FOLLOW US

Lendio
Overall Satisfaction Rating
3.89/5
  • 5 stars
    13
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    0
  • 1 stars
    5
Based on 18 reviews that contain star ratingsSHOW RATING DISTRIBUTION

Lendio

ConsumerAffairs Unaccredited Brand

This company is not yet accredited. To learn more, see reviews below or submit your own. Want to know more about ConsumerAffairs accredited brands? Check out ConsumerAffairs for Brands.

Be in the know

Get trending consumer news and recalls

Thanks

Keep an eye on your inbox, the lastest consumer news is on it's way!

18 Lendio Consumer Reviews and Complaints

Filter by: Any
Verified Reviewer
Original review: June 20, 2018

Lendio is a middleman for loans. When you call and give your info make sure to expect multiple inquiries from the multitudes of people they send your info to and make sure to expect to pay at least 150% interest for a 6 month loan. Connor ** was my point of contact. Saying the man is a snake would be doing an injustice to snakes. This man said anything and everything to attempt to get his commission, with no regard to integrity or honesty. Out of the plethora of blatant lies, here are some that you should be aware of if you dare attempt to talk to this company. "The loan will be in the business name not in yours. It affects the business credit not your individual credit". If you are like me and searching for a business loan, this is a big deal. Building business credit without impacting yours with Lendio isn't possible so don't believe it.

"Everything is good to go. Just need to link your bank account to the lender. As long as you have $500 in your account you will have the money same day." This was interesting as he said pending checks don't count. I was negative in my account and was told to move money around to bring the available balance up to $500. He said "don't worry about it just get the money from anywhere just for the verification and I promise it's a done deal. Then you can move the money right back out." This was again a complete flat out lie. The lender ended up immediately denying the loan citing negative data. Connor was completely familiar with the amount of negative data as he had total viewership and access to all of my account info. He didn't care though. He was yet again saying whatever he could to get his commission.

"I'll check on that and call you right back." If anything looks bleak with the loan, don't expect a callback. Or even the ability to have your phone call answered by Mr. **. You don't look like a prime candidate for commission anymore so you get bumped to the people who don't matter list. In summary my experience was obviously awful. When a man gives his word it should be kept. Just know if you talk to these people their word means nothing. They promise things before they actually know and only care about their commission despite any hardships it causes the consumer.

View more
Be the first one to find this review helpful
Verified Reviewer
Original review: April 12, 2018

Used Lendio for an equipment loan in December of 2017. Obviously they send and sell your information to everyone as I am now receiving no less than 6 calls a day! From various lending companies trying to sell me something. Had I known it was going to be that bad, I never would have used them. Yes, we did get funding but the price I am paying with my time now, is hardly worth it.

Lendio response
Denise,

I apologize that your experience was not as you expected. Lendio never sells information to anyone. We utilize your information, that you authorize us to do in the application process, to help acquire you funding through our lending partners, but never take that information further. We understand that your time is valuable and would never condone unauthorized calls. Please reach out to me for further assistance.

Jay Fraga
Customer Experience Manager

855-853-6346

Be the first one to find this review helpful
Not sure how to choose?

Get expert buying tips about Business Loans delivered to your inbox.

Thank you, you have successfully subscribed to our newsletter!Enjoy reading our tips and recommendations.
We value your privacy. Unsubscribe easily.
Verified Reviewer Verified Buyer
Original review: March 30, 2018

Spent a week with Lendio to get a business loan. Promises were not kept and offers changed and were not acceptable. After a week I gave up and pursued loan with a very reputable provider and funds were deposited in my account the next day.

Lendio response

Hi Michael, we are sorry to hear that your experience was less than amazing and would like to review your account to determine the specifics as to why we did not exceed your expectations. Please feel free to contact our Customer Experience Department at 855-853-6346 or if you could provide us your number we can reach out to you to review and discuss your account. We take pride in ensuring a great experience and would like to understand your specific situation better.

Be the first one to find this review helpful
Verified Reviewer
Original review: March 27, 2018

John ** of Lendio was very helpful. I was not approved for a HELOC Loan from my own bank so I asked John if he can help. He suggested to take a business loan and got me funded quick. My experience was all positive.

