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Thank you for the First Draw PPP but the Second Draw PPP was disappointing. My application for the Second draw was submitted in April 2021. Approved May 23, 2021. I received an email June 24, 2021. Then cancelled in August 2021.
I have applied for a PPP loan twice and after giving them all my information for three months document after document, which I felt uneasy putting all my information out there it was very difficult for me. I’m trying to restart my business. Due to Covid I pretty much have lost my business, which I explained to my agent several agents that I dealt with in three months my situation .. It was finally approved and they sent me a DocuSign. I made a mistake on it on. A question I didn’t know. After that I never got it taken care of. They said they’ll re-issue a new one and never did. Very disappointing. After you believe you got the loan and then they mess up on their end and I end up with a bad deal!!! This should’ve never happened.. It's very unprofessional and very disappointing!! I would never recommend this company to anyone.. Very sad about this..
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Something should be done to get back at this low down company. I was told my Second draw would be on a fast track when I applied in January. Then they ignored me till May to make changes on my application so it looked like I didn't apply till May .. Such evil and lack of common courtesy because my company only needed 5900 to stay afloat so my loan didn't mean as much to them. I'm now out of business and they just keep hurting others. I have never been treated so bad and during a pandemic too..
This company is a rip off because no matter how you try to communicate with them there are never any replies. I have been waiting for my loan for over 3 months and no response the loan officer never calls you back to update you and I have signed all loan documents and no loan. I will not use them for my second draw and sorry I used them for my first draw. I can't do my second draw until I am done with them..I am so over these people.
Applied with Lendio in January. First my application wasn't updated automatically to the new application so I had to re-apply. Received loan documents 4 separate times, each time something went wrong on either Lendio's side or the lender's side. Had 4 different funding managers and each was nearly impossible to get a response out of. When I did get a response they just say, "Everything looks good just be patient." Got some email yesterday saying our PLP number was cancelled but not to worry they will be re-submitting and you will be issued a new PLP number. When I called they said the email was sent by mistake and I should have received a follow up email saying they were not able to secure funding. Worst experience ever. Do not use. Complete joke, no customer service, no answers. Their website says "Fueling the American Dream" more like crushing the American Dream for companies who need the help and deserve better.
I received an SBA number and was told that I had already been emailed Docusign by Consumer Bank which was not true and I confirmed my email with them and checked by SPAM folder. After a bunch of different representatives I was told that Consumer Bank can't fund me as we took too long to have the application and Docusign completed. Then I was told not to worry because they set me up with another Bank who has agreed to fund our business - Texas National Bank... I never received their Docusign either as I was informed by numerous reps that it was on its way. To end it all, the time frame had expired for funding and then I got a made up email saying that I didn't qualify as decided on by the SBA. The SBA had already approved and gave me a number!!! I was strung along and mislead. Our company never was funded. Stay away from this company!
Uploaded ppp docs four times since 3/1/21. 6 months later, still haven't completed loan, and ask for documents again. 3 people worked on loan. Gotten nowhere and won't get govt funds we are qualified for. We missed our window. Avoid like the plague.
The worse! I’ve been waiting and waiting to hear I don’t qualify. Seem like a cat and mouse game. Bad bad bad. Bad business. Bad bad bad in a time like this. No contact until 20 days later but I had to contact.
I do not know where to begin... Started 2nd PPP loan with Lendio back in January - yes January, still did not get funded and I am thinking it's not even going to happened... Submitted all necessary documentation, got loan # from SBA just to get my application withdrawn cause they missed something on the application.. Since then at least 5 funding managers quit, was assigned to another person over and over... I am on my wit's ends and now I was told no more funds and eventually to apply for a third round (if there is one, that is).. I am thinking this is not happening after all... Speechless and late to use other lender cause SBA stopped accepting application... 5 month and nothing...
Applied for a PPP loan and was told I was approved back in February 2021. Now May 2021 and I have yet to receive funds and all I’m being told is I might not receive it because the deadline has passed, but I had all my information submitted.
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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