that.
- How has your industry changed in the last 5 to 10 years?
- There has been huge growth in the small business lending sector in the last few years. Small businesses have more options than ever before.
- What is something you wish every consumer knew about Lendio?
- We're here to help you whatever stage your business is in. Even if you can't find a loan, we'll help you get your business to a place where you can get one.
- How has Lendio grown or evolved?
- We've increased focus on helping small businesses on an individual level.
Lendio Company Information
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
- Postal Code:
- United States
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