Terms of Application

These Terms were last revised on January 13, 2023.

By indicating your agreement to these terms (or example, by clicking the button where you accept these Terms of Application), you, in your individual capacity, represent and agree to the following. PLEASE NOTE THAT THE BELOW CONTAINS AN ARBITRATION PROVISION, A CLASS ACTION WAIVER, AND A JURY WAIVER. YOU MAY OPT OUT AS SET FORTH BELOW.

• You are authorized on behalf of yourself and the business listed in the application (collectively the “Applicant”) to make and submit this application, to submit any accompanying documents, and to provide the consents and authorizations set out below.
• You are submitting this application to Lendio and to third-party lenders, finance companies, and/or other third parties that are involved with or provide commercial loans or purchases of receivables (collectively “Recipients”).
• If this application is approved, you are authorized to sign business financing documentation on behalf of the Applicant.  Please be advised that some business financing products may require a personal guaranty.
• All information provided to Lendio and/or Recipients is accurate and complete and that you will immediately notify Lendio of any change in such information.
• Lendio and Recipients may rely on the accurateness of the information provided.
• Lendio may share all information and documents, excluding consumer credit reports, with Recipients to fulfill Applicant’s requests.
• Lendio and Recipients may share information they have about you and Applicant at any time for administrative, marketing and servicing purposes as permitted by law and that your personal information may be shared with the Applicant as part of the underwriting process.
• You and the Applicant waive and release any claims against any information provider relating to the release of information.
• You agree to and accept all terms of the Lendio Credit Gathering Authorization found here, which includes permission given to Lendio and Recipients to pull your credit report and other information about the Applicant.
• In the interest of resolving disputes between you and Lendio in the most expedient and cost-effective manner, you and Lendio agree that either party, at any time, may opt to adjudicate their disputes through binding arbitration instead of in courts of general jurisdiction (“Agreement to Arbitrate”). Arbitration is more informal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury, condenses discovery, and is subject to very limited review by courts. Arbitrators can award the same damages and relief that a court can award. Any arbitration under these Terms will take place on an individual basis; class arbitrations and class actions are not permitted. You acknowledge and agree that the arbitrator may award relief (including monetary, injunctive, and declaratory relief) only in favor of the individual party seeking relief and only to the extent necessary to provide relief necessitated by that individual party’s claim(s). Any relief awarded cannot affect other users.
  • You further agree and understand that any and all disputes, whether heard before a court of competent jurisdiction, or an arbitrator, shall be done solely on an individual basis, and that you affirmatively waive your right to participate in a class action to resolve any dispute (as defined below) that you may have with Lendio.
  • Claims To Be Resolved By Binding Arbitration. You and Lendio agree to arbitrate all disputes and claims between us. This agreement to arbitrate is intended to be broadly interpreted. It includes, but is not limited to: claims arising out of or relating to any aspect of the relationship between us, whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory; claims that arose before this or any prior Terms; claims that are currently the subject of purported class action litigation in which you are not a member of a certified class; and claims that may arise after the termination of these Terms.
  • Exceptions. you and Lendio agree that no statement herein shall be deemed to waive, preclude, or otherwise limit either party’s right to (i) pursue enforcement actions through applicable federal, state, or local agencies where such actions are available; (ii) seek injunctive relief in any competent court of law; or (iii) to file suit in a court of law to address intellectual property infringement claims.
  • Arbitrator. Any arbitration between you and Lendio will be governed by the Commercial Dispute Resolution Procedures (collectively, “AAA Rules”) of the American Arbitration Association (“AAA”), as modified by these Terms, and will be administered by the AAA. The AAA Rules and filing forms are available online at www.adr.org, by calling the AAA at 1-800-778-7879.
