We’ve already told you that Lendio and LendingTree have similar business loan application processes: You fill out a brief online application, and then you get matched with potential loan offers. But between these two business loan brokers, we prefer Lendio’s process.
That’s partially because Lendio always gives you a dedicated loan specialist (your “personal funding manager”) to help explain your options and answer your questions. LendingTree offers to let you chat with someone, but you can also just view your matches yourself.
And that might be fine, except LendingTree doesn’t seem to put much work into the matchmaking. Its initial application is very brief compared to Lendio’s. They both ask about your credit score, revenue, business type, and so on―But Lendio also asks some extra things:
- What matters most to you in a loan (speed vs. loan amounts vs. loan costs)
- Special considerations about your business (such as nonprofit status, seasonality, and whether you invoice customers)
- How much of the business you own
- How much profit you make (rather than just revenue)
Lendio also asks for some initial documentation as part of your application. That helps it do a better job of pre-qualifying you for a business loan (though you will still have to finalize your application directly with the lender you choose).
These extra questions allow Lendio to find you better loan matches. That means less wasted time for you if you get matched with, say, a lender that doesn’t work with nonprofits or seasonal businesses. (And again, your Lendio lending specialist can help you spot these kinds of potential issues.)
So while either lending site can help you find relevant business loans, Lendio has a more personalized touch that makes its application process better overall.