Lendio.com is a loan matching service that says their mission is “to fuel your American Dream by making small business loans simple” using a combination of their proprietary technology and network of lenders.
How Does It Work?
According to their website, the whole purpose of this company is make sure that small and medium sized businesses are getting the best possible loan to meet their needs and for their personal circumstances.
The first way they do this is with speed. They promise their clients that they can save them time when it comes to finding a business loan, because they ask all the right questions of their clients that allows them to make a business profile. This profile is then filtered against the criteria of their more than 3,000 lending partners to see which lenders best meet your needs.
Though Lendio.com says that their profile process will take into your credit standing, it will not be the only criteria taken into account. Their hope is to alleviate the obstacles of dealing directly with a traditional bank, and instead provide you with the variety of options business owners need.
The lending network of Lendio.com is so extensive it gives them the ability to offer their clients matching services for AR/PO Financing, Acquisition Loans, Business Financing, Business Loans, Cash Advance, Commericial Real Estate, Equipment Financing, Line of Credit, Microloans, Peer to Peer Loans, Franchise Loans, SBA Loans, Small Business Loans, Start Up Loans, and Business Loans for Women.
As with any lending company, there is no way to quote in currency what the loan will cost you, since it depends on the personal circumstances of your business, the amount of the loan you wish to borrow, and the length of the loan repayment schedule.
As a loan matching service, this company does not actually take fees from their customers, nor do they distribute the loans themselves. They simply provide a loan matching service, which will take the needs and circumstances of your business into account, and then match you with a lender that can help meet your loan needs.
Any problems or concerns you have once you have accepted the loan terms of a provider must be addressed directly with the provider themselves, and not with Lendio.com.
Customer Service Contact Info
Customers who would like to speak to their Customer Service team about their questions, concerns, or complaints can do so by phone at 855-853-6346 or by submitting them directly to their website through their Contact Us link.
Lendio.com is part of a new group of alternative lenders that specialize in providing small businesses with access to a wide variety of lenders through their network of lending partners.
These websites can provide benefits not only to borrowers, but also to lenders, who can use this service to bring them clients without any need for them to do any of the work seeking out new clients, or get and process their initial information which indicates whether or not they can move forward with the loan process at all.
Because of the mutual benefits to both borrowers and lenders, Bloomberg Business reports that these type of business loan matching websites can be a good place for small and medium businesses to look for their loan needs.
Competitors and Alternatives?
There are many other companies and lenders that are willing to work with small businesses, depending on what you qualify for and what your personal needs are, including companies like Biz2Credit.com, Swift Capital, LendVantage, LoanMe, Fundera.com, Kabbage.com, and many others.
If you have experience with this company or their products, please leave your Lendio.com reviews below.
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