Lendio is a network of lenders that are specifically dedicated to small business loans. Their goal is to pair small businesses with lenders in their network that can mutually benefit one another. Lendio’s main selling point is the speed and simplicity of their loan process. What would take months of going to different banks and filling out forms can be done in minutes by answering a few questions.
Lendio is different from other alternative lenders in that they aggregate loans from hundreds of companies instead of lending money themselves. Because of this, small businesses are able to get several different loans and approval all within as little as 24 hours. They partner with other small business lending sites like OnDeck and hundreds of other lenders.
Lendio is great for brand new businesses that normally have fewer options. With no business history, a new business owner may have a hard time getting a bank loan. However, Lendio can connect even new business owners to lenders that match their needs.
However, since Lendio aggregates interested lenders, it is impossible to say exactly what kind of interest you will get or if you will need to fill out more information with whichever lender you ultimately choose. Although, there is no denying the value of the quick approval process and the range of options.
Online business lenders are increasingly growing in the financial technology world and filling a gap for many people who are seeking a loan but often overlooked by the major banks. Lendio is an online lender that offers a wide range of loans and debt solutions to individuals and organizations. They believe in fuelling American dreams and making a difference in your current situation. Lendio helps individuals and businesses find financing in a quick and hassle-free approach through a simple, 5-minute online process.
Lendio offers a small business owners a variety of loan products including cash advance, term loans, SBA loans and many others. No matter your business loan needs, Lendio works to tailor a viable option to you. They understand the power of the individual and provide financing solutions targeted to meet your specific needs. Lendio partners with thousands of lenders thus can easily connect you to one that matches your needs suitably. Provided you have a credit score in the range of 640 to 660 range, you will have a decent chance of being approved. It’s tough to get a loan with lower personal credit scores. However, Lendio can help you find partners willing to get you some financing even with scores lower than 700.
They only work with reputable lenders that believe in responsible lending and offer loans that everyone can afford, sometimes ignoring a less than perfect credit record. They partner with other peer to peer lending companies such as Lending Club and Prosper who offer $1,000 to $35,000 for personal loans if you qualify. There is no collateral required for this loan. Interest rates can range from less than 6% all the way to over 35%. There are fees and rates that are charged to the borrower however they are lower than the typical loans offered by traditional banks. You will need a score of 650 or higher to get approved with Lending Club, which isn’t as stringent as with some balance transfer deals.
The Application Process
The application process is pretty straight forward, and they are dedicated in finding a lender that meets your needs.
- To get started, Lendio offers a quick application process that requires you to answer a few questions and review your loan options in seconds. The pre-approval process lets you know if you qualify for a loan. If you don’t have any business options, they will point you in the right direction and help you fix your credit so that you can qualify for a loan.
- The next stage you are required to fill an online application form. Your education and job history helps them understand more about your repayment potential and could allow you to get an lower rate.
- You then can consult with your Lendio advisers on various loan offers that adequately meet your needs. They will offer fast cash solutions while providing flexible payment options.
- After you accept your terms, money is deposited into your account as soon as the next business day.
- Finally, it is advisable to set an auto-pay feature that could reduce your interest rates. It is easy to set up the automated monthly payments, and there is no penalty for paying off your loan early enough.
Qualification Requirements Essentially though, before considering any of the personal loan options, there are certain requirements that one should meet to be approved for a personal loan from Lendio. Key among them, they will require you to:
- Be a US citizen or permanent resident.
- Verify a steady source of income to confirm your ability to pay the loan.
- Have a checking or savings account that has been active for at least a month before the borrowing date.
- Provide accurate contact information so that you can be easily reached in case the application information needs to be verified.
- Be at least 18 years of age to be eligible for any of the personal loans options.
- Provide an accurate National Social Security Number or individual taxpayer identification number.
- Must be a resident of a state where Lendio offers its services.
However, you should note that Lendio does not control their loans directly, as it works with a network of lenders and do not lend the money themselves.