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I received my PLP # from SBA for my PPP loan through Lendio on June 6th. While I had communication with a gentleman that was to my Account Rep., he unfortunately doesn't have any information from the Lender (which Lendio is not) and they have no way of getting any sort of updates from the Lender. (I can't even find out what email address the Lender will be using to send my closing documents from so that I can make sure that the email address isn't flagged as Junk!)
Today is day 10. Not a single word from the Lender throughout the last 10 1/2 days since the SBA approval was received. Given the fact that, up until this point the program is set to last only through the end of June, I am worried that, if for some reason this Lender runs out of funds or cancels my application at the last minute, I will not have any time to scramble to find another lender. When I voiced this to my account rep, I was given the "unprecedented times" spiel and then told that I could cancel it if I wanted. When I asked why the Lender didn't stick with the 10-day rule from the SBA, I was told that it wasn't enforced.
I just would like to see at least some transparency here. Being told that they have no idea what the Lender wants to see to make sure that closing documents go out, but try submitting X docs and add through the portal, is not very helpful. I'm ready to get my business back to work and look forward to this being resolved relatively soon. (I was warned that it could take more than a month, so... Gird yourself!)
I got approved in May and the 10 days are up and I never heard from the bank or Lendio inspite of numerous contact requests. I went to Bluevine and was funded in 24 hours. I am very disappointed how I was left hanging by Lendio.
They had 3 people contact me all within 2 hours, all about the same thing. I contacted all 3 back and never reached anyone. I did not get a call or an email back and it has been 8 days. My email shows me they opened it. It isn't like they need to gather info, since they never even told me why they were even contacting me. They can't send an email back? Very incompetent. Avoid at all costs.
Excellent service and quick turnaround. I worked with Joshua who is fantastic. He helped me gather everything that I needed and was there every step of the way. Joshua ** Was fantastic and I cannot recommend working with him enough.
Uneducated staff. Many emails and text over a month and still nothing accomplished. There will be no loan to get at this rate. Would not use them for any type of loan or financial interest. Complete unable to help any small businesses.
Run, don't walk, away from these guys. I filed an application a couple of months ago for a PPP loan. I couldn't get them to respond to me for status updates, and was just notified that my loan was rejected, with no explanation, by the lender who they had referred my loan to. I was very careful to correctly fill in the information and upload all of the documents to support my application. I wish they have the option of letting you rate them with a negative number of stars. Just a pathetic customer experience.
I would go elsewhere for any PPP loan. It's been about 7 weeks for me with no responses typically, and then out of the blue, a brief email suggesting the application is incomplete. But, no actual statement of just what is wrong. I've redone everything about a dozen times just to make sure that it's complete. No response, except, your application is incomplete. No response to email questions either. Just a black hole. I'm beginning to think Lendio is like a Russian bot.
What's going on? My PPP loan application was deactivated without my permission or knowledge. WHY? When I signed into Lendio to check my application status I received this message below: " This application has been deactivated. You or another business owner requested to remove your PPP application from our platform. If this was done in error or you wish to reactivate your application to be considered for PPP funds, please call customer service. 855-853-6346- Customer Service Number. START NEW APPLICATION." This is WRONG. I did not modify my application or make any changes. So who in my loan application, from the computer history of Lendio, changed my loan application? Who was it that made any unauthorized changes to my application and what day was it done? And why?
Lendio Cancelled my sole proprietor SBA loan, saying I or someone cancelled my loan. How could this happen at a time like this? People are out of work and dying and Lendio is mishandling my SBA loan application. SAD, Please fix this unauthorized modification of my application, since I did nothing to cause any authorized modifications or cancellations. Please respond with your immediate corrections to my loan application. This is causing unnecessary processing time for government funds that disappearing fast. And stress that I don't need more of at this time.
I applied for PPP through Lendio at Cross River Bank. It took longer as they promised, I followed up, Lendio informed me your application is complete and under review. I waited another 20 days... Still nothing. I contacted bank and The bank informed me that My application is incomplete and They are rejecting my application due to that! Really! Is this even legal? Do I have right to complete my application and not lose my place in line? Why didn't they inform me in a timely manner? After waiting this long, they did not give me a chance to even complete my application... So disappointing. Stay away from Lendio and Cross River Bank.
Overall would give the company and the gentleman assisting me (Joshua **) 5-Stars! Great service, process was quick, feedback and follow-up went well. Could not have asked for a better outcome. Highly recommend the company and Joshua **!!
Taylor ** helped us through the PPP process. The website was very user friendly and made our parallel effort with Wells Fargo look foolish. To be clear their web process is among the best, not just for a loan application but for anything I have used.
