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Have you ever wondered what it takes to get a small business loan? Small business owners typically fall into one of seven business loan profiles. In this week’s podcast, Brock Blake, CEO of Lendio and Jessie Warner, Loan Guru of Lendio talk through the 7 small business loan profiles and what is takes to get a business loan in today’s economy.
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Announcer: Fueling your business
success, this is the Entrepreneur Addiction Podcast. Breaking
the small business loan news you need if you obsess about your
company, heard exclusively on Lendio.com. Now here are your
hosts, Brock Blake, Dan Bischoff, and Patrick Wiscombe.
This Podcast is sponsored by Lendio.com. The online source you need
to find the right business financing to grow your company. Check
them out, Lendio.com, to get your business growing right now.
Patrick: It’s the Entrepreneur Addiction Podcast. My
name is Patrick Wiscombe. Thank you as always for tuning us in
and taking us along wherever and however you’re accessing the
Podcast today. Coming up on today’s edition of the Entrepreneur
Addiction Podcast, we’re going to be talking about seven loan
profiles. Before we do that, let’s introduce everyone that’s on
the panel. We’ve got Jessie Warner.
Dan: I want to bring Jessie because Jessie is a scientist, and for the last
little while Jessie’s been doing a lot of research and figuring
out different types of borrowers and what they qualify for
loans. It’s quite interesting, so we wanted to bring him on and
talk about his findings and the different types of borrowers and
what they can get for loans. I’m going to step out though. This
is my introduction. I’m going to step out and let Brock and
Jessie go for it.
Patrick: What you’re saying is we’ve got the chief marketing scientist
here in house.
Brock: Yeah, chief marketing scientist. I’m calling him Dr. J.
Patrick: The chief marketing scientist, the director of demand
management, director of marketing science, and director of
persona development. How’s that? That is Jessie Warner. Welcome
to the show.
Jessie: Thanks. That’s a lot of titles there. Impressive.
Patrick: Dan Bischoff, before he took off there, the director of
communications at Lendio. Back in studio, we haven’t had him in
studio for quite a while, Brock Blake the CEO of Lendio. It is
good to see you again.
Brock: It’s great to be back in studio.
Patrick: Let’s get into the topic of today, which is the seven borrower
DNA. These are people who come to Lendio. These are the types of
people or the situations that they’re in when they come and ask
for money from Lendio. Am I understanding that right?
Jessie: That’s about right. They’re different profiles. They’re
different people that come on to Lendio and they have unique
situations around them. For example, if we were to just talk
about an entrepreneur and if we were talking about what they are
trying to do, the situations they’re in, they have similar
For example, let’s just take this guy Jim. Jim’s an entrepreneur
and he has a good idea. He starts a business and he starts to be
successful. He goes on for about a year and he kind of comes to
this point where he’s got to decide either to pivot or
persevere. He’s got to either keep going, change something, or
he’s going to fail. He kind of comes to a couple situations. He
says, “Hey, I can do this. My business is skyrocketing. Now all
I need is some more money. With more money, I’m just going to
keep growing. I’m going to hire employees. I’m going to keep
building my product.” On the other side, he could be, “Hey, man,
my business is failing. I have to do something, so I need more
Either of these two guys, they’re looking for money. They have
to find it somewhere. Where do they go? What do they do? What do
they look like? There are these different patterns that these
We’ve identified seven kinds of borrowers. I think most of
America would fit into any one of these seven depending on
Patrick: Okay. Let’s go over what the seven characteristics are or, I
guess, the personality traits. As they come to the table, they
come to Lendio looking for money. Let’s go over number one. What
does that borrower look like?
Brock: You want me to start?
Jessie: Go ahead, Brock.
Brock: Okay. We’ve named these to help create a memorable personality
or profile. Each of these, as Jessie or Dr. J said, is in
different situations. We’ll start with the perfect profile. This
is what we call Excellent Eddie.
This individual is really an ideal candidate for a business
loan. They usually have been in business over two years. Maybe
they’ve been in business 10 years. They have really good
personal credit, so their credit is usually going to be over 680
personal credit score.
This individual ideally has revenues over $250,000 a year. They are
looking for a larger loan, usually greater than $100,000. All of
those characteristics add up to, man, if you’re a bank out
there, you want to get a hold of Excellent Eddie. They’ve got
all the characteristics you want.
