Lendio is an online business loan marketplace offering financing and consultation services for any size of business. Lendio has pooled over 75 different lenders to find an ideal match for loan seekers of different sizes and needs. They provide essential financing advice and business services like legal, bookkeeping, and credit repair.
Does Lendio Charge for Loan Applications?
Sign up and applying for business loans with Lendio are free. Lendio partners with different financing institutes and works on a partnership basis with them. For borrowers, the subscription and loan applications are free of charge.
What types of Loans are available with Lendio?
Lendio can help small businesses with SBA loan types such as SBA 7 (a) and SBA 504 loans along with SBA relief funding options like PPP and EIDL programs. Lendio offers a wide range of business loans for all sizes of businesses:
- SBA loans for small businesses
- Short-term business loans and loan term financing
- Merchant cash Advance and business credit cards
- Commercial Mortgages and Business Line of Credit
- Working Capital and Invoice Factoring loans
What is the Cost of Loan with Lendio?
As with any commercial loan, the total cost of a business loan with Lendio will depend on your Interest rate and term. You can secure a low effective APR if you have a good business credit score and collateral to pledge. Secured loans with high credit scores cost less than unsecured loans and bad credit. For example, a short loan interest rate may range from 6% to 24%. Business Credit cards charge higher interest rates.
Consider the fact that your business credit score is different from your personal credit score. Lendio does not offer credit reports; you’ll have to check the business credit score with Dun & Bradstreet, Experian, and Equifax business.
Does Lendio Help You with Financing only?
Matching your business loan application with the best lender is the prime objective of Lendio. Lendio offers extensive business loan consultation with expert advisory services on your credit repair, business insights, and loan calculator. Their other services include startup financing, bookkeeping, and financing consultations.
You can find the Lendio services through online or a one-on-one visiting experience conveniently visiting the business office locations.
Lending Partners of Lendio?
Lendio has financed more than 216,000 businesses with over $1 billion of financing. That becomes possible by partnering with financing industry leaders. Lendio has an abundance of lending partners including Headway Capital, PayPal, American Express, Chase, Bank of America, Ondeck, and LendingClub to name a few.