Lendio response

Thank you Michelle! We will always do our best to give you the best advice and funding you need for your business. John, like all our Funding Managers, are here for you, to help you and your business succeed. Thank you for the 5 star rating.

Be the first one to find this review helpful
Verified Reviewer
Original review: March 3, 2018

Devin got me a great loan fast and easy. He drove me through the process and kept me updated every day, for the 4 days it took to get my money in my account. I totally recommend Lendio and Devin, and I will go back to them in case I need to. Thank you Devin!

Lendio response

Thank you for the feedback about Devin and giving us a 5 star rating. We take pride in getting you the funding you need for your business. We also take pride in providing you the respect and trust you deserve. Thank you again for your feedback.

Be the first one to find this review helpful
How do I know I can trust these reviews about Lendio ?
  • 1,143,482 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Verified Reviewer
Original review: Feb. 23, 2018

After going to the bank and being declined for an SBA loan on our 2+ year old company with decent earnings, I wondered if the American dream was dead. Certainly it is not easy to get money for your business these days. Predatory lenders with their exorbitant interest rates are there, seemingly everywhere you look, waiting to destroy your credit with inquiries. Not so with Lendio. They got me funded in less than 2 weeks at a 10% flat fee. They were professional and courteous and gave me something nobody else was offering. Application and overall process was simple. Thanks to Christian my rep, everything went perfect. He was in constant contact and was a great help. These guys are helping out the small business while the banks turn their backs to us. Thank you Lendio!

Lendio response

We consider ourselves scrappy, we hustle, we iterate, and we have fun. We enjoy working together and we enjoy working with you, our customer. We’re helping fuel the American Dream and we feel a sense of urgency to give our best. We will continue to partner with you and other customers to get them the funding you need. Thank you for the feedback on Christian, he is amazing, like all our Funding managers. And thank you for the 5 star review!

Be the first one to find this review helpful
profile pic of the author
Verified Reviewer
Original review: Feb. 22, 2018

I spoke with Michael at Lendio. Dealing with lenders is not always the greatest experience. I honestly felt like I was talking to a friend. He had my best interest in mind. He was very informative and went above and beyond to help. I can honestly say I’ve never had a better experience when dealing with any financial institution. Thank you.

Lendio response

Kevin, Thank you for your five star review. We are true advocates for you and your business financial needs. We focus on options, speed and trust. We appreciate your feedback and look forward to working with you again in the future.

Be the first one to find this review helpful
Verified Reviewer
Original review: Feb. 13, 2018

Michael ** was my rep for Lendio. I needed capital for my construction business and he was able to make that happen. Because of my business being considered a young business, there were a couple of sticky points that had to be resolved and Michael was great in helping me get through that process.

Lendio response

Thank you for your five star review. We appreciate your feedback and glad that Michael was able to get you the funding you needed. We strive for excellent service and hope we accomplished that with you. Thank you again Ken!

Be the first one to find this review helpful
Verified Reviewer Verified Buyer
Original review: Feb. 8, 2018

This was a first experience working with Lendio and Kevin ** was amazing. Not only did he work to gain my business our first business loan but he listened. He listened to our needs, our concerns, and truly found the best loan for our situation. He worked with different lenders, answered all my questions, and followed through on making sure we were satisfied with the product and outcome. I would highly recommend Kevin and would definitely bring my business back to him and Lendio.

Lendio response

We consider ourselves scrappy, we hustle, we iterate, and we have fun. We enjoy working together and we enjoy working with our customers. We’re helping fuel the American Dream and we feel a sense of urgency to give our best. Thank you for the 5 star review and feedback on Kevin! He is a rockstar and glad he provided you the best service possible.

2 people found this review helpful
Verified Reviewer
Original review: Oct. 25, 2017

Well my situation is pretty special. I am still in the Final Approval stages of securing a Line of Credit for my business. Hands down the best part for me is, I have been able to go thru the process at my speed. As a small business owner I am not always at a desk or have the time to get them the necessary paperwork or other needed items. They don't put crazy deadlines on me or try to sell me on "limited time offer" deals. It's my loan, it's my speed. That I thank you for, Melissa, Patrick and the rest of the Lendio Team. You've always been there for last minute questions and concerns I might have. Keep up the Quality Customer Service.

