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Update: Lendio, Ready Capital, and Customers Bank have come through. I received my PPP loan on 5/12/20. I even got a call from a Lendio representative last night. For all small business owners out there waiting, have patience, they will come through. The wait is tough but in the end they are great group of companies that really do want to help the small businesses in America. These are the first reviews I have ever posted let alone a follow up update but they deserve a thumbs up for the hard work they are doing to process the 1000's of loans they are trying to process.
Updated on 05/05/2020: This is my update to a review I posted on 5/4/20. I received an email this morning from Ready Capital (the lender Lendio set me up with) and it wasn't good news at all. They have now given my PPP loan to Customers Bank. I am speechless. For all of you hardworking Americans out there please avoid Ready Capital, Lendio, and any other lenders that have a relationship with them. They are a scam. I'm sure they have funded a few businesses across the country but for most of us they threw us away like trash. Thanks Lendio and Ready Capital for cutting our lifelines.
Original Review: I am in the same boat as everyone else. I applied for a PPP loan through Lendio on 4/13/20. The lender that was assigned to me is Ready Capital. I guess I missed out on the first round of funding and figured I would be good for the second round. I was wrong. I have received a total of 10 emails from Lendio and Ready Capital since 4/16/20 that all basically say the same thing. "Your loan is still with us, don't worry." I received my SBA approval # on 4/21/20 via email however it does not match the # Lendio sent me. If you're listening Lendio and Ready Capital, is this a total scam or are you that far behind? There's a lot of us(1000s) that just want the truth. Thank you.
I have a commercial account with Coastal Credit Union and within a week of the CARES Act they said they would need to refer me to Lendio, a "trusted partner". My research showed that they had decent reviews so I submitted an application. The process was straightforward. The portal was well designed and stable. I am aware from their information that they are an online broker who do not make the loans. My application says they have referred my application to a lender as of May 1. I am unsure if my application was ever submitted to the SBA.
I've just found my application was forwarded to BlueVine.com. BlueVine's traditional business is high return receivable factoring. I followed a link in the Lendio application that took me to them and early in the application they wanted my banking statements. BlueVine has several reviews that are less than satisfactory and the most troubling is the claim by their customers they use sign-on information given to verify an account as a portal to further review banking information without customer approval.
I've decided not to place a loan with BlueVine and would like to be referred elsewhere. I have no way to contact Lendio of which I am aware. I realize the sheer volume of applications make this process overwhelming but my experience is less than satisfactory. I am a small business affected by the crisis and feel a bit let down presently.
A friend of mine recommended working with Lendio and Steve ** for the PPP loan. I was very impressed by the overall experience and the user interface was light years ahead of the competition and banks. To top it off, Steve was extremely responsive and helpful any time I had a question. I highly recommend Lendio and Steve!
I applied for a PPP loan for my business when most other banks were not helping their existing clients unless they were a huge dollar business. Lendio was fast and easy. My agent, Joshua ** kept me updated as the process unfolded. Was a relief to get through this.
Lendio is very poor at this PPP thing.... I applied 3 weeks ago for a PPP loan through Lendio. I made sure I added all the documents they asked for, THE 1st time. Got several emails to "MAKE SURE ALL DOCUMENTS ARE THERE". Then, I got the email that funds ran out. Then, I got another email congress was adding additional funds, make sure my documents were in order bla bla bla. Then, last week I get an email that says my application was sent to lender....then 3 days ago I get an email that "my application was sent to lender but we encourage you to apply with our partner, BlueVine Capital". I applied to Bluevine and still nothing at this time. Hopefully 1 of these damn companies will get a PPP loan approved. On a good note, finally got my EIDL advance yesterday, so maybe on few more weeks from the actual EIDL LOAN!!.
I recently logged into the Lendio portal to check my PPP application status. I had been previously approved and was told so with a PLP and SBA number. However, this time I logged in it had said my application was only sixty percent completed. Confused, I filled out the small green form at the bottom of the page to have someone contact me about this. Within maybe ten minutes a gentleman named Cody ** called me. He informed me that everything was okay and that I should not concern myself with what I saw. He also informed me that I should upload an additional form for faster processing. I was amazed as he sat on the phone with me while I downloaded my tax returns and helped me through the entire process of uploading a single file to my account.
Most financial institutions give you some instruction and then hang up; Cody walked me through the whole process. I hope there are more people like this gentlemen there because it was the best experience I've ever had with a financial (affiliated) institution. Thank you again Cody **, you're good people and that's a rare thing in this world now.
