Lendio is an online marketplace that matches small businesses with lenders, including SBA lenders. Read on to find out how to apply.
Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California.
WRITTEN & RESEARCHED BY Shannon Vissers Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California. Lead Staff Writer
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REVIEWED BY Erica Seppala Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina. Editor & Senior Staff Writer
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Lendio is an online small business loans marketplace that matches businesses with SBA and non-SBA lenders. Lendio makes it faster and easier to get an SBA loan because it streamlines the application and lets you apply to multiple SBA lenders at once. However, Lendio SBA loans aren’t as fast or as easy to qualify for as some business loans.
Read on to learn how to qualify and apply for a Lendio SBA loan.
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SBA loans are some of the best small business loans you can get, as they have low interest rates, long repayment terms, and relaxed qualification requirements.
Lendio is an online loans marketplace that offers SBA loans. Lendio doesn’t issue SBA loans itself; rather, Lendio takes your application and uses it to match you with an SBA lender in the Lendio network.
The SBA lenders in Lendio’s network offer various types of SBA loans. As follows are the types of SBA loans you can apply for through Lendio:
If you are eligible, you can borrow as much as $5 million with an SBA loan through Lendio.
Pros
Cons
Lendio is not a direct lender. Lendio is a business loan matchmaking service that works with business lenders, including approved SBA lenders and SBA Preferred Lending Partners, to facilitate SBA loans for businesses that apply for loans through Lendio.
Generally, you need to meet the following requirements to qualify for a Lendio SBA loan:
Lendio does not have any special qualification requirements for SBA loans beyond the SBA loan eligibility requirements specified by the Small Business Administration. But all individual SBA lenders, including the lenders in Lendio’s network, do have some discretion when it comes to which applicants they will accept.
Lendio’s loan application process starts with the business owner filling out a 15-minute application on Lendio’s website. In this application, you’ll answer basic questions about your business. After you submit your initial application, Lendio will run a soft check on your credit and then compile loan offers for you. Within 72 hours, Lendio will send you offers to choose from.
After you accept an SBA loan offer through Lendio, the underwriting process will start and you’ll be asked to submit more documentation and information about your business. Lendio also has loan specialists who can provide assistance with your application. The entire time-to-funding to get an SBA loan through Lendio is about 1-2 months after approval.
Understanding the complete SBA loan application process can help you know what to expect when you apply through Lendio or another lender.
When it comes to the easiest Lendio loan to receive, it depends on your specific circumstances as well as Lendio’s current loan offerings. Generally speaking, microloans are an easier SBA loan to qualify for – even for startups with bad credit.
However, it may be difficult to find an SBA Microloan lender. Many lenders offer the SBA 7(a) loan, which is one of the most popular SBA loan options.
Lendio SBA loans are not qualitatively different from SBA loans you could obtain from another provider.
However, Lendio expedites the application process by letting you apply online and providing assistance with your application. In general, SBA loan approval times are long, and these loans have specific borrower qualifications that not all businesses will meet. And it can take even longer to get an SBA loan through Lendio when compared to some Lendio competitors that also offer SBA loans online, such as SmartBiz or Fundera by Nerdwallet. (SmartBiz in particular can fund SBA loans as quickly as two weeks).
Not sure if you want to apply for an SBA loan through Lendio or another online lender? Compare the top SBA lenders to find the best fit for your small business.
Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California.