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Lendio In-Depth Review
In a nutshell: Lendio is a free online service that helps business owners find the most suitable small business loans within minutes. The company has a network of over 75 lenders offering multiple loan products and it matches prospective businesses with one or more of its 75+ financial institutions.
Lendio In-Depth Review
In a nutshell: Lendio is a free online service that helps business owners find the most suitable small business loans within minutes. The company has a network of over 75 lenders offering multiple loan products and it matches prospective businesses with one or more of its 75+ financial institutions.
Lendio In-Depth Review
In a nutshell: Lendio is a free online service that helps business owners find the most suitable small business loans within minutes. The company has a network of over 75 lenders offering multiple loan products and it matches prospective businesses with one or more of its 75+ financial institutions.
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Overview

Founded in 2011, Lendio has become the leading small business lending marketplace in the US. They offer a number of loan products including a business line of credit, ACH loans, SBA loans, equipment financing, and more. Small business loans range from as little as $5,000 all the way up to $25 million. Repayment terms vary between three months to twenty-five years and rates vary according to lender, but typically range between 3% to 30%. Upon qualifying, Lendio matches prospective businesses with one or more of their 75+ financial institutions, meaning businesses with a range of financial needs and credit scores can qualify.

Features

Since Lendio works with a large group of financial institutions, rates and terms are flexible and can range from lender to lender. After submitting the online application form, Lendio will have a dedicated lending specialist contact you with a number of offers and it is then up to you to choose which loan best suits your business.

When it comes to loan products, Lendio features a number of different financing solutions including a business line of credit, SBA loans, short-term loans, merchant cash advance, business credit card, equipment financing, commercial mortgage, American Express merchant financing, and acquisition loans.

Application Process

Lendio's application process is free and easy to use. It allows businesses to view their potential lending options without affecting their credit score. In order to apply, small businesses must generate monthly revenues of at least $10,000, be in business for at least 6 months, have a credit score of 560 or better, and no history of bankruptcy.

Repayment Terms

Repayment terms vary depending on the lender, loan amount, term length, and other factors. With Lendio's network of 75+ financial institutions, you can be sure to see a variety of lending options and choose the repayment terms you find most comfortable.

Customer Support

Lendio offers numerous forms of customer support, offering service by online contact form, phone, or post.

In addition to their customer support, they have a dedicated small business blog providing helpful financial tips and guides. You can also find helpful information on one of Lendio's social media channels, whether on Facebook, Twitter, or LinkedIn.

prosAndCons icon
PROS
  • Network of 75+ financial institutions
  • Flexible rates
  • Low minimum credit score
prosAndCons icon
CONS
  • There may be prepayment penalties
  • Requires 1 year in business
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Top 3 Lenders
Lendio at a Glance
9.6Editorial Score
Loan terms
10
Acts as a marketplace offering options from various lenders so terms vary
Application process
10
Application process is straightforward and can be completed online
Eligibility requirements
10
Clear and fair eligibility criteria, including standard industry requirements,
Additional benefits
9.0
Some access to financial advisors, limited educational materials, few perks for repeat borrowers
Customer service and support
9.0
Available during business hours with limited access on weekends, few contact methods, and slower response times
FAQs About Merchant Cash Advance Loans
Looking for a merchant cash advance loan but not sure where to start? We're here to help! In addition to our in-depth brand reviews, we provide answers to some of the most commonly asked questions about merchant cash advance loans.
What is a Merchant Cash Advance?
A merchant cash advance (MCA) is a lump sum of capital given to a business in exchange for a percentage of future sales. The repayment is tied to daily credit card transactions, making it a flexible and fast funding option for businesses with fluctuating sales.
How do Merchant Cash Advances work?
With a merchant cash advance loan, you receive a lump sum upfront and repay it through a percentage of your daily revenue or credit card sales. The more sales you make, the faster you repay.
What are the benefits of a Merchant Cash Advance?
Merchant Cash Advance terms will vary depending on influencing factors. However, some typical terms apply:

  • Quick funding: Access cash in 24-48 hours.
  • Flexible repayment: Payments are based on sales.
  • No collateral: No assets required.
  • No credit score check: Approval depends on revenue, not credit score.
Are Merchant Cash Advances expensive?
MCA loans can be more costly than traditional loans due to higher fees and daily repayments. However, they offer faster funding and more flexibility for businesses with variable sales.
Who is eligible for a Merchant Cash Advance?
Eligibility typically requires a business with at least 6 months of operation, consistent monthly revenue (usually $5,000 or more), and a strong history of credit card sales.
How much can I borrow with a Merchant Cash Advance?
The amount you can borrow depends on your business’s monthly credit card sales. Lenders offer a percentage of those sales as an advance.
Is a Merchant Cash Advance right for my business?
MCA loans may be an option for businesses that need fast funding but don’t qualify for traditional loans, particularly those with high credit card sales or seasonal income.

Alternatives to this include small business loans, which you can apply for through banks or online lenders. You can choose from short-term or long-term business loans, depending on your financial circumstances. This option will always run a credit check, however, interest rates are relatively lower so acts as a suitable alternative for Merchant Cash Advances.

*American Express Business Line of Credit Disclosure: All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors. American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This chart contains general information about the American Express® Business Line of Credit installment loan type only.
**Biz2Credit Disclosure: See website for details. Varies depending on product and qualifications.
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