Filled out a business loan app for Lendio. Set up account, password, all the typical BS. No response to the loan app, can't access my account on their site for status. Seems like a data gathering scam.
I submitted all my paperwork for a PPP loan with Lendio weeks ago. Very basic information was needed. I understand they are bogged down with heavy volume and I am one of likely thousands of applicants. The problem I have with Lendio is that they do not respond to emails or phone calls. Over the past several weeks I emailed several times with no response back and was able to communicate with them one time over the phone. The secretary didn’t seem to understand why my loan was held up. She assured me a returned phone call but I never got it. These are tough times and I was hopeful to get my PPP loan. Looking less and less likely each day. In my experience I’d go another route.
Thank you Lendio for making PPP loan available for our Company in this tough Covid-19 Pandemic times. Russell ** was really exceptional and his timely response with very detail was amazing and made stress free sometimes. The complete process took 6 weeks for us to get funded into our account. Mr. Russell Response even in weekends and after hours made possible for us to get the PPP funds on time. If I need a loan again, I will first reach out to Lendio. Thanks again for all your help Mr. Russell for securing PPP loan for our company.
I applied for PPP loan (via Lendio) the first week of April. On 4/16/2020 I received a PLP number through Lendio/Reality Capital. I was told I would receive information within 24-48 hours and the process would be wrapped up within 10 days. It's May 16th: 6 weeks since I applied and over 4 weeks since I received word that I was assigned a PLP number.
Reality Capital has twice requested further documentation. I sent requested documentation within 2 hours on both occasions and on both occasions heard nothing back. Additional docs is something Chase and TCF bank both requested before even submitting my loan app to SBA. So, the fact that I've already received a PLP # and signed a loan agreement, and THEN received requests for additional docs feels very backwards. As of today I have not heard anything about my PPP loan with Reality Capital since submitting additional docs. I've since been turned down by both Chase and TCF as a result of Lendio/Reality Capital holding captive the PLP number for my business.
We have reopened and are struggling after losing 5 weeks of income. We're also facing very high payroll as a result of the backlog of work. There is no point of contact to get an update. I see online that SBA will cancel PLP numbers if not funded with 10 days... This causes me huge concern. Not to mention, so many people who applied after me have already been funded through other sources, including PayPal and Intuit/Quickbooks - I'm a customer of both! Nowhere does it say this process is should take 30 days from the date the PLP is issued. I'm beginning to feel extremely worried that I will ultimately lose out. What is the status of my PPP loan application? I need answers.
I applied for a PPP loan through Lendio from link on my bank account on 4/6/20. Received a prompt confirmation email. 4/14/20 was told that they needed more info but it was ready to be funded. The info had to be sent by 4:00. I sent everything promptly. Heard nothing. I called. Emailed. Nothing. On 4/15 I asked my bank what was happening. They check into it. I then received a call from Ann R. C. She said all the paperwork was in order and she would send it to the funding desk. 2 hrs later I received an email from Evelyn M. I need to submit a completely new application to Kabbage. I called Ann and asked why since she said it was ready to be funded. She had no answer. It's been almost 6 weeks since I applied. We are a small business hit by COVID.
I worked with Joshua ** on my PPP loan and he was amazing throughout the entire process. The process took about 6 weeks from start to finish and numerous times I thought it was not going to happen but Joshua kept updating me with detailed information to put me at ease. The timeline that Joshua told me about truly happened and I am amazed at how accurate he was. I trusted Lendio and Joshua to come thru for me on my PPP loan and they did with flying colors. If I ever need a personal loan, I will for sure deal with Lendio. Thanks again for all your help with securing my PPP loan.
No return emails or anything. Ridiculous. Waiting for Lendio for a PPP loan has been a mistake. I leave voice mails when I call and I received on follow email and the women refuses to answer my response email and they have blown me off. I am missed the first round of PPP FUNDING and still nothing. Sad service. Robert T. AUSTIN, TX
The process was super easy and the staff was super responsive obtaining my information. Once I was issued an SBA approval number communication has been horrible. I was approved on April 16th and my loan was assigned to Ready Capital, Until 5/13 I heard nothing from Ready Capital. Zero Returned calls or emails. My loan is tied up with Lendio and I was not able to even apply through other lenders because my loan was assigned. This is sad that they would treat businesses this way that need funding. Communication is key, and you have failed us! I have not paid myself and continued paying my staff with my own money with the hope my loan would be approved. Shameful.
