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My PPP was approved for 18K. Lendio sent loan documents to us on 1/29/2021. Products: Due to the terms of the CARES Act, there are no fees for the borrower. In the last week, I've received 4 emails requesting that I upload ALL of the necessary documents because Lendio cannot proceed with my application. Pretty awesome, but you don't have to take our word for it. Our content is intended to be used for general information purposes only. The Lendio reviews on consumer message boards are overwhelmingly positive. I have sent them my 2019 taxes 3 times and still they keep asking. I have had new people call me 1 time and emailed me 10 times and NOTHING. It is very important to do your own analysis before making any investment based on your own personal circumstances and consult with your own investment, financial, tax and legal advisers. Lendio and Ready Capital Fail to Fund Round 1 PPP Loans On Time. Lendio is a marketplace that connects borrowers to the lender network. Enjoy reading our tips and recommendations. Very easy process and smooth as it could be . Everything seems auto-generated. Went to Biz2Credit. Lendio customer reviews praise everything from … Thank you and again Thank You. I submitted my information for the PPP Program on April 3rd (the second day after it was launched) with my local credit union that I am a member at. Copyright © 2020 Consumers Unified LLC. If we find anything … Guess what? Got twice as much money already in my bank in less than one week. Lendio user experience and platform is super easy and they are very helpful and warm. In the end this is a relationship my company will keep if and when any further funding is ever needed. I think this is just what people need in times such as this. Terms based upon specific lender. I did not go and seek these people to do this loan. I recently logged into the Lendio portal to check my PPP application status. … This was a lie. Check out what 2,071 people have written so far, and share your own experience. Lendio gets paid by the individual lenders, not the borrower. Service: He informed me that everything was okay and that I should not concern myself with what I saw. The way I discovered all this was that on my Lendio account page, it now said that my application had been sent to a lender (BlueVine) and BlueVine would be handling my application and getting it to the SBA going forward. Lendio had the 15th most volume with PPP loans — and also the smallest average size of loans. ConsumerAffairs is not a government agency. It greatly simplified the process of applying for a PPP loan. Stay positive folks . I uploaded all of the documents they requested. Friedberg taught Finance and Investments at several universities. God is great . It was a great experience and a very easy to navigate the application. The bigger banks didn't want to consume resources to process PPP loans for new customers so many small businesses were stuck with the slower, less equipped smaller banks. So, Has Lendio Funded any PPP Loans? Most financial institutions give you some instruction and then hang up; Cody walked me through the whole process. We value your privacy. The greatest majority of them are “excellent” five-star reviews with a healthy heap of praise for how quick and easy it was to get Lendio … I also was having trouble finding any other bank that I didn’t have an existing account with able to help me. When a question would be asked and we choose no the website would not allow it, leaving the question unmarked was the answer but it was still a bit of a headache. Minimum average revenue of at least $10,000 per month for at least 6 months. Which they did. 100000% recommend Lisa! This has been a complete nightmare, and I only hope that the application and documentation I submitted on my own to BlueVine yesterday is approved in time by the SBA. Once I spoke to a Lendio representative about my file however, the loan funded in a few days. Fast approval process: The lenders offer a variety of capital amounts for qualified borrowers. My account status changed, she uploaded the last document I needed to verify info and I received my docusign all within 12 hours of speaking with her! Thank you, you have successfully subscribed to our newsletter! Lendio has 5 stars! I must have sneaked in at the last minute. Companies pay us to be accredited or when you click a link, call a number or fill a form on our site. She’s amazing!! Sign up to receive our free weekly newsletter. I am not the most tech savvy individual but thankfully the easy software allowed me to transfer my documents without a problem. Lendio is an online loan network facilitator. I hope there are more people like this gentlemen there because it was the best experience I've ever had with a financial (affiliated) institution. Repayment options: Easily find PPP/SBA loans … Highly recommend them to everyone ! PPP loans are lifelines for many during this time and to have a company falsely state that they are doing everything they can to pair you with a qualified lender, only to discover that they don’t even handle your type of business is beyond