Lendtek Review

Pros

• Multiple types of financing available
• Relaxed borrowing requirements
• High borrowing amounts
• Dedicated lending advisors
• Fast funding

Cons

• Potentially high rates
• Complaints about spam

What Is Lendtek?

Lendtek is a small business lending marketplace that connects businesses with a variety of funding options after filling out a single application. Lendtek partners with over 100 lenders to provide short- and long-term funding options to all types of businesses — even those with less-than-perfect credit or newer businesses.

But Lendtek isn’t your average marketplace. It offers a personalized touch by providing its customers with dedicated American Bankers Association-certified lending advisors. And while you’ll find a lot of your traditional business loans here (like SBA and term loans), Lendtek also offers HELOCs that you can use to fund your business — a unique option you don’t find with most business lenders.

Services Offered By Lendtek

Through its lending network, Lendtek offers a variety of business funding options, including:

• HELOCs: A HELOC (or Home Equity Line of Credit) gives you a flexible line of credit based on the equity in your home. This line of credit can then be used for various business purposes.
• Term loans: Term loans are traditional lump sum loans that are typically used for a specific purpose, such as expanding your business or buying equipment.
• SBA loans: Small Business Administration loans are government-backed funding with low rates and long repayment terms. Lendtek offers SBA 7(a) loans, 504 loans, and microloans.
• Business lines of credit: A business line of credit is flexible funding that can be drawn from as needed to cover emergencies, short-term needs, and unexpected expenses.
• Revenue based financing: This is a lump sum of capital that’s repaid by withholding a fixed percentage of your future credit card or debit card sales until the balance (plus fees) is paid off.
• Equipment financing: Loans that are used for purchasing equipment that’s essential for your business.
• Invoice financing: Use your qualified unpaid invoices to receive funding to improve cashflow.
• Business credit cards: A business credit card can be used online or in person for any type of business purchase — from paying a utility bill to covering supplies and inventory.
• Merchant cash advances: Get a cash advance that is repaid through a percentage of your daily credit card sales.

Lendtek offers a variety of short- and long-term funding options to cover nearly any business need.

Borrower Qualifications

One of the reasons we like marketplaces so much is that they aren’t as restrictive as direct lenders. Because Lendtek works with numerous lenders, it’s easy for business owners to connect with the best rates, terms, and products that are best for their specific needs.

Even business owners with credit challenges, newer businesses, and businesses that may not meet the requirements of traditional lenders can find funding with Lendtek.

To qualify for funding through Lendtek, you must meet the following minimum requirements:

Note that meeting the minimum requirements does not mean you’ll qualify for all products available through Lendtek. The lowest rates, best terms, and largest borrowing amounts are typically available to established businesses with good credit and solid revenue.

Rates & Fees

Because it is a lending marketplace, Lendtek’s rates and fees vary by factors including the type of loan you receive and the lender you work with.

However, Lendtek does provide some information, which is more than what you see with some marketplace lenders. The following table breaks down rates and fees available through Lendtek’s network.

Note that rates and fees for certain products (such as HELOCs) are not disclosed. You can contact Lendtek directly for more information.

Based on what is publicly available, Lendtek offers competitive rates and high borrowing limits — both things we love to see from lending marketplaces.

Application Process

Lendtek has an easy, straightforward application process. It starts with the online application, which asks standard questions about you and your business. Once you’ve completed and signed the application, you can upload your bank statements as PDFs or connect your bank account securely through Finicity by Mastercard.

Once your information has been submitted, Lendtek’s proprietary software matches you with loans. If you see an offer that works for your business, you can move forward in the process. Once everything is completed, you can receive funds in as little as 24 hours (although note that some loans, such as SBA loans, may take longer to fund).

During the application process, a soft credit pull is performed, so your credit score isn’t affected. If you accept a lender’s offer, a hard pull will be performed in most cases before finalizing the loan.

If you get stuck along the way, you can work with a dedicated lending advisor for assistance and guidance.

You can get started through Lendtek’s website, or you can easily apply through Lendtek’s iOS and Android apps.

Sales & Advertising Transparency

While Lendtek doesn’t disclose everything, it does a pretty good job of providing enough information that you know what you can expect. The Lendtek website gives information about interest rates, loan amounts, and even the amount of time it takes to receive funding.

FAQs provide information about applying for loans, how to qualify, and other basic information. There is nothing that screams “gimmicky” about the website, and it’s pretty easy to navigate.

However, like other lending marketplaces, you won’t know the specific information about your rates, fees, and terms until you’re paired with a lender. But, again, this isn’t uncommon in this industry, so there are no red flags here.

Lendtek has social media profiles. However, these are mostly empty, have no recent posts, or do not provide additional information that would be helpful to borrowers.

Customer Service & Technical Support

Lendtek offers a few ways to get in touch. You can reach Lendtek by phone, email, or through live chat. There’s also a company blog with some pretty useful information.

In terms of self-service options, Lendtek doesn’t have a knowledgebase, but it does have some general FAQs that give you a good idea of what the company offers. And while it does have profiles on Facebook, Instagram, X/Twitter, and LinkedIn, as previously mentioned, updates are infrequent (if not non-existent) and there’s not a lot of information about the company’s services.

As with most of the lenders we’ve reviewed, the quality of customer service is hit or miss. Fortunately, the positive feedback from customers far outweighs the negatives. While some say that communication dropped off after an application was submitted, most customers were pleased with the high level of support they received from start to finish.

You’ll also have a dedicated lending advisor you can turn to if you have any questions.

User Reviews

When it comes to user reviews, Lendtek has a pretty solid reputation. It earns a rating of 4.8 out of 5 (based on 400+ ratings on Google Reviews). It’s also accredited by the BBB, where it holds an A+ rating. A total of 14 complaints on the BBB website have been closed over the last three years. The company is responsive when it comes to complaints, and most have been resolved.

Negative Reviews & Complaints

There are a handful of negative reviews about Lendtek. Here’s a summary of what customers didn’t like:

• Spam emails, phone calls, & text messages
• Lack of communication after application was submitted
• High interest rates for some products

Positive Reviews & Testimonials

There are far more positive reviews, with customers praising the company for:

• Professional staff
• Fast & easy loan process
• Excellent communication
• Solid funding options

Final Verdict: Is Lendtek Worth It?

With so many lending marketplaces at your disposal, it’s easy to ask, “Why Lendtek?” While it does share some similarities with other marketplaces, there are a few notable features that stand out.

Lendtek’s proprietary software makes it easy to apply for a loan, get approved, and get funded — sometimes in as little as 24 hours. Lendtek also offers a good variety of loans, including HELOCs, which isn’t something you see very often within a business loan marketplace.

Lendtek also has relaxed borrowing requirements, so there are options available for businesses that may not qualify for funding through traditional lenders. You’ll also get a dedicated lending advisor to help you navigate the application, answer any questions, and help guide you through the lending process to find the right funding solution for your business.

Spam marketing and getting ghosted after hitting “submit” on an application are worth keeping an eye on, although the vast majority of customer reviews are positive. And while its social media profiles are a bit lacking, Lendtek comes out pretty strong in all other areas.

Overall, we recommend Lendtek if you want to easily compare different loan offers with the potential to receive fast funds and competitive rates. However, if you aren’t sure if Lendtek is right for you, make sure to check out our picks for the best small business loans to explore more options.

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

• Rates & Fees: 20% of the total star rating
• Services: 20% of the total star rating
• Eligibility Requirements: 20% of the total star rating
• Application: 15% of the total star rating
• Sales & Advertising Transparency: 10% of the total star rating
• Customer Support: 5% of the total star rating
• User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

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