You want them to be able to do a larger loan. You want them to
be able to have great credit. You want them to have good
revenue. You want them to have a few years in business so
they’re stable. This individual, it’s not whether or not they
can get a loan. It’s what is the best loan option for them
that’s going to give them the best rates and the best terms.
It’s competitive for the banking community. All of them are
trying to get Excellent Eddie in the door so they can give them
The first individual is that ideal borrower to be able to get a
loan from a banker or credit union.
Patrick: The home run.
Brock: Yeah. Home run. There could be a few things on the side that
could trip them up, like if they don’t have collateral or if
they’re not profitable or stuff like that. For the most part,
that is the ideal client that could get approved for a loan in a
lot of different scenarios.
Patrick: As I’m listening to that, at one point about 10 years ago, I
think I fit into Excellent Eddie’s category when I had a
computer business. I was just listening, I’m like, “Wow, I was
an Excellent Eddie at one point.” I don’t know if I can say that
anymore. Let’s go to persona or borrower type number two. Jessie,
set it up for us.
Jessie: I just wanted to say about Excellent Eddie real quick, some
people aspire to be like Brock Blake. If you’re a small business
owner you want to aspire to be like Excellent Eddie. Excellent
Eddie’s got the score, he’s got the revenues, he’s got the time
and business. He’s got the perfect DNA to go and get a loan.
There’s this other guy, which is kind of right below Excellent
Eddie, which a lot of people fit into and we call him Great
Scott in honor of Back to the Future.
Great Scott, he really is a good candidate. He’s a great
candidate for maybe some alternative lending options. Some banks
will even pick him up. Great Scott, this is kind of what his DNA
looks like. He’s looking for more than $25,000. He has one of
two types. Either he has 650 to 680 credit score…
Patrick: Okay. By the way, what’s considered a good credit score? 680
and above? Where do you cross into that killer range?
Brock: Good would be 680 and above. Excellent would be 720 and above.
Patrick: Okay. All right, sorry. Go ahead and continue.
Jessie: Since there’s a lot of people who kind of fit in different
ranges of credit, really 680, banks are willing to work with
them. Great Scott, if he has a 680, he’s looking for a $25,000
plus in a loan, and he has revenues of between $100,000 and
$250,000 every year, so annual revenues. This is Great Scott who
we’re talking about. The difference here between Great Scott and
Eddie is really, in this case, the annual revenues.
Patrick: I was going to say. Now what was the annual revenue again for
Jessie: Excellent Eddie’s $250,000 plus in revenue.
Patrick: Okay, $250,000 plus..
Jessie: Often those can be characteristics of $500,000, a million plus.
Those guys have revenues. They can sustain their business.
That’s one category of Great Scott where he has good credit and
he has between $100,000 and $250,000 in revenues.
The other kind of Great Scott is someone with a credit score of 650
to 680, but he has good revenues. Not as good credit, but he’s
got $250,000 plus in revenues.
There are these two DNA types, or if you want to say O+ and O-
here that Great Scott fits into. Maybe 1 in 10 banks will look
at him. Most likely he may have to go to an alternative lending
source to get the funding he needs.
Patrick: All right, so Great Scott A and Great Scott B.
Jessie: That’s right.
Patrick: All right. Brock?
Brock: All right, I’m going to throw us for a loop here. Instead of
going from Excellent Eddie to Great Scott, I’m going to go on
the very other end of the spectrum and talk about who we named
Bad Credit Billy.
Jessie: I think he just wanted to talk about Billy.
Patrick: I wish I had some gun sound effects. Here’s Bad Credit Billy.
Brock: Unfortunately, Bad Credit Billy does not have a lot of loan
options. Usually this is an individual with a credit score lower
than 600. They’ve probably had a bankruptcy or other things that
have negatively affected their credit score. These individuals,
in the situation they’re in, if they have bad credit and they’re
a startup, it’s nearly impossible to get approved for a loan.
Patrick: Even with alternative financing that we’ve talked about weeks
and weeks ago?
Brock: Yes. If they have bad credit and they’re a startup, there are
very, very few options. Your options are going to be usually
friends or family or maybe some sort of crowd funding option, or
something like that.
