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I have requested for this Lender to "CANCEL" my PPP loan with them and they have failed to do so. On April 16 I log onto the Lendio site to cancel my PPP app because I no longer wanted to do business with Lendio due to their unprofessionalism and I was unable via their site to cancel my app. So I called in for the supervisor by the name of "Philip **" but he was Unavailable so a rep by the name of "Michelle" answered the phone and stated that she will send Mr. ** an email regarding the cancellation, but I have yet to hear back from Philip ** or from Lendio regarding my request to CANCEL. I decided to CANCEL because the level of customer service experience with this company has been very unprofessional and exhausting. All I am asking is for the company to please cancel my App and send me confirmation to my email showing that my App has been canceled.
We applied for a PPP loan on Mar 16, 2021. Today is Apr 7, 2021 (3 weeks later). We have received only one communication on status from Lendio in 3 weeks, so I logged into our portal today to ask customer service in the chat window. The representative said that our application was under review, then when I asked about expected timeline, 23 minutes later the rep came back and said the application had been rejected.
When I asked why/when they were planning on notifying us of the rejection, the rep said a notice had been mailed on Mar 24. This is certainly odd, since 1) no rejection notice was received via mail or email, 2) on Mar 31 Lendio emailed us asking for more documents, and 3) on Apr 1 we received the one and only status communication from Lendio saying our application passed the compliance review. Why would Lendio reject the application Mar 24, then continue processing? Lendio has held our PPP application hostage for 3 weeks! Thank goodness they extended the PPP loan application deadline or we would have been completely locked out from receiving PPP funds!
I WISH I COULD GIVE 0 STARS. FIRSTLY, My original funding manger Ebony ** ignored me for 27 days straight, she refused to answer even when her status was marked as "Online and available". I tried calling, texting and emailing and every time I was ignored, my calls were silenced as I was pushed aside as if I didn't even matter. After my application was marked as Approved and I obtained a PPP number my application sat for another 20 days without any updates so I reached out and had my funding manager switched. Now my current funding manager started off great with her communication but after the first day she no longer responds to texts, calls or emails. Lendio outright REFUSES to withdraw my application and Lendio outright REFUSES to disburse my funds.
Lendio has caused me now 2 months of delays and added suffering. Bluevine approved my first draw loan in 6 days... This company is a joke, and a sick one at that. They have no human decency and do not care about you in any way, shape or form. I am unable to apply anywhere else sine Lendio approved me and REFUSES to withdraw my application OR disburse my funds I was supposed to be guaranteed. STAY FAR AWAY FROM LENDIO. PLEASE I BEG YOU, DO NOT MAKE THE SAME MISTAKE I DID. THEY ARE THE ABSOLUTE WORST.
TL;DR: STAY AWAY FROM THIS COMPANY. I've been passed around to about 7 different agents since I started my PPP loan application almost 6 months ago. Nobody knows what they're doing generally, and nobody within Lendio knows what other Lendio agents are doing - they just keep passing the blame from department to department. I received an email from a "Catherine **" a few days ago saying that I needed to provide additional documentation, but hasn't responded to my requests for clarity on what exactly she needs. I was also ghosted by 5 agents before her - one especially annoying interaction was with an "Eva **" who assured me she would handle my case personally. After our initial call, she fell off the face of the planet. ZERO ACCOUNTABILITY AND ABSOLUTELY TERRIBLE CUSTOMER SERVICE.
If you are reading this and thinking of using Lendio please keep in mind two things:
(2) Lendio customer service is a black hole. You will occasionally get emails from Lendio reps with their names and phone numbers listed at the bottom of the email and then never hear from that person again. They will never return your calls and will never reply to your emails.
I applied for the 1st Draw PPP Loan through Lendio. The funding ran out before it was completed. I assumed that the issue was with the US Congress. When I was able to apply for the 2nd Draw PPP, I again applied with Lendio. Numerous "Processors" from Lendio called me over the period of about the next three weeks. All of them wanted me to resubmit my documents to them again (which I did). None of them seemed to know anything about the previous "Processor". It finally occurred to me that each of those processors probably had nothing to do with the other and they were all just competing for my account.
I responded to Lendio and told them to cancel my account and stop emailing me. I still continue to receive solicitations from new "Processors" at Lendio asking me to send additional documentation. If you want your PPP Loan application to be processed by competent Loan Processors, go to your local bank, you will find them to be far more knowledgeable and h
I filed my PPP application with Lendio at the Jan 15th. Without hearing anything during the process, after 1 month, suddenly I received the doc from SBA to sign for releasing the PPP application fund. The loan amount is only 50% of what I applied for. I am not sure why Lendio changed the loan amount and submitted it to SBA without contacting me. My other lender agreed with my application amount is correct but since Lendio is holding the PLP number with their partner lender, they can't help me resubmit.
Called Lendio over and over, talked with several fund managers, want to change the loan amount based on my tax form or just withdraw my application with Lendio. The Fund Manager has agreed with the fund lendio submit on my loan was incorrect, BUT she doesn't know how to change it. Only the lender can change it, and Lendio is NOT THE LENDER. Please be aware, Lendio is more of an agent service company, and it's NOT a bank or a real lender. They take a commission from the real lender and sell you to the bank as a customer. So if anything messed up during the application, you can't ask them to change anything, because they CAN'T DO anything besides contacting the real lenders. They CAN'T give you the lender info, because that's not how they work.
As a small business, I don't want to complain about how much we went through to keep the employee full-time on the payroll. At this extremely difficult time, if you apply for a loan with Lendio, I am sure, your life will be even harder, considering spending more than 10 hours to talk to them to fix the mistake they will do. Save yourself some time, focus on your own business contact your local small bank, they will serve you so much better than Lendio. I have been contacting them regarding withdrawing my application, 2 weeks have been passed, nothing heard yet, no one answer the phone.
We submitted our paperwork on 02/09/21. Lendio approved the application and sent it to their lender and to this day we have not received our loan or can get any response from this company. I can only assume this is a total scam of a company! Do not use LENDIO!
Waiting a minute month for PPP loan, worked weeks trying to get someone to help, finally they ask for documents already submitted in the portal. We are at ends wit applying with another bank! Do not recommend.
I have applied through Lendio on January 19, 2021 for the second draw for Small Business'. I now have been handed off to the 6th lender for my loan. No-one seems to know what they are doing and the last person that I spoke with sounded like he was 21, super young and completely unprofessional. The only reason why I went with this company the second time is because I watched a video that the owner, Brock Blake, made about a month ago. I was informed (by the kid on the phone) that the smaller loans were taking a lot longer because banks didn't want to go through the hassle of dealing with them. Why wasn't this stated in the beginning. Wasting people's time.
Lendio Company Information
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
- Postal Code:
- United States
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