Lendio is a loan marketplace that connects small business owners with a network of lenders. The company was founded in 2011 and has since facilitated over $10 billion in loans. In this review, we will take a closer look at Lendio and its services to determine if it is a good option for small business loans.

One of the main advantages of Lendio is the simplicity of its platform. The company offers a streamlined application process that allows business owners to submit a single application and receive offers from multiple lenders. This saves business owners time and effort by eliminating the need to fill out multiple applications for different lenders.

In addition to its ease of use, Lendio offers a wide range of loan options for small businesses. This includes traditional bank loans, SBA loans, lines of credit, equipment financing, and more. With such a broad range of options, Lendio can accommodate the needs of many different types of small businesses.

Another benefit of Lendio is its focus on transparency. The company provides clear and easy-to-understand information about the terms of each loan offer, including interest rates, repayment terms, and fees. This allows business owners to make informed decisions about which loan option is best for them.

However, there are some potential drawbacks to using Lendio. The company does charge a fee for its services, which can range from 1% to 8% of the loan amount. Additionally, some borrowers have reported difficulty with the application process, particularly if they have a less established business or weaker credit history.

Overall, Lendio is a solid option for small business loans. Its user-friendly platform, wide range of loan options, and commitment to transparency make it an attractive choice for many business owners. However, it is important to consider the potential fees and potential difficulties with the application process before choosing to use Lendio.

свернуть