Patrick: Basically, they’ve got to bootstrap it or borrow money from
Brock: Right. However, if this Bad Credit Billy has revenues, there’s
likely a lender out there that could approve them for a loan.
The interest rate is going to be probably quite a bit higher.
We’re talking high teens, maybe low 20s, as far as annual
Patrick: At this point, could they consider a loan shark?
Brock: They’ve got to use something else as collateral. A credit score
really is helping the underwriter determine how likely you are
to pay back your loan. That’s really what a credit score is. If
you’ve got good credit, it means you’ve really taken care of
your finances and you’re very likely to repay your loan. If you
don’t have that history and that track record, then they’re
going to use something else as collateral. In this case, most of
the time it’s revenue.
They’ll use what’s called a merchant cash advance. They’ll look at
your credit card receivables. How much volume are you processing
in a month from credit cards? Then they use that as your
collateral to determine how much financing they’ll give you. If
you have $100,000 in credit card financing, then maybe they’ll
give you 60% or 80% of that in a line of credit, and then
they’ll use your credit card receivables as collateral.
Patrick: As payment?
Patrick: Do they levy that kind of stuff on a daily basis? Let’s say you
do, just to keep the math simple, $1,000. Then when it comes to
paying off a loan, they just take it a daily percentage of…
Let’s say that in your bank you receive $900, so they take $100
payment for the day, just to keep it simple.
Brock: It depends. There are some lenders that it’s a daily payment.
You have an ACH, and to repay the loan it’s just a small
percentage every single day that gets automatically transferred
out of your bank account. There are a few lenders like that.
Most of them are monthly though, just like a normal loan.
Patrick: All right. Just a normal merchant statement.
Brock: Yeah. Bad Credit Billy, if it’s a startup and low credit, very
few options. If it’s bad credit and have revenue and it’s not a
startup, you might have a few options.
Patrick: Okay. Is it kind of surprising that with all of the options
that people have that they, generally speaking, fit into these
seven personality types? Do 95% of people fall into one of these
borrower DNA types?
Jessie: We actually looked at our entire database, so all of the leads
and all of the people coming in looking for loans through
Brock: Thousands and thousands of profiles.
Jessie: We’re looking at probably 35,000 different profiles of people
that have been coming in. All of these guys can fit into one of
these categories. Really, they have either one or two
characteristics that kind of define who they are.
Bad Credit Billy, for example, bad credit defines him. It doesn’t
matter, for the most part, how much revenues he has or how long
he’s been in business. He’s still Bad Credit Billy. His number
one liability is his bad credit. Unless he’s got something else
in his back pocket like Brock was explaining, he has bad credit
and he’s got to fix that problem.
Patrick: Let’s move up the list from Bad Credit Billy to who’s next?
Jessie: There are two people that would be next here. We have Small
Loan Sam and Start-Up Sally. I think Brock could probably speak
better to Start-Up Sally, so I’m going to talk about Small Loan
Sam. Small Loan Sam, what defines him is that he’s looking for a
loan for less than $25,000.
Now, banks, alternative lending, anybody that has to go through the
whole underwriting process of a loan, they want to get the most
bang for their buck. When they see a small loan come in, banks
are most likely going to just say, “Hey, I’m really not
interested,” unless maybe they have a good relationship with the
bank or if they walk in, in person, and persuade the loan
officer. From our perspective, banks don’t really like Small
Patrick: When you say $25,000, that might be a ton of money to the
person taking the money out, but when it comes to a financial
institution, they’re looking for a much larger way to make a
return on their money.
Jessie: Well, they would prefer that. It usually is going to take them
the same amount of time and the same amount of expenses to
underwrite a $5,000 as they would a $100,000 loan. If they’re
going to take the same time and energy and effort, they would
rather do a larger loan in most scenarios. This isn’t across the
board. Just in most scenarios, they would prefer a larger loan.
There is a caveat here. There are some lenders that really focus
on smaller loans, that Small Loan Sam is ideal. A good majority
of them would prefer to do larger loan size if they could.
Patrick: Okay. Let’s get back to Small Loan Sam. Loans less than
$25,000. What else?
Jessie: This guy also has to have a credit score of at least 600. Like
Brock said, if this guy has a credit score between 600 and 680,
so an okay credit, he’s most likely going to go and get funding
through an alternative lending source. Merchant cash advance,
maybe a business credit card, a line of credit.
