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Lendio is a business loans marketplace, which means instead of lending money itself, Lendio connects businesses with multiple lenders, helping you find the best loan options based on your needs and qualifications.
Pros & Cons
- Variety of business loan options
- Quick application process
- Fast responses from lenders
- Tailored options based on your needs
- Not a direct lender
- Terms, fees and rates vary by lender
Lendio partners with over 75 lenders, allowing it to offer a wide range of loan options. It simplifies the loan shopping process by allowing you to fill out one application to receive multiple loan offers. But because it’s not an actual lender, terms and rates can vary widely depending on which companies you match with.
ConsumerAffairs has collected 190 reviews and 757 ratings.
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Reviewed Oct. 14, 2023
I contacted Lendio, simply to inquire about SBA funding for my client. I submitted an online application. Shortly after, a representative called/texted/emailed me for more information. This felt wrong, I was kind of bombarded. The representative told me in an email, after I provided all the documents, "A Funding Manager will be in touch within 24 hours. (within 1 business days)". After 5 days, I emailed once, twice, no answer. I have no idea how this company makes money, but certainly be careful. My experience was totally negative. Soon I will post the email chain.
Reviewed Jan. 6, 2023
STAY AWAY FROM THIS COMPANY!!!! It was a horrible experience and very misleading. They might have a lot of lenders but only provided me with one. They don't tell you that you can look up these same companies. Save yourself some time and just google it trust me. So after giving all my private information I was told I wouldn't have to do it twice and that I would be able to see my offers on my account which was a lie. After I gave all my information it was a hard time getting in touch with anyone. Also didn't get any email responses. After 4 days of emails I finally got a response saying I have an offer and to call this financial manager in the email. I call the number provided which was very alarming because it was some random person not a company. I recheck the number just to make sure it's right just to get the same person saying I don't know who you're looking for please quit calling me. Very alarming because who are they giving all my info to!
Finally talk to a manager about the situation. I was told of course not to be alarmed. Humm... you have all my info potentially giving it to a random person but don't alarmed? Anyways... He tells me I have an offer and with my high credit score they're a good fit. Which again I only had one offer. Tells me he's going to call me back to find out why the rep didn't send my file to multiple lenders for more offers with a high credit score. After 5 hours in I get tired of waiting. I go to the actual site of the company they said I have a offer with to get a contact number. Called and spoke with a rep from Fund box for over 30 minutes and she says they have no record or any offers for my business. So first thing I'm thinking was scam....
She also stated they get a lot of businesses that went through Lendio and had the same issues. So after our conversation she stated even if I went through Lendio I'd still have to do the whole process over with them. Smh so they were just a waste of time! And had all my information. I reached back out to Lendio, and of course they like let me look into it and call you back. I just told them to close my account and to send me a verification all my information is out their system. Which that took some going back and forth to do. People beware of this company....
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Reviewed Sept. 20, 2022
This place is a loan shark operation. Stay far away. They steer business owners into Merchant Cash Advances that must be paid back weekly at 40%!!! Jeremiah ** is a scammer and should be in prison. This company should be shut down immediately. I will be making formal complaints with the government. They profit from putting business owners in deeper debt. These people are scum of the earth.
Reviewed Oct. 2, 2021
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.
Reviewed July 7, 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..
Reviewed June 30, 2021
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..
Reviewed June 28, 2021
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.
Reviewed June 25, 2021
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.
Reviewed June 23, 2021
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!
Reviewed June 23, 2021
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.
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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