  • Notice and Process. A party who intends to seek arbitration must first send to the other, by certified mail, a written Notice of Dispute (“Notice”). The Notice to Lendio should be addressed to: Lendio, Inc., 4100 Chapel Ridge Road, Suite 500, Lehi, UT 84043 (“Notice Address”). The Notice must (a) describe the nature and basis of the claim or dispute; and (b) set forth the specific relief sought (“Demand”). If you and Lendio do not reach an agreement to resolve the claim within 30 days after the Notice is received, you or Lendio may commence an arbitration proceeding.
  • Fees. In the event that you commence arbitration in accordance with these Terms, Lendio will, at your request, reimburse you for your payment of the arbitration filing fee, unless your claim is for greater than $10,000, in which case the payment of any fees shall be decided by the AAA Rules. Any request for payment of fees by Lendio should be submitted by mail to the AAA along with your Demand for Arbitration and Lendio will make arrangements to pay all necessary fees directly to the AAA. In the event the arbitrator determines the claim(s) you assert in the arbitration to be frivolous or brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)), you agree to reimburse Lendio for all fees associated with the arbitration paid by Lendio on your behalf that you otherwise would be obligated to pay under the AAA’s rules.
  • If your claim is for $10,000 or less, you may choose whether the arbitration will be conducted solely on the basis of documents submitted to the arbitrator, through a non-appearance based telephonic hearing, or by an in-person hearing as established by the AAA Rules.
  • Any in-person arbitration hearings will take place at a location to be agreed upon in Salt Lake County, Utah. Regardless of the manner in which the arbitration is conducted, the arbitrator shall issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the decision and award, if any, are based. The arbitrator may make rulings and resolve disputes as to the payment and reimbursement of fees or expenses at any time during the proceeding and upon request from either party made within 14 days of the arbitrator’s ruling on the merits.
  • No Class Actions. Unless both you and Lendio agree otherwise, the arbitrator may not consolidate more than one person’s claims, and may not otherwise preside over any form of a representative or class proceeding.
  • YOU AND LENDIO AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING:
  • Opt-Out. If you are a new Lendio user, you can choose to reject the arbitration agreement contained in this Terms of Application (“opt-out”) by mailing us a written opt-out notice (“Opt-Out Notice”). The Opt-Out Notice must be postmarked no later than thirty (30) days after the date you accept these Terms, or the Terms of Use, for the first time. You must mail the Opt-Out Notice to Lendio, attn: Legal, 4100 Chapel Ridge Road, Suite 400, Lehi, UT 84043.
  • The Opt-Out Notice must contain your name, address (including street address, city, state and zip code), and the user name(s) and email address(es) associated with your Lendio Account and the application to which the opt-out applies. You must sign the Opt-Out Notice for it to be effective. This procedure is the only way you can opt out of the Agreement to Arbitrate. If you opt out of the Agreement to Arbitrate, all other parts of the Terms will continue to apply to you. Opting out of this Agreement to Arbitrate has no effect on any previous, other, or future arbitration agreements that you may have with Lendio.
  • Modifications. If Lendio makes any future change to this Agreement to Arbitrate (other than a change to the Notice Address), you may reject any such change by sending us written notice within 30 days of the change to the Notice Address provided above. You acknowledge and agree that, in the event you reject any future change, your account with Lendio shall be immediately terminated and you will arbitrate any dispute between us in accordance with the language of this provision.
  • Severability and Enforceability. If an arbitrator or court decides that any part of this Section 10 is invalid or unenforceable, the other parts of this Section 10 shall still apply. If the entirety of this Section 10 is found to be unenforceable, then the parties agree that the exclusive jurisdiction and venue described in Section 15 shall govern any action arising out of or related to these Terms, and that the remainder of the Terms will continue to apply.

YOU UNDERSTAND THAT THIS IS AN APPLICATION FOR A COMMERCIAL LOAN OR PURCHASE OF FUTURE RECEIVABLES AND THAT ANY FUNDS OFFERED TO APPLICANT MAY NOT BE USED FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

Federal law requires all financial institutions to obtain, verify and record information that identifies each person and entity that opens an account or establishes a relationship with such institution, including name, address, date of birth, social security or tax identification number and other information that will allow the financial institution to verify your and/or the entity’s identity.  You may also be asked to provide identifying documents.