Lendio Review 2025: A Funding Marketplace to Save You Time and Money

Lendio’s marketplace offers a wide range of funding options: 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 diverse range of business loans, we believe Lendio offers loan options for nearly everyone.

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.

Let’s take it from the top.

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. Additionally, they often have lower APRs.

To qualify for a business line of credit with a Lendio partner, you’ll need at least $8,000 in monthly revenue and a credit score of at least 600, 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 loans offer long-term financing with low interest rates, making them a desirable option 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 access to several types of SBA loans, including the SBA 7(a) loan, Express loans, SBA Microloans, and SBA 504 loans. The 7(a), Microloan, and Express loans require collateral, while the 504 requires a sizable personal guarantee. Funding through an SBA loan typically takes between 30 and 90 days.

Short-term loans provide fast financing that can be funded in as little as 24 hours, at competitive rates. These loans 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 (600+) to qualify for a short-term loan with a Lendio partner. You should have been in business for at least six months as well. Depending on your lender, you may also need to provide some form of collateral to secure approval. Short-term loans provide fast funding, allowing you to receive your funds in as little as one day.

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 (500+). Most businesses can qualify, though you will need to show you have enough credit card transactions to repay the advance. Plus, merchant cash advances can get you funded within 24 hours.

When you think of “business funding,” business term loans probably come to mind first. These loans offer fixed-rate interest and terms ranging from one to five years, making them a suitable choice for a wide range 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.

A business credit card offers another form of revolving credit. You can use it as needed and only repay the amount you use. Credit cards may have variable rates, and 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 a strong credit history.

You’ll need a good credit score to obtain a business credit card, with Lendio recommending a minimum score of 600. 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.

You can use equipment financing to pay for a wide range of equipment, including software for the company, a coffee machine for the break room, a couch for the reception area, or a forklift for the warehouse.

To qualify for equipment financing with a Lendio partner, you should have a personal credit score of at least 520 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 for certain equipment purchases. You can even get funded in 24 hours.

Commercial real estate loans offer mortgage financing to help you 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 standard application documents, you should prepare plans outlining how you intend to utilize the property. Commercial real estate lending can take a while, so you’ll have to wait 45 days for your funds.

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 provide an upfront percentage of the unpaid invoice, then pay the remaining amount (minus fees) after the invoice is settled. With invoice financing, the lender provides a loan based on the invoice amount, and the invoice serves as collateral.

This type of financing offers an alternative option for individuals with poor credit. Accounts receivable financing through Lendio provides you with fast funding, often delivering money within 24 hours.

Lendio categorizes several types of funding under the Startup Loans heading, including short-term loans, lines of credit, and other options that are well-suited for fledgling businesses.

To qualify for a startup loan, you will need at least six months in business, as well as a 600+ personal credit score. Since your business has a limited history, expect these loans to require collateral. Once you qualify, you can get funding in a few days.

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 within 30 days.

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 numerous online or alternative lenders, as well as some well-known big banks. All told, Lendio can hook you up with over 75 different lenders.

What does that mean for you, you ask?

Traditionally, applying for financing has been a time-consuming process. You have to research lenders, gather various documents, submit an application, wait to hear back, potentially find and submit additional documents, and then wait for funding. 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 process easier for you. Simply fill out Lendio’s online form (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 form 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.

As a lending marketplace, Lendio has some clear advantages over other lending companies. It offers a wider range of financing options, for example, than most direct lenders do. That gives you more options and increases your chances of getting 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.

However, while Lendio is great, it’s not the only lending marketplace available.

Fundera functions a lot like Lendio, where you fill out a form and get matched with loan offers. They both offer a variety of business loans from multiple lenders (although Lendio has a significantly larger network of lenders than Fundera). When it comes to reviews, Lendio outperforms other lending marketing platforms with a 4.7 out of 5 rating on Trustpilot, based on over 22,000 reviews. ^{1 2}

For a more detailed comparison, we have a guide comparing Fundera vs. Lendio.

Nav also works similarly to Lendio. You tell Nav about your business and your financing goals, and it matches you with lenders. 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.

Now, we obviously like plenty of things about Lendio. However, we must acknowledge that Lendio has its downsides. 

Take funding times, for example. Yes, working with Lendio will likely save you time compared to applying with multiple lenders. But individual lenders offer instant approval and near-instant funding. 

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 be offered non-loan financing (such as 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.

However, with an easy process and a variety of financing options, we believe Lendio can be a good fit for most businesses. Before you race off to apply, though, let’s explore how Lendio gets you those great deals.

Because Lendio offers many types of funding from many lenders, you have good odds of getting the financing you need. 

Of course, different lenders and types of financing come with varying requirements. For example, you might qualify for a merchant cash advance with bad credit, but not for a real estate loan.

So, while the table above lists Lendio’s minimum overall requirements, the minimums do vary by product. If you want a short-term loan, you’ll need a credit score of 600 and have been in business for at least six months. That means you should be realistic when working 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 option.

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.

So, Lendio can offer financing for your needs, but how does it work? Easy.

It all begins when you fill out a form. You can do it online in about 15 minutes. This form 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 information to find lenders willing to extend financing to you. Lendio will likely respond to you regarding your eligibility for funding within one to two business days.

Once Lendio has found the best partners for you, it will report back with your options, allowing you to compare them. 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. The funding manager doesn’t work for any specific lender; instead, they just want to get you a good deal. Expect them to contact you by phone after you submit your initial form. This person will help you understand your financing options and provide recommendations to ensure you obtain the right funding for your specific 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 to compare offers?

With Lendio, these comparisons are essential to the process, so you can feel confident that you’re not being taken advantage of by a greedy lender.

When you run a busy business, time is money. Lendio definitely saves you time, and by letting you compare various funding offers, it likely saves you money as well. With connections to numerous lenders offering various types of financing, we recommend Lendio to any business seeking to secure favorable 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 use Lendio? Great! Now figure out how much your Lendio loan will cost you with our business loan calculator.

Have more questions about Lendio? We have more answers.

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 to decide whether that extra time is worth the possible savings.

No, Lendio doesn’t guarantee you get funded. Factors such as poor credit, low revenue, debt, and others influence funding approval. 

Your prepayment penalties and other fees depend on the specific offers you receive through Lendio. Remember, Lendio is a marketplace, not a lender. You’ll need to review each offer to determine 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.

Disclaimer

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.