If he wants to go and get a loan through the bank, he’s still
going to have to meet those other criteria. He’s going to have
to have a good credit score, he’s going to have to have his time
in business, and most likely he’s going to have to have annual
revenues. You could say there are Small Loan Sam A and Small
Loan Sam B, but the defining characteristic is that they’re
looking for less money.
Now, some of these guys that have good credit that have been in
business for a long time, that have good annual revenues, if
they were to gust go look for $50,000 instead of $25,000,
ironically they’d probably have more banks interested in loaning
to them so they’d have more options. Then, of course, that also
comes with more risk. Maybe they’re afraid to take out a bigger
loan. Maybe they don’t think they could qualify for a bigger
loan. They do have options. Small Loan Sam still has a lot of
options but maybe not through the bank.
Patrick: All right.
Brock: All right. We’ve been talking about Billy and Sam, Eddie and
Scott. We need to bring some females into the picture here, so
we’re going to talk about Start-Up Sally.
Patrick: Okay. Is this one of the seven personality types or is this
like number 4A or 4B?
Brock: Excellent Eddie was one, Great Scott two, Bad Credit Billy
three, and then Small Loan Sam four, so we’re on number five.
We’ve got three more to go.
Start-Up Sally is just someone who isn’t in business yet. She
hasn’t yet incorporated. It doesn’t really matter what her
credit score is necessarily. Her defining profile is that she
hasn’t been in business. It’s kind of in an idea phase.
A lot of these individuals are people that they’re like, “Man I’ve
got an idea. The only way I can make this idea work is to get
some financing.” The major risk component here from a bank or a
lender perspective is that they don’t have any track record.
There are no revenues.
Patrick: There’s no proven model.
Brock: There’s nothing, right. It’s just an idea and ideas are a dime
a dozen. This is a very risky loan. Just as the Bad Credit Billy
was a very risky loan because of the credit score, this is a
very risky loan because there’s no track record. Most of the
loan options are going to require that you get in business and
start to have some sort of track record.
Again, like Bad Credit Billy, a lot of the options that are out there
for Start-Up Sally would be friends and family members. There
are peer-to-peer loan options out there. Lending Club is a great
partner that we have or Prosper.com. These loan options,
especially the peer-to-peer, what they’re doing is they’re
judging you based not off your business but off your personal
credit score and off your personal income.
If you have a decent credit score and you have some income coming in,
they’ll lend to you up to $35,000. There are very few lenders
that will lend to someone that is not yet in business on the
business side. There are maybe two or three that would do that,
but they’re going to really want you to get incorporated. The
loan size is going to be $10,000 at most.
Patrick: A pretty small loan amount.
Brock: Pretty small loan amounts, yeah. Start-Up Sally, again, that’s
her Achilles heel. She just isn’t in business yet. No track
Patrick: If I understand what we’re doing here, you’ve got the seven
loan models. We’ve still got a couple more to go. As people walk
through Lendio.com, which is free and you can sign up for free,
and then you match the individual people to the individual loans
that they need. What you’ve done is you’ve got suppliers, if I
understand this correctly, or you work with companies that meet
all of these different loan scenarios. Is that right?
Brock: Yes, that’s exactly it. You can imagine, we’re only through
five. Hopefully people that are listening to this driving on the
road, they’re not saying, “Wow, am I Start-Up Sally or Bad
Credit Billy?” Hopefully there’s not confusion.
There are so many different business owners out there and all of them
with their own unique story and with their own unique profile.
They’re all trying to start their business. They’re aunts,
uncles, friends, and neighbors. They’re trying to start
restaurants and landscapers and trying to get their business off
the ground. It’s so difficult for that individual who has
payroll problems, inventory, customer demand, and all of these
things they’re trying to juggle. For them to try to keep up on
all this stuff is near impossible.
There are thousands of lenders out there in the United States,
all of them that focus on a different loan profile. Some of them
like the Start-Up Sally. Some of them would do Bad Credit Billy.
Some of them only do Excellent Eddies.
That’s our job. Lendio is we’ll bring all the lenders. We’ll
profile them all. Business owner, you come, it’s free. We’re not
going to charge you a thing. We’re going to match you to give
you the best options you have to get approved for a loan. We
just want to make it easy on you so you can get approved. The
bank will pay us. That’s where we make our money.
