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Lendio Small Business Loans: 2024 Review

Updated Jun 03, 2024

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At a glance

Rating: 4.6 stars out of 5
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Rating: 5 stars out of 5
Rating: 3.8 stars out of 5
Customer experience
Rating: 4.8 stars out of 5
Rating: 5 stars out of 5
Rating: 4.6 stars out of 5
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Lendio is a loan marketplace that works with lenders to help you find the right funding for your business, from standard term loans to financing based on your future sales.

Lender Details

  • Moneybag

    Loan amount

    $1,000-$10 million

  • Rates

    Interest rate


  • Clock Wait

    Term lengths

    3 months-25 years

  • Dollar

    Min. annual revenue


  • Business

    Min. time in business

    6 months

Who Lendio is best for

Lendio is best for small businesses that aren’t sure what type of financing suits their needs. Because of its large network of lenders, Lendio is able to narrow down potential options so you can select the right loan or line of credit.

And since its lenders include options that accept smaller businesses, startups and lower personal credit scores, you may be able to find an option even if your business has been rejected by lenders in the past.

Who Lendio may not be best for

Well-established businesses with a solid banking relationship with a lender may not have as much success with Lendio. The interest rates can vary considerably based on the lender and your credit history, though the starting rates are comparable to what you’ll find with bank lenders. It may still be worth filling out an application to compare the 75+ lenders in Lendio’s network. 

Lendio: in the details

Lendio pros and cons


  • Checkmark

    75+ lenders to find the right fit

  • Checkmark

    Wide variety of funding options for most businesses

  • Checkmark

    Funding as soon as the next business day


  • Interest rates vary widely by loan type and lender

  • Not a direct lender

  • May require extensive paperwork

Business loan types offered

Loan quick facts

  • Amounts: $5,000 to $2 million
  • Terms: 6 months to 10 years
  • Interest rate: From 8.49%

Lendio business term loan overview

Term loans are the standard option for businesses that have a large, one-time expense. Lendio’s partners accept businesses that have a monthly revenue of $8,000, a FICO credit score of 600 and one or more years in business. Like all term loans, Lendio’s partners allow your business to use funds for almost every expense to expand or cover gaps in cash flow.

Lendio also has partners that offer short-term loans. These can be funded in three to seven business days and have generally similar terms — you can borrow between $25,000 to $700,000 for up to 10 years. However, interest rates may be higher because of the speed of the process. Short-term loans typically offer repayment terms of six to 24 months, so Lendio’s short-term loan offerings should actually be considered long-term loans. 

Loan quick facts

  • Amounts: $1,000 to $500,000
  • Terms: 6 to 18 months
  • APR: 8.00% to 60.00%

Lendio business line of credit overview

Lendio’s partners offer business lines of credit to businesses that have at least six months in business, an annual revenue of at least $50,000 and a FICO score of 600 or higher. Like any line of credit, these are flexible and allow your business to use funds as needed — and pay interest only on what is borrowed. 

However, the maturity date for a line of credit goes from six to 18 months. If your business needs to spend money consistently, it may be better to look into a business credit card that offers the same flexibility and additional rewards.

Loan quick facts

  • Amounts: Up to $5 million
  • Terms: 10 to 20 years
  • APR: 4.63% to 11.50%

Lendio SBA loan overview

The U.S. Small Business Administration backs a wide variety of SBA loans to make it easier for business owners to get financing. Because the SBA shoulders part of the lender’s risk, you may be able to score a significantly lower interest rate than with other, similar loans. 

Lendio works with a variety of SBA lenders to help you find funding, but you will need to submit quite a bit of paperwork and be ready to wait one to two months before your loan is funded. You’ll need a personal credit score of 600 or more and at least two years in business.

Loan quick facts

  • Amounts: Up to $10 million
  • Terms: Up to 1 year
  • Fees: As low as 3.00%

Lendio accounts receivable financing overview

Accounts receivable financing — also known as invoice financing — uses unpaid invoices as collateral. It isn’t technically a loan, but it is a common option for small businesses that may not otherwise qualify for a business loan or line of credit. Lendio’s partners charge a fee starting at around 3 percent of the total invoice amount. So if you have an unpaid invoice for $100,000, you will be able to receive up to $90,000 immediately and owe a fee equal to $3,000 when your invoice is paid.

Loan quick facts

  • Amounts: $5,000 to $2 million
  • Terms: 3 months to 36 months
  • Factor rate: From 1.08

Lendio business cash advances overview

Cash advances are designed to cover gaps in cash flow. They charge high fees compared to other business loans because you are borrowing against future income — usually in the form of credit card sales. Cash advances have less strict eligibility requirements and quicker funding speeds than other similarly sized loans.

Lendio partners charge a factor rate instead of an interest rate, which typically converts to a higher interest rate. Factor rates get applied to the entire cost of the loan upfront, while interest rates get applied with each payment. 

Loan quick facts

  • Amounts: $5,000 to $5 million
  • Terms: 1 to 10 years
  • APR: From 7.50%

Lendio equipment financing overview

Equipment financing is meant to purchase or lease large pieces of equipment necessary for your business. Lendio’s partners focus on revenue and general cash flow. And because the equipment acts as collateral for the loan, interest rates tend to be lower — although, like all loans, it will depend on your business’s revenue and age. The minimum credit score is 520.


Other loans offered by Lendio

Lendio’s partners also offer commercial mortgages, startup loans and business acquisition loans. 