irresponsible and negligent. Credit score over 550 and no bankruptcy within the past 3 years. I heard about Lendio and since they touted top-notch service, I decided to give them a try. It is real. Very efficient for the most part and I enjoyed my experience. Lendio, the nation’s leading small business loan marketplace, announced it has opened its streamlined preliminary online application for small business owners to access the government funds set aside for additional Paycheck Protection Program (PPP… If you are desperate like me, please contact Russell and get this PPP program applied for so you can help restore a little of the normal that has been taken from us! The duration of the entire Lendio experience and process only took a bit over four weeks from application to funding. Unsubscribe easily. My business is set up as an S Corp where I pay myself a paycheck weekly. Read reviews and testimonials from … It quickly became apparent that local banks weren't equipped to handle the massive volume of applicants or had the speed required to get approvals before the funds ran dry. Lendio Reviews & Reputation According to the excellent Lendio Google reviews, it is a reliable company to do business with. Mine was great and also caught that I was shouting myself $8800. In fact, it's gotten worse. It's a minor detail, but could be more accurate. I recently logged into the Lendio portal to check my PPP application status. This company is not yet accredited. I have been locked out of the PPP … So here I am, a salon owner who is used to making a significant amount of money weekly and everything has been stripped away with no hope in sight. © 2021 Trustpilot, Inc. All rights reserved. Then they email me again 2 days later asking the same thing again; almost word for word. Probably Atlanta Postal Credit Union . With hundreds of positive reviews, Lendio clearly provides a satisfactory customer For the most part the Lendio service was seamless and simple. The only reason I didn’t cancel my application during this time was because I thought that it might become entangled and a mess if it had somehow been submitted by Lendio and then I went and applied somewhere else. Hello my name is Stefanie and I am an owner of a hair salon. They been great Brandy is on point she is polite , informative , and very patient I recommend Lendio for all your PPP needs !! We were told the window to have our funds direct deposited would be 10 days. Then 4 days goes by and another email stating that ALL of my documents need to be uploaded; pretty much the exact same email as the previous. A link has directed you to this review. I have been in business for 40 years and have never experienced the professionalism, kindness and dedication as I have found in Lendio and Taylor. Within maybe ten minutes a gentleman named Cody ** called me. After a full month of emailing and calling, trying to make sure all my documentation was in and correct, I finally was told (as an aside) by an employee after many attempts to find out the status of my application that Lendio does not handle PPP loans for independent contractors. I just stayed positive, rolled with it, stayed in proactive contact with the Lendio team, and it worked. Tearyn from Lendio contacted us directly, and helped us through the process with clear and knowledgeable guidance. The entire process was so easy. He was super helpful in answering my questions and said I could call, text, or email him any time. Great customer service with people who know how. There ae more than 50 lenders willing to offer funds for a variety of business needs. So I was. PPP loan easy, and communication was good. The person is not about, the person is not there, too busy or the line goes dead. Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Once again, I respond back and tell them that I have all of the documents uploaded and reasoning why I uploaded the documents that I did; because I was a sole proprietor in 2019 versus in 2020. I didn't get any notice from Lendio. Thank you and the team for all the hard work to make this opportunity possible. He also informed me that I should upload an additional form for faster processing. Straight forward instructions with minimal paperwork. I had been previously approved and was told so with a PLP and SBA … She responded to my emails in less than 1 minute every time! No money. Borrower qualifications: with Lendio, trying to find out how to work with this lender which was supposed to have all my completed documentation and application. Begin your PPP loan application through Lendio to be matched with a PPP lender. I’ve read some of the reviews here and clearly suspect the same that I am too small and they will not benefit sufficiently from a business a small as mine hence the slow deliberation. The application takes minutes and the funding may take from two days to two weeks. The back-and-forth of document handling, repeating document uploads on the platform and via email, and working with multiple, constantly changing Lendio account reps can be discouraging/confusing. I told all my neighbors that were experiencing the same issues with their banks to submit an app with Lendio and to call Taylor. Direct portal to Lendio applications for PPP and PPP2 Not sure what to believe here. Michael was absolutely amazing walked me through the process of correcting what needed be corrected and submitted notes on the application as needed he was the second person I spoke to regarding this the first one was no help thank you so much Michael I greatly appreciate you. I called my local branch every couple of days to check in, where I was reassure they would be in contact with me any day and I’m in line, just be patient. PPP Loan Updates. As you can imagine I’m frustrated, scared, worried, and hopeless. