Lendio Review for 2026

Application Process

Applying for a small business loan at Lendio is a quick and straightforward process. The company says the online application takes 15 minutes or less.

The application can be submitted in just a few simple steps:

• On the homepage, click Get Loan Offers.
• Fill out all the business and personal information fields.
• Upload business account statements for the past six months and any additional documents required for the selected loan.

Uncomfortable with online forms? You can apply over the phone if you prefer.

Information Needed to Apply

To complete your business loan application, you’ll be asked to submit:

• Business and DBA name
• Business phone number and address
• Business start date
• Business type and industry
• Business tax ID number
• Monthly revenue of your business
• Owner’s Social Security number
• Average monthly payroll and number of employees

Next, select the purpose for your loan from the following list:

• Expansion
• Working capital
• Payroll
• Purchasing a business
• Purchasing a franchise
• Equipment purchases
• Real estate purchase
• Buying out a partner
• Starting a business
• Finance accounts receivable

Note that your application for free business loans doesn’t affect your credit score. After you fill out the forms, Lendio will process your information. You’ll then be connected with a funding manager who will pair you with lenders compatible with your credit score and selected type of loan.

You’ll then be presented with the amount that you are eligible to borrow and the loan term. While lenders usually don’t require any additional documentation, be prepared for a potential origination fee. The fees depend on individual lenders, and Lendio’s agents will be there to guide you through the process.

In-Depth Presentation of Features

There is a great deal of variety of short-term and long-term financing as well as the amounts one can borrow through this site. The biggest strength of Lendio is not one universal loan range, but the breadth of its marketplace and the fact that borrowers can compare several kinds of products through one application.

Quick financing solutions aren’t really the main attraction here, especially with the high rates most lenders apply for such requests. Instead, Lendio is more focused on longer-term and more affordable loans for startups and established businesses.

We like how accommodating Lendio is. The platform gives users the option to browse and learn about lenders before creating an account, and there are no fees for using the service.

Quick financing solutions are part of the appeal, but they’re only one piece of the platform. Lendio is just as useful for borrowers looking for startup financing, business acquisition funding, equipment financing, or long-term commercial real estate options.

Loan Amount and APR Details

Depending on what type of business loan you’re looking for, you can expect a wide range of amounts. These start low for some products and go up into the millions for SBA loans, business acquisition loans, equipment financing, and commercial mortgages.

Because Lendio is a marketplace, there is no single clean loan range, APR, or minimum-credit-score rule that applies across the board. The more useful way to judge the platform is by the variety of products it supports and how quickly it can match borrowers with lenders.

There are no fees to use Lendio itself. The only extra fees you might run into are lender-side application, origination, or other financing fees. But you’ll be made aware of any costs before signing.

Another reason Lendio is a preferred marketplace for many borrowers is its payment-calculator and loan-comparison tools, which make it easier to estimate monthly costs before moving forward.

The terms under which a loan gets approved depend on your personal credit history, loan term, the financial health of your business, and the purpose of the loan.

A personal guarantee is common for many of the loans you request at Lendio. Some lenders will also require collateral in order to approve the loan. For most loan categories, however, the exact requirements are set by the funding partner, not by Lendio itself.

Eligible and Non-Eligible Businesses

The company does initially accept applicants from all industries and doesn’t say anything about refusing them on the basis of their business.

However, lenders have the final word, and they decide who they lend the money to. Lendio lists the industries that are least likely to get a loan through the platform:

• Auto dealers
• Gambling-related businesses
• Hunting, fishing, and forestry organizations
• Attorneys
• Non-profit organizations
• Mining companies
• Commercial real estate
• Insurance companies

Payment Terms

While rates depend on the term of your loan, payments are always made on a monthly basis. You can use the on-site calculator to plan your monthly payments in advance, preparing your budget before you even apply for the loan. Once you decide on a loan, you’ll be able to schedule payment dates with your dedicated Lendio assistant.

The minimum loan term is one year, while the maximum is 25 years. The exact terms and possible penalties or benefits depend entirely on the lender you choose through the platform.

Customer Support & User Satisfaction

Lendio offers customer support by a phone, and routes you to dedicated funding managers during your application process. The company itself is held in high regard, as it is accredited by BBB and holds a perfect A+ rating.

Customers are also highly satisfied with the quality of the service provided, as the company holds a near-perfect 4.8/5 rating on Trustpilot from more than 20 thousand individual reviews. Most users are praising the company for the ease of use, as well as quick response times and excellent customer support.

Our Verdict

All in all, Lendio is a highly sophisticated platform that automates the loan application process, helping small businesses get funding faster and with less paperwork.

Although some applicants won’t get approved, the company’s founders claim that their approval rates are higher when compared to more traditional loan providers. In addition, the affordable payment plans make Lendio a wise choice for any business owner looking for capital.