Advertiser Disclosure

Lendio Review

Lendio does not originate loans directly, its network of over 300 business funders is designed as a one-stop-shop for financing.

    Shannon Vissers
  • 12 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Shannon Vissers

Shannon Vissers

Expert Analyst & Reviewer at Merchant Maverick
The former editor-in-chief of SteelOrbis, Shannon has been researching and writing about small business software and financing since 2015. Her shopping and retail expertise has been cited in numerous publications, including Reader's Digest, MSN, Yahoo Finance, and GOBankingRates . She has also published articles for LIVESTRONG.COM, eHow, Life'd, and other websites. Shannon attended San Diego State University, graduating in 2005 with a BA in English.
Shannon Vissers
View Shannon Vissers's professional experience on LinkedIn.



The Merchant Maverick Seal of Approval 🏆

Lendio



Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Lendio for yourself.

The Merchant Maverick Seal of Approval 🏆

Lendio



Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Lendio for yourself.

Sources

To learn more about how we score our reviews, see our Business Loan Rating Criteria.
Leave a comment

12 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Jamel King

    Organization Name: J King Trucking

    Service is Horrible, lied say my funds would be in my account the next day. Applied back in March, Funding manager want response after Serveral attempts to him for to contact me. Representatives are disrespectful & rude and tell lies to cover each other. I Will not recommend nobody to use Lendio a bunch of scammers!!

    1
    • Organization Name: J King Trucking
    Matt Keddington

    Organization Name: Eagle Fitness

    Do not use Lendio. Applied for second PPP in January. Got 4 different sets of loan documents. Four different funding managers. In the end no PPP$. Terrible customer service kept telling me everything looked good and should receive funding at anytime. In the end no funding. Now they are telling me sorry we are not able to help. You. We were 100% eligible and met all the criteria. Do not use.

    1
    • Organization Name: Eagle Fitness
    Steve

    Submitted my Paycheck Protection Program (PPP) application early in the “pre application” window, waited 5 months for Lendio to process my application only to find out they took too long and I missed out on the PPP because of them even though I did everything correctly and even submitted my application early. Here are some highlights, * TERRIBLE communication, worst I’ve ever seen from a company. They never told me they needed anything from me, they never contacted me for anything, no updates on the progress etc. The only times I found out they were waiting on a document from me was when I called in. I even checked my spam email and logged into my Lendio account every day. * Wrong information was displayed on my dashboard * Said they needed documents I already gave them multiple times* Got a different story nearly every time I talked them. For example I emailed them for an update and they said the SBA couldn’t match the loan number to the one I gave them even though the number I had was off an official SBA document that said “loan number”. Called Lendio to give that to them and turns out they didn’t need the loan number they needed my businesses EIN – even though they already had it, it was on 3 or 4 of the documents I had given them and in the information I filled out on the application. * Was assigned a funding manager which seemed great but they changed my manager 5 times in 4 months and NONE of them helped me. Most of the responses I got from them were poorly written emails with weird email signatures that actually made me question if it was spam. One manager even asked me to send a picture of my ID through email (even though I already uploaded it during the application) which is not secure and when it is possible to do this online. I did everything I was supposed to and was treated terribly and ultimately missed out on the PPP because of Lendio. This is probably the worst experience I have ever had with a company as a whole. I’ve had more unprofessional encounters with reps but never had an experience like this with a company as a whole.

    1
      Keith Salkowski

      Organization Name: Sweetheart Motion Picture Productions

      Lendio is a complete SCAM. Submitted a PPP application over one month ago. Get conflicting from emails from them about my application, the status of my application on their web site changes back and forth, get no response to two emails and a phone message from [Name Redacted] who’s listed as my contact person. They have all kinds of personal information god only knows what they’re doing with it.

      DO NOT USE THESE SCAMMERS!

      And the fact that this web site endorses them tells me they’re not legitimate, either.

      • Organization Name: Sweetheart Motion Picture Productions
      Jessica Dinsmore

      Hi Keith,

      Thank you for taking the time to comment here. I’m SO sorry you’ve had such a terrible experience with Lendio and got strung along like that. As you can imagine, you’re not alone in your frustration (I realize that’s a massive understatement). We get many messages like yours every day, reporting similar scenarios across a handful of lenders and lender matching platforms, unfortunately. If you haven’t already, I’d definitely suggest withdrawing your application from Lendio and reapplying elsewhere if you are still wanting a PPP loan. I can only assume that they are overwhelmed, as the SBA was a few months back, but that certainly doesn’t help your situation. We do make every effort to provide honest and accurate information on the companies we review (we are never paid to write positive reviews), and we do caution readers in the review:

      “Lendio has racked up a total of 95 complaints in the past three years, 92 of which were in the last 12 months. As you might imagine from that timing, these are mostly PPP-related complaints. Lendio is not currently rated by the BBB.

