Lendio and Merchant Maverick: Making Business Loans Easier

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With the advent of online business loans — loans that are fast and easy to obtain online — merchants have more financing options than ever. Before, when business owners needed money, they had to go to a bank or credit union or work with niche funding options like invoice factoring and merchant cash advances. Now, business owners can check their eligibility for a plethora of business financing options from their own computers.

While this is good news for business owners, it presents a new problem: with all the business lenders out there, how do you find the right one for your business? Where do you look for a reputable online lender with decent rates? Merchant Maverick has partnered with Lendio, a business finance company, to answer those questions.

What Is Lendio?

Lendio is an online matchmaking platform that connects merchants to business financers across the nation. Instead of spending time applying for individual loans and comparing offers, merchants who apply for Lendio only have to fill out one 15 minute questionnaire. When you apply, Lendio will shop your business around to its partners and bring you the best offers it received from its network.

With over 75 different partners, Lendio is the largest business finance matchmaking service in America. Their partners offer everything from traditional term loans to more unusual types of financing like merchant cash advances (and everything in between). Below are the types of loans that you might be able to receive through Lendio:

  • Business lines of credit
  • SBA loans
  • Bank loans
  • Short-term loans
  • Medium-term loans
  • Long-term loans
  • Merchant cash advances
  • Business credit cards
  • Equipment financing
  • Commercial mortgages
  • Accounts receivable financing (invoice financing)
  • Startup loans
  • Business acquisition loans

Lendio works with a wide variety of lenders, including well-known brands such as American Express, OnDeck, and Kabbage.

Are You Qualified? Borrower Requirements For Lendio

Anybody can apply for financing through Lendio; however, the company cannot guarantee that you will be matched with any business financers. Currently, about 65% of business owners who apply attain financing through Lendio.

To improve your chances of receiving financing, Lendio recommends that you meet or exceed these business benchmarks:

categoryminimum requirement

Time in Business

6 months

Business Revenue

$10,000 per month

Personal Credit Score

550

Sound like something you’re interested in? Follow the link below to start an application, or read on to learn more about the application process.

Get Started With Lendio

Step-by-Step Application Process

The Lendio questionnaire can normally be completed in about 15 minutes. After you complete the application, Lendio will shop your request around to its partners and, if they find any matches, will return with quotes within 72 hours. When you have decided on an offer, you may have to complete a full application with the partner before receiving your funds.

The questionnaire contains five steps:

  1. Enter basic info
  2. Enter owner info & make an account
  3. Enter information about your business
  4. Upload documents
  5. Review the application

In all, the application generally takes around 15 minutes to complete. However, because the bulk of the time is dedicated to compiling and uploading various business documents, it may take you more or less than 15 minutes depending on how easily you can access the necessary documents.

The first and longest step is entering basic info. At this stage, you will have to enter general information about your business and the loan you’re looking for. For example, you will have to provide your monthly and annual revenue, your personal income, the industry you are in, and why you want the loan.

The next step is owner info. In this stage, you will have to provide contact info and make an account so you can come back later if you don’t finish.

After owner information, you’ll need to add business info, such as your address and whether or not you are renting.

In the penultimate stage, upload documents, you will have to upload your last three months of bank statements. 

When you have uploaded all the necessary information, the only step left is to review your information and submit the application.

If you run into any problems or have any questions during the application process, support is available via live chat to help you out.

After you submit the questionnaire, Lendio will spend some time gathering offers from their partners before presenting the best ones to your business. If they have found a match, you should receive offers within 72 hours of completing an application. When you have chosen the best offer for you, you might have to supply additional documents, depending on the partner funder. The time from funding to application will vary depending on the partner you are working with. If you’re on a tight schedule, it’s best to inquire how long verification will take before choosing an offer.

Ready to check your eligibility? Click the link below to get started.

Get Started With Lendio

Bianca Crouse

Bianca Crouse

Bianca Crouse has been writing about business loans and finance for three years. In addition to Merchant Maverick, she has appeared in Startup Nation and Business.com, among others. She has a BA in English from George Fox University and lives in the Pacific Northwest.
Bianca Crouse
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