This service has a network of over 75 legit business lenders.

  • Best for business owners that want to compare a variety of loan options and lenders.
  • Pick something else if you want to work with a direct lender.

    $500

    Min. Amount

    $5,000,000

    Max. Amount

    Details

    Product Name Lendio business loan marketplace
    Min. Amount $500
    Max. Amount $5,000,000
    Loan Term 1 to 25 years
    Min. Credit Score 560
    APR Starting at 6%
    Requirements Operate business in US or Canada, have a business bank account, 675+ personal credit score

    How much will this loan cost me?

    Lendio doesn’t charge any fees to use its connection service. If you opt for a term loan from one of the providers in its network, interest rates start at 6% for loans between $5,000 to $2 million. Loan terms last anywhere from one to five years. However, Lendio doesn’t list a maximum APR — you’ll need to fill out its online form and be connected with a lender to see the rates your business might be eligible for.

    Use the calculator below to estimate your ideal monthly payment to help make the selection process quicker.

    Business loan calculator

    See how much you’ll pay

    Your loan
    Loan amount
    $
    Loan terms (in years)
    Interest rate
    $%

    Fill out the form and click on “Calculate” to see your estimated monthly payment.

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    Compare business loans now

    How it works

    Lendio uses your credit score, time in business, bank statements and collateral (if applicable) to connect you to a suitable lender. The amount you qualify for, as well as your APR, will depend on these factors. The better your annual revenue and personal finances, the more likely you are to score a rate near the 6% mark. If you don’t have the best credit, or are a newer business, you may not qualify for competitive rates on a term loan.

    What do I need to qualify?

    The exact eligibility criteria you and your business need to meet will depend on the lender you’re connected with. But typically, you’ll need to meet these basic requirements:

    • Based in the US or Canada
    • Valid business bank account
    • 560+ personal credit score

    What information do I need to complete Lendio’s online form?

    When you’re ready to get started, have this information on hand:

    • Six months of business bank statements
    • Social Security number
    • Business Tax ID number
    • Date of birth
    • Ownership percentage
    • Personal credit score range
    • Personal income
    • Estimated monthly revenue
    • Estimated annual profit
    • Existing business debt and monthly repayments

    Lendio does require more information than other connection services, but this helps it narrow down your options to find the right lender for your business’s needs.

    What industries does Lendio work with?

    Lendio doesn’t state what types of businesses its network of lenders work with. However, you may struggle to find financing if you’re in a nontraditional or high-risk industry like cannabis or adult entertainment. Reach out to Lendio to ensure that your business will qualify — and double-check with the lender you’re connected with to confirm your business is eligible for financing.

    What other types of financing does Lendio offer?

    The lenders in Lendio’s network offer a wide variety of financing options, including:

    Loan amount APR or factor rate Loan term
    SBA loans
    Up to $5 million
    Up to 11%
    10 to 30 years
    Business lines of credit
    $1,000 to $500,000
    8% to 24%
    1 to 2 years
    Equipment loans
    $1,000 to $5 million
    Starting at 7.5%
    1 to 5 years
    Commercial mortgages
    $250,000 to $5 million
    Starting at 4.25% to 6%
    20 to 25 years
    Startup loans
    $500 to $750,000
    0% to 17%
    Up to 25 years
    Business acquisition loan
    $5,000 to $5 million
    Starting at 5.5%
    10 to 25 years
    Short-term business loans
    $2,500 to $500,000
    1 to 3 years
    Starting at 8%
    Merchant cash advances
    $5,000 to $200,000
    Starting at 18%
    Up to 2 years
    Invoice factoring
    Up to 80% of invoice
    Starting at 5%
    Up to 1 year

    You business may also qualify for a business credit card. However, the exact terms and credit limits its lending partners offer aren’t lisited on Lendio’s website.

    Pros

    • Positive reviews of customer service
    • Large network of 75+ lenders
    • 12 types of financing available
    • May receive funding in as little as 24 hours

    Cons

    • Must provide six months of bank statements
    • Recently received a warning letter from the FTC
    • Limited to lenders in its network

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