On the surface, BlueVine and Lendio don’t look too different.
They both seem to be alternative lenders (also called online lenders or fintech lenders). That means that, unlike at many traditional banks, you can submit your loan application completely online―and usually get approved and funded more quickly than you would at a bank too.
And in good news, both BlueVine and Lendio get excellent customer reviews. BlueVine earns a 4.5 out of 5 on Trustpilot, while Lendio earns a slightly higher 4.7.1, 2 So with either option, you’re likely to have a good experience.
But when it comes down to it, BlueVine and Lendio actually do their small-business lending in very different ways.
BlueVine is a direct lender. With a direct lender, you apply for your loan, get funding, and repay your loan all through the same company.
Lendio, on the other hand, is a lending marketplace. With a lending marketplace, you submit a general loan application. Then the marketplace shops around for you to find loan offers you qualify for. You get to pick your favorite offer, and then get funded and repay your loan through a separate lender―not the lending marketplace.
It might seem like a subtle difference, but Lendio and BlueVine’s different lending models lead to a couple of much bigger differences―specifically with loan options and funding times.