Lendio

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.

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.

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 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.

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.