Lendio’s marketplace of financing products provides quick and reliable access to a variety of options from many lenders. In less than a minute, Lendio matches you to the small business loan options and potential lenders that meet your company’s needs.
To access Lendio’s trusted capital sources, you start with a user-friendly input form that takes less than a minute to fill in and begins to match you with the type of loans that can work for your business. It uses four factors to determine the possible matching loan types and lenders.
The amount you are seeking
Lenders available through Lendio’s marketplace have small business loan options ranging from $1,000 to more than $5,000,000. Simply enter in the amount that you would like to borrow, and Lendio’s search tools begin to match you with the types of financing that will meet your needs.
How long you’ve been in business
There are financing options available to companies at every stage, from businesses not yet operating to established companies with many years of history. Some small business loan types, such as a merchant cash advance, are options for businesses with as little as three months in business. Startup loans are another option for newer businesses while more established companies with longer revenue and credit history have access to traditional business loans and business acquisition loans, among others.
Your monthly sales
Many lenders use your monthly sales to determine how much they can lend you. While costs and another debt factor into most lending decisions as well, your monthly sales numbers go a long way toward indicating the financing possibilities that exist for your business.
Your credit score
For certain small business loans like traditional loans and SBA loans, Lenders consider your credit score to determine if and how much money they can lend you. Other loans, such as merchant cash advance and accounts receivable factoring, rely more on future earnings than credit scores. Based on the range of your credit score (you do not have to do a credit check to view lending options), Lendio can match you with potential sources of capital.
After completing the simple form explained above, you can view the number of loan products available to you, as well as the number of possible lenders.
Lendio allows you to compare loan types that you qualify for. All in one page, you can see the requirements of the available loan types, and how many requirements you meet for each one. On the same page, in an easy to read layout, you can compare the loan amounts of matched products, the interest rate ranges, and the benefits and drawbacks of each one.
The next step is to fill out a single application, which will be applied to every loan type that you select, and you are well on your way to getting financing through Lendio’s marketplace.