Struggling to get the lowdown on Lendio? You’re not by yourself. Uncover the facts behind this loan platform. Find out if it’s suitable for you.
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Quick facts: Is Lendio Legit
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Introduction
Is Lendio legit? Yes! It’s an online loan platform, founded in 2011, with full transparency and compliance with all US laws. It offers competitive rates and terms for over 400,000 customers who’ve secured $2 billion in financing. All lenders are carefully vetted, ensuring you get a safe investment when using Lendio. Whether you need funds to start or expand a business, or refinance debt, Lendio will help.
What is Lendio?
Lendio is a loan platform that connects small business borrowers with lenders. Founded in 2011, it has facilitated over $3 billion in loans to small businesses in the US. Its mission is to provide easy access to financing for small business owners who may be underserved by traditional lenders.
The Lendio process starts with borrowers providing details about their businesses and the type of loan they need. Lendio then matches them with credible lenders from its network of over 75 partner banks, credit unions, and other financial institutions. Borrowers can customize their loans and choose from fixed-rate term loans, merchant cash advances, lines of credit, and more.
Lendio provides support throughout the application process with its team of knowledgeable loan officers available 7 days/week by phone or chat.
Types of Loans
Lendio offers various small biz loans, like Short-term, Long-term, SBA, and Unsecured Line of Credit. Each type has different amounts, interest rates and repayment terms. So, review carefully to find the right fit for you.
- Short-term loans are good for business owners needing cash fast and who don’t have time for a long app process. Amounts range from $2,500 – $250,000 with up to 24 months to repay.
- Long term loans are best for those needing large amounts of money and planning to take longer to repay. Loan amounts are from $25k – $500k with up to 7 years repayment.
- SBA loans offer low interest rates and up to 25 year repayment terms but have extra paperwork, since they are backed by the US Government.
- An Unsecured Line of Credit offers flexibility. You can use it only when needed and avoid fees until you withdraw funds, but it has higher interest rates than other small biz loans.
Loan Requirements
Before taking a loan from Lendio, you must be aware of its requirements. For starters, the borrower must possess a credit score of 600 and an annual income of $50,000. Also, they must be either business owners or employed by an eligible organization. Moreover, only some industries can avail financing from Lendio. This can be tough for those in non-eligible industries to acquire the necessary funds.
Additionally, applicants must give personal guarantee, which implies that if they cannot repay the loan, the guarantor will have to bear the debt. Lastly, business loans need various documents like financial statements and tax returns – so it’s better to be prepared before applying to Lendio.
Is Lendio Legit?
Lendio is an online loan marketplace. It helps small business owners find and compare loan products from various lenders. Just minutes to apply, and often you’ll get funds in a few days! Founded in 2011 and based in Salt Lake City, Utah, it has helped hundreds of thousands of businesses access capital. Loan products range from short-term merchant cash advances to long-term SBA loans.
Legitimacy? Lendio seems legit. Offering services to help small businesses get financing they may not find elsewhere. Been in business for more than nine years, and with positive customer feedback. But still, some risk involved when taking out a loan or using financial services. So, customers should understand all terms and conditions before using Lendio.
Security Features
Security is a must for loan platforms, and Lendio is no exception. They use 256-bit encryption to secure customers’ personal and banking information. Monitoring makes sure data isn’t accessed without permission.
Their server environment is secure too; all customer data transmissions happen over encrypted connections which are PCI compliant. Two-factor authentication is required for all loan agreements.
Recently, they’ve implemented a fraud prevention system. It uses data analytics to identify fraudulent activity in real-time, protecting customers from identity theft and cybercrime. It also verifies accounts to ensure funds go to the right place.
Lendio Reviews
Reading reviews for Lendio can be helpful when considering if the platform is right for you. The reviews come from people who have previously taken out loans through Lendio or their own banking or credit unions.
Reviews are important to ensure customers get good loan services. Many reviews are positive. Borrowers like the low interest rates, quick turnaround time, and helpful customer service. But some reviewers mention a few issues, like difficulty getting approved or slow responses. Overall, most customers are pleased with the value they get from using Lendio’s services.
BBB Rating
Lendio is a loan platform that helps small business owners find the funding they need. It offers fast, secure access to traditional loans and lines of credit.
The Better Business Bureau gave it an A+ rating. Trustpilot rated it 4/5 stars from 10,000 users. There are also certified reviews from customers.
Lendio is a member of the National Financial Inclusion Network and National Small Business Association. Both organizations are trusted sources for small businesses. All this suggests Lendio can be trusted for business loan financing.
Pros and Cons
Lendio is a loan platform that connects small businesses with over 75 lenders. It’s simple to get competitive rates with Lendio- users just need to fill out one application. Funding is fast for approved loans.
Pros:
- Easy access to competitive rates from many lenders
- Straightforward loan application process
- Quick funding for approved loans
- Cross-collateralized loan options for high amounts
- Repayment plans tailored to businesses’ cash flow cycles
- Dedicated customer service team to help throughout the process
- Loan terms up to 10 years on some products
Cons:
- No SBA 504 or 7A loans (only term loans)
- Not all lenders offer the same products or terms, so hard to compare offerings
- Most competitive APRs are only offered through specific lenders, not all accessible through Lendio’s platform.
Conclusion
Lendio is legit. It’s been around since 2011, and it’s known for helping small businesses get the money they need. Lendio is open about charges and interest rates, so customers know exactly what they are getting into.
But, there are risks involved. When taking out a loan, especially to launch or build a business, it’s important to be careful. Make sure you can pay back the loan on time and in full. Do your research beforehand.
FAQs about: Is Lendio Legit
Q1: Is Lendio legit?
A1: Yes, Lendio is a legitimate lending marketplace that helps small businesses find the best funding solutions for their needs. Lendio has been in business since 2011 and has helped connect more than 80,000 businesses with over $10 billion in funding.
Q2: Is Lendio free to use?
A2: Yes, Lendio is free to use and does not charge any fees for its services.
Q3: Does Lendio guarantee funding?
A3: No, Lendio does not guarantee funding. While Lendio can help connect you with lenders, the approval process and loan terms are ultimately determined by the lender.