Patrick: If you’re a business owner and you’re trying to get a loan,
this is a terrific idea because you’ve taken all the headache
out of it. I don’t want to sound like a commercial here, because
I really don’t. I’m just saying that this is a very valuable
Brock: We think so, obviously, or we wouldn’t be building the
business. We appreciate the validation. What’s really fun, just
to take one second and do a side note. The most fun part of our
job is to hear about the customers’ stories and to learn about
each of their challenges. For them to be able to tell us, “I got
a $17,000 loan and it changed my business. It helped me to grow.
It helped me to survive.” It helped me to do whatever their
challenge was when we provide that service. We get that very
Last week, it was fun. One day, I got information back to me of
13 business owners that had got approved for loans. The next day
I found out a business owner that got a $750,000 loan. That’s
what’s really fun about building this business. It’s to think
about the U.S. and the economy and all the various individual
businesses out there that we can help.
Not everyone’s going to get a loan, and I don’t want it to come
across that way, but we are going to do everything we can to
help each one. Give them the best chance to get a loan.
Patrick: Okay. Let’s move on to the last two personality types. We ended
with Start-Up Sally. Let’s go to number six. Jessie, you go.
Jessie: Start-Up Sally, Bad Credit Billy, Small Loan Sam, they’re all
going to exhibit some of the characteristics of this next guy.
This next guy, inspiration from Dan. Thank you, Dan. We call him
Patrick: Oh, dear. That sounds like a Dan, too.
Jessie: Fighting Fabio kind of exhibits all of the characteristics of
an entrepreneur. This guy is fighting. That’s why we call him
Fighting Fabio. He’s struggling. He’s just trying to survive. He
has bills piling up. He has P.O. problems, collection problems.
Patrick: What’d you say? B.O.?
Jessie: P.O. problems, sorry.
Patrick: Oh, I was like, B.O. problems?
Jessie: They’re working so hard they probably have B.O. problems.
Patrick: Man, they stink.
Jessie: Purchase order, P.O.
Brock: Fabio does not have B.O. problems.
Jessie: Picture the long, luscious hair on this guy, right.
Patrick: That is one ugly man. I’m sorry. Continue.
Jessie: There are two DNA types for this guy as well. DNA type A and
DNA type B. Fighting Fabio has got one of two things that kind
of define him.
Either one, he’s been in business for less than a year. He’s just in
that startup, that “I don’t know if I’m going to make it. I
don’t know if I can do this.” He’s just struggling to get past
that year mark.
The other Fighting Fabio is the guy that’s gotten past the year
mark and is between one and two years. Actually it could be
anywhere, but he has less than $100,000 in revenues. He’s been
in business for a while, but he’s really not making any money. I
don’t know if he’s being funded by family, friends, and personal
fortune. Maybe Fabio, he’s probably got some money, right?
Really, he’s just fighting to stay alive. He needs more revenue, he
needs more experience, and he needs more time in business. Most
likely, a bank probably isn’t going to be interested in him.
He’s just fighting. He’s struggling. He could either go big or
go broke at this point.
Alternative lenders are a good source for this guy to fund, depending
on his characteristics. What’s his credit score? We’re still
talking about anybody with a 600-plus credit score. Anybody
below that, you’re automatically a Bad Credit Billy. This guy
isn’t a startup. He’s gotten off the ground for at least three
months, probably between three months and a couple years. He has
I think, really, Fighting Fabio should be forming a relationship
with the bank. Get a business checking account. Get a business
savings account. Make sure your credit is still good. Pay your
personal bills. Like a lot of startups, bootstrapping, a home
equity line of credit. He has options. Until he really proves
himself, Fighting Fabio’s going to keep struggling. Hopefully,
with Lendio, we’ve tried to find people and we have alternative
lenders that will help this guy. It just may not be at the rates
or the terms that he wants.
Brock: Jessie makes a good point there. With a lot of these profiles,
Start-Up Sally, Fighting Fabio, Bad Credit Billy, a lot of times
the best option for that business owner to get the financing
they need now is through what we call an alternative lender.
