Are you looking for funding options for your business? With so many companies out there, it can be overwhelming to know where to start. Fortunately, there are companies like Lendio that are committed to helping small businesses thrive.
In this blog post, we’ll explore some popular alternatives to Lendio such as Kiva, Fundera, Kabbage, and Funding Circle. But first, let’s address the elephant in the room: Is Lendio a reputable company? The answer is yes. With glowing customer reviews and numerous industry awards, Lendio is recognized as a trusted and reliable source for small business funding.
Another common question people have is whether Lendio charges a fee. The good news is that Lendio is a free service that matches borrowers with lenders. You’ll only pay fees directly to the lender you end up working with.
But what if you’re worried about your credit score? Does Lendio affect it? The short answer is no. Lendio’s pre-qualification process only involves a soft credit check, which won’t impact your credit score.
Now that we’ve cleared up some misconceptions, let’s dive into some Lendio alternatives and explore what they have to offer. Whether you’re looking for flexible repayment options, a quick application process, or personal attention from a loan specialist, there’s a company out there that can meet your needs.
So, let’s get started!
Companies Similar to Lendio
When it comes to securing financing for your small business, Lendio is one of the most popular names out there. But did you know that there are plenty of other companies like Lendio that offer similar services? Let’s take a look at some of them.
Fundera
Fundera is a platform that connects small business owners with a variety of different lenders. They offer a wide range of financing options, including SBA loans, equipment financing, and lines of credit.
Kabbage
Kabbage is an online lender that specializes in providing working capital to small businesses. They offer lines of credit up to $250,000, and their application process is quick and easy.
Fundbox
Fundbox is another online lender that offers lines of credit to small business owners. They focus on providing financing to businesses with less-than-perfect credit, so it’s a good option if your credit score isn’t great.
OnDeck
OnDeck is a lender that provides term loans and lines of credit to small businesses. They offer loans up to $500,000, and their application process is fast and easy.
SmartBiz
SmartBiz is an online lender that specializes in SBA loans. They offer loans up to $350,000, and their application process is simple and straightforward.
BlueVine
BlueVine is a lender that offers lines of credit and invoice factoring to small businesses. They focus on providing financing to businesses with high-revenue customers, so it’s a good option if you do a lot of business with large corporations.
In conclusion, while Lendio may be one of the most well-known names in small business financing, there are plenty of other companies out there that offer similar services. By exploring your options and finding the right lender for your business, you can secure the financing you need to take your business to the next level.
Kiva
Kiva is a nonprofit organization that offers loans to entrepreneurs in developing countries. The organization uses a crowdfunding model, allowing everyday people to lend small amounts of money to individuals in need. Here’s everything you need to know about Kiva.
How Kiva Works
Kiva partners with microfinance institutions around the world, which identify entrepreneurs in need of capital. These entrepreneurs create profiles on Kiva’s website, and lenders can browse the profiles and choose someone to lend money to. The loans are typically for less than $1,000 and have a repayment term of 6 to 12 months.
Once the loan is fully funded, it is disbursed to the entrepreneur. As the entrepreneur repays the loan, the lender receives their money back. Kiva has a 96% repayment rate, making it a smart choice for those who want to make a difference while also getting a return on their investment.
Impact of Kiva
Kiva has helped fund over 2.5 million loans since its inception, totaling over $1 billion. These loans have helped entrepreneurs start businesses, pay for education, and cover life-changing medical procedures. The organization has created a ripple effect of economic growth, with over 13 million jobs created as a result of Kiva loans.
Why Choose Kiva
Kiva offers a unique opportunity to help those in need while also supporting entrepreneurship. With a 96% repayment rate, lenders can feel confident that their money is making a real impact. Plus, Kiva’s crowdfunding model allows for small investments, making it accessible to anyone with a few dollars to spare.
In conclusion, Kiva is a powerful tool for fighting poverty and promoting economic growth. By lending to entrepreneurs in developing countries, you can help create a brighter future for individuals and communities around the world.
Fundera: An Alternative to Lendio
When it comes to finding the right financing for your business, Lendio might be the first name that comes to mind. However, there are other great options out there, and one of them is Fundera.