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. I submitted the application and documents online. The Lendio loan specialist helps facilitate the borrower and lender matching process. The PPP loan application must be entered through a PPP lender approved by the Small Business Administration (SBA). However my life was about to be changed, and my hope was about to be restored after using Russell ** with Lendio. I have no idea. I applaud Lendio for doing whatever it took to … Basically, don't waste your time with Lendio. I was unable to do so. Mind you, I've had these documents uploaded for weeks. Same exact documents. I contacted the lender today who stated that they are … How do I know I can trust these reviews about Lendio ? Mr. ** actually took the time to know my name and the name of my company while others had not. I am so impressed by Lendio and the quality of smart customer care that they provided while I was applying for a PPP. We cannot keep them if I cannot pay them. So then I received an email 2 days later stating which documents I need to upload for sole proprietor; which are the exact documents I have uploaded. Thank you. I applied on the very first day of the PPP loan program. I respond back stating that these documents are still in the system and have been for weeks. No response. I also have tried to file for unemployment, yet no success there. Online interface was easy to use. Just how awesome is Lendio, the nation's leading small business loan marketplace? Loan limits: I swear these emails I'm getting have to essentially be auto generating emails because I've read dozens upon dozens of reviews where other people have the exact same issue. BlueVine had no information whatsoever about me, they didn’t even know who Lendio was. Nothing but crickets from them since then and just says “reviewing.” He is about to apply to another lender, but I’m not sure who to recommend to him. Links to apply for PPP loans will available on Lendio’s site. Lendio … He was very responsive and patient. Nothing. My BF applied thru Lendio for 1st draw PPP on 1/15. When the CARES Act was signed, I was the finance professional in charge of securing a PPP loan for our company. In addition it was a fast process. We had a finalized, signed promissory note from a lender just 19 days after we first submitted the initial application to Lendio. Easy process and great customer service !. Hang in there. Within an hour I had call from Taylor ** at Lendio asking some follow up questions on my application! Lendio helped my business in obtaining a much needed SBA PPP second round loan, it was a much easier process than when I applied for a first round PPP loan last year … And, despite the fact that August 8, marked the end of the PPP application period this year, Lendio is still accepting PPP … Days went by and I didn't hear anything back. Also thank you for choosing to work non stop to make sure my family will have money to survive. I have also read the reviews regarding Lendio, sounds like it depends who your funding manager was. 16 talking about this. The response time was very quick and on point. Applying for a PPP loan through Lendio not only gets your application in front of hundreds of lenders, but it also gives you access to the professional support you need when you need it from a dedicated loan advisor. I don't which bank . I am a Business owner who like so many small businesses, are struggling through this crisis we find upon us. Lendio is not a lender, and an application submitted through Lendio does not guarantee you will receive a PPP … I had asked around and attempted to work with other banks and companies, but found out very very quickly I was just a number in a long line of others attempting to get the same funding. I had been previously approved and was told so with a PLP and SBA number. Interest rate vary based upon the specific lender. This is after a FULL MONTH of trying to find out my application status, and having three different representatives assigned to my application (I only know this because three different names were listed as my representative on my account page on their website over the period of the month) that never even once responded to my emails or voicemail messages. I highly doubt these people have actually looked at my application at this point and will continue to just play games. Lendio has more than 8k reviews on Trustpilot . I submitted an application to our bank. No muss, no fuss. I am very suspect because of the names associated