What we are recommending, and we’re starting to move into this and
we’ve had positive feedback from our lenders, is at the current
time, everyone wants a loan from a traditional bank. We say, “If
you’re in this scenario, maybe the best option right now is to
get a loan from an alternative lender while at the same time
establishing a relationship with that traditional lender for the
future. Even though that traditional bank may not give you a
loan today, if we can match you up with a traditional bank and
you can start the relationship with them. Maybe get a checking
or a savings account, get to know the branch manager or the loan
officer, and then work through whatever that challenge is over
the next six months.
“Over that six months you’re going to have more time in
business. Hopefully you have a little bit more of a track
record. Maybe over that six months you’re working on your
personal credit score to improve it. If you establish a
relationship now while you try to overcome that challenge, then
six months or eight months down the road, you have the
relationship and you’re in a better situation to actually get
approved for a loan, maybe at a better interest rate and better
Take that approach in tandem. Maybe take some financing now from an
alternative lender, but establish a relationship with the
traditional lender at the same time.
Patrick: All right. Let’s go after the last personality type after
Brock: After Fighting Fabio is Catapult Kate. This is kind of right
in the middle of this profile. On the high end, Excellent Eddie,
on the low end, Bad Credit Billy. Catapult Kate is right there
in the middle, on the edge. Catapult Kate usually is average
across the board. They’re just about to make it. Maybe they have
good credit, but their revenues are a little bit lower or
they’ve got good revenues and their credit is a little bit
They may have one characteristic like revenues and time in business
that’s really good, but again their credit score. It’s like
something is not quite there. Three out of the four maybe are
there or two out of the four, but not four out of the four.
This individual is an ideal client for an alternative lender.
They’re going to want Catapult Kate all day long and they’re
going to compete to get her business. Traditional lenders, she’s
right there on the edge. Some might give her a loan.
Patrick: Depending on how conservative they are?
Brock: Yes. Others may not. Catapult Kate may get declined by a bank
and she may assume, “Man, I just got declined by this bank. I’m
going to be declined by every bank.” That’s not the case.
This one is an interesting profile in that it just is dependent
on the lender. At the end of the day, it’s not so much about
their profile. It’s about matching her to the right lender to
help her get approved for that loan.
Patrick: It’s just at their discretion and how comfortable they are.
Brock: Discretion might be one thing. Some traditional banks focus on
different profiles. Some only care about Excellent Eddies.
Others would rather open up their funnel a little bit and do
more loans, so they’re going to do quite a few more of the
Catapult Kate. If we can introduce that Catapult Kate to the
right lender and let her establish a relationship with that
lender, then there’s a high likelihood that she’ll get approved
for a loan.
Jessie: We went back and forth on Catapult Kate. We thought about
calling her Potential Pete, but we need some more females in the
mix. Catapult Kate, really though, the idea behind Catapult is
she’s just so close. She’s just right there on the verge of
being a Great Scott. She’s right there on the verge of being an
Excellent Eddie. There’s just something missing. What we want to
do is catapult her into that next level.
Patrick: She clears the wall rather than slams into the wall.
Jessie: That’s right. We want to get her over that wall and get her the
loan that she needs so that she can then go on with business and
catapult her business.
Patrick: Okay. We’ve gone over the seven personality types. Now I just
want to talk business. Let’s talk shop here for a second.
First of all, I think the value of this particular episode of
the podcast is that people are driving to and from work. They
can actually project themselves into, “Okay, maybe I’m a Great
Scott, I’m an Excellent Eddie, Start-Up Sally.” Whoever they
are, they can make that decision for themselves without
embarrassing themselves in front of people before they go to a
The thing that I like about this is you’ve done all the work for
it. You’ve established all these relationships with the
alternative lenders, the mainstream banks. Who am I missing
Jessie: I think you’re spot on there. What I would say is even if
you’re Bad Credit Billy or Start-Up Sally, you don’t have
anything to lose by coming to Lendio and seeing what options are
Patrick: It’s free to do it.
Jessie: You may think, “Oh, man. I’m a Bad Credit Billy and I’m not
going to get approved for a loan.” Our hope is to give you
options. Here are some options. Some of those options may be,
“Here’s an option right now. You have one option and it is to
get this loan and it’s at a high interest rate.” At the same
time of you pursuing that loan, the other option is, “Maybe we
have a partner that we can refer you to, to help you with your
Patrick: Because you’ve got all the relationships.
