Lendtek Review

Pros

• Multiple types of financing available
• Dedicated SMB Financing Specialist
• Same day funding available
• Pre-payment discounts

Cons

• Funds are not always instant
• Limited rate & fee information

What Is Lendtek?

Lendtek is an AI-powered lending marketplace that connects businesses with a wide range of financing options through a single application. Lendtek partners with regional and national banks, credit unions, and alternative funding sources to provide short- and long-term solutions for all types of businesses — including those with limited credit history or startups.

But Lendtek isn’t your average marketplace. While you can apply online, it also offers powerful mobile apps for Android and iOS to make funding more accessible. It provides a personalized experience with dedicated lending advisors who help guide customers through the process. And beyond traditional business loans (like SBA and term loans), Lendtek also offers innovative products such as HELOCs that can be used for business funding — a unique option rarely found with other marketplaces.

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. The application 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, only a soft credit pull is performed, so your credit score is not affected. Some products may require a hard pull once you accept a lender’s offer, but the majority of products do not involve a hard pull at all and have no impact on your FICO score.

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. We also like that it has strong mobile apps to simplify the application process.

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.

The Merchant Maverick Seal of Approval 🏆

Lendtek	Visit Site

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

The Merchant Maverick Seal of Approval 🏆

Lendtek	Visit Site

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