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Lendio
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Lendio
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1.3 out of 5 stars
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Lendio Reviews & Provider Details

Editadmin
PS
President
Small-Business(50 or fewer emp.)
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Validated Reviewer
Review source: G2 invite
Incentivized Review
Describe the project or task Lendio helped with:

My business applied for a PPP loan with Lendio in January of 2021. In the beginning of the loan process, I received regular text and email updates from their document validation team. About 6 weeks after my initial application, I received several emails from Lendio that my application was incomplete. When I logged into their software, the status of my loan always said "pending." I must have reviewed my application a dozen times looking for anything that could be considered an error or omission, but nothing was missing.

My application was passed on to 5 different reps and after 7 months of trying to get the PPP loan, I finally was told that it was closed and that because I didn't have an active loan number with the SBA, that I would not be getting any funds from this round.

I couldn't be more frustrated working with a lender and won't be back to work with them ever again. I always responded to their emails the same day, but often didn't hear anything back for weeks or months. Calling did nothing to improve the communication. I felt disconnected from the loan process and never felt that I could rely on them to get me the PPP loan. Review collected by and hosted on G2.com.

What do you like best about Lendio?

The initial application process seemed straight forward. Review collected by and hosted on G2.com.

What do you dislike about Lendio?

Everything after the initial application process. I felt like a number, instead of a human. I never got the real reason why my loan was never accepted. It shouldn't take you 7 months of waiting to finally get an answer from a lender. Review collected by and hosted on G2.com.

What problems is Lendio solving and how is that benefiting you?

I used Lendio to apply for a PPP loan. I didn't realize any benefits from working with them. Review collected by and hosted on G2.com.

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Lendio Overview

Editedit
What is Lendio?

Compare options, choose your loan, and get funded fast.

Lendio Details
Discussions
Lendio Community
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Provider Description

Compare options, choose your loan, and get funded fast.

Seller Details
Seller
Lendio
Year Founded
2011
HQ Location
Lehi, UT
Twitter
@Lendio
13,197 Twitter followers
LinkedIn® Page
www.linkedin.com
523 employees on LinkedIn®
Erica P.
EP
Overview Provided by:
Erica Powell

Recent Lendio Reviews

Verified User
O
Verified UserSmall-Business (50 or fewer emp.)
0.0 out of 5
"Bait and switch"
Accounting services with their Sunrise product
Read more
PS
Paul S.Small-Business (50 or fewer emp.)
0.0 out of 5
"High hopes for using this lender for a PPP loan, only to end in extreme disappointment."
My business applied for a PPP loan with Lendio in January of 2021. In the beginning of the loan process, I received regular text and email updates...
Read more
Carly C.
CC
Carly C.Small-Business (50 or fewer emp.)
3.5 out of 5
"Easy to use and convenient, but not always the best support"
Lendio helped some of my clients and me apply for PPP loans when other banks would not accept the applications.
Read more

Lendio Media

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3 out of 4 Total Reviews for Lendio

1.3 out of 5
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3 out of 4 Total Reviews for Lendio
1.3 out of 5
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3 out of 4 Total Reviews for Lendio
1.3 out of 5
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Verified User in Internet
OI
Small-Business(50 or fewer emp.)
More Options
Validated Reviewer
Review source: Organic
Describe the project or task Lendio helped with:

Accounting services with their Sunrise product Review collected by and hosted on G2.com.

What do you like best about Lendio?

UI is OK, but has gotten worse over the past two years Review collected by and hosted on G2.com.

What do you dislike about Lendio?

Lendio acquired an accounting product (now called Sunrise) and are now forcing early adopters to pay monthly for a product they already purchased a lifetime license to. It would be fine to charge for new features, but they are forcing users to pay for already existing features (e.g. you can't modify your existing invoice templates without paying again).

I'm sure this is legal and all, but it's not a nice way to treat customers—especially early adopters... 👎 Review collected by and hosted on G2.com.

Recommendations to others considering Lendio:

Find something else Review collected by and hosted on G2.com.

What problems is Lendio solving and how is that benefiting you?

Less and less Review collected by and hosted on G2.com.

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Carly C.
CC
Senior Tax Analyst
Small-Business(50 or fewer emp.)
More Options
Validated Reviewer
Review source: G2 invite
Incentivized Review
Describe the project or task Lendio helped with:

Lendio helped some of my clients and me apply for PPP loans when other banks would not accept the applications. Review collected by and hosted on G2.com.

What do you like best about Lendio?

I loved that it was all online, and that it was fast/easy to apply from anywhere. Review collected by and hosted on G2.com.

What do you dislike about Lendio?

Some of my clients got multiple emails from different Lendio reps asking questions. It would have been nice to have 1 Lendio rep assigned to an account with direct contact info for that person so we didn't have to talk to a new person each time and re-explain what was going on. Review collected by and hosted on G2.com.

Recommendations to others considering Lendio:

It might be easier to use conventional financing sources if you/your client already has a good relationship with a lender. If not, then Lendio is a perfect solution! Review collected by and hosted on G2.com.

What problems is Lendio solving and how is that benefiting you?

Lendio gave my clients access to funding who didn't qualify with their regular business relationship because of whatever parameters those banks had put around applying for the PPP loans Review collected by and hosted on G2.com.

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Verified User in Retail
OR
Small-Business(50 or fewer emp.)
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Validated Reviewer
Review source: Organic
Describe the project or task Lendio helped with:

Short term funding for new location. Review collected by and hosted on G2.com.

What do you like best about Lendio?

Personable service. US Based representatives. Review different options. Review collected by and hosted on G2.com.

What do you dislike about Lendio?

After spending a lot of time with them. In the end, the lending options were exactly the same as a local bank plus a ton of predatory, 40% Interest Loan/Credit Products. Review collected by and hosted on G2.com.

Recommendations to others considering Lendio:

This is the same as any other online business lender. No an additional option to a reputable local lender.

Made promises in beginning. Later to offer predatory terms and rates that every business should stay away from. Dont waste time if you could not get loan from traditional bank! Review collected by and hosted on G2.com.

What problems is Lendio solving and how is that benefiting you?

No problems solved here. Learning to only seek funding from reputable in-person lender. Review collected by and hosted on G2.com.

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