Jessie: Yes. Maybe we can refer you to a partner that says, “Okay.
Let’s look at your personal credit score. Let’s figure out what
happened. Let’s figure out if there are any inaccuracies that we
can correct or things that we can do to help you improve your
credit score to move from a Bad Credit Billy to maybe a Catapult
Patrick: Do you offer credit repair as well, just in case?
Jessie: We don’t, no. We have partners that we can refer people to that
are in that situation, but we’re not going to do it at Lendio.
We are only going to focus on the loan. We’re not going to offer
any other services to the business owner. We have great
partners. We have LegalZoom who helps with incorporation. We
have Dun & Bradstreet who helps with business credit and others
that help with personal credit. We can refer you to a partner if
that’s the situation.
Patrick: As we start to wrap up, let’s just continue with the shop talk
here for a second. Let’s say someone is listening in to this
podcast in their car right now, they’re running on the
treadmill, or they’re out running some place. Walk us through
the whole process. They just go to Lendio.com. On the main page,
if memory serves, I think it says “Get Started.” I don’t
remember what the exact verbiage was. How long does it take and
then how quickly will offers, assuming that offers are made,
start appearing in their inbox from which they can select?
Brock: You go to Lendio.com. There’s some links there that say sign up
or pursue a loan or something like that.
Jessie: Find your loan.
Brock: It would probably take them three to four minutes to fill out
their loan profile, at a minimum.
Patrick: That’s free, no charge.
Brock: It’s free. Right after you fill out your loan profile, we’re
going to give you options. You’ll see the lenders you’re matched
to. Once you’re matched to them, those lenders will start
reaching out to you. You don’t even have to reach out to them.
They’ll call you up on the phone and say, “Hey, I got your
profile information from Lendio. I think we have an option for
you.” Then you start that interaction between those lenders who
are now competing to get your business.
Patrick: You’ve just matched somebody, and then it’s up to the business
owner and whoever they got matched up with to continue that
Brock: Yes. They can find out the details from the lender and they can
pursue it or not pursue it. We’re going to try and put them in
touch with the right lender as soon as possible and let them
start interacting on trying to get the loan approved.
Patrick: Brock, I know I’ve said this to you before, but it was months
ago. I really hope this thing… I know that it’s growing. I
know that it’s doing well, but, man, I hope you guys hit
mainstream on this. I think this is a market that’s completely
Brock: Thank you.
Patrick: Good podcast today. Be sure to fill out your profile on
Lendio.com. I guess if people want to call, how do they get a
hold of Lendio?
Brock: It’s 855-8-LENDIO.
Patrick: It’s toll free. 855-8-LENDIO.
Brock: Yes. We have loan specialists who can answer questions.
Patrick: Okay. Excellent Eddie, Great Scott A and B, Bad Credit Billy,
Small Loan Sam, Start-Up Sally, Fighting Fabio, and Catapult
Kate. Those are your borrower DNA profiles. Guys, let’s go ahead
and wrap it up here. Terrific job today.
Brock: Thanks for having us in the studio again. It’s nice to be back.
Patrick: We’ll go ahead and wrap it up. Jessie Warner, who is the
director of demand management, Dr. J, chief marketing
specialist, director of marketing science, and director of
persona development, all in one man.
Jessie: All thanks to Dan. All those titles.
Patrick: That sounds like a schizophrenic right there.
Jessie: Well, I’ve got a little bit of bad credit in me. A little
Billy, a little Eddie inside too.
Patrick: Dan Bischoff, director of communications, he’s to my left. He’s
off mic right now. Always good to see you.
Dan: You, too.
Patrick: Brock Blake, the CEO of Lendio. It’s good to have you here.
Brock: My pleasure.
Patrick: For Jessie, Dan, Brock, I’m Patrick Wiscombe. Remember, you can
pick up the podcast on Lendio.com/blog. You can also pick it up
on my website PatrickWiscombe.com. You can also pick it up on
ABC4.com and KNRS.com on my page. For Jessie, Dan, Brock, I’m
Patrick. Thanks for listening. We’ll talk to you next week. See
Announcer: Making business loans simple, this has been the Entrepreneur
Addiction Podcast. Helping you secure the capital you need, with
your hosts Brock Blake, Dan Bischoff, and Patrick Wiscombe.
Heard exclusively on Lendio.com.