      As mentioned earlier, Lendio also received a warning from the Federal Trade Commission and SBA for “misleading coronavirus relief marketing.”

      Unfortunately by the time readers have seen these potential issues, they are already experiencing issues of their own. The SBA has a lender match tool that might be more helpful to you. I really hope that helps in some way. Best wishes to you!

        Byg's

        Do not use Lendio! I’ve been trying to get a PPP loan through them for 3 months now. NO communication whatsoever with their customers. I can’t even get them to figure out who the application was submitted to so I can withdraw the application. Take my advice and use someone else…

        1
          Anh

          Organization Name: Glow Hair Salon LLC

          The worse company that I have ever had!I strongly recommend you: Do not apply your ppp loan with Lendio since no live person answering the phone calls if u have any issue or concern!

          1
          • Organization Name: Glow Hair Salon LLC
          John

          One of the worst, applied for the PPP but i told them i wanted to wait before moving forward because there was going to be an option where you can choose line 7 instead of line 31 in your schedule C. We waited and as soon as it was passed, i called them and they had me send documents and had me choose line 7 and so forth. Then i ended up not getting the line 7 but was offer line 31 and lendio had no idea what happened and said i did everything right and they have no idea what happened, after that they just ignored my phone calls and emails, even when i called corporate, they dont care. They tell you they will let their supervisor know and will contact you soon but they never do. They screwed me over and they ignore you after that, not just the agents but the corporate themselves, they dont care if you’re business and employees are suffering, they make a mistake and they ignore you after that, they dont try to fix it or compensate. Everyone told me to go to this other person and i should of listen but i didnt and went with lendio. So everyone else please listen to me and avoid lendio before you get screwed over like i did. No matter who i talked to they always ask what my business is, which is a nail salon and end up ignoring me, i wonder why.

          1
            Jonathan

            Organization Name: Campana Association

            On 2/17 my business submitted an application for the 2nd round of PPP. The representative emailed and wrote to make sure everything was up to date. Then two weeks later she calls and ask for 2019 tax information. I had to remind her that my business started in early January 2020. She apologize and updated the invalid date. Then she requested the 2020 941/940’s which I had already uploaded to the portal. On March 1, 2021 our application was switch to another representative and he asked for the same information that I have already uploaded to the Lendio portal. Now I am being told my business has already been assigned a loan number but, no one has provided sed loan number and we have check the CAWEB portal still no new loan number. I have called countless of times and now I’m frustrated. All I want to do is be a business owner and provided for my clients as well as family. The reason for the 1 star is because it has been a month and we have not received any update just emails requesting documentation that I have uploaded to the portal. Now I’m stuck because every time I try to apply for another lender I am being denied because it states my business has been assigned a loan number which no one thought to provide to us. Lendio has been a disappointment for a lot of self employed/business owners. Reddit has a lot of angry people stating the same or worse about Lendio.

            1
            • Organization Name: Campana Association
            Gary

            Organization Name: REDCO

            DO NOT USE LENDIO. This company will destroy any and all chances of being able to obtain your PPP Loan.

            1
            • Organization Name: REDCO
            Bryan

            Organization Name: Chill Time INC

            Dont mind me asking, why sir?

            Currently using them for PPP

            • Organization Name: Chill Time INC
            James Valerio

            Organization Name: Breezecon

            Tried getting a loan , Lendio is pushing me towards an SBA Loan .
            Not listening to my needs
            WHY ???

            • Organization Name: Breezecon

          Leave a Reply

          Your email address will not be published. Required fields are marked *

          Your Review

          Comment moderation is enabled. Your comment may take some time to appear.
          Please read the "User Review and Comment Policy" before posting.

          Get Started With A Top Pick! 🏆

          Lendio gets our expert seal of approval.

          Our team of experts spends hours on every review so that we can find the best companies to recommend to our readers. Lendio made the cut!

          Learn More About Lendio

          Get started with no commitment today.

          Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

          The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

          Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

          Sign up for the Maverick Newsletter

          • Please select topics of interest

          • We occasionally send out emails with special offers.
          • This field is for validation purposes and should be left unchanged.