Lendefied Reviews

Lendefied is an online business lender providing a range of loan programs, including U.S. Small Business Administration (SBA) loans, equipment financing, lines of credit and commercial real estate. The company was established in 2013 and is headquartered in Melville, New York. It serves business owners across the country.

Lendefied works with a network of banks and charges no direct fees. All clients who receive funding also get three months of free C-suite support.

Lendefied offers a number of funding solutions to business owners across the country.

• SBA loans are backed by the U.S. Small Business Administration and offer up to $5 million in funding, often with lower interest rates and longer repayment terms.
• Term loans provide a lump sum that’s repaid in regular installments with interest over a set period. Loan amounts range from $100,000 to $10 million, with bank lenders typically offering rates of prime plus 1% or 2% and nonbank lenders charging roughly 1% per month. Funding can take as little as one to three business days, depending on the lender.
• Business lines of credit let borrowers draw funds up to a set limit and pay interest only on the amount used. Available loan amounts range from $100,000 to $10 million, with funding in as little as 24 to 48 hours.
• Business cash advances give companies quick access to cash in exchange for a share of their future credit card sales, plus a set fee. To qualify, borrowers typically need a credit score above 525, at least two years in business and an annual cash flow of around $180,000.
• Equipment financing helps businesses purchase or lease items such as medical, automotive, food service, software or manufacturing equipment. Borrowers must have at least one year in business and $500,000 in annual revenue.
• Commercial real estate loans can be used to purchase, expand or improve business property. Borrowers must have at least one year in business and $500,000 in annual revenue.
• Accounts receivable funding lets business owners borrow against unpaid invoices for immediate cash flow, with some rates as low as 3%, depending on the lender and the business’s qualifications.
• Business-to-business (B2B) revolving credit facilities provide revolving lines of credit extended from one business to another.

Lendefied doesn't charge any direct fees for its services, although borrowers will likely pay origination and processing fees to third-party lenders. Because Lendefied works with different banks and provides several loan types, rates and fees vary and aren’t listed online.

Term lengths also vary, with some short-term loans payable within a few months, while large loans may have terms of several years.

To apply for a loan, start by filling out the prequalification form found on the company’s website. You’ll need to provide basic personal and business information, including your credit score, along with the loan amount, what the loan is for and how soon you need it. This initial application requires a soft credit pull, which will not affect your credit.

You’ll then be matched with a certified consultant to discuss your financing options and gather documents. Once you’ve decided which solution is best, your consultant will help you formally apply for the loan, which may involve a hard credit pull. Approval and funding timelines vary, but some loans can be funded in as little as 24 hours.

Yes, Lendefied offers several benefits for business owners, including fast funding, no direct fees and access to multiple loan types through its partner lenders. Its online application process is simple, and approved borrowers get three months of free C-suite services to help manage their finances.

Still, it can be hard to gauge exactly what you’ll get since rates, terms and even partner lenders aren’t listed online. You’ll need to go through the prequalification process to see what loan programs you’re matched with and if those terms suit the needs of your business. The prequalification step doesn’t affect your credit score and includes a free consultation with a certified lending expert, so there’s little downside to applying.