Lendio Review 2023: A Funding Marketplace to Save You Time and Money

We analyzed each of Lendio’s 10 business loan options to bring you our take on this lending marketplace.
Best overall
  • pro
    Fast application
  • pro
    Many funding options
  • pro
    Personalized loan help
  • con
    Longer funding process

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Our top-rated lender: Lendio

Lendio partners with over 75 lenders, which improves your odds and efficiency to get the funding you need.


Money Approach

$50k in revenue

Calendar Approach

6 mos. in business

Analysis Approach

560 credit score

Lendio financing options and pricing

Lendio offers most funding options you could want: big funds and little funds, short terms and long terms, loans for great credit and loans for bad credit, funding for buying commercial property and funding for making payroll, and so on. Lendio has it all.

In fact, with its many types of business loans, we think Lendio has loan options for pretty much everyone.

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Lendio at a glance

Min loan amount
Max loan amount
Learn more

0–25 yrs.



Data as of 12/5/22. Offers and availability may vary by location and are subject to change.

But rather than focus on the big Lendio picture, let’s dig deeper into Lendio’s offerings. What can you use them for? How do you qualify? How fast can you get funded?

Buckle up—we’ve got 11 types of funding ahead.

Lendio rates and terms

Financing type
Min./max. loan amount
Learn more

Business line of credit


1–2 years

SBA loan

Up to $5 million

10–30 years

Short term loan


1–3 years

Merchant cash advance

$5,000/$1 million

Up to 2 years

Business term loan

$5,000/$2 million

2–10 years

Business credit card

Up to $150,000N/A

Equipment financing

$5,000/$5 million

1–5 years

Commercial mortgage

$250,000/$5 million

20–25 years

Accounts receivable financing

Up to 90% of invoice

Up to 1 year

Startup loan


Up to 25 years

Business acquisition loan

$5,000/$5 million

10–25 years

Data as of 12/5/22. Offers and availability may vary by location and are subject to change.

*Does not represent the typical rate for every borrower, and other fees may apply.

Let’s take it from the top.

Business line of credit

A business line of credit helps improve cash flow by providing a revolving form of credit. You only pay for what you use, much like a credit card. Unlike credit cards, business lines of credit usually have no (or low) cash advance fees. Plus, they tend to have lower APRs.

To qualify for a business line of credit with Lendio, you’ll need at least $50,000 in annual revenue and a credit score of at least 560—though you’ll likely have to offer a personal guarantee. If you qualify, you can expect to get funded in one to two weeks.

SBA loan

SBA loans offer lengthy terms and low interest rates, making them desirable for small-business owners. Because these loans come backed by the Small Business Administration (SBA), you can often get one without having stellar credit.

Lendio offers several types of SBA loans: the SBA 7(a), SBA Express, and SBA 504. Both the 7(a) and Express loans require collateral, while the 504 requires a sizable personal guarantee. Funding through an SBA loan will take a while—between 30 and 90 days.

Short-term loan

Short-term loans give you fast financing—you can get funded in 24 hours—at reasonable rates. These loans do come with shorter terms (hence the name) and higher interest rates than long-term loans, making them best for urgent funding needs that you can quickly repay.

You’ll need strong credit to qualify for a short-term loan with Lendio. You should have been in business at least two years, also. Depending on your lender, you might also need to provide some form of collateral to get approved. Short-term loans offer fast funding, so you can get your funds in as a little as one day.

Merchant cash advance

A merchant cash advance gives you an up-front sum in exchange for a percentage of your future credit card sales. Your lender automatically gets an agreed-upon cut of your daily credit and debit card sales until you’ve repaid the advance plus interest. Merchant cash advances offer a convenient way to repay, but they come with a high APR.

However, merchant cash advances work well for businesses with poor credit. Most businesses can qualify, though you will need to show you have enough credit card transactions to repay the advance. Plus, merchant cash advances give you fast cash—you can get funded within 24 hours.

Business term loan

When you think “business funding,” business term loans probably come to mind first. These loans provide fixed rate interest, as well as terms that range from one to five years, making them a good choice for a wide variety of funding needs.