to the agents also but checking online appears to be a very legitimate company so I’m scratching my head. The few times that I was able to reach someone on the general phone number, they would just say that it took time and my application was in process. Unsubscribe easily. I just logged into my Lendio account and there it was. I received several emails asking for documents that had been downloaded at my initial application. As PPP went on, Lendio was faced with decisions to pivot the company into other roles in order to help keep as many temp hires as possible. Get Started with Lendio. Unsubscribe at any time. My funding managers changed a few times during the process but it was the best day ever when my account transferred over to Lisa Blick. A thanks to Taylor and the Lendio team for stepping up when many big banks with resources didn't have enough "incentive" to help out small businesses. I am so happy . TOTAL SCAM. I spent a full month waiting in good faith, thinking that my application was being processed and would be sent to qualified lenders. 12 talking about this. Dec 29, 2020 • 12:00 AM. All Rights Reserved. These loans are only available for a limited time before the funds run out, and all I can do is hope that the application I immediately filed with a lender yesterday will be approved by the SBA in time. I suggest them, despite the poor reviews of other funding managers. | Read 21-40 Reviews out of 2,071 Lendio helped me when my bank failed. I was approached online by this company Lendio, claiming that they are an agency representative on behalf of the government to administer PPP loans to small businesses from the government funds available. When you choose to apply for a PPP loan with Lendio… It took 3-4 weeks for my application to finally get assigned to a person, but it hasn't gotten better. My friend who successfully was approved with Lendio using Russell ** had referred him to me. His name is Taylor ** and a loan officer from Lendio trying to help all he can so that when the second round of funding is released then he would have a part in saving my business. Our bank was experiencing a massive amount of phone calls about the PPP loans and I never got a call back. See quotes from top insurers on Simply Business. Also, you can't complete the application without uploading the documents, so for them to say I haven't uploaded the documents is 100% false. He walked me through the steps via computer and if I may say, took much patience on his part as I'm not the best. Mr. ** was professional and went the extra mile by helping us every step of the way and with the patience and hard work a person in my position could only wish for. Lendio is not a lender, and an application submitted through Lendio does not guarantee you will receive a PPP … Throughout the application process if for any reason I had a question or the requested documentation wasn't being received, Taylor called to verify receipt. very responsive lender they have a very quick turn around time, Very helpful customer service. Thank you from our company and the employees who will soon return to work. Original review: May 2, 2020. I then spent nearly 5 hours yesterday on hold, being disconnected because of high call volume, etc. Not sure if you can request Russell, but I would try! It has been nearly 4 months. While I generally don't write reviews, this one merits a glowing 5 stars. Our loan specialists will review your submitted documentation to ensure that everything appears to be in line with SBA requirements for a PPP loan. I was instructed that I would be contacted in 2-3 days, 7 days later I finally had an email. On 4/3 I went to my bank BOA to try to file for the PPP. I wasted months with this sorry company trying to secure a PPP loan. Determined by specific lender and debited from borrower’s bank account. Its location on this page may change next time you visit. Borrower must be current on mortgage or rent payment and have a business bank account for loan proceeds to be deposited. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications. All I know is that once I submitted my information the amount of spam calls and texts I'm receiving daily has increased significantly. I am independent schedule C small business owner, one employee. I received an email from a gentleman who I now call my Hero! It was … It's almost as if these are prewritten emails that go out regularly like spam emails. Kabbage, Biz2Credit, and Lendio are among the top small business lenders that can help you apply for a PPP loan. Sweet! Thank you for taking such great care of me and my friend. Lendio makes it easy to apply and compare options, and it advertises funding within 24 hours. Interest rates and fees: They pulled an SBA loan number for my account, which locks themselves in as my PPP lender (thus earning their fees from the government); however, they NEVER COMPLETED MY LOAN! When using Lendio to apply for a PPP loan, you also will receive access to a dedicated loan advisor. I write because in a nutshell, I am an independent contractor and I applied for a PPP loan through Lendio. User Reviews. My only regret is not contacting