Small business owner applying for a loan through Lendio

How Does Lendio’s App Work?

6 min read • Jan 17, 2020 • Jesse Sumrak

So you want to how Lendio’s app works, huh? Curious how in the world our nifty solution connects so many small businesses to the perfect financing options? 

Well, you came to the right place.

While we don’t have a soothsaying octopus or a wise old wizard working behind the scenes to match applicants to lenders (wouldn’t that be cool?), we do have some fancy algorithms that work just like magic. The process is simple:

  1. You fill out a 15-minute application.
  2. Our 75+ leading lenders start offering you fantastic loans.
  3. Your very own Lendio funding manager walks you through the options and helps you choose the perfect loan.
  4. You get funded and, once approved, have quick access to capital in as little as 24 hours.
  5. We continue being your best friend for the life of your business.

See. Simple, right? 

If that 15-second overview wasn’t specific enough for you, don’t worry—we have all the  details below. Read on to discover the under-the-hood fundamentals of how Lendio’s app can score you top-notch financing.

How Lendio’s App Works

1. Fill Out a 15-Minute Application

To get the ball rolling, you’ll first open up our online small business loan application. It’ll take you less than 15 minutes to answer a few questions (time it and see for yourself).

These basic questions will revolve around you, your business, and your credit history. It’s pretty simple, though—no math necessary. You may have to submit a document or two, but we make uploading as simple as a click.

One application. No fee, no obligation, and no impact on your credit.

Pretty nice, right? You get to avoid the 29-hour bank process and don’t have to do all the research and shopping around. We do that for you.

Instead of chasing down the best deals, we help the best deals come to you. We have plenty of different loan products to meet your business’s unique situation:

  • Business Line of Credit
  • Business Credit Card
  • SBA Loan
  • Short Term Loan
  • Business Term Loan
  • Merchant Cash Advance
  • Equipment Financing
  • Commercial Mortgage
  • Accounts Receivable Financing
  • Startup Loan
  • Business Acquisition Loan

Yeah, there’s a lot.

With the application done, the hardest part is over. Yep, that 15-minute application was as hard as it gets. Now sit back, relax, and watch the financing options start rolling in.

2. Compare Options From 75+ Leading Lenders

Lendio is the nation’s largest small business loan marketplace. As a marketplace, we’re not the ones offering you the financing—we’re matching you with the lenders who do.

All you have to do to get quick, easy access to our top-class lenders is fill out the application. Once you’ve completed the form, our proprietary algorithm matches you with the loans and lenders that are best for your business.

We’re all about speed, simplicity, transparency, and communication—that’s why we only partner with lenders who can get you reliable capital quickly. We partner with online and alternative lenders, but you’ll also recognize some big banks in the mix, too.

To learn more about our lenders and what verified borrowers have to say about them, check out our review page.

3. Choose the Perfect Loan

With so many options to compare, you know you’ll be getting the absolute best loan for your business. But making a final decision and choosing a loan can be daunting.

Fortunately, you don’t have to do it alone.

Our team is here to help you through the entire loan process. After you apply through Lendio, you’ll be introduced to your very own personal funding manager. They’ll get to know you and your business needs, explain your different loan options, and ultimately help you pick the very best loan for your business.

Plus, our funding managers speak in words you can understand—not tortuous financial jargon. So you’ll be informed and empowered to find the right financing fast.

4. Get Funded Fast

We know you don’t have time to dilly-dally. Time is money—you need capital, and you need it quickly.

That’s why we work with the best-of-the-best lenders who can guarantee fast funding. Once your loan is approved, you’ll get access to your money in as little as 24 hours.

Fast application, fast funding—what more could you ask for?

5. Enjoy Our Lifetime Friendship

Money in your bank account doesn’t mean it’s time to say goodbye. Once you work with Lendio, we’re best friends for the life of your business.

That means helping you find financing again, connecting you to credit repair services, offering free bookkeeping services, and even helping with legal assistance. 

Whatever you need, we’re here for you.

Why Use Lendio’s App?

There are plenty of reasons. First, did you just read how straightforward and easy the application and funding process is?

With Lendio, there’s no need to research and shop around at every local bank. We do that part for you. We provide convenience, speed, and thoroughness.

Plus, lending marketplaces claim a 70% approval rate. If you went through the whole 29-hour application ordeal at your bank, you’d only have a 27% chance of success. With Lendio, the odds are ever in your favor.

But not all lending marketplaces are created equal. Some marketplaces will match you with loan offers, but they don’t provide dedicated funding managers to make sure you choose the best deal. You’re essentially on your own—that’s far from the case when you use Lendio.

Other marketplaces don’t even match you with loan options—they just monitor your business and personal credit to let you know which lenders and loans you likely qualify for based on your credit. Then, you have to go through the whole application and comparison process on your own individually for each lender. Good luck.

If you want to find the best financing options without wasting any time, start with Lendio.

Now that you know all the Lendio app fundamentals, give it a try for yourself. Start your 15-minute application now, and see how quickly you can take your business from fantasy to funded.


Jesse Sumrak

Jesse Sumrak is a Social Media Manager for SendGrid, a leading digital communication platform. He's created and managed content for startups, growth-stage companies, and publicly-traded businesses. Jesse has spent almost a decade writing about small business and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped startup. When he's not dabbling in digital marketing, you'll find him ultrarunning in the Rocky Mountains of Colorado. Jesse studied Public Relations at Brigham Young University.