Last Updated: 06/21/2025
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Highlights
Amount Range
$5,000 - $2,000,000
APR (Fixed APR)
Starting at 6%(Verified 06/21/2024)
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Loan Term (Months)
12 - 60
Lendio Business Loan Review
Lendio is a business financing offering by Lendio, based in Lehi, UT. Founded in 2011, Lendio offers access to small business loans in 50 states (and Washington, DC).
Lendio FAQ
What are Lendio rates?
Lendio offers a fixed APR business financing product that ranges from 6% APR.
Does Lendio charge an origination fee?
Yes, Lendio charges a loan origination fee .
Does Lendio charge prepayment fees?
Yes, Lendio may charge additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a business loan product because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.How much can you borrow from Lendio?
Business loan amounts start at $5,000 and go up to $2,000,000.
What is the maximum business loan term you can get with Lendio?
Lendio offers small business loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Lendio Business Loan?
Lendio Business Loan requires companies to be in business for at least month
Applicants with a credit score of at least 550 and up to 850 may be eligible for Lendio Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Lendio Business Loan.
To qualify, applicants may need to provide the following documentation:
- Bank account information
- Business formation documents
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of identity
What is the estimated funding time for a business loan via Lendio?
Lendio can fund small business loans as soon as 1 business day.
Does Lendio Business Loan report your account activity to credit bureaus?
Yes, Lendio Business Loan reports to the following credit bureaus:
- 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 build your credit.
Does Lendio perform a hard credit pull?
Yes, Lendio performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
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