I applied for PPP on lendio.com. I was so shocked that Grant ** reached out to me so fast to make sure I complete my application. He called me and emailed me. He also made sure he keeps in touch with me for 3 days. He also wrote nice emails like "he is expecting good news soon"... I was so excited to get his help to save my company and our amazing employees. It has now been 14 days and no replies. I tried support. I tried their chat. I tried emailing Grant 7 times. I have also been told by other lenders that they can't help me anymore because Lendio locked me into the PPP loan with SBA. So what do you do now? When you feel hopeless knowing no one can help you or no one can save the 93 employees or their families. I guess I can just wait and pray. Please find it in your heart to help us. Or AT LEAST LET ME GET A LOAN WITH SOMEONE ELSE. PLEASE HELP US!!!!
Michael with Lendio helped me apply for a PPP loan for my small business when no one else would. He was responsive even after hours and made sure that my loan app got through the system. Because of Lendio and Michael, Inwas one of the fortunate businesses that actually got PPP funds to help us survive this difficult time. Highly recommended!!!
I have provided information a week ago, no responses after an initial acceptance. Then I started calling, long holds then disconnects, or worse - the message says they do not do live customer service. Then it occurred to me "Oh no, did I fall for a scam?" I provided so much personal information, and I know we must be patient during this time, and I know they are not the loan company but find other companies - but to not at least have a way to tell us things are in process? I am terrified I gave them my personal info and tax returns now. Please be careful. Why don't they respond.
I had read about Lendio in the Wall Street Journal and since my bank - Bank of the West - was slow to act on the PPP program, decided to apply through them. I applied on 4/6. I received a PLP/loan approval on 4/16 and of course several "encouraging" emails. I was then contacted by Ready Capital to sign loan docs - which I did, and then a couple of days later was informed by Ready Capital that a bank called Customers Bank was funding my loan and I needed to again sign the loan docs - which I did, as I am now desperate to get the promised/allotted funds. It is now 5/11 and still no funds and no real communication from either Lendio or Ready Capital. As with others, I have been told that since I already have an "approval", I cannot resubmit with a legit bank. I am not sure what the scam is, but this definitely feels like a scam. I just hope the people at Lendio are having as much trouble sleeping at night as I am.
I have applied for the PPP through 2 lenders. PayPal denied my application due to limited credit history and Lendio seems to have abandoned me. I showed to have been submitted to lender on 4/27 & then I received message to upload more docs. I did so right away and resubmitted my signature. My account then updated to submitted to lender on 5/4 and has shown this status since 5/4. I have received several messages that more doc need uploaded before I can be submitted to lender, so I don't even know what's REALLY going on.
I have uploaded my 2019 Schedule C, 12 months of banking statements, I.D., front and back AND SS card front and back (due to license showing my married name and ss card showing maiden name). I applied using my legal name that is on my social security card because that is how I have to do my taxes. I have tried calling and the automated message says to use other means to contact and hangs up. I have sent multiple emails requesting guidance and I get the auto reply that someone will respond within 72 hrs, but still no communication.
I am a sole proprietor with a registered business in Wa. "Toys in the Addict". I am a female business owner and I am going under fast. My loan request is only $3125 so maybe I'm not important enough to be offered time or a lifeline, but I believed that I qualified for the 2nd round of funding as a female minority small business. I will survive one way or another. That is just who I am and how I roll, but the hours and days that I have spent just trying to get some help, could have been better spent than to apply and be left in the dust. Good luck my friends...
Lendio had contacted and reassure that our PPP packet had already approved and is waiting for the Bank to send fund. At this point Lendio has no control with the situation. So it's the bank that prolonged the situation and not Lendio. I will change the rating for the review. Thank you for your quick response with the review.
I applied for PPP with Lendio on 4/8/20 and got approved on 4/15/20 with Ready Capital bank. I received PLP number on 4/16/20 and was contacted by Lendio on 4/24/20 to update more docs. I uploaded everything as requested and haven't heard anything back. I tried phone calls, emails ... but no reply. As this point my application with other lender is denied because I already got approved with ready Capital ... but no fund and no finals approval yet. I am starting to wonder if they are legit???... Why I haven't get any updated after phone calls, texts, and emails???... My business need the fund for payroll as our office is still open but can not see patients as much. I am stuck and can't get approved with other lenders... My friends applied way later but had already received the fund... :( Worst experience ever!!!
I have now been finally funded. I feel that entire PPP process should be examined to find solutions for this to never happen again. I have improved rating to 4 stars as Lendio CEO Brock Blake reached out to me and saw latter progress through to funding.
