Consumer Complaints and Reviews
This company is a scam. They claim to be a free service but I found out they are 10-15% more on top on the interest I am already paying. They take a 22% interest and make it into 35% interest to line their own pockets. The owner Brock Blake is also a scam artist who has run shady companies like this in the past. DO NOT DO BUSINESS WITH THIS COMPANY. THEY ARE ROBBING YOU OF YOUR MONEY. It is better to go directly to the lender and save yourself 10-15% of what you would normally pay.
My experience was initially like anything I do with big decisions with my "baby" was hesitancy to work online, but I had spoken with a couple people in my business network that Lendio was the true deal. I gave them a shot but not before I had already gone to 3 other major lenders shopping around which turned out to be a waste of time. Two lenders had one option that truly didn't fit the type of lending I was even looking for. The other bank said "no, sorry you don't fit our exact business loan requirement" and dinged my credit AGAIN! I was happy to find out Lendio doesn't do a hard pull on my credit so If I would have just gone to Lendio first I wouldn't have had 3 hard inquiries already quickly on my credit that dropped my score 15 or so points but Lendio said they have over 75 lenders so that is how they found me the best loans out there.
I also did some of my own research on Lendio and saw they are accredited by the Better Business Bureau and have an A+ rating which in this day and age is not easy so I felt more at ease. But what I truly wanted to get at, was how blown away I was that we still have a company in America with a free service that is truly helping American businesses and has extremely good customer services. The two representatives I spoke with Chase and Jason were some of the most knowledgeable gentlemen that helped me understand the small business loan process much more than any bank could or would for that matter. Jason became an advocate for me in many ways. What Chase in their Client Services did for me in one day took me 3 months out by myself because the banks want so much of my documentation and time and then Jason was still able to secure me better options than all three of the Banks I went to.
My overall experience with Lendio was 100X better than I expected and got the exact funding I needed in 4 days. I will absolutely use them in the future so I don't have to waste time going to lender to lender to lender. They know the entire lending industry and are very passionate about what they do just like I am about my business. I would recommend Lendio to close friends, family, and any business in America looking to work with another fellow American business doing things the right way! Thank you Lendio!
Surprisingly I could not find any reviews on this company, and as many articles and TV commercials as they do I found that shockingly bizarre. They are evidently a very new company. Or an old company who's doing a lot of new advertising. In either case I took a chance knowing better and I wish I had not. All they do is destroy your credit report with numerous inquiries and then offer you a loan at such an absurd loan shark rate it's laughable. I was offered $45,000 for my business, at 125% interest rate, due back in NINE MONTHS, no longer terms available... To add insult to injury, of course they want your checking account information so they can grab their money out.
Stay clear of this company. Like all scams, they sound very professional over the phone and try to convince you they are this huge conglomerate and that you are in safe hands. In fact they are absolutely nothing but a middle man clearing house who sends your application out to a dozen different direct lenders (all of whom pull credit reports and increase the number of inquiries to the point that your score will drop like an anvil out of the sky) and then give YOU the phone number to the company they just sent it out to!!! In other words who needs Lendio?
Worse, the company they tell you to call who they said has approved you, will treat you as if you are a stranger and calling them from scratch out of nowhere. They proceed to take an application over the phone, ask the same questions Lendio did, in short, Lendio has done absolutely nothing, except to hook you and make an incredible amount of money for doing nothing more than an introduction.
Barbara FriedbergPersonal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
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.
- Best for Small business owners seeking access to multiple lenders for a variety of business funding needs.
Question and Answers - Lendio
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.
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Lendio Company Profile
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
- Postal Code:
- United States