With the advent of online business loans — loans which are fast and easy to acquire online — merchants convey more financing options than ever. Before, when business people needed money, they’d to go to a bank or credit union or work with niche funding options like invoice factoring and merchant payday loans. Now, business owners can check their eligibility for a plethora of business financing options from their own computers.
While this is good news for business people, it presents a brand new problem: with the business lenders out there, how can you find the right one for the business? Where do you look for a reputable online lender with decent rates? Merchant Maverick has partnered with Lendio, a company loan provider, to reply to those questions.
What Is Lendio?
Lendio is an online matchmaking platform that connects merchants to business financers nationwide. Instead of spending some time applying for individual loans and comparing offers, merchants who make an application for Lendio only have to complete one 15 minute questionnaire. When you apply, Lendio will shop your company around to the partners and bring you the best offers it caused by its network.
With over 75 different partners, Lendio may be the largest business finance matchmaking service in the usa. Their partners offer everything from traditional term loans to more unusual kinds of financing like merchant cash advances (and everything in between). Here are the types of loans which you may have the ability to receive through Lendio:
- Business lines of credit
- SBA loans
- Bank loans
- Short-term loans
- Medium-term loans
- Long-term loans
- Merchant cash advances
- Business credit cards
- Equipment financing
- Commercial mortgages
- Accounts receivable financing (invoice financing)
- Startup loans
- Business acquisition loans
Lendio works with a wide variety of lenders, including well-known brands such as American Express, OnDeck, and Kabbage.
Are You Qualified? Borrower Requirements For Lendio
Anybody can apply for financing through Lendio; however, the organization cannot be certain that you’ll be matched with any business financers. Currently, about 65% of economic owners who apply attain financing through Lendio.
To improve your likelihood of receiving financing, Lendio recommends that you meet or exceed these business benchmarks:
Sound like something you’re interested in? Follow the link below to begin an application, or continue reading to learn more about the applying process.
Get Began with Lendio
Step-by-Step Application Process
The Lendio questionnaire can normally be carried out about 15 minutes. After you complete the applying, Lendio will shop your request around to its partners and, if they find any matches, will return with quotes within 72 hours. If you have decided on an offer, you may have to complete a full application using the partner before receiving your funds.
The questionnaire contains five steps:
- Enter basic info
- Enter owner info & make an account
- Enter details about your business
- Upload documents
- Review the application
In all, the application generally takes around 15 minutes to accomplish. However, because the majority of the time is dedicated to compiling and uploading various business documents, it may take you pretty much than Fifteen minutes depending on how easily you can access the required documents.
The first and longest?step is entering basic info. At this time, you’ll have to enter general details about your business and the loan you’re searching for. For instance, you’ll have to provide your monthly and annual revenue, your personal income, the industry you’re in, and the reason why you want the loan.
The next step is owner info.?Within this stage, you’ll have to provide contact info?and make an account so that you can come back later should you don’t finish.
After owner information, you’ll have to add?business info,?such as the address and whether you are renting.
In the penultimate stage,?upload documents,?you will need to upload your?last 3 months of bank statements.?
When you’ve uploaded all the necessary information, the only step left would be to?review your information?and submit the applying.
If you take into any problems and have any queries throughout the application process, support is available via live chat to assist you.
After you submit the questionnaire, Lendio will spend some time gathering offers using their partners before presenting the best ones for your business. Should they have found a match, you should receive offers within 3 days of completing a credit card applicatoin. When you have chosen the best offer for you, you may have to supply additional documents, with respect to the partner funder. Time from funding to application will vary depending on the partner you’re dealing with.?If you are on the tight schedule, it’s best to inquire just how long verification will take before selecting a deal.
Ready to check your eligibility? Click the link below to get going.
Get Began with Lendio