I applied via Lendio on 04/11/2020. Received SBA approval and plp# on 04/16/2020. Since then just a twisted web of deceptive emails and placation from Lendio CEO Brock Blake. Finally signed closing loan docs and SBA note on 05/06/2020. As per latest SBA guidelines; I was supposed to be funded by 05/08/2020. Instead early that morning I received email from Ready Capital requesting schedule C. Sch C was already uploaded in original app package. I'm a sole proprietor and email was worded and sent only to sole proprietors. So not only was it a stall tactic to try to claim docs were missing to reset clock on funding, it proved that sole proprietors were pushed to last in line for funding.
We sole props are lowest dollar value of all loans and shows they prioritized larger loans first. These 2 companies are shady and lie and shouldn't be allowed to finance a lemonade stand. I am opting out of arbitration within 30 days to join class action suit. They strung along 10's of thousands of businesses and accountable for businesses failing during time our SBA#'s were held hostage by them. Avoid them now and in the future. Ruining lives through gross negligence and mismanagement during a pandemic demands justice.
I reached out to Lendio to help with my PPP (Paycheck Protection) and they were very unprofessional. I waited 10 days to hear "sorry your app was not complete, declined.." So instead of reaching out for what they need and helping a small business they chose to just decline and tell me "find another lender." Terrible customer service! I don't recommend them to ANYONE. SBA should remove them from "helping" business owners.
I received a notification that my SBA loan was approved by the SBA Via LENDIO. I even have an SBA#, it’s been this way for a while. No funds. The worse part is that other lenders I applied through were going to fund me and they said they could not because another lender (LENDIO) already was approved by the SBA. So now I’m stuck waiting for them to come through as my business falls apart. I can’t even trust that the SBA# I have is real or the loan will come through in the end. Just looking for some assurance from them so I can sleep.
Updated on 05/18/2020: Lendio sent me an email stating that they submitted my application to Texas National Bank on 4/25. Today I logged into the Lendio portal only to find my application submitted date had now changed to 5/13. So I immediately got on the phone. A lendio rep told me that texas national bank released my application. That now my application was submitted to Kabbage. Which I already applied at on 4/10.
I get an email today from kabbage stating my application was denied because they already have an application on file. So I immediately reached out to lendio. They stated that it is out of their hands now. So I asked for texas national banks phone number. Called them and they said they have not sent any applications back to lendio and that they are not overwhelmed at all. They stated they have a 10 day turn around on applications. I asked the lady there if she could check on my application to see if they ever received one from lendio. She said there is no way they ever received my application or it would be in their system.
I asked her if once they sent it back to lendio would it still be in their system. She replied back, "Sir, we don't send applications back to lendio. We never received an application for you from lendio." So basically lendio just filled me full of **. Lied and said my application was submitted on 4/25 to a bank that has never received my application. This has got to be against the law. I am definitely contacting my lawyer today.
Original review: I submitted an app on 4/13. Got an email on 4/15 saying funds had ran out. Then on 4/25 got another email saying my app was submitted to a lender. Haven't heard anything sense. Tried calling 5 times. Let 6 emails. Chat function never has an agent available. Meanwhile I was worried abs applied to 10 other places in a hurry. I have heard back from 3 of those places in only 2 days. I've been waiting to hear from Lendio for almost 2 weeks now. What a horrible company. I really wish I hadn't wasted my time with these guys. I have never applied for anything to do with sba. I didn't even notice that I was on sba.com instead of sba.gov. The sad part is when I called my local sba office. They had never heard of sba.com or lendio and wanted to verify that I did not send my infirmary to a scammer. Now I'm freaking sweating bullets here.
On May 13th, a representative from Lendio contacted me to learn more about the status of my PPP loan with their partner Ready Capital. My loan was funded on May 11, nearly six worry-filled weeks after I submitted my application by Customers Bank - a bank that was brought in at the last minute to process the loans that Ready Capital committed to fund. Lendio's explanation that many banks were overwhelmed is likely true but doesn't exonerate Ready Capital from taking on more loans than they could possibly process in a timely way.
LENDIO and their partner added to the nightmarish experience that small business owners encountered when attempting to apply for the Round 1 SBA PPP loan program. Frontrunning more reputable banks, Lendio and their partners were quick to lock in SBA approvals for loans they were unprepared to process and fund. Worse, small businesses were held hostage as Lendio/Ready Capital held the SBA approval preventing businesses from applying elsewhere. One month after I applied, my company has still not been funded and I continue to receive worthless blast emails informing me to expect funds in 5 - 10 days. Peers using other lenders have already received funds for Round 2 approvals and I'm still receiving a 5-10 day window on my Round 1 approval. I hope there will be appropriate sanctions by the SBA for what Lendio and Ready Capital did under the worst of conditions. Too bad there isn't a 'no star' rating.
Lendio Company Information
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
- Postal Code:
- United States
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