Automated Decision-Making Technology Disclosure
1. Overview
When you apply for a loan through Lendio, we use automated decision-making technology (“ADMT”) — computer-based systems that analyze information about you and your business and generate outputs that are used in decisions related to your loan application. This disclosure explains what automated systems we use, how they are used, and your rights under Colorado law (SB 26-189) and California law (the California Consumer Privacy Act ADMT Regulations).
This disclosure is provided to you at or before the point at which we collect personal information that may be used by these systems.
2. How Lendio Uses Automated Decision-Making Technology
We use automated systems in the following ways during the loan application and matching process:
| Use | How the System Is Used | Information Considered |
|---|---|---|
| Application eligibility screening | An automated system evaluates whether your application is eligible to proceed to the credit and bank statement review stage, based on your business profile and application data. | Business profile data and information you provide in your application, including business type, loan purpose, requested amount, monthly revenue, time in business, and marketing source. |
| Loan product pre-qualification | An automated system evaluates your business's eligibility for loan products offered by lenders in the Lendio marketplace, including by analyzing your financial and credit profile against lender-configured criteria. | Credit information (obtained from Experian), bank statement data (obtained via Finicity and/or Ocrolus), business financial data, and information you provide in your application. |
| Account representative assignment | An automated system determines whether to assign a Lendio Account Development Representative to assist you with completing your application. | Business profile and application completion data. |
In certain selling scenarios, these determinations are made automatically, without a human reviewing the output before a decision is communicated to you or the lender on your behalf. If you have questions about how a specific system works, what information it considered, or its known limitations, please contact our customer service team using the information in Section 5 of this disclosure.
3. Rights for Colorado Residents
If you are a Colorado resident, you have the following rights under Colorado SB 26-189, C.R.S. §6-1-1705, with respect to any decision materially influenced by an automated system:
3a. Right to Correct Personal Data
You may request that we correct any factually incorrect or materially inaccurate personal information about you that was used in connection with an automated decision. Note that this right applies to factual data — it does not require us to change opinions, predictions, scores, or evaluations generated by the system.
3b. Right to Meaningful Human Review
Following an adverse outcome in a decision that was materially influenced by an automated system — such as a determination that your application is ineligible to proceed, or that your application does not pre-qualify for available loan products — you have the right to request that a qualified Lendio representative conduct a human review of that decision.
The reviewer is trained to interpret the system's output, will independently review the relevant information, and has authority to approve, modify, or reverse the decision. To request human review, contact our customer service team by phone at (855) 853-6346 or by email at [email protected]. Please include your name, application number, and a description of the decision you are requesting be reviewed.
4. Rights for California Residents
If you are a California resident, you have the following rights under the California Consumer Privacy Act (CCPA) ADMT Regulations:
4a. Right to Appeal Automated Decisions
Instead of a general right to opt out of automated decision-making, Lendio provides you the right to appeal any significant decision made using automated technology — such as a determination that your application is ineligible to proceed or that you do not pre-qualify for available loan products.
To submit an appeal, contact our customer service team by phone at (855) 853-6346 or by email at [email protected]. Please include your name, application number, and a description of the decision you are appealing. Your appeal will be reviewed by a designated Lendio representative who has authority to overturn the decision. We will acknowledge your request within 45 calendar days.
4b. Right to Access Information About Automated Technology
You may request information about how automated decision-making technology was used in connection with a decision about you, including the specific purpose for which it was used and the categories of personal information it considered. To submit a request, contact our customer service team by phone at (855) 853-6346 or by email at [email protected].
4c. Non-Retaliation
Lendio will not retaliate against you for exercising any right provided under the California Consumer Privacy Act, including the rights described in this disclosure.
5. Contact Us
If you have questions about this disclosure or wish to exercise any right described above, please contact Lendio's customer service team:
| Phone | (855) 853-6346 |
|---|---|
| [email protected] | |
| Lendio, Inc. · 4100 N Chapel Ridge Rd, Suite 500 · Lehi, UT 84043 |
6. Updates to This Disclosure
Lendio may update this disclosure from time to time to reflect changes in our use of automated systems or applicable law. Material changes will be communicated through our website or other appropriate means. This disclosure was last updated: January 1, 2027.
This disclosure is provided pursuant to Colorado SB 26-189 (C.R.S. §6-1-1704) and the California CCPA ADMT Regulations (Cal. Civ. Code §1798.185, Article 11).