Criteria for business term loans can vary widely, but better credit will get you better rates. Depending on your loan, you can get funded within 24 hours of approval.

Business credit card

A business credit card offers another form of revolving credit. You can use it when you need it and only repay what you use. Credit cards may have variable rates, and they often have high APR when compared to some other forms of funding, making them best for small expenses you can repay quickly (like staff lunches or office supplies). As you use it and make monthly payments, you’ll build strong credit.

You’ll need a good credit score to get a business credit card with Lendio; Lendio recommends at least 680. If you’ve only been in business a short time, you’ll also have to personally guarantee your credit card. Once approved, you can get funded in one to two weeks.

Equipment financing

You can use equipment financing to pay for most equipment you can think of: software for the company, a coffee machine for the break room, a couch for the reception area, or a forklift for the warehouse.

To get equipment financing with Lendio, you should have a personal credit score of 650, have been in business for one year or more, and generate at least $50,000 in annual revenue. These requirements are somewhat flexible, however—your equipment generally serves as collateral for the loan, making it easier to qualify to fund certain equipment purchases. You can even get funded in 24 hours.

Commercial mortgage

Commercial real estate loans provide mortgage loans so you can purchase commercial property. Commercial mortgage loan rates generally stay low, making them an appealing way to get investment properties or your own owner-occupied real estate for your small business.

Your property serves as collateral for your loan, so you’re more likely to get approved and get better commercial mortgage rates with a well-located, useful property, as this improves your loan-to-value ratio. In addition to the usual application documents, you should prepare plans showing how you intend to make use of the property. Commercial real estate lending can take a while, so you’ll have to wait 45 days for your funds.

Accounts receivable financing

Accounts receivable financing refers to invoice factoring and invoice financing. Both allow you to get money from unpaid invoices. With invoice factoring, you sell invoices to a lender. They give you an up-front percentage of the unpaid invoice, then give you the remaining amount (minus fees) after the invoice gets paid. With invoice financing, the lender gives you a loan based on the invoice amount, and the invoice acts as collateral.

This type of financing provides another good option for anyone with poor credit. And accounts receivable financing through Lendio gives you fast funding, often getting you money within 24 hours.

Startup loan

Lendio groups several types of funding under the startup loans heading, including short-term loans, lines of credit, and other loans—basically anything that works well for fledgling businesses.

To qualify for a startup loan, you will need at least six months in business, as well as a 680 personal credit score. And since your business has little history, expect these loans to require collateral. Once you qualify, you can get funding in two to four weeks.

Business acquisition loan

A business acquisition does just what you think it would: it lets you buy businesses or franchises. Simple as that may sound, business acquisition loans have more requirements than some of Lendio’s other funding options.

You’ll have to supply your own personal and credit history as well as the health and history of the business you intend to acquire. If all goes well, you can get low interest rates and access to your funds in 30 days.

Lendio features

We’ve already mentioned this, but let’s make it clear: Lendio is best described as a financing marketplace or lending marketplace―not a lender. It doesn’t offer financing itself but instead matches you with lenders that do. That includes lots of online or alternative lenders, but it also includes some big banks you might recognize. All told, Lendio can hook you up with over 75 different lenders.

What does that mean for you, you ask?

Traditionally, applying for financing takes a lot of time. You have to research lenders, gather various documents, submit an application, wait to hear back, possibly find and submit more documents, and then wait for funding—and that’s before you get into shopping around for the best deal or applying to multiple lenders because the first one rejected you.

Lendio makes the application process easier on you. Simply fill out Lendio’s online application (which should take only 15 to 20 minutes), and you’ll get matched with several lenders who want to finance you. Then you can pick the one that offers the best deal for your needs.

That means you can avoid research and shopping around. Instead, you can fill out one application and let Lendio do all the work. No more getting rejected by a lender and starting over. No more wondering if you got the best deal. With Lendio, the deals come to you.

Even better, Lendio will match you with lenders for just about any kind of financing you can think of—whether you want a business loan, a merchant cash advance, a line of credit, equipment financing, or something else, Lendio can help you get it.

