Where does Lendr do business?
Lendr is a direct lender based in Chicago, IL. It was founded in 2011 and offers access to business loans in 50 states (and Washington, DC).
What are Lendr’s rates?
Lendr offers business loans with APRs starting from 15% .
Does Lendr charge an origination fee?
Yes, Lendr charges a loan origination fee.
What limitations does Lendr set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. Lendr offers considers loan applications for the following reasons:
- Equipment purchase
- New location
- Product or service expansion
- Working capital
- Business debt refinance
What types of business loans does Lendr offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Lendr provides access to the following business loan types:
- Merchant cash advances
Does Lendr charge a late fee?
No, Lendr will not charge you a late fee. Yes, Lendr charges borrowers with a late payment fee.
Does Lendr charge prepayment fees?
Yes, Lendr charges additional fees to borrowers who pay off their loans 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 loan early.
What do you need to qualify for a loan with Lendr?
Applicants with a credit score of at least 520 can apply for a loan via Lendr.
Lendr requires businesses to be in business for at least 12 months in business. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Lendr. Its rates and terms fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
What is the estimated funding time for a business loan via Lendr?
Lendr can approve (or deny) a loan application within 24 hours and fund business loans within 2 business days of approval.
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153 W Ohio St
Chicago, IL 60654 USA
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- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Military Dependent
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Business Formation Documents
- Proof of Income