I started my journey on April 17th with one of their Reps (DG). I received about 3 emails asking for add'l docs, I complied and still they ask for more. I attempted to call them but it was useless. I should have gone with a Real Company. I feel that my 2 weeks were wasted. Do not even waste your time with them. I thought I was doing the right thing, BOY was I wrong. And why do companies ask for phone numbers, when you cannot get thru on their numbers and I did not get a phone call from these people after asking them what they are looking for in my docs. Again, Do not waste your time with them. I also do not think I am insulting them, I am telling the truth about how they wasted my time. Also, is it interesting how the Perpetrator has the law on their side?
Russell was very helpful and responsive with the loan process. I would recommend his services to any of my friends and family. He responded to emails and questions quickly and worked late hours to help us get what we needed.
I could not be happier with the PPP loan application and processing experience I had through Lendio. They were accessible, patient and helpful at every turn. Even when my loan application was delayed when the first round of funding ran out, Lendio stayed true to their word in processing my application when supplemental funds were approved by Congress. Joshua ** took ownership of my application, helped me find a lender in BlueVine, and helped expedite my loan approval. This loan will help my business, RCL Communications, navigate through a very challenging business climate, so that we can be well positioned to come out stronger when the economy starts to pick up steam later this summer. I have recommended Lendio to several of my friends and family in similar circumstances and I'm sure they will be equally happy with the results.
My misfortune to connect with this ill-reputable company, cost me the SBA's PPP forgivable loan, which would have reimbursed me for all the payroll and associated costs payroll taxes, group heath insurance, etc for my one employee, my wife and myself. Having to close my business due to local and state restrictions of the COVID-19, and continuing to pay my employee. As he has a family and also would not want to lose an employee that works hard, shows up every day, never complains, and is very appreciative.
Lendio stated they matched me up with a lending institution and had submitted my application to them. When the timeframe given had long past, I contacted the lending institution, to attain the status of my application. They had never received it! Attempted to contact Lendio over a dozen times, with no response. Until 10 days later when they stated they matched me up with a lending institution of another name. Which entailed completing a new application and uploading all the documents that Lendio had from my first application.
Received confirmation from that bank, my application was correctly completed, approved and processed, including all required documentation, and being submitted to the SBA for loan approval. Two days later, an email from that same lending institution stating that due to my application being incomplete they could not submit my application to the SBA!!! Contacting them resulted in as many responses as Lendio. ZERO!
The next day, another email from that same bank, stating I needed to upload a document that was already uploaded to them! When clicking on "Sending Documents", as I planned on sending it to them a second time. A pop up stating that any further correspondence, or matters to do with my application, were being handled by yet a third lending institution. Which wanted me to begin to fill out another PPP application from the start and putting my chances of receiving the loan between slim and none!
The blatantly obvious contradicting notifications screams volumes as to the incompetence, or corruptness of Lendio's business practices! After the funds ran out on the first amount allocated for small business, where the majority of the $345 Billion for SMALL businesses went to large businesses, as in the LA Lakers. Who decided to give it back once it was known! Why were they even allowed to participate, let alone be one of the first SMALL businesses to be approved and given $2 Million dollars!! Lendio's CEO delivered a very long presentation on YouTube, how well Lendio was taking care of the true "SMALL" businesses, as the majority of other "middlemen" were not!! It is called the selective application process!
The loan amounts that were the largest sought by SMALL businesses, were approved and paid out first, Due to the fees they get to charge is solely based on the amount of the loan! The larger the loan, the larger the fee! The CEO it appeared was attempting to appear as they were the "angles" of small businesses! When in reality, they were the greedy and had zero compassion for a genuine small business! The greed that is as prevalent in politics, is clearly at hand in this process.
My wife, myself and one employee run a small business. The Stimulus Cares Act was specifically to assist small businesses, and prevent unscrupulous large businesses from using their staff of accountants to worm Million of OUR dollars! Just as the first amount of the small business allocation of funds was gone in the blink of an eye, this round will be similar. With a half of a TRILLION dollars disappearing AGAIN, with a small percentage of the SMALL businesses it was meant for! Due to companies such as Lendio, who do not care about helping small businesses. Their concerns lie with getting as much in fees as possible!
Just wanted to drop a note as I know millions of people applied for SBAs PPP. I chose to go through Lendio only after having done a little online research about their reputation. I am SO GLAD I did! Their online portal and chat feature made the application process extremely easy. I received daily communications (and not the form email my bank kept sending me every day). Every time I checked in and used the chat feature, I was given immediate and accurate guidance in what to do next. I highly recommend them. You won't be disappointed with the customer service.
I have been trying over and over to get someone to call or email us back. Our funding is jammed up and we need Lendio's support on this. There is a discrepancy somewhere that is preventing our funding from our local bank because of something Lendio has on file.
