This online provider focuses its financing for startups and small businesses in need of capital.

If your business reaches a point where it needs the gas of extra capital, you’re not alone. Among your many business financing options are online lenders that can match you to a network of vetted lenders willing to extend the exact hand you need.
LenCred is one such matchmaker — though you won’t get your money instantaneously. Read on to find out if it can help your business succeed.


Min. Amount


Max. Amount


Product Name LenCred Business Loans
Min. Amount $20,000
Max. Amount $200,000
Loan Term Varies by lender
Min. Credit Score 660
Requirements Personal credit score of 660 or higher.

Application Criteria

Personal credit score of 660+


Do I qualify for LenCred?

You might be a good fit for LenCred if:

  • You have a personal credit score of 660 or higher.
  • Your business makes up to $300,000 annually.
  • Your business has been around for up to three years.

What is LenCred?

LenCred is an online matching service that connects startups and small businesses with lenders in its network.

Whereas it previously offered only unsecured credit cards to businesses, it’s expanded its financing options into:

  • Business lines of credit. Get continual access to cash for unexpected expenses or to make up for off-seasons.
  • SBA loans. Designed for businesses that don’t qualify for other financing, these government-guaranteed fixed-term loans and lines of credit come with low interest rates.
  • Equipment financing. Used to pay for equipment only, these fixed-term loans require collateral and a down payment.
  • Merchant cash advances. Simply put, an advance on your future sales paid back through a percentage of your future sales.
  • Invoice factoring. Instead of an advance on future sales, this option advances a portion of your unpaid invoices in an exchange for a percentage of their value.
  • 401(k) financing. LenCred helps you navigate the complicated process of using a 401(k) to finance a small business. But unless your business has an impeccable financial history, it’s generally not a great option — and risks losing your retirement fund.

What makes LenCred business loans unique?

Instead of weighing only your loan amount and immediate needs to match you to a lender, LenCred considers aspects of your business’s profile that include your location, industry and credit history.

To optimize your application, LenCred can help you put together a funding plan — personalized service that’s particularly useful for young businesses without the experience of getting a loan.

What are the benefits of getting a LenCred business loan?

  • Walks you through the process. LenCred makes applying easy by closely guiding new borrowers to a specific loan for their business.
  • Wide-ranging resources. You can access a literal library of information about business loans through its site.
  • Personalized matches. LenCred matches businesses with lenders that make the most sense for your business.

What to watch out for

Matching services often turn a profit on lender partnership deals. Sometimes these lenders pay a fee for every interested borrower sent their way. With such a business model, your business’s concerns might not always be top priority.

Consider these other possible drawbacks to borrowing from LenCred:

  • Extremely poor support. Getting in touch with LenCred isn’t easy. They gave us the runaround for over a week when it came to answering basic questions — and other customers have similar complaints.
  • Not forthcoming about rates and terms. LenCred doesn’t list much information online about its partners’ rates and terms, and it did not respond to our attempts to contact a rep through customer service channels.
  • You’re restricted to its network. LenCred connects businesses with its network of partners only, meaning your options are limited.
  • Long turnaround. Customers describe a lending process that can take up to 60 days or more.
  • Barebones site. It’s difficult to find rates, terms or other aspects of its lending network online. A potential red flag for an online lender.

LenCred fees

While most business loan connection services are free for users, that’s not always the case with LenCred. Some lenders pay LenCred a fee for using its service, but pass that cost on to the borrower with a more expensive loan.

If you go for a lower-cost loan, you’ll likely need to cover the financing fee of $2,000 to $2,500 yourself. The fee only applies after you get approved for your funds, so there are no upfront costs.

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