Small businesses frequently have trouble obtaining loans from traditional lenders; this is where online loan aggregators may help. Lendio is one such website that links borrowers with a network of lenders to assist them in obtaining loans. Is Lendio a reliable website, though? Let’s look more closely.
Since its launch in 2011, Lendio has assisted thousands of small businesses in obtaining loans. It is a legitimate company with an A+ rating from the Better Business Bureau and is registered with the Utah Department of Commerce. Lendio is a member of both the Innovative Lending Platform Association (ILPA) and the National Association of Small Business Investment Companies (NASBIC). It is therefore safe to conclude that Lendio is a trustworthy website.
Let’s now discuss how simple it is to obtain accepted for Lendio. A variety of lending alternatives are available through Lendio’s network of lenders, including SBA loans, term loans, lines of credit, equipment financing, and more. Lendio cannot guarantee approval because each lender has their own set of standards for acceptance. Nevertheless, borrowers can apply on Lendio’s website in a matter of minutes because the application process is really simple. Through the Lendio online portal, they can follow their progress after submitting their application.
Is Lendio SBA approved when it comes to loans? It is, indeed. Lendio has really assisted hundreds of small businesses in obtaining SBA loans, making it the largest SBA loan provider in the nation. This indicates that Lendio has obtained SBA approval to serve as a middleman between borrowers and SBA-approved lenders. Additionally, Lendio provides help with the SBA loan application procedure.
How much does Lendio charge in terms of fees? It does, indeed. Lendio assesses fees to lenders rather than borrowers. This implies that Lendio’s services are available to borrowers at no cost. Lenders pay the fee directly to Lendio once the loan is funded, and Lendio’s fee structure is based on a percentage of the loan amount. On Lendio’s website, borrowers can compare loan offers from many lenders without being obligated to accept any of them.
Is Lendio a direct lender, to sum up? Not at all, no. In its capacity as a loan aggregator, Lendio links borrowers and a network of lenders. Because consumers may compare loan offers from many lenders and select the one that best meets their circumstances, this is actually advantageous for borrowers. Because both conventional and non-traditional lenders are represented in Lendio’s network of lenders, borrowers have a better chance of being accepted.
Lendio is a trustworthy website that links small company borrowers with a network of lenders, to sum up. Although acceptance is not assured, Lendio’s online application procedure is simple and easy to follow. In addition to being the biggest SBA loan provider in the nation, Lendio doesn’t charge any fees to its customers. Lendio is a loan aggregator rather than a direct lender, giving borrowers more options. Lendio is unquestionably a viable option to take into account if you’re a small business owner seeking for a loan.
For PPP loans, Lendio doesn’t employ a particular bank. Instead, to assist small firms in obtaining PPP funding, Lendio collaborates with numerous banks and lenders.
Since each lender on their platform has their own lending requirements, Lendio does not have a set credit score requirement. However, if you have high credit, you’ll be more likely to get approved for a loan and might also get better terms and interest rates. For consideration for a small business loan, a credit score of at least 680 is advised.