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  Lendio Merchant Cash Advance
Lendio Merchant Cash Advance
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Lendio Merchant Cash Advance

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in Merchant Cash Advance from Lendio
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Highlights
Factor Rate N/A
Loan Amount $5,000 - $2,000,000
Minimum Revenue N/A
APR N/A

Lendio Merchant Cash Advance Review

Lendio Merchant Cash Advance is offered by Lendio, founded in 2011 and based in Lehi, UT. Lendio Merchant Cash Advance is available in 51 states across the USA.

Lendio Merchant Cash Advance FAQ

Does Lendio Merchant Cash Advance charge prepayment fees?

Yes, Lendio Merchant Cash Advance charges additional fees to borrowers who pay off their Lendio Merchant Cash Advance 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 Lendio Merchant Cash Advance early.

How much cash can you advance from Lendio Merchant Cash Advance?

Cash advance amounts start at $5,000 and go up to $2,000,000.

What types of repayment method does Lendio Merchant Cash Advance accept?

Lendio Merchant Cash Advance accepts the following repayment method from the Merchant:

How often does Lendio Merchant Cash Advance process payments?

Lendio Merchant Cash Advance processes payments based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to Lendio Merchant Cash Advance as payment for your cash advance until the full amount is paid.

Does Lendio Merchant Cash Advance charge an origination fee?

Yes, Lendio Merchant Cash Advance charges a origination fee.

What is the minimum repayment amount required by Lendio Merchant Cash Advance?

There is no minimum repayment ammount.

What are the business financing requirements for Lendio Merchant Cash Advance?

To apply for Lendio Merchant Cash Advance, you need to provide the following business documentation:

What do you need to qualify for Lendio Merchant Cash Advance?

Applicants with a credit score of at least 550 and up to 850 may be eligible for Lendio Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Lendio Merchant Cash Advance 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. APRs for the Lendio Merchant Cash Advance product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

To qualify, applicants may need to provide the following documentation:

What limitations does Lendio Merchant Cash Advance set on the purpose of the merchant cash advance?

Lendio Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

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Contact

Hours of Operation

  • Sunday Closed
  • Monday 6:30am - 7:00pm
  • Tuesday 6:30am - 7:00pm
  • Wednesday 6:30am - 7:00pm
  • Thursday 6:30am - 7:00pm
  • Friday 6:30am - 7:00pm
  • Saturday Closed

Other Services by Lendio

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Business Financing Requirements
  • Business Certificate
  • Business License
  • Business Bank Account
Credit Score Range 550 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Technology Investment
  • Marketing
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Options Automatic Payments
Repayment Methods ACH Withholding
Loan Amount $5,000 - $2,000,000
Loan Term Up to 24 months

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