What is Fundera
Fundera is a loan aggregator that helps small business owners find the right funding for their companies. Like Lendio, Fundera works with a variety of lenders to offer a range of options to their customers. Fundera helps match small business owners with the best possible lender for their needs.
How Does Fundera Work
To get started with Fundera, all you need to do is create an account on their website. From there, you’ll be asked to fill out a loan application. Fundera uses this information to find the best lender for your needs.
Once Fundera has found the right lender for you, they’ll submit your application. From there, you’ll work directly with the lender to finalize the loan terms and get your funding.
Why Choose Fundera Over Lendio
While Lendio is a great option for many small business owners, there are a few reasons why you might prefer Fundera.
First, Fundera offers a more personalized experience. Because they work to match you with the best lender for your needs, you’ll have a higher chance of getting approved for the loan you need.
Second, Fundera offers a wider range of loan options. While Lendio primarily focuses on small business loans, Fundera also offers lines of credit, equipment financing, and SBA loans.
Finally, Fundera offers more transparency in their loan process. They’ll let you know upfront what kind of rates and fees you can expect, so you won’t be surprised by any hidden costs down the line.
While Lendio is a great option for many small business owners, it’s important to explore all your financing options before making a decision. Fundera is a fantastic alternative that offers a personalized experience, a wide range of loan options, and more transparency in their loan process. Consider giving Fundera a try the next time you’re in need of financing for your business.
Kabbage: A Lively Financing Platform for Small Businesses
If you’re looking for a lending company that provides high-quality financial services to budding entrepreneurs, then Kabbage is an excellent choice. Kabbage prides itself on being a unique lending platform that offers small businesses instant lines of credit without the rigid requirements of traditional lenders.
Getting Your Business Ready for Kabbage
Before delving deep into the features of Kabbage, it is essential to ensure that you have all the necessary documents required by the platform. You will need to have a valid ID, bank information, and social security number. Additionally, your business must have been operational for at least one year and have an annual revenue of $50,000 or more, excluding startups.
The Kabbage Lending Process
Kabbage provides a streamlined online application process that usually takes a few minutes. All you need to do is create an account, provide your business information, and connect your financial accounts. Once this is done, Kabbage will use this information to assess your eligibility and make a decision on how much credit to award you.
One of the advantages of Kabbage is that it gives businesses access to a line of credit up to $250,000. You can draw from this line of credit anytime you need funds, with interest rates ranging from 1.5% to 10%.
Kabbage’s Standout Features
Kabbage is known for its user-friendly platform that is accessible from any device, including smartphones. This platform provides businesses with real-time data on their spending and transactions. Kabbage also has a unique feature called the Kabbage Card that enables businesses to make payments from their Kabbage account wherever Visa is accepted.
Another benefit of using Kabbage is that it provides businesses with a six-month grace period before the repayment period begins. This means that businesses have a cushion period before they start paying back loans with interest. Furthermore, Kabbage doesn’t charge any prepayment fees, which means that businesses can settle their loan early and save money on interest charges.
In conclusion, Kabbage is a fantastic lending company that provides businesses with simplified financial lending solutions. Kabbage’s features and processes have been strategically designed to ensure that businesses have the resources they need to thrive. With easy-to-use features and flexible lines of credit, Kabbage is undoubtedly a valuable financing platform worth considering.
Funding Circle: An Alternative to Lendio
Looking for an alternative business loan provider to Lendio? Well, Funding Circle may be just what you need. Here’s what you need to know:
What is Funding Circle
Funding Circle is a peer-to-peer lending platform that connects businesses looking for loans with investors willing to fund them. Similar to Lendio, it offers a simple, streamlined loan application process with funding typically available within a few days.
How Does Funding Circle Work
As mentioned, Funding Circle operates on a peer-to-peer lending model, which means that individual investors fund each loan. After a business applies for a loan, Funding Circle assesses the application and assigns the loan a risk rating. This rating determines the interest rate that will be offered to investors. Investors can browse through open loan listings and choose which ones they want to fund.
What Types of Loans Does Funding Circle Offer
Funding Circle offers unsecured loans ranging from $25,000 to $500,000 with repayment terms of six months to five years. Interest rates range from 4.99% to 27.79%.