Lendio vs. competitor lending companies

Because it’s a lending marketplace, Lendio has some clear advantages over other lending companies. It offers more types of financing, for example, than most direct lenders do. That gives you more options―and more opportunities to get approved.​

Likewise, Lendio lets you compare loan offers. Traditional banks and online lenders don’t do that, so you just have to hope you’re getting a great deal.

But while Lendio is great, it’s not the only lending marketplace out there. Fundera and Nav provide the most competition. So how do they compare?

Lendio vs. other business lenders

Lending partners
Lowest listed rate
Unique loan options
Get a loan
75+VariousCommercial real estate loans
At least 17Prime + 2.25% interestPersonal loans for business
Unlisted6.36% APRN/A
60035.2% APRLines of credit & term loans
UnlistedUnlistedLines of credit & working capital loans

Data as of 6/6/23. Offers and availability may vary by location and are subject to change.

Lendio vs. Fundera

Fundera functions a lot like Lendio—you fill out an application and get matched with loan offers. They both offer many types of business loans from many business lenders (though Lendio has a larger network of lenders than Fundera does). And honestly, they have pretty comparable customer reviews, with Fundera and Lendio earning a 4.7 and a 4.8 (of 5) on Trustpilot, respectively.1, 2

Note that Fundera offers personal loans, which Lendio doesn’t. On the other hand, Lendio offers commercial real estate loans, which Fundera doesn’t.

We think you’ll have a good experience with either lending marketplace. But if you’d like a more detailed comparison, we have a guide comparing Fundera vs. Lendio.

Lendio vs. Nav

Nav works similarly to Lendio too. You tell Nav about your business and your financing goals, and it matches you with lenders. And just like Lendio and Fundera, Lendio and Nav have comparable customer reviews. Nav earns a 4.6 on Trustpilot, while Lendio rates at a 4.8 out of 5.2, 3

Nav does have some nice credit monitoring features that Lendio doesn’t. It offers a free service that gives you both your personal credit score and business credit score.

Lendio downsides

Now, we obviously like plenty of things about Lendio. But we do need to point out that Lendio does have its downsides. 

Take funding times, for example. Yes, one application with Lendio will probably save you time compared to applying with a bunch of different lenders. But individual lenders (like Kabbage) offer instant approval and near-instant funding. Lendio, on the other hand, needs at least a day or two to shop around for you―and then you still have to wait for funding after that.

Likewise, while Lendio will try to get you the best possible deal on business financing, that doesn’t always mean you’ll get a loan offer you like. Depending on your qualifications, you may end up with a higher interest loan than you’d like or even get offered just non-loan financing (like a merchant cash advance) instead of a term loan.

So if you’re in a hurry to get funded or you’re picky about the exact loan and lender you want, Lendio (and lending marketplaces as a whole, for that matter) probably won’t be the best fit for you.

But with an easy application and a variety of financing options, we think Lendio can work well for most businesses. Before you race off to apply, though, let’s explore how Lendio gets you those great deals.

Lendio borrower requirements

Because Lendio offers many types of funding from many lenders, you have good odds of getting the financing you need. This also means that Lendio as a whole has relatively lax application requirements.

Lendio minimum applicant requirements

Min annual revenue


Min time in business

6 months

Min credit score560
Learn more

Data effective 12/5/22. Offers and availability may vary by location and are subject to change.

Of course, different lenders and different types of financing will have stricter requirements—you can get a merchant cash advance even with bad credit, for example, but probably not a real estate loan. 

So while the table above lists Lendio’s minimum overall requirements, the minimums do vary by product. If  you want, say, equipment financing, you’ll need a 650 credit score and 12 months in business. That means you should be realistic when you apply with Lendio―but it also means that Lendio may find a way to match you with another type of financing if you can’t quite qualify for your preferred type.

Want to be sure you get the type of loan you want? Remember, the better your credit history, the more likely you are to get the best business loans―and the more likely you are to match with the lenders and loan types you’re looking for.

The Lendio application process

So you see that Lendio offers financing for your needs—but how does it work? Easy.