Loan type Amount Terms APR
Commercial mortgages $250,000 to $5 million 10 to 25 years From 6.25%
Startup loans Up to $150,000 Up to 25 years 0.00% to 31.00%
Business acquisition loans $5,000 to $5 million Revolving or 10 to 25 years From 5.50%

The exact terms and eligibility requirements depend on the type of loan your business needs and the lender with which you’re matched. In many cases, you will be able to work with the lender Lendio partners you with to determine the best way to use your funds and expand your business.

Do you qualify? 

Because Lendio is not a direct lender, there are no set eligibility criteria. However, your business will need to meet a few basics for most loans:

  • At least three months in business — but often one or two years
  • Annual revenue of $50,000 or more
  • A minimum credit score, usually between 500 and 600

Other limitations, like how you can use the funds, will be determined on a lender-by-lender basis.

What we like and what we don’t like

Lendio is a well-established service for businesses, but if you’re looking for a direct lender with a brick-and-mortar location, you may want to consider something else.

What we like

  • 75+ lenders to find the right fit: Lendio is not a direct lender — it partners with more than 75 lenders across the U.S. This allows it to help businesses find funding no matter where they are located.
  • Wide variety of funding options for most businesses: Lendio works with everyone from equipment lenders to lenders that offer SBA loans. No matter where your business is at, it likely has funding options that can meet your needs.
  • Funding as soon as the next business day: While some loans — like SBA loans — may take weeks, Lendio partners with lenders that may be able to fund your loan within 24 hours after you submit an application.

What we don't like

  • Interest rates vary widely by loan type and lender: Depending on the size and age of your business, you may receive offers from lenders that charge high rates. Because Lendio doesn’t disclose upper limits for most of its loan types, it’s hard to know what rate you could see before you apply.
  • Not a direct lender: Lendio is a network that partners with a wide variety of lenders, but it does not offer business loans itself. Once you find a lender that suits your business, Lendio is out of the picture — and you’ll be working with the lender you applied to instead.
  • May require extensive paperwork: Lendio may require you to submit information on your business’s tax status, payroll and other finances in order to complete an application.

How Lendio compares to other lenders

Since Lendio isn’t a direct lender, it requires extensive documentation to ensure they can match you with the right lender and loan. While Lendio offers fast funding options, their credit requirements, interest rates and annual revenue all vary depending on the lender you match with, meaning you’ll have to apply to see what you qualify for.  

Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount

    $1,000-$10 million

  • Interest rate


  • Term lengths

    3 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue


Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    1.11 Factor rate

  • Term lengths

    3 months-10 years

  • Min. time in business

    6 months

  • Min. business annual revenue


Rating: 4.7 stars out of 5

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    0.75% Monthly rate | 5.00% to 18% Simple interest

  • Term lengths

    1-10 years

  • Min. time in business

    6 months

  • Min. business annual revenue


Read our review

on Bankrate

Lendio vs. Credibly

Credibly is a direct lender who also offers lines of credit and other lending options through partners. While it doesn’t provide as many loan options as Lendio, Credibly can fund a loan fast — with the possibility of receiving funds the same day. Credibly has fairly high revenue requirements, requiring at least $25,000 monthly to qualify. By contrast, some of Lendio’s partners only require $8,000 in revenue monthly. 

Credibly has a minimum personal credit score of 550, making it a good option for those with poor credit. However, Credibly uses factor rates instead of interest rates for their loans, which can make the cost of borrowing significantly more expensive. 

Lendio may be the better fit for businesses with lower revenue and who want to shop for lending options. Credibly can be a good option for businesses without excellent credit looking for flexible and fast funding. 

Lendio vs. Fundible 

Like Lendio, Fundible has a network of partner lenders that it can connect you with. Fundible offers in-house financing for some businesses, though people with poor credit may have to use one of their partners. One of the most notable differences between the two companies is that a Fundible spokesperson stated that it can find approvals for people with a personal credit score as low as 450. 

Some of Fundible’s partners will accept six months in business, $100,000 in revenue and a credit score of 450 mentioned above. This is a lower approval requirement than is offered by Lendio, though most of Lendio’s loans accept a fair credit score of 500 and some loans go as low as 500. 

For startups or businesses with struggling credit, Fundible’s partners may be a better option for funding, while Lendio offers more options for businesses with fair credit.

How to apply for a loan with Lendio 

Lendio’s application requires quite a bit of documentation to find the right lending option for you. 

Along with the below documents, you’ll need to provide information such as your general loan purpose, industry and the state in which your business is located. Other information may also be required depending on the type of loan you need and the lender you are matched with. 

You can contact Lendio by phone at 855-853-6346. Its customer support is available Monday through Friday from 7:30 a.m. to 5 p.m. MT. It also has a form for emailing concerns, but no direct way to email its support service. And depending on your area, you may be able to use its Lendio Local service to find in-person help.

Required application information:

  • Credit score range
  • Business start date
  • Average monthly sales
  • Ownership percentage
  • Type of entity (LLC, corp, sole proprietor, legal partnership)
  • Annual profits
  • Annual personal income
  • Business address
  • Date of birth
  • Social Security number
  • Business tax ID
  • Number of employees

Lendio frequently asked questions

How Bankrate rates Lendio

Overall Score 4.6
Accessibility 5.0 Lendio’s partners offer a huge range of funding solutions for diverse companies.
Affordability 3.8 Though starting rates are solid, upper limits and fees are less clear and vary by lender.
Transparency 5.0 Matching with lenders requires only a soft credit check.
Customer experience 4.8 Lendio offers a convenient online application and both phone and in-person support.
Flexibility 4.6 Lendio scores high for the wide array of loans its partners offer.


Clock Wait
years in business
Credit Card Search
lenders reviewed
loan features weighed
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.