Is Funding Circle Right for Your Business
If you’re looking for a loan that can be funded quickly and a streamlined application process, Funding Circle may be a good choice for you. However, keep in mind that its interest rates may be higher compared to traditional lenders. It’s also worth noting that Funding Circle requires borrowers to personally guarantee loans, which means that in the event of a default, your personal assets may be at risk.
While Lendio is an excellent choice for business owners who want to compare financing options from various lenders, Funding Circle is an excellent choice for those looking for a specific P2P option. However, Funding Circle’s higher interest rates may be a concern for some. We recommend doing your research and comparing your options before making a decision.
Is Lendio.com Legit
When it comes to financing, there are many companies out there that claim to offer the best deals and loans for businesses. One such company is Lendio.com. But the question remains, is Lendio.com legit? Let’s take a closer look at this lender and what they have to offer.
About Lendio.com
Lendio.com is an online loan marketplace that connects borrowers with lenders. The company was founded in 2011 and has since helped thousands of businesses secure funding. They offer a wide variety of loans, including SBA loans, term loans, and lines of credit.
How Does Lendio.com Work
Lendio.com works by matching borrowers with the best lenders for their business needs. The process is simple: fill out a loan application on their website, and Lendio.com will search its network of lenders to find the best match. Once a lender is found, they will contact the borrower directly to discuss the terms of the loan.
Legitimacy of Lendio.com
Lendio.com is a legitimate company with a solid reputation in the lending industry. They have positive reviews from customers on third-party review sites like Trustpilot and have an A+ rating with the Better Business Bureau.
Pros and Cons of Using Lendio.com
Pros
- Lendio.com offers a wide variety of loans to choose from.
- The application process is simple and straightforward.
- Lendio.com has a vast network of lenders, which increases the chances of finding a loan.
- The company has good customer reviews and a high rating with the Better Business Bureau.
Cons
- Some borrowers may not qualify for a loan through Lendio.com’s network of lenders.
- The interest rates and fees may be higher than other lenders.
- The borrower may receive unsolicited calls from lenders once their information is submitted.
In conclusion, Lendio.com is a legitimate company that connects borrowers with lenders. They have a solid reputation in the lending industry and offer a wide variety of loans. However, as with any lender, borrowers should carefully read the terms and conditions before accepting a loan offer.
Does Lendio Charge a Fee
Lendio is a lending marketplace that connects small business owners with several loan types and lenders. Still, one question that comes to mind frequently is whether Lendio charges a fee for its services or not.
Lendio’s Platform and Services
First of all, it’s essential to understand that Lendio is not a direct lender, which means that it doesn’t fund loans itself. Instead, it acts as a loan facilitator, connecting borrowers with potential lenders through its online platform. In other words, it is an intermediary helping to match borrowers with lenders.
Lendio provides a free-to-use platform that makes it simple for business owners to apply for loans and allows them to compare loan offers from multiple lenders. The company’s services are free to its clients because they are compensated by the lenders that are on their platform. Lendio charges no fees or commissions to the borrower.
Fees and Interest Rates
That said, the lenders that Lendio partners with might charge fees to borrowers. However, these fees vary depending on the lender’s terms and the type of loan a borrower may qualify for. Some of the fees to look out for include origination fees, closing costs, application fees, and early repayment fees.
It’s also worth noting that lenders might charge interest rates that differ from one applicant to another. Factors such as the borrower’s credit score, business history, and location can all influence the interest rates offered by lenders that a borrower may work with through Lendio.
In conclusion, Lendio itself does not charge any fees to borrowers. Instead, it offers a free platform for small business owners who want to secure loans from multiple lenders. It is essential to note that the lenders that Lendio works with might charge borrowers some fees and interest rates, depending on various factors. It is crucial to read the terms and conditions carefully before signing any loan agreement to understand the charges and fees.
Is Lendio a Reputable Company
Lendio is a reputable company that has helped numerous businesses get the right funding. Reputation is a critical factor to consider when choosing a lending company. It can help you determine if a company is trustworthy, has a good track record, and will offer you a fair deal.
