Lendzi is an online lending platform that provides small business loans to entrepreneurs. It offers competitive rates, flexible terms, and quick pre-approval. Lendzi loans range from $5,000 to $2 million, with flexible repayment terms. Loan rates start at 6% and depend on the loan amount, credit score, and other factors.
As a result of the company's partnership with over 60 lenders, you can easily find the right lender for your business. Lendzi's experienced leadership team carefully selects lenders to connect entrepreneurs and business owners with the right ones. Regardless of your credit history, Lendzi will work with you to find a lending option that fits your needs.
With over ten years of experience in the industry, Lendzi offers small businesses the funds they need to grow and thrive.
Business loan products available through Lendzi include:
Business line of credit: A revolving line of credit that generally requires at least six months of business history and an annual revenue of at least $50,000
SBA loans: Government-backed loans that usually require at least two years of business history, a minimum credit score of 680, and over $150,000 a year in revenue
Business term loans: $5,000 to $2,000,000 loan at an annual percentage rate of 6% or higher that generally requires a minimum credit score of 500
Equipment financing: Loans between $2,000 and $2 million for purchasing equipment which typically costs 8% to 30% of the total amount borrowed
Merchant cash advance: A cash loan in exchange for a percentage of future credit or debit card sales which typically requires a credit score above 525, two years of business history, and an annual cash flow of around $180,000.
Commercial mortgage: A loan for real estate used for business purposes with an average term of 20 to 25 years up to $500,000,000 (or more)
Invoice factoring: Selling unpaid invoices for a fee ranging from 10% to 20% of the total amount owed
Business loan features will vary depending on which lender you go with. However, here are a few general features you can expect from loans through Lendzi’s partners:
Loan Flexibility
One of the major benefits of Lendzi business loans is the flexibility they offer. Borrowers can choose the best loan option that suits their individual needs from the variety of loan terms available.
Competitive Rates
Lendzi offers competitive interest rates, which makes it an attractive option for borrowers who are looking for a business loan. The interest rate depends on many factors, but in general, the lower the loan amount and higher the credit score, the lower the interest rate.
Quick and Easy Application
Find out if you qualify for a business loan and connect with a suitable lender within minutes with the help of Lendzi’s online matching service.
Soft Credit Check
Don’t worry about any hard credit checks when you’re searching for a business loan. Lendzi's pre-approval checks won't affect your credit score and you can view non-obligatory options instantly.
Application Process
The application process for a Lendzi business loan is relatively straightforward. In just three simple steps, you can be on your way to taking your business to the next level. All you need to do to get started is head over to the official Lendzi website, where you’ll find an online application form.
You’ll need to provide some basic information such as the total loan amount, your business name, how long you have been in business, your monthly gross avenue, the reason for the loan, your credit score, personal income, and your zip code.
Once all of the required information is submitted, you’ll receive access to view funding options tailored to your unique business needs. And the best part about this is that the process only takes a few minutes! You can view non-obligatory offers that will not harm your credit.
Finally, choose a loan option that suits your needs and apply. If approved, you can have the money in your account in as little as 24 hours.
When it comes to loan terms, these will differ depending on which lender you opt for. However, here are a few general loan terms you should keep an eye out for and consider before signing any agreements:
Interest Rates
With Lendzi, loan options are available for people with all types of credit scores. Each loan will have a different interest rate (APR), so make sure you are aware of this before you make your choice. The lower the APR, the easier it is to make repayments, and the better for you.
Penalty Fees
Check the terms and conditions of your loan agreement to stay aware of any hefty fees you may face if you cannot make one of your monthly payments.
Collateral Free
If you want to avoid risking the loss of personal or business assets, then look out for collateral-free options.
All lenders offer different repayment terms. After choosing the most suitable loan firm for your situation, ensure you have full transparency of their repayment terms and conditions. You can find this information on your loan agreement, or the representative will inform you on the phone.
Generally speaking, you will have a set monthly payment based on the information you provided and the APR you agreed to for your loan. Each payment will be deducted from your account on the same date every month until the loan is paid in full. Loan repayment periods vary from months to years, and the rate of APR will also vary with each firm. Avoid penalties that result from missed payments by keeping a close eye on your monthly installments.
Since Lendzi does not act as a direct lender, you should contact the business loan company you received your loan from with any questions you might have. However, if you wish to contact Lendzi with any inquiries on the service, you can reach the customer support team by email and one of the friendly representatives will be happy to help.
Lendzi is a BBB Accredited Business with an A+ rating. Lendzi also has a 4.9-star rating on Trustpilot, with many customers complimenting its excellent service.