The travel industry has Priceline and Expedia. It only makes sense that the platform model would also become popular in the small business financing world. Enter Lendio — a business loan marketplace that partners with over 75 active banks, credit unions, and alternative lenders.

Lendio works with traditional lenders such as the Small Business Administration and alternative lenders such as Kabbage and OnDeck, making it a good resource for any small business need. From equipment financing and merchant cash advances to lines of credit and invoice financing, you can find it all on Lendio.

How Does Lendio Work?

Lendio is a platform that matches small business owners with lenders whose qualifications they meet. It has a unique process for facilitating loan applications. Here’s an overview:

  1. Enter information, such as how much money you need, your personal credit score and monthly business revenue, to see a list of sample offers.
  2. Create an account and start an application. You’ll be asked basic information about yourself, including your Social Security number, so Lendio can do a soft credit check. You’ll be asked questions about your business, as well.
  3. Lendio will spend up to 72 hours shopping your information around with its partners. Then, you’ll be able to see what kinds of small business funding you can get.
  4. A Lendio representative will contact you. You’ll get time to compare loan offers, with Lendio’s assistance — a nice touch.
  5. You make your decision and then finalize the application with the lender.

Finding a loan that suits you through Lendio can take as little as a few days. Since each lender has a different process for approval and transfer of funds, it can be anywhere from 24 hours to weeks or months before you get funding. Keep in mind the lender’s funding process, especially if time is tight and you need cash now.

What Makes Lendio Stand Out?

Founded in 2006, Lendio has emerged onto the scene as one of the biggest new players in small business financing. That’s because it has capitalized on the platform model.

Specifically, Lendio stands out in the following five ways:

  • Accuracy: While there are other business loan marketplaces, they arguably aren’t as good as Lendio when it comes to simplifying the search and connecting you with lenders that will actually approve you.
  • Saved time: You don’t have to research or apply individually with lenders. Lendio does the legwork. The service can save you days of manpower.
  • Seamless process: From the website design to the clear forms, the application is hassle-free.
  • Variety of options: Lendio aims to connect you with any sort of funding — and it generally accomplishes that.
  • Great customer service: From actual phone calls to help with comparing loans, Lendio does a good job of making sure its customers get the right loan.

Common Reviews of Lendio

Lendio’s service gets good reviews overall.

For instance, on TrustPilot, where you’ll find hundreds of relatively new reviews, customers praise Lendio’s great customer service, fast and easy application, abundance of funding options, and helpful assistance when comparing loans. Many say the service saved them lots of money by connecting them to the best possible lender. Others say Lendio gave them financing options when they felt they had nowhere to go.

Of course, there are some negative reviews. But they are few and far between. For example, on the Better Business Bureau’s website, customers have complained about undesirable rates and terms on loans they were offered. Others complain about the slow funding process in comparison to going directly to alternative lenders. Some were also surprised that they weren’t approved for loans they wanted. Do note that since Lendio is just a marketplace, these negative experiences aren’t necessarily the company’s fault.

Is Lendio Right for You?

The short answer is yes. At the very least, you should use the site as a resource to find desirable funding for your small business.

Whether you need a short-term cash infusion for payroll or a long-term loan for debt refinancing, Lendio has partners that can offer funding. On top of that, if you want more guidance when comparing loans, Lendio’s team is there to help.

Unless you need money by tomorrow, Lendio is a great option. A short time frame is arguably the only reason you shouldn’t start your search on a platform like Lendio.

Overall, Lendio’s platform model has been a great addition to the small business lending industry. It saves research time on your end by showing loans that you can be approved for in minutes.

As with any service of this type, compare the loans that Lendio offers. Choose the one that puts your business in the best position to thrive.