Lendio response

Thank you for your 5 star review and we appreciate the kind words. We strive for excellence and will continue to partner with you with your business.

5 people found this review helpful
profile pic of the author
Verified Reviewer
Original review: Aug. 29, 2017

Devon, with Lendio, was very helpful in assisting me with receiving my small business loan. It was a positive experience working with him and I will gladly recommend him and Lendio to friends and family.

Lendio response

Thank you for the 5 star review and we appreciate doing business with you Kimberly.

8 people found this review helpful
profile pic of the author
Verified Reviewer
Original review: Aug. 29, 2017

Devon, at Lendio, helped me a great deal in the franchise purchasing process. He went out of his way to answer all of my questions and get me in touch with the right people. I was highly impressed with the Lendio team's response time and attentiveness. Great organization!

5 people found this review helpful
profile pic of the author
Verified Reviewer
Original review: Aug. 22, 2017

My experience with Phillip ** over at Lendio was fantastic. This guy know his stuff and they get financing done fast. Most times the same day or day after. It's simple stress-free process. Phil is not a fund and done Broker. He follows up and returns all calls. He even gave me his cell number to contact him if it's super important. Thanks Phil and the Lendio team for being a part of my business future!!

7 people found this review helpful
Verified Reviewer
Original review: Aug. 17, 2017

The loan officer was extremely empathetic towards our needs and completely understood the urgency. He worked harder than anyone I have ever dealt with before and delivered, due to diligent and detailed information and resource management. Matched us perfectly to our circumstances with a lender suitable for our abilities to service the loan. This review is offered so others in similar need and circumstances can contact Lendio and ask for Devon ** by name.

10 people found this review helpful
Verified Reviewer Verified Buyer
Original review: July 28, 2017

When I originally came to Lendio I was skeptical due to not using an online service to secure funding other than a daily payment loan a few years ago. When I started the process I KNEW I had found the right guys. Devin ** had my family run business Funded in 2 business days. NOT A SINGLE CENT CHARGED ON A FEE from Lendio at all. They do all the work and I now have a monthly payment funding program that not only allows me to expand and hire but also starts a relationship with a fantastic company! Thank you Lendio and thank you Devin **! If you're skeptical EVEN A LITTLE like I was JUST TRY IT OUT!! They really just want to show you your options!

11 people found this review helpful
Original review: March 26, 2017

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.

32 people found this review helpful
Verified Reviewer
Original review: Jan. 22, 2017

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!

View more
8 people found this review helpful
Verified Reviewer
Original review: Oct. 5, 2016

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.

View more
52 people found this review helpful

Lendio expert 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.

  • Best for: Small business owners seeking access to multiple lenders for a variety of business funding needs.

Profile picture of Barbara Friedberg
Barbara Friedberg

Personal Finance Contributing Editor

View Profile

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 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:
Lendio
Year Founded:
2011
Address:
10235 South Jordan Gateway Ste 410
City:
South Jordan
State/Province:
UT
Postal Code:
84095
Country:
United States
Phone:
(855) 853-6346
Website:
www.lendio.com

Make the best choice, every time

Join our community to stay up-to-date with the latest reviews, recall notices, and brand recommendations. Our community members are happier with their purchases than consumers who didn’t research before buying. To see why, sign up below!

THANK YOU

Keep an eye on your inbox, the latest consumer news is on its way!

ConsumerAffairs Solutions for Business

Let's talk

Follow us

ConsumerAffairs ranks 562 on Inc. 5000 for 2017

At ConsumerAffairs we love to hear from both consumers and brands; please never hesitate to Contact Us.

At ConsumerAffairs we take privacy seriously, please refer to our Privacy Policy to learn more about how we keep you protected.

You’re responsible for yourself and please remember that your use of this site constitutes acceptance of our Terms of Use.

Advertisements on this site are placed and controlled by outside advertising networks. ConsumerAffairs.com does not evaluate or endorse the products and services advertised. See the FAQ for more information.

The information on our website is general in nature and is not intended as a substitute for competent legal advice. ConsumerAffairs.com makes no representation as to the accuracy of the information herein provided and assumes no liability for any damages or loss arising from the use thereof.

Copyright © 2018 Consumers Unified LLC. All Rights Reserved. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission.