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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.
There are many other lending options. I have used multiple funding options in the past, Lendio is by far the worst. They will spam you with endless calls, emails, and texts daily. Find a company that respects its customers and their personal information.
If I could give Lendio zero stars that is exactly what they would receive. We applied for a PPP Loan using them January 14, 2021. After many unanswered phone calls and emails (to no less than the 5 managers we have had assigned to us), we received a contract for the loan from Customers Bank through Lendio March 27, 2021. We signed and returned the documents and was told it would take up to 2 weeks for the funds to be deposited into our account. Needless to say it was not. Again after many unanswered emails and phone calls we were told our loan was NOT approved. We started back with one of the original lenders and was shocked to find out the SBA has us as a funded company by none other than Customers Banks and they could not submit us for a PPP loan.
Lendio finally communicated with us that we had our SBA number instead of our first loan number on documents and we needed to submit the correct 1st loan number, which we did. TO NO AVAIL. They have sent us numerous emails and text messages (really) asking if this is our second draw, to which we always reply yes. We have been getting what seems to be auto reply messages from their new lender - Ready Capital that they are "on it". Yet we still have no loan. We are about to lose our building, almost lost our vehicles and may lose our home since we can't get back to work. We looked at the SBA database and Lendio actually listed our loan as approved as early as February 4, 2021. A full month and several days before we even received and signed the loan with Customers Bank. ALL LIES AND DECEIT. Because of this we can't move forward with pursuing a PPP loan with anyone else. LENDIO SUCKS!!!
I worked with Bill ** at Lendio in Denver Colorado. I originally applied for my second PPP loan through U.S. Bank where I got my first PPP loan. I applied with U.S. Bank on February 5, 2021 and U.S. Bank declined the loan on April 26, 2021 after dozens of request for information that I fulfilled. I have been a U.S. Bank customer for 25 years and I keep a fair amount of money on deposit with them. I applied with Lendio and Bill on April 26, 2021 right after I was turned down by U.S. Bank and my loan was funded on May 5, 2021. Thank you, Bill, and Lendio for helping me keep my payroll going during this difficult time.
Applying for a PPP loan paperwork has been very overwhelming as even the loan funding number expired. You actually have to soak to the right manager to find out what is going on with your application. This is truly disrespectful to those of us trying to hold on during a disaster.
** women are being targeted in the PPP program and there are studies that show that there are patterns of systemic discrimination in lending. I would like to give you a prime example. I filed for the PPP back on March 9, 2021, And still have yet to hear a response with regards to the long. So last week I helped out a couple of ** friends of mine and they receive their loan information and loan number and the amount of the loan just yesterday.
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.
I wanted to write a review, because I’ve seen many negative ones appearing for Lendio’s 2021 customer service performance. These reviews seem to be written mainly by people who have been frustrated with the lack of personal attention, general procedural opacity, and inability to reach their loan representatives by phone.
I must ask you all to trust the process. I myself was also frustrated by what seemed to be a black vortex of customer service - I am certain now that they are overwhelmed with applications, and simply do not have the manpower to be thousands of different places at once. I encourage you to reach out via Chat, after logging in. In doing so I was able to receive the personal attention I needed. Click into chat, select the prompt that best fits your question, and continue through the sub-prompts until you arrive at “Other” - upon clicking this, you will leave the chat bot and be connected with a real person. I just received a large PPP loan through Lendio. It took about 4 weeks from when I first submitted the application. The delay was likely due to the their system not having been updated to handle Gross Income-based calculations; an allowance included in Congress’s most recent stimulus legislation. Very satisfied with Lendio.
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.
Let's see - totally useless - just keep reassigning my loan - never call back. I have had new people call me 1 time and emailed me 10 times and NOTHING. I have sent them my 2019 taxes 3 times and still they keep asking. TOTAL SCAM.
I signed up for round 2 of the PPP through Lendio at least 3-4 weeks ago. I uploaded all of the documents they requested. It took 3-4 weeks for my application to finally get assigned to a person, but it hasn't gotten better. In fact, it's gotten worse. In the last week, I've received 4 emails requesting that I upload ALL of the necessary documents because Lendio cannot proceed with my application. Mind you, I've had these documents uploaded for weeks. Also, you can't complete the application without uploading the documents, so for them to say I haven't uploaded the documents is 100% false.
So, after the 1st email I tell them that the documents are there; no response. Then 4 days goes by and another email stating that ALL of my documents need to be uploaded; pretty much the exact same email as the previous. It's almost as if these are prewritten emails that go out regularly like spam emails. So, I respond again and tell them that the documents are there and once again, no response. Then they email me again 2 days later asking the same thing again; almost word for word. Once again, I respond back and tell them that I have all of the documents uploaded and reasoning why I uploaded the documents that I did; because I was a sole proprietor in 2019 versus in 2020. So then I received an email 2 days later stating which documents I need to upload for sole proprietor; which are the exact documents I have uploaded. I respond back stating that these documents are still in the system and have been for weeks.
Guess what? No response. I swear these emails I'm getting have to essentially be auto generating emails because I've read dozens upon dozens of reviews where other people have the exact same issue. Basically, don't waste your time with Lendio. All they do is have you running around in circles and will never actually respond to you in a personalized response. Everything seems auto-generated. I highly doubt these people have actually looked at my application at this point and will continue to just play games. Why are they playing games? I have no idea. All I know is that once I submitted my information the amount of spam calls and texts I'm receiving daily has increased significantly.
I wasted months with this sorry company trying to secure a PPP loan. I was told I was one of the first applicants in line when the 2nd round of funds became available. Nothing. Went to Biz2Credit. Got twice as much money already in my bank in less than one week. Same exact documents. No muss, no fuss.
I was approached online by this company Lendio, claiming that they are an agency representative on behalf of the government to administer PPP loans to small businesses from the government funds available. However my experience has been initially good until I submitted all my information and now they keep coming back and telling me I have not sent certain documents which is not the case at all. I am independent schedule C small business owner, one employee. I’ve read some of the reviews here and clearly suspect the same that I am too small and they will not benefit sufficiently from a business a small as mine hence the slow deliberation.
In my opinion this company are concerned about getting as many small businesses on board as possible and then falling short unless they can benefit significantly because I’m sure they do get fees for doing this from the government as I said they approached me. I did not go and seek these people to do this loan. I have called them and tried to speak to somebody on the phone all to no avail. The person is not about, the person is not there, too busy or the line goes dead. I am very suspect because of the names associated to the agents also but checking online appears to be a very legitimate company so I’m scratching my head. Not sure what to believe here.
I write because in a nutshell, I am an independent contractor and I applied for a PPP loan through Lendio. After a full month of emailing and calling, trying to make sure all my documentation was in and correct, I finally was told (as an aside) by an employee after many attempts to find out the status of my application that Lendio does not handle PPP loans for independent contractors. This is after a FULL MONTH of trying to find out my application status, and having three different representatives assigned to my application (I only know this because three different names were listed as my representative on my account page on their website over the period of the month) that never even once responded to my emails or voicemail messages.
The few times that I was able to reach someone on the general phone number, they would just say that it took time and my application was in process. PPP loans are lifelines for many during this time and to have a company falsely state that they are doing everything they can to pair you with a qualified lender, only to discover that they don’t even handle your type of business is beyond irresponsible and negligent. These loans are only available for a limited time before the funds run out, and all I can do is hope that the application I immediately filed with a lender yesterday will be approved by the SBA in time.
The way I discovered all this was that on my Lendio account page, it now said that my application had been sent to a lender (BlueVine) and BlueVine would be handling my application and getting it to the SBA going forward. When I clicked on this lender link, it took me to the home page of BlueVine, with no account information, nothing. I then spent nearly 5 hours yesterday on hold, being disconnected because of high call volume, etc. with Lendio, trying to find out how to work with this lender which was supposed to have all my completed documentation and application.
After finally reaching one person on the general phone number and pleading to know how to find out exactly what to do next, this person told me that this delay and confusion was actually Lendio’s fault because they don’t handle independent contractors and that I would need to start from scratch with the lender (BlueVine) and complete an application on their website, BUT that they and Lendio were partners and they (BlueVine) had already been provided all my documentation by Lendio. This was a lie. BlueVine had no information whatsoever about me, they didn’t even know who Lendio was.
I spent a full month waiting in good faith, thinking that my application was being processed and would be sent to qualified lenders. The only reason I didn’t cancel my application during this time was because I thought that it might become entangled and a mess if it had somehow been submitted by Lendio and then I went and applied somewhere else. This has been a complete nightmare, and I only hope that the application and documentation I submitted on my own to BlueVine yesterday is approved in time by the SBA.
I applied to Lendio and to my bank. My bank was responsive (answered email questions) and got my application to the SBA and Lendio never did. The website that my application was under review when I submitted all information requested. No return phone calls, and only robotic email responses - no humans were ever available. Their reputation for easy and quick process did not apply.
Lendio don’t provide any clear answers about my ppp. I’m going to withdraw my app and Anthony ** wouldn’t answer no emails and now he is not my lending manager. Matter fact I don’t have one and I can’t get through, pls don’t use this company.
This is the second round of PPP loans and there is nothing different than the first time. First let me state that I am a small business owner of a remodeling company and have no accounting experience whatsoever. With that being said I obviously need a little help when they start asking for government required documents and never get helpful responses from either Ready Capital or Lendio. It’s now been 2 weeks since I applied online and I’m still not sent to the SBA for approval. I need funds now not 2 months from now and obviously it seems to me I’m a small guy and not a lot of profit in me. I keep getting emails saying missing documents in which I know I have sent twice already. They send very vague emails so now on hold for over 10 minutes and it’s asking if I’d rather receive a call back when an agent is available and I’m skeptical because I’ve literally have never heard back from either companies when asked.
I honestly get more emails about signing up for their live events than I do for the application. Please playboy get out from in front of your GoPro and process some loans. Last round it took a long time as well and I literally gave up only to finally get an email from an underwriter and I asked her a very simple question. “just out of curiosity why did this take so long?” I was asking so that I may better myself when applying for a loan next time and she responds back "if you are unhappy with us I can terminate your loan if you’d like." I emailed and called customer service because obviously this concerned me because I stated “No I would not like to have my loan terminated” and I never heard back. One day I look in my acct and there is loan money there. They need to have a meeting and let everyone know that not everyone has accounting experience and are overwhelmed just as much as they are if not more.
Used them in 3 separate loans, one out of those was successful. The one that succeeded although interest rate was a little high I had no issue with it. Although in my opinion it was luck. I then applied for the first PPP, they submitted my application too late. I brushed that off, then came the second round. I applied the first day it opened, they gave no reminder. Either way I went through because they knew my info. I then had to tell them how to input things in the application because they had no idea. Then they switched case workers.
Now as a business owner I strive on communicating with my clients so this next part is what caused all of my negative issues with this company. After they said it would be submitted in 2 days I went 4 days not hearing back a single word and the application not being submitted. I called, left emails and voicemails and got no response. I then switched lenders and got the application to underwriting within a hour. Never will I ever use Lendio ever again.
When my local bank was unwilling to approve a loan for my business, I was able to get multiple app offers through Lendio. They gave me options when I felt like I had none. I was able to use this money to save my business! The staff at Lendio was amazing! Everyone was extremely responsive and fast. I cannot recommend this company more highly to any business owner in need of a loan!
I contacted them several times about my ppp loan about the forgiveness part. I told them mine was not through a bank. It was done through Kabbage. I kept telling them that Kabbage was telling me I have to wait and go through them. They just gave me the runaround about it especially Nathan ** who works there. Then they wondered why I got angry when I called. I kept calling them and still the runaround especially from Nathan. I would not recommend them Sid a loan organization to anyone. I had every right to be angry because I never got any straight answers. Nathan even helped me fill out a forgiveness form after many phone calls. That was a joke and went nowhere. Terrible organization. Thank you for letting me say my piece. Sheila **.
Applied for a PPP loan and Lendio sends me an E mail stating I was approved and assigned an SBA file number. After that I heard nothing from them. I checked the portal daily and there was no change. No loan documents to sign, nothing. With the passing of time and no action, or updates from Lendio I went elsewhere and then the application and was approved and funds deposited in 5 days. I will be applying for an SBA loan probably next in the next month or so and Lendio will not be considered for my loan needs. Lendio inaction could have devastated my business. Thank goodness someone else stepped up to help. I do not recommend Lendio. Stay away, look elsewhere.
I answered all of their questions and at the very last page after I signed and submitted the application, they wanted my bank login in info... Account number, online sign in user name and password. After that, I ended my application with them.
Lendio Company Information
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
- Postal Code:
- United States
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