
Lendio Business Line of Credit
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APR (Fixed APR) | N/A |
Credit Score Range | 600 - 850 |
Loan Amount | $1,000 - $500,000 |
Lendio Business Line of Credit Review
Lendio Business Line of Credit is offered by Lendio, a marketplace lending platform founded in 2011 and based in Lehi, UT. Lendio Business Line of Credit is available in 50 states (and Washington, DC).
What APRs does Lendio Business Line of Credit offer?
Lendio Business Line of Credit offers a fixed APR product, but they do not disclose their rates.
Does Lendio Business Line of Credit charge an origination fee?
Yes, Lendio Business Line of Credit charges an origination fee.
What limitations does Lendio Business Line of Credit set on the purpose of the line of credit?
Lendio Business Line of Credit considers line of credit applications for business purposes, such as:
- Equipment Purchase
- Hiring
- Inventory
- Marketing
- Payroll
- Technology Investment
Does Lendio Business Line of Credit charge prepayment fees?
Yes, Lendio Business Line of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.How much can you borrow from Lendio Business Line of Credit?
Line of credit amounts start at $1,000 and go up to $500,000.
What is the maximum term you can get with Lendio Business Line of Credit?
Lendio Business Line of Credit offers business lines of credit with terms ranging from 12 to 24 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.
What do you need to qualify for Lendio Business Line of Credit?
Applicants with a credit score of at least 600 and up to 850 may be eligible for Lendio Business Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.Lendio Business Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Lendio Business Line of Credit. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Lendio Business Line of Credit. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Business formation documents
- Driver's license
- Government issued photo ID
- Proof of identity
What is the estimated funding time for the Lendio Business Line of Credit?
Lendio Business Line of Credit can provide a credit approval decision in less than an hour and start funding the line of credit within 7 business days.
What are the business financing requirements for Lendio Business Line of Credit?
To apply for Lendio Business Line of Credit, the applicant needs to provide the following documentation:
- Business certificate.
- Business license
- Business bank account
Does Lendio Business Line of Credit report your account activity to credit bureaus?
Yes, Lendio Business Line of Credit reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Transunion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
What types of business lines of credit does Lendio offer?
Lendio only offers unsecured lines of credit.
Message From Lendio
Contact
- Headquarters
-
4100 Chapel Ridge Road
Suite 500
Lehi, UT 84043 USA - Visit Site
- Email Support
Other Services by Lendio
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Washington, DC
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
Business Financing Requirements |
|
Credit Score Range | 600 - 850 |
Immigration Status Considered |
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Military Status |
|
Minimum Age | 18 |
Supported Income Types |
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Verification Documents Required |
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