Lendio’s Reputation
Lendio has been in the lending industry since 2011 and has helped over 200,000 businesses get funding. They have a good reputation in the industry, and their customer reviews are quite positive. They are accredited by the Better Business Bureau (BBB), and they have an A+ rating. Additionally, they have been featured in several reputable publications, including Forbes and CNBC.
What Lendio Offers
Lendio offers a streamlined application process that allows businesses to apply for loans from different lenders at once. They have partnerships with over 75 lenders, including traditional banks, credit unions, and online lenders. This gives businesses access to a wide range of loans to choose from.
Why Choose Lendio
One of the main reasons to choose Lendio is their commitment to customer service. They have a team of loan specialists who are available to help businesses find the right financing option. They also have a satisfaction guarantee, which ensures that businesses are happy with the loans they receive.
In conclusion, Lendio is a reputable company that has helped numerous businesses get financing. Their positive reputation, partnerships with various lenders, and commitment to customer service make them a great choice for businesses looking for funding.
Is Lendio a Reputable Company
If you’re planning to use Lendio’s services, you’re likely wondering whether it’s a trustworthy company. Lendio has been in business for over ten years, and it’s considered one of the top business loan marketplaces in the industry. So, yes, Lendio is a reputable company.
What Makes Lendio a Reputable Company
Lendio offers a variety of loan options for small businesses. They partner with top lenders across the country to provide their customers with competitive rates and flexible repayment terms. Its online application process is straightforward, allowing business owners to quickly and easily apply for loans.
Lendio’s Good Standing in the Industry
Lendio has also received recognition from various financial organizations and business publications. In 2020, Lendio was named the #1 Business Lending Marketplace by Business.com and the Best Overall Small Business Lender by Benzinga. Additionally, Lendio holds an A+ rating with the Better Business Bureau, which means that the company has demonstrated a commitment to resolving customer complaints.
Customer Reviews of Lendio
One of the best ways to determine Lendio’s reputation is by reading customer reviews. When looking at online reviews, Lendio maintains a 4.8-star rating on Trustpilot, with many customers praising its exceptional customer service, quick responses, and easy application process.
Final Verdict
Overall, Lendio is a reputable company that has earned the trust of small business owners and financial experts alike. If you’re considering using its services, you can be confident that you’ll receive excellent customer service, competitive rates, and a variety of loan options to choose from.
Does Lendio Affect Credit Score
If you’re considering applying for funding with Lendio, one question you might be asking is whether it will affect your credit score. The short answer is that yes, it can. However, the impact on your credit score could be positive or negative, depending on various factors.
How Lendio Checks Your Credit Score
Lendio is a marketplace that partners with multiple lenders to offer small business loans, which means that your credit score will be checked by the lender you’re matched with. When you apply for funding with Lendio, they will perform a soft credit inquiry, which does not impact your credit score. This allows them to pre-qualify you for loan offers without doing a hard credit check.
How Lendio Funding Can Affect Your Credit Score
Once you’re matched with a lender and decide to move forward with a loan offer, they will perform a hard credit inquiry, which can impact your credit score. Additionally, if you’re approved for a loan and you make timely payments, it can positively impact your credit score by demonstrating that you’re a responsible borrower.
However, if you miss payments or default on the loan, it can negatively impact your credit score. Additionally, taking out multiple loans in a short period of time can also negatively impact your credit score.
Tips for Protecting Your Credit Score
To protect your credit score when working with Lendio, it’s important to make sure you’re only applying for loans that you’re confident you can repay. Make sure you’re not taking on more debt than you can handle, and keep in mind that every loan application requires a hard credit check, which can be detrimental to your credit score if you have multiple inquiries within a short period of time.
Additionally, it’s important to make timely payments on any loans you take out through Lendio or any other lender. Late or missed payments can have a significant negative impact on your credit score.
In conclusion, if you’re thinking about using Lendio to apply for funding for your small business, it’s important to understand how the process can impact your credit score. While a soft credit inquiry is performed to pre-qualify you for loans, a hard credit inquiry is necessary to move forward with a loan offer, which can impact your credit score. By making timely payments and being mindful of the amount of debt you’re taking on, you can minimize the negative impact on your credit score and even potentially improve it over time.