Russell answered all my questions, was reassuring and had a good sense of timing, considering the situation. He understood what I was trying to accomplish and he knew the problem of how to expedite the information so it could be submitted to the SBA in a timely manner, but as of yet I have not received the funds as of yet, hoping they come through.
No matter how big or how small your company is, Russell ** at Lendio gives your company devoted attention and works hard to find the best solution for your company's needs. Russell works tirelessly on your behalf.
Russell ** was extremely helpful with my loan application for the PPP. He was quick to return emails and made it less stressful for my business. I will definitely recommend using Russell to anyone who is looking for applying for a loan.
I’m a Small Business Owner in the San Francisco Bay Area. We were required to close our business in March due to the Coronavirus. We looked at several lenders and were fortunate to meet Russell ** at Lendio. Lendio was working with thousands upon thousands of loan applications for the somewhat chaotic Federally funded Payment Protection Program (PPP). It was a race against the clock to gather all the documents necessary to apply for the PPP loan. Lendio and Russell ** guided me through the process, making sure my application was complete.
I know a lot of Small Business owners who applied for the PPP with other lenders. I dont know any Small Business Owner that actually received a loan. Lendio came through for me. They got me a loan approval with the SBA and I'm super close to getting funded. Awesome job Lendio! Great customer experience Russell **. Thank you. Thank you.
Mr. Russell ** from Lendio was not only able to help our company attain the PPP loan during this very scary economic time, but he made the experience less stressful and confusing. Mr. ** was professional and went the extra mile by helping us every step of the way and with the patience and hard work a person in my position could only wish for. I had asked around and attempted to work with other banks and companies, but found out very very quickly I was just a number in a long line of others attempting to get the same funding. Mr. ** actually took the time to know my name and the name of my company while others had not. In the end this is a relationship my company will keep if and when any further funding is ever needed. Thank you from our company and the employees who will soon return to work. Thank you and again Thank You.
Russell at Lendio took care of my PPP loan. The process was very streamlined and quick turnaround. Not much going back and forth regarding documents which made the process smooth. Definitely recommend their service.
How can multiple people have "such a great experience" and so many others do not? This company is in NO WAY fit to help anyone with the PPP Application! My bank "partnered" with Lendio as they were not SBA certified. Upon hearing this I submitted my application to them on April 16th. No response, no assistance, and absolutely no correspondence of any kind later, I sign in today (April 29th, almost 2 weeks later) to check the status of my loan application. Lendio has just now decided to push my application off to a different company, whom I have to now resubmit all of my information to! WHAT exactly is the purpose of this company?? I trusted these people to handle this absolutely essential process during today's crisis with care..and it took almost 2 weeks for them to basically say "You should talk to these people over here - they can help you."
This is the most absolute waste of my time and energy, and may have now jeopardized my access to this necessary funding to keep my business open! But of course there's "no one" that can help, "no one" that can tell me anything other than "Sorry you're out of luck". DO NOT give this company your time or business unless you want to gamble with your business!
Taylor was so awesome. Extremely friendly and even more helpful. Honestly I've dealt with other lenders and up until this point, this PPP process has been a nightmare. Lendio had Taylor contact me the very next day! A human being on the other side of the phone!!! Was able to confirm that everything was set up correctly and got this loan application submitted. Seems like we may actually get something done on this go around!! Thanks again!
Imagine being approved for a PPP Loan at a time of need and then the actual lender called Ready Capital, The actual Bank that Lends who have the wrong approval number and 13 days later no emails, no calls and no replies except the approval numbers for the SBA approved loan for Lendio and their bank Ready Capital do not match and there is no way to find out what is going on. If you want to wait and wonder choose this company otherwise keep away! Ready Capital similar experience no calls, no embalms no way to leave a voice message, to reply to emails, it is a disaster. My friend who applied at the same time to another company was approved and the funds transferred to next day.
I'm changing the rating from one star to four star since the company quickly got back to me after they saw my rating. It seems I still couldn't log in, but I appreciate their quick response. There might be tech issues that is beyond their control and they did help me with my application through email.
I believe I applied PPP twice through Lendio. The second time I even printed a copy of my application. But I still could not log in. It says invalid email or username. I can click forget password to reset the password to login but I see no application submitted at all. Actually that is how I did my application again. The second day I submitted my application the first time, I received an email from lendio asking my to complete the application. I click to link in the email to log in but it didn't let me as stated above. I changed my password and then logged in to apply again. Once the application is done I was logged out and could not log back in again.... Don't know what is happening. I will wait to see what happens.