Russell sooner. I On 4/9 I went to Lendio submitted all my paperwork and was approved on 4/16. Bluevine did my first ppp, but they are lagging on second draw and my App has been under review … They can help you evaluate your loan offers, answer any questions about PPP or small business loans in general and help you finalize your loan. The PPP … FAQ. I was told I was one of the first applicants in line when the 2nd round of funds became available. See reviews below to learn more or submit your own review. Begin your PPP loan application through Lendio to be matched with a PPP lender. I was able to quickly fill out the easy online application and turn in my info in one day. Thank you. After a brief application, the company matches small and local businesses and appropriate lenders within the Lendio network. Only to receive an email on April 15th informing me “Your request is one that will likely not be completed before the initial allocation of funds is exhausted, which is estimated to occur this Thursday or Friday.” So not only was I no longer in line, I lost my “spot” completely. However, this time I logged in it had said my application was only sixty percent completed. Direct portal to Lendio applications for PPP and PPP2 Lendio is one of our top picks for PPP/Business Financing! Finally I found someone who not only cared but executed. When I clicked on this lender link, it took me to the home page of BlueVine, with no account information, nothing. Thank you again Cody **, you're good people and that's a rare thing in this world now. For whatever reason whether it be no more money or not in time to receive the first bailout, our employees are in dire straights for an opportunity to feed their Families. As of July 2020, Lendio reported to have facilitated $10BN in total funding for the PPP program. What I didn’t know, but have later came to understand, is that my credit union was using a third party “Newtek” to process the loan. The one issue I'd had was that the loan portal's download pages could be more intuitive and present documents accurately to Lendio representatives. No loan. So, I respond again and tell them that the documents are there and once again, no response. I am very satisfied. We value your privacy. It was from the third party company Newtek letting me know they have received my submission and to please keep a look out for an email application that would be sent soon. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. I signed up for round 2 of the PPP through Lendio at least 3-4 weeks ago. I have called them and tried to speak to somebody on the phone all to no avail. Overall, I really appreciated the successful outcome, especially in a relatively short period of time. How to Apply for PPP Loan. Read our in-depth review… Over all the experience was ok, there was a few areas that did not make sense. We reviewed hundreds of Lendio reviews on the website Trustpilot, which Lendio links to its homepage. We’ll start sending you the news you need delivered straight to you. Why are they playing games? Confused, I filled out the small green form at the bottom of the page to have someone contact me about this. After finally reaching one person on the general phone number and pleading to know how to find out exactly what to do next, this person told me that this delay and confusion was actually Lendio’s fault because they don’t handle independent contractors and that I would need to start from scratch with the lender (BlueVine) and complete an application on their website, BUT that they and Lendio were partners and they (BlueVine) had already been provided all my documentation by Lendio. Mr. Russell ** from Lendio was not only able to help our company attain the PPP loan during this very scary economic time, but he made the experience less stressful and confusing. People who are willing to work hard to help those who are without work. So, after the 1st email I tell them that the documents are there; no response. Get buying tips about Business Loans delivered to your inbox. Russell not only cared, he has tirelessly been working to help as many small business owners as possible. For more information about reviews on ConsumerAffairs.com please visit our I told two other business professionals about Lendio and helped them apply for the PPP … Great website with ease. All they do is have you running around in circles and will never actually respond to you in a personalized response. However my experience has been initially good until I submitted all my information and now they keep coming back and telling me I have not sent certain documents which is not the case at all. I used Lendio for my second PPP loan. And not only did he execute he did it effectively and efficiently. As busy and overwhelmed as he was trying to help others, he made time for me. ... 3,500+ Reviews… In my opinion this company are concerned about getting as many small businesses on board as possible and then falling short unless they can benefit significantly because I’m sure they do get fees for doing this from the government as I said they approached me.

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