Lendio Review 2026

Lendio's APR range spans from 4.63% to 60.00%, which reflects the enormous variety in its partner network. Here is what we found across the main product types:

Business Term Loan: APR from 10% to 27% typical. Loan amounts from $5,000 to $2,000,000. Terms of 1 to 5 years with fixed monthly payments. Origination fees average 5%, deducted from proceeds.

Business Line of Credit: APR from 10% to 28%. Credit limits of $1,000 to $250,000. Terms of 16 to 24 months. Draw fees up to 3% per withdrawal, plus annual maintenance fees around $200.

SBA 7(a) Loan: APR from 9.75%, variable up to 14.75%. Loan amounts up to $5,000,000. Terms of 10 to 25 years. Government-backed with prime rate + markup. These are the best rates in Lendio's catalog, but they require stronger qualifications and the funding process takes 1 to 2 months.

Merchant Cash Advance: Factor rates of 1.1 to 1.5, which translates to a much higher implied APR. Funding from $5,000 to $200,000 with terms up to 2 years. Repayment is based on daily credit card sales. These carry the highest cost of capital in the marketplace.

For context, the SBA 7(a) benchmark rate sits around 9% APR (prime + 2.75%). Lendio's SBA offers are competitive with this benchmark, but its term loans and MCAs can cost multiples more. On a $50,000 term loan at the median APR, we estimate first-year borrowing costs of roughly $11,665, including approximately $9,165 in interest and a $2,500 origination fee.

Minimum qualifications vary by product, but Lendio's baseline requirements are:

- Minimum credit score: 560 (some MCAs accept as low as 500)
- Time in business: 6+ months (SBA loans require 2+ years)
- Annual revenue: $50,000/year minimum (some lenders require $8,000+/month)
- Collateral: Varies by lender and product. Some require a personal guarantee or down payment.

Lendio uses a soft credit pull for its initial matching, so your score is not affected by applying. The hard pull happens later when you formally apply with the matched lender. Some borrowers on Trustpilot have reported unexpected hard inquiries appearing on their credit reports from lenders they did not directly authorize, which appears to stem from Lendio sharing applicant data across its partner network.

The initial application takes about 15 minutes on Lendio's website. You enter basic business information (revenue, time in business, desired loan amount, credit score range) and Lendio runs a soft credit check. Within hours, a funding specialist calls to discuss options and present matches.

Once you select a lender, you complete a more detailed application that typically requires bank statements, tax returns, financial statements, and a business plan for larger or SBA loans. The exact documentation depends on the lender and loan type.

Funding speed varies: Lendio advertises funding in as fast as 1 business day for simpler products like MCAs and short-term loans. SBA 7(a) loans take 1 to 2 months. The fastest turnaround we found documented was 24 hours for working capital loans, but most term loans close within 2 to 7 business days after full document submission.

Support is available Monday through Friday, 7:30am to 5pm Mountain Time. There is no weekend or evening support, which can be a bottleneck if you need to resolve issues during the closing process.

We could not locate a dedicated CFPB complaint profile for Lendio, which is consistent with its status as a marketplace rather than a direct lender. Complaints about specific loans would typically be filed against the originating lender, not Lendio itself.

However, Lendio does have 21 complaints on file with the Better Business Bureau while maintaining an A+ rating. Merchant Maverick's review noted 18 BBB complaints over three years, with 9 closed in the past 12 months. The FTC and SBA jointly issued a warning letter to Lendio in May 2020 regarding potentially misleading marketing of PPP loans during the pandemic, though this related to its COVID-era lead generation practices rather than its standard lending marketplace.

The BBB complaints center on two recurring themes: borrowers receiving aggressive and persistent phone calls from third-party lenders after submitting their information, and borrowers being surprised by high interest rates that were not disclosed before the full application was submitted.

Bluevine is a better choice if you specifically need a business line of credit. It offers APRs from 6.2% with a more direct lender relationship, and you avoid the data-sharing concerns of a marketplace model.

Fundera (now part of NerdWallet) operates a similar marketplace model but with a smaller lender network. It may be preferable if you want a more curated set of offers with less spam from third parties.

OnDeck is the option for emergency same-day funding. Its average APRs run 52% to 57.9%, which is expensive, but funding is faster and you deal with one lender directly.

Your local SBA-preferred lender or credit union remains the best option if you have strong credit (680+), 2+ years in business, and can wait 30 to 60 days for funding. SBA 7(a) rates near 9% APR will beat anything in Lendio's alternative lending network.

If you have good credit and a clear idea of what financing you need, going direct will almost always save you money and protect your data. Lendio's value is in the comparison shopping, not in the rates themselves.