7 Lendio Competitors: Explore Online Lending Alternatives For Your Business

BlueVine is a well-established fintech lender that’s gone through a number of iterations. Currently, BlueVine offers lines of credit and business banking services. Though BlueVine’s lending products are limited, its lines of credit can be a lifeline to businesses that have a combination of fair credit (600) and relatively low monthly revenue ($10,000).

How BlueVine Is Different From Lendio

OnDeck is one of the older names in alternative lending. While it’s not the cheapest option around, business borrowers can benefit from OnDeck’s repeat customer policy, which offers lower rates to returning applicants. OnDeck’s rates range from 29.9% to 99.9% APR (based on loans originated in the half-year ending March 31, 2022).

OnDeck does offer loans with no prepayment penalty, just be aware that you have to request the option, which may increase the interest rate of your loan.

How OnDeck Is Different From Lendio

If you’re looking for a service that works very similarly to Lendio but isn’t Lendio, Fundera is a pretty obvious choice.

Fundera is a loan matchmaking service, meaning you’ll apply to multiple lenders in Fundera’s network with a single application. This comes with convenient perks like an eligibility tracker, which can inform you when you qualify for new products. Compared to Lendio, Fundera’s network is smaller but carefully curated.

How Fundera Is Different From Lendio

Kabbage fills a niche similar to BlueVine, with a focus on lines of credit and bank-like services. Kabbage’s credit limits are relatively low but should be accessible to even very small businesses with low monthly revenue. The trade-off is that Kabbage’s credit score requirements are a little bit higher (640) but still lower than what you’ll generally see from traditional lenders.

How Kabbage Is Different From Lendio

If you’re looking specifically for SBA loans, you may benefit from working with a company as specialized as SmartBiz. SmartBiz and its bank partners are focused entirely on helping businesses navigate the complicated but popular SBA 7(a) business loan program. Since SmartBiz only deals with SBA loans, you’ll know what kinds of rates and terms you can expect upfront. Just remember that even with SmartBiz’s excellent customer service, the SBA loan application process takes some time.

How SmartBiz Is Different From Lendio

While matchmaking services like Lendio can be a great way for businesses with poor credit or limited history to find a lender, sometimes they can benefit from a more specialized service. Accion partners with Lending Club to offer term loans to businesses that tend to be underserved by the traditional lending industry, including women-, minority-, and veteran-owned businesses.

Just be aware that Accion is still a California-centric service, so it may not be fully available in your state.

How Accion Opportunity Fund Is Different From Lendio

Growing businesses may need more capital than some of the other options on this list can provide. Those businesses may want to take a look at US Business Funding, which can provide up to $10 million in equipment financing or working capital. If you’re looking for a fintech lender that provides terms somewhat similar to a traditional bank, albeit with higher rates, US Business Funding can probably take care of many of your needs.

How US Business Funding Is Different From Lendio