Lendio Reviews

Accounts receivable financing, also known as invoice financing, is when a business gets an advance on the money it's owed from customers' unpaid invoices. It's best for businesses that have cash flow issues due to customers taking a long time to pay their bills. It allows the business to access funds quickly without waiting for those customers to pay.

• Interest rate: As low as 3% as of publishing
• Loan amount: Up to $10 million
• Funding: As little as 24 hours
• Loan terms: Up to 1 year
• Eligibility requirements: $10,000+ in monthly revenue; business-to-business (B2B) or business-to-government (B2G)

A business acquisition loan is used specifically to purchase an existing business or buy out a business partner. It's best for entrepreneurs or companies looking to expand by acquiring another business without needing to use all their own capital upfront.

• Interest rate: As low as 5.5% as of publishing
• Loan amount: $5,000 to $5 million
• Funding: As little as 30 days
• Loan terms: 10 to 25 years or revolving
• Eligibility requirements: 600+ credit score; $8,000+ in monthly revenue; 6+ months in business

A business cash advance, often called a merchant cash advance, is a quick way to get cash. The business gets an upfront sum of money in exchange for a portion of its future sales. It's best for businesses with high credit card sales needing fast access to cash but that may not qualify for traditional loans.

• Interest rate: As low as 18% as of publishing
• Loan amount: $5,000 to $2 million
• Funding: As little as 24 hours
• Loan terms: 3 to 36 months
• Eligibility requirements: 500+ credit score; $10,000+ in monthly revenue; 3+ months in business

A business credit card is specifically designed for business use rather than personal use. It helps business owners manage company expenses. It often comes with rewards and benefits tailored to business needs like travel, office supplies or cash back. These cards can also help build a business’s credit history, which can be useful for future financing needs.

• Interest rate: Varies
• Loan amount: Up to $150,000
• Funding: Up to 10 days
• Loan terms: Revolving line of credit
• Eligibility requirements: 680+ personal credit score (preferred)

With a business line of credit, you’re approved for a maximum amount of money, from which you can borrow as needed. Unlike a traditional loan, you pay interest only on the amount you've borrowed, not the entire credit line. This makes it a good option for businesses looking for a flexible way to manage cash flow and handle unexpected expenses.

• Interest rate: 8% to 60% as of publishing
• Loan amount: $1,000 to $250,000
• Funding: 1 to 2 days
• Loan terms: 6 to 18 months
• Eligibility requirements: 600+ credit score; proven track record of generating revenue

A business term loan is a traditional type of loan for which a business borrows a specific amount of money upfront and agrees to pay it back, with interest, over a set period of time. This type of loan is versatile and can be used for various business needs, like expanding operations, purchasing equipment and funding long-term projects.

• Interest rate: As low as 8.49% as of publishing
• Loan amount: $5,000 to $2 million
• Funding: As little as 24 hours
• Loan terms: 6 months to 10 years
• Eligibility requirements: 600+ credit score; $8,000+ in monthly revenue; 1+ year in business

You can use a commercial mortgage to buy, develop or refinance commercial property, like office buildings, retail centers or warehouses. It works similarly to a residential mortgage but is specifically for property used for business purposes. Businesses typically use this loan to own their premises, invest in real estate or expand their physical footprint.

• Interest rate: As low as 6.25% as of publishing
• Loan amount: $250,000 to $5 million
• Funding: 4 to 8 weeks
• Loan terms: 10 to 25 years
• Eligibility requirements: 650+ credit score; 10% to 25% down payment; 2+ years in business

Equipment financing loans are designed to give you the funds needed to buy business-related equipment, such as machinery, vehicles and technology. It’s ideal for businesses that need new equipment to operate or grow but don’t want to pay the full cost upfront. The equipment itself often serves as collateral, which can help you qualify for better rates and terms.

• Interest rate: As low as 7.5% as of publishing
• Loan amount: $5,000 to $5 million
• Funding: As little as 24 hours
• Loan terms: 1 to 10 years
• Eligibility requirements: 520+ credit score; $50,000+ in annual revenue; 0 to 12+ months in business

SBA business loans are partially guaranteed by the Small Business Administration, a U.S. government agency. They usually come with some of the lowest interest rates of all business loan types. SBA loans are best for small businesses that need funding with lower interest rates and longer repayment terms but might not qualify for traditional bank loans.

• Interest rate: Prime+
• Loan amount: Up to $5 million
• Funding: 1 to 2 months
• Loan terms: 10 to 30 years
• Eligibility requirements: 600+ credit score; $8,000+ in monthly revenue; 2+ years in business

A short-term business loan is usually paid back within 18 months. It's best for businesses that need quick cash for emergency expenses, like unexpected repairs or short-term operational costs, and can repay the loan quickly.

• Interest rate: As low as 8% as of publishing
• Loan amount: $2,500 to $500,000
• Funding: As little as 24 hours
• Loan terms: Up to 18 months
• Eligibility requirements: 650+ credit score; proof of monthly or annual revenue

“Startup loans” don’t really exist, but Lendio has several partners in its network that will work with businesses that have been in operation for as little as three months. Depending on your needs, you could be matched with a startup loan that’s actually a line of credit, business cash advance or invoice factoring.

• Interest rate: Up to 31% as of publishing
• Loan amount: Up to $150,000
• Funding: 2 to 4 weeks
• Loan terms: Varies
• Eligibility requirements: 600+ credit score; $6,000+ in monthly revenue; 3+ months in business