Lendio only does soft pulls on your credit. Once you’re matched with a lender who’s a good fit for your business profile, they will most likely perform a hard pull to verify your information. However, this only happens once you’re matched with a lender and you have explicitly agreed to participate in the formal application by signing off on the terms and conditions.
Business owners who go from lender to lender often have multiple hard pulls on their credit, damaging their credit score. Lendio prevents that by helping you find the best loan option for your business, so you only have to apply to the lenders who are most likely to get you the funds you need.
It all depends on the individual lenders, but Lendio has worked with all of them to get as much data as possible to give you the most accurate pre-qualified offers or hard offers. Lendio monitors our lenders for accuracy, but the accuracy of the offer also depends on how accurate your report of your small business’s health is.
You have full control over who, if, and how you choose to go forward with our network of best-in-class lenders. Depending on the loan product and your business health, you could be able to receive funding in as little as a few days. Our loan specialists will be there to guide you, every step of the way.
Nothing. Lendio does not charge anything to go through its program and matching service. Generally, Lendio only makes money from the lenders once a loan has been issued.
Here at Lendio, we feel honesty is the best policy, and to be honest, startups have a tough time getting the startup capital they need. Startups tend to have no track record, revenues, collateral, and business credit. Because of that the underwriters have nothing to underwrite against except a personal credit score.
Lendio does work with a few different providers to give you options for credit when starting a company. There are a few SBA programs that can provide you with a loan to start a new, or purchase an existing, business. Additionally, we work with lenders that can help you roll over and invest your 401k in your small business, with P2P lending marketplaces that can provide a low interest rate personal loan, and with credit card issuers that can give you a personal line of credit.
In almost every case, the potential business owner will need to have a credit score over 700+. Lendio recommends that any aspiring entrepreneur carefully consider the options available to you when starting a business. Be sure that starting with a loan is a solid way to begin operations. We suggest consulting your lawyer or financial professionals before making a big decision like starting a company.
Most business owners spend over 20+ hours searching and working on getting capital for their business. Many entrepreneurs start their quest to find capital for their small business with their bank. Most will come to find that their bank will not approve them for a loan regardless of how long the company has banked there. Why is that?
Over 95% of loans are denied by banks because they are governed by financial regulations, they need to make profits with low risk, and can’t justify the time to service small business loans. On the other hand, alternative lenders can use a different set of criteria to evaluate borrowers and risk. This leads to products and services that banks simply do not have the bandwidth or flexibility to manage.
Another alternative is searching the Internet looking for lenders most of whom are already on Lendio’s Marketplace.
We have picked only the highest quality lenders, so you know you’re getting the best when you come to Lendio. Based on the health of your business the Lendio Marketplace allows a small business owner to find the best loan for their business, and the one they’re most likely to qualify for. In our Marketplace you can choose whether to take any of the options presented. We have loan specialists who can guide you through the process if necessary.
Click here to start your application and one of our loan specialists will be available to contact you directly.
The required documentation for a loan varies lender to lender, business situation to business situation, or loan product to loan product. Lendio can give some basic guidelines for what you’ll probably need during the application process.
In almost every case the lender will need the below documentation, but again other documents could be needed depending on the loan type, amount and durations.
- Signed application
- 6 months of current business account bank statements
- Mortgage or landlord verifications
Every lender and loan product is different. Here are some very basic guidelines to receive options.
- Gross revenue averaging consistently 10K monthly for at least 6 months
- Time in business is over 6 months (To avoid higher rates and short durations generally 2 years+ in business is preferred)
- Credit score over 550
- No bankruptcy in the past 3 years
- Must have a business bank account where the money for the business is being deposited
- Current on your mortgage or rent payment
Some lenders will place this clause into an agreement to impose fees or penalties for paying off the loan early. Sometimes a lender will charge a percentage of the balance, and others (MCA or cash flow lenders) will require you to pay back the entire amount agreed upon. Regardless if the business owners are paying the loan off one week or one month later. Please read your contracts and understand them clearly. If you have any questions, our loan specialists will help you out.
Completing a profile with us only takes a few minutes. From there the time it takes to get funding will vary on the loan product. Our lenders focus on making the lending process as quick and painless as possible, making the majority of our processes faster than going to the bank.
Many of our lenders and products tend to take between 2 days and 2 weeks. A large factor is how fast you can get our loan specialists the information and documents needed.
Lenders will generally only look at a renewal if you have paid off over 50-60% of your current loan. Please contact our renewal desk at firstname.lastname@example.org.
Let your Renewal Manager know if you’re interested in renewing your loan. They will help you with your request plus we will review your profile to see if you have any new options. This allows Lendio to continue to work for you with our Marketplace of lenders because there could be more or different loan products that will be a better fit as your business matures and grows.
The short answer is yes. A vast majority of the lenders on our platform will report your loan to your business credit profile. If you make your payments on time consistently, this will help you raise your credit score.
Absolutely. The benefit of working with a marketplace is that we can help you assess your options throughout the life of your business. A true renewal, a graduating product, or a product add-on are a few of the many opportunities we can help you explore.
If the holiday isn’t a bank holiday then your payment will come out as usual. If it is a bank holiday It depends on the lender and your agreement. For example some lenders will debit twice the following business day to makeup for the missed payment. Or others will only debit you 4 times that week instead of 5. You can call Lendio at 855-853-6346 or the lender to get the specific details of your arrangement.
The letter would be provided from you lender, not Lendio. We can help contact them for you or you may reach out to them with your request. Almost all of the letters will include your current balance, any prepayment discount, and payment instructions. Feel free to email us at email@example.com with any questions or concerns.
Lendio can offer more than loan options because we provide small business owners comparative tools, information, educational information, and access to alternative lending solutions. Lendio then works at matching your needs with our trusted network of lenders.
Lendio is focused on helping small business owners fuel their American Dream through options, speed, and trust. It is easier to fund established businesses, but here are a few restricted industries that have a more difficult time finding approvals. Those restricted industries include, but not limited to, hunting, fishing & forestry, auto dealers, gambling, legal services, non-profit, mining, commercial real estate companies, and insurance.
Lendio is not a lender, so we do not issue any loans directly. We’re simply the most direct path to our nation’s best lending institutions. Our unique online tool helps your find the best loan options in minutes. We are then there to walk you through the process step-by-step to get you the capital you need.
Lendio has spent five years working with hundreds of lenders in the alternative lending industry. Each lender has been identified and screened on a basis including, but not limited to, past track record, customer service, ownership, technology, product diversity, and rates charged to small businesses.
Lendio is committed to protecting your security. We use the same 256-bit encryption that banks and physical security use. That means your information is safeguarded to a very high standard. This security includes encryption, auditing, back-ups and encrypted login information.
Lendio’s mission is to make the loan process fast and simple. Thanks to our process and technology, what used to take months now takes hours. If at any point along the process you get confused or frustrated, Lendio’s loan specialists will help you free of charge, and get you back on the path to funding.
All our testimonials are real. They’re given freely by our satisfied customers. Check out more Lendio testimonials on our YouTube Channel.
We do not offer loans outside of the United States at this time.
You can call us directly at (855) 853-6346. Our loan advisors will personally help you find the right loan for your business and answer any questions you might have.