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Lendio
8.9
ratings

Overview

Lendio is a market-based platform that projects the borrowers to a stream of lenders. They have further simplified the process of easy application of loans and streamlined the proprietary algorithm to fetch the clients with the best possible plans offered by the lenders.

Lendio’s history dates back to the time when the company’s founders, Brock Blake, and Trent Miskin wanted to crack the hassle-prone business fund-related problems.  With a steady approach, they were successful in bringing about simple business related-fund generation in the main streets of Canada and the USA.

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Pros

  • User-friendly services
  • Streamlined processes for convenience
  • Secure and unsecured loans

Cons

  • Age limit for loan application
  • Applicable only for permanent residents
  • High interest rate for short-term loans

Customer feedback and overall reputation

Lendio is a platform that directs the borrowers to their desired lenders. The application process is very easy and has been made user-friendly. They stand at par to give assistance to give feedback to the customer regarding any problems. They have 1000 reviews of which 96% are positive on Trustpilot.

The agent gives personal attention to all sorts of clients until they are completely satisfied. They engage with the top lending companies and have made loan providing facility even more effective for the clients. The customer can get access to the capital swiftly and with various ranges of deals.

Collateral required

Lendio has the facility of both, unsecured and secured business loans. This can help in generating the amount one desires, but it needs a true evaluation of the price of the asset. This can be an option if one desires to generate a large capital and have a low credit score. This is the best method for those who are aiming for a reinvestment. There are various collateral services that are entertained by the dealers. This collateral can be a property-equity loan, automobile loan, and so on.

Eligibility and documents required

To be eligible for the line of credit, the minimum credit score should be 560. The company should be either USA or Canada-based and it should generate a revenue of $50,000 each year. The individual seeking a loan should be a minimum of 18 years of age with a valid business account. The person should have proof of permanent residence in Canada or the US.

The documents that may be required by Lendio are bank statements, credit history, tax returns, etc. These are helpful to determine the debt coverage ratio. Other information includes company debt and sales document on a monthly basis. Any statements of debt need to be told about. The things required by the lenders are a signed application for the loan, a six-month business bank account statement and mortgage verification.

Interest rate and loan term (fees)

A business loan is given to the customers for a duration of 1-5 years. They enable to generate a capital of $5000 – $2,000,000. The interest rate is nearly about 6%. They also help in generating capital fast within a short term. The capital limit varies from $2500 – $500,000.  The lender can give a loan for 1-3 years for this purpose. The interest rate may be comparatively higher is such a case.

Generally, there is a wide range of loan services provided by Lendio that varies from short to long-term loan or a low-big loan amount that has a distinct rate of interest. In a nutshell, the term can vary from a few months to 25 years, depending on the amount borrowed. The minimum balance taken can be from $1000 to $ 5,000,000. Depending on the credit score, the interest rate can vary from 0-24%. The APR rates vary from 1-30%.

Application process

Lendio has kept the process of loan application quick and simple. Unlike the hassle-prone bank procedures, applying for a loan on Lendio hardly takes 15 minutes as the process is online. One needs to simply upload the document/s online. Once the loan gets approved, the funding can be obtained very swiftly. The capital, after determining the line of credit, can be raised within the 24-hour time frame.

There is basic funding provided once one is eligible for approval. This is sped through 75 distinct entities to generate the fund. One needs to get registered by filling the application that includes filling up basic information about one’s business finances. This information may be projected to find the best deals and offers for customers. The lenders enable the customers to choose from a pool of lenders by comparing the offers available.

Lendio