Lendio Review: Legit Business Loan Marketplace (2025)
- Min. Amount
- $1,000
- Max. Amount
- $5,000,000
- APR
- Varies by lender
Our verdict
This service has a large network of lending partners, but it has some mixed reviews.
Lendio is a connection service with a network of 75+ lenders. Its quick, 15-minute application makes it easy to apply for a small business loan. There are 11 loan products to choose from, and depending on the type of financing, you could receive funding in as soon as 24 hours. Lendio has a lot of positive reviews, but some users call out issues around communication and receiving lots of marketing materials after applying. Nevertheless, Lendio's short, easy application makes it a standout among business loan marketplaces.
Best for. Borrowers who want to compare multiple lenders and explore a wide range of business loan options.
Pros
-
75+ lending partners
-
Offers 11 financing options
-
Accepts a wide range of credit scores
Cons
-
Rates can be high for some loan options
-
May result in excessive solicitations
-
Mixed customer reviews
Details
Product details
| Min. Amount | $1,000 |
| Max. Amount | $5,000,000 |
| Loan term | 3 months to 25 years |
| Min. Credit Score | 580 |
| APR | Varies by lender |
| Requirements | Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue. |
Is Lendio legit?
Founded in 2011, Lendio is a legitimate business loans marketplace that has facilitated over $15 billion in financing for small businesses. Lenders in its network include Bluevine, OnDeck, Credibly and Headway Capital, to name just a few. It’s accredited by the Better Business Bureau (BBB) with an A+ rating and has mostly positive reviews on Trustpilot.
Lendio uses standard encryption methods and proprietary security measures to safeguard against data breaches. However, it shares some of your information with its partners and other third parties, which is disclosed in its detailed privacy policy.
What makes Lendio shine?
Lendio stands out for being one of the largest business loan marketplaces, with more than 75 lending partners. It also offers 11 types of business financing, so there is likely an option for almost any business. Plus, it accepts credit scores as low as 580, meaning even borrowers with poor credit should be able to find a funding solution.
Where Lendio falls short
Based on customer reviews, Lendio may want to step up its communication practices a bit. It has a large volume of complaints from reviewers saying they had trouble getting their questions answered even after repeatedly calling and emailing.
It may also not be the best solution for all businesses. Some loan options can come with very high rates, although you can’t find out how high until you’ve formally applied. If you’re a business with strong credit and revenues, you may want to consider business loans from direct lenders, such as banks, credit unions or online lenders, to save money on interest.
Lendio business loan details
| APR | Varies by lender and loan type |
| Loan amount | $1,000 to $5,000,000 |
| Terms | 3 months to 25 years |
| Approval turnaround | As soon as 24 hours |
| Availability | Available in all states |
| Fees |
|
| Other fees | Unknown |
Lendio contact info
| Phone number | 855-853-6346 |
| Customer service hours | Weekdays: 7:30 a.m. to 5 p.m. |
| customerservice@lendio.com | |
| X, formerly Twitter | @Lendio |
| @Lendio |
How to qualify for Lendio
While exact requirements vary by lender and loan type, these are the basic minimum criteria to qualify for business financing on Lendio.
- A credit score of at least 580
- Annual revenue of $50,000 or more
- At least six months in business
- A business bank account
- Must operate in US, not Canada
Depending on the type of loan, you may also need to sign a personal guarantee, provide a down payment or offer collateral.
How to apply
Here’s how to apply for business loans with Lendio:
- Fill out an online application. This process should take about 15 minutes and only requires a soft credit check.
- Review your offers. A loan specialist should contact you to review your options.
- Apply. Once you choose an offer, you can formally apply, which typically involves a hard credit check.
- Review and sign. Before you sign, check your loan agreement for APRs, fees and repayment terms.
How Lendio compares to other lenders
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Lendio reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2.68 out of 5 stars, based on 25 customer reviews |
| BBB customer complaints | 187 customer complaints |
| Trustpilot Score | 4.7 out of 5 stars, based on 21,392 customer reviews |
| Customer reviews verified as of | 21 February 2025 |
Lendio receives high marks on the Trustpilot website, with the majority giving it excellent reviews. Multiple customers praise Lendio’s customer service team, mentioning helpful, patient and attentive service — although a few said the process took longer than expected, and some loan offers came with very high rates.
However, customers on its BBB page report that they struggled to contact Lendio and had issues learning more about their loan options after filling out Lendio’s online form. Others were unhappy about having their loan applications fall through after getting an offer, and several complained about their information being shared with third parties.
It appears that Lendio takes the time to respond to all customer complaints on the BBB site, with a 100% response rate and an A+ business rating for how it’s handled its customer complaints over the past three years.
What do people on Reddit say?
Many people said they had been waiting for days or weeks to get a response after applying online — some even warned others to stay away from the company. But a couple of people said the process was smooth for them, and they were able to receive funding within a week or two.
Frequently asked questions
Is Lendio SBA approved?
Lendio isn’t a direct lender. However, it can connect you with lenders that are SBA preferred lending partners, which can help reduce processing times on SBA loans.
Does Lendio do a hard inquiry?
No. When you apply online with Lendio, it only conducts a soft credit check to see if you prequalify. If you decide to move forward with an offer, most lenders require a hard credit check to qualify.
What is the Lendio interest rate?
There is no one range of interest rates because Lendio offers a variety of loan types from many different lenders, but you can find more information on its website. For example, it says rates for business lines of credit are between 8% and 60%, and startup loans may go as high as 31%.
Is it easy to get approved with Lendio?
It may be easier to qualify for certain short-term loans and financing through Lendio than with a bank. For example, you may only need a minimum credit score of 580 to get a business cash advance.
How long does it take for a loan to process?
Processing times vary by the lender and the type of loan. Lendio estimates that some types of financing, like term loans, equipment financing, cash advances and accounts receivable financing could be funded in as fast as a day or two. But others, such as commercial real estate, SBA and business acquisition loans, could take weeks or even months to process.
Your reviews
Lacey Finder
Writer
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