Absolutely terrible! I have been approved for the first SBA PPP loan almost 15 days ago by Lendio. I even got a confirmation from their lending partner Ready Capital. While other business have been funded by Kabbage, JP Morgan Chase, Bank of America, etc... Lending definitely bit off more than it can chew by locking up ridiculous # of business and now does not have enough resources to fund their loan??? This reflects very poorly on the company. Now they have my loan locked up and I cannot even go to my neighborhood back to get my PPP loan. If I go out of business it will be blamed on lendio and Ready Capital.
I run a small business that does a significant amount of gross revenue (3M annually). I submitted my PPP application through Lendio on 04/09. Unfortunately I did not make the first cut before federal funds ran out. While I continued to receive emails stating everything was in order and that new funds were on the way, today I received notice that "Unfortunately, your business does not qualify for a Paycheck Protection Program loan." and "Your application has been declined by the SBA".
I called the SBA directly who stated this was false, and the lenders are the sole arbitrator for the Paycheck Protection Program. I have received no answers from Lendio directly. To make matters worse, I have now missed the timeline for submitting through my local bank, which I probably should have done in the first place. Cliffs: I waited nearly a month under the impression my application was ok, only to find that this time was wasted.
When the CARES Act was signed, I was the finance professional in charge of securing a PPP loan for our company. It quickly became apparent that local banks weren't equipped to handle the massive volume of applicants or had the speed required to get approvals before the funds ran dry. The bigger banks didn't want to consume resources to process PPP loans for new customers so many small businesses were stuck with the slower, less equipped smaller banks. I submitted an application to our bank. Days went by and I didn't hear anything back. Our bank was experiencing a massive amount of phone calls about the PPP loans and I never got a call back.
I heard about Lendio and since they touted top-notch service, I decided to give them a try. I submitted the application and documents online. Within an hour I had call from Taylor ** at Lendio asking some follow up questions on my application! He was super helpful in answering my questions and said I could call, text, or email him any time. He was very responsive and patient. I told all my neighbors that were experiencing the same issues with their banks to submit an app with Lendio and to call Taylor. Which they did. A thanks to Taylor and the Lendio team for stepping up when many big banks with resources didn't have enough "incentive" to help out small businesses.
I am thrilled to be working with Lendio for my Loan. There were quick, very professional, personable, and overall outstanding. Any questions that I may have, they are very prompt and wonderful to work with. Their communication is spectacular. Taylor has been a delight to work with during this pandemic. He is always very pleasant and professional. I highly recommend Lendio. Taylor has made this experience stress free and awesome during a World Pandemic.
Jay and Devin contacted me asap to resolve.
I own an emergency water and fire restoration company in Dallas, TX. We chose Lendio to be our main broker for the PPP Loan program. We applied on April 3rd. Although communication was not the best during the first few weeks I have nothing major to complain about. Over the first few weeks we verified and confirmed our documentation was correct. We were told we might get funded then that we missed the first batch of funding. Here is where things have gone wrong...
We decided last week to also apply several other places, these other places already have us with a lender seeking approval. ZERO contact from our rep at Lendio for over ten days. We have called, texted, and emailed dozens of times. We also got emails from Lendio general that says we are submitted to a lender and will have an approval in 24-48 hours.
Since we had no communication I wanted to check the status so I got into my account and see that our entire application is GONE. So I get in the chat (the only way it seems to get a hold of anybody) and the person at Lendio says we have incomplete docs... Now this morning I get a call saying we need to submit all of the docs again...
This is beyond unacceptable. I was fed false information, my rep won't call me, and I had to get a hold of them by chat. Now we have to resubmit everything? How is it even possible to be on so many different pages after 25 days from the date of our submission? Even as far as sending me confirmation emails that we were assigned a lender and to expect funds?
I fully expect that Lendio addresses this matter today April 28th and gets us with a lender and approved. We will likely be laying off employees this week. I don't blame Lendio directly for not getting approved. I blame them for a blatant mishandling of our application and lack of fiduciary duty to perform the work we hired them to do.
Taylor ** was nothing short of a miracle for me. During such a tough time dealing with this pandemic, she kept me calm and assured me all will work out. And in the end I was approved for my loan. I’m beyond grateful.
I applied for the PPP loan and was approved weeks ago. Process seems to be stuck or worse, broken. I can't seem to reach anyone. Made business decisions not to lay off employees based on being approved. Everyone is hurting now.
Taylor ** is the Senior Funding Director and he was very quick to respond to our inquiry and very helpful. We are applying for a Paycheck Protection Plan and the process is very confusing and time consuming. He was very helpful in assisting us with the process.
Lendio Company Information
- Company Name:
- Year Founded:
- 10235 South Jordan Gateway Ste 410
- South Jordan
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- United States
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