It all begins when you fill out an application. You can do it online in about 15 minutes. This application will ask you basic questions about you, your business, and your credit history. You might need to upload some basic documents at some point, like bank statements or tax returns, to help Lendio see your debt-service coverage ratio (basically, whether or not your business makes enough to take on loan payments).

Next, Lendio uses your application to find lenders willing to extend you financing. Lendio promises to get back to you within 72 hours about your eligibility for funding.

Once Lendio has found the best offers for you, it will report back with your options so you can compare. If you see one you like, Lendio will put you in touch with the lender, and you can finalize everything.

And voila! Funding for you.

Throughout the process, you’ll have a personal funding manager to guide you. They act kind of like a loan officer, except they don’t work for any specific lender—they just want to get you a good deal. Expect them to give you a call after you turn in your initial application. This person will help you understand your financing options and make recommendations so you can get the right funding for your situation.

Again, this process should save you time and get you a better deal. Without Lendio, you might just apply for the first loan you see. If you get accepted, you’ll take the deal without shopping around—because who has the time or energy to apply to several loans so you can compare offers?

With Lendio, these comparisons are essential to the process, so you can feel confident you’re not getting ripped off by a greedy lender.

The takeaway

When you run a busy business, time is money. Lendio definitely saves you time—and by letting you compare various funding offers, it probably saves you money too. With connections to plenty of lenders that offer varied types of financing, we recommend Lendio to any business that wants to get good deals without wasting time.

Remember, Lendio works as a marketplace. Its different lenders and loans will have different terms and conditions, so always examine your offers carefully to make sure you understand the fine print and don’t get stuck with an expensive rate. And be patient, since Lendio’s matchmaking process can take longer than applying directly with a lender.

Think you’ll apply to Lendio? Great! Now figure out how much your Lendio loan will cost you with our business loan calculator.

Related content

Lendio FAQ

Have more questions about Lendio? We have more answers.

Yes, you can trust Lendio. Lendio has more than 20,000 reviews on Trustpilot, earning a 4.8 (out of 5) TrustScore.2 Over 90% of those 20,000 reviewers rate Lendio as “excellent.”

In theory, no, Lendio won’t affect your credit. Lendio uses soft inquiries to verify your credit. These shouldn’t have any effect on your credit score.

In practice, it’s debatable. Some reviewers on Trustpilot claim that after using Lendio, hard inquiries showed up on their credit reports and negatively affected their credit scores. It seems that these inquiries come from lenders, rather than Lendio itself—but the lenders do get customer’s information from Lendio, hence the negative reviews.

Do I have to pay to use Lendio?

Nope, you don’t pay to use Lendio. Lendio doesn’t charge borrowers any fees. Instead, it gets a small cut from lenders when it facilitates a loan.

Some people claim you indirectly pay for Lendio, in that you can get a better deal from lenders if you approach them directly. We can’t verify this claim. It’s possible, but you’d have to spend a lot of time on applications and comparisons to find out for yourself. It’s up to you whether that extra time is worth possible savings.

Am I guaranteed funding through Lendio?

No, Lendio doesn’t guarantee you get funded. But your odds as a borrower are good. Lendio claims to get funding for 65% of applicants—a much higher rate than traditional banks, credit unions, or even alternative lenders.

Does Lendio charge prepayment penalties and other fees?

Your prepayment penalties and other fees depend on your specific offers through Lendio. Remember, Lendio is a marketplace, not a lender. You’ll have to look at each offer to see if the lender charges a prepayment penalty or any other fees.


We scored each of Lendio’s 10 business financing options, using factors like loan amounts, interest rates, and borrower requirements to get our scores. We used these scores to calculate an overall score for Lendio and to analyze how Lendio compares to similar lending companies.


At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.


  1. Trustpilot, “Fundera.” Accessed December 5, 2022.
  2. Trustpilot, “Lendio.” Accessed December 5, 2022.
  3. Trustpilot, “Nav.” Accessed December 5, 2022.
  4. Lendio, “How to Get Approved for a Business Loan.” Accessed December 5, 2022.
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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