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Should You Take Fora Financial Reviews With a Grain of Salt? 

By Joe

Fora Financial Reviews

Fora Financial is a pretty well-known source of small business funding. And, according to Trustpilot and other review sources, they’re also super well-rated. But, you and I both know that you can’t necessarily trust that all user reviews you see online are real…and not all online loans are legit. 

So, let’s dive deep into Fora Financial’s offer, and see if we can get to the bottom of the issue. Find out if Fora’s offer is right for you. 

Here’s what’s in store: 

  • What is Fora Financial?
    • Fora Financial Loan Requirements
    • Is Fora Financial a Real Company?
  • What Does Fora Financial Do?
    • 1. Simple Application Process
    • 2. Speedy Turnaround
    • 3. Convenient Online Portal
    • 4. Repayment Terms up to 15 Months
    • 5. Small Business Loans
    • 6. Revenue Advances
  • Frequently Asked Questions
  • Conclusion

Now, let’s go!

What is Fora Financial? 

Fora Financial

Fora Financial is a financial services provider or alternative lender that specializes in funding solutions for small and medium-sized businesses — They provide options like small business loans with fixed payback schedules and revenue advances that adjust based on sales. 

The application process is straightforward, typically involving an online application followed by a discussion with a “Capital Specialist” and, upon approval, receiving funds within a few days.

Their funding amounts range from a few thousand dollars up to $1.5 million (with no restrictions on how you use it). You might be able to qualify for 75 percent to 125 percent of your monthly gross sales. 

And, you’ll probably pay between 15 and 20 cents per dollar with their repayment terms.

Fora Financial interest rates

Fora Financial caters to various industries and business needs, including cash flow management, equipment purchases, expansion, and more. Overall, they provide accessible financing options for businesses looking to address their funding needs.

You might also like: Could a Stripe Capital Loan Get Your Business Through a Rough Patch? 

Fora Financial Loan Requirements

Like other alternative funding, and compared to traditional business loans, Fora Financial’s requirements are fairly relaxed. You do need to meet some requirements, but the appeal is that these loans are pretty easy to get (In exchange, you pay higher fees over the duration of the loan).

Fora Financial reviews Reddit

You will need a personal credit score of at least 500 (with no open bankruptcies) to qualify. Most people can meet this requirement easily. 

And, according to anecdotal evidence (what I found in various forums), your business must have at least $12K to $15K in gross monthly income and to have been established for at least three months. 

Some lenders require several years in business, so their business requirements are nice. However, conventional business loans look at your business credit score, so there’s no impact to your personal credit utilization as long as you pay as agreed. 

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

Is Fora Financial a Real Company? 

Fora Financial LLC New York

I was surprised that people are wondering if the company is real. This one is easy to answer – yes, Fora Financial is an established business. 

In fact, New York-based Fora Financial LLC was founded in 2008 by Daniel Smith and Jared Feldman. Back then, it was called Paramount Merchant Funding LLC (no relation to Paramount Payment Systems), and the name was changed in 2013. 

Today, it’s a private-equity backed company that seems to be thriving. 

Feldman is the current CEO of Fora, where he’s been for almost 16 years. Smith is also still with the company and previously spent 7 years as a board member of the Small Business Finance Association. 

Who owns Fora Financial?

And, according to Glassdoor, most of Fora’s employees would refer a friend to the company and even more approve of company leadership. 

Fora Financial employee reviews Glassdoor

How employees view a company really says a lot about its practices and overall internal ethics – in general, this one seems to have strong leadership. 

But, how customers see a business can tell us even more. With that said, Fora maintains a 4.5-star rating on Trustpilot, where most of the poor reviews come from people who don’t have loans with the company. 

On this platform, the most common complaints are the loan interest rates and difficulty getting in touch with a representative. 

Fora Financial business loan reviews

 Now, when you check out Fora Financial’s standing with the Better Business Bureau, you’ll find that they are an accredited business with an A+ Rating. They have had seven customer complaints in the past three years (this is a relatively low number). 

Fora Financial BBB

In sum, they appear to have a legit offer that could be worth checking out if you’d have trouble with approval from a more conventional lender. 

But, before you take that as a green light to go apply, you should know that – as of January 2024 – there is an open class action against Fora in which a data breach is being investigated. 

Fora Financial Lawsuit

In Fora’s defense, one of the world’s largest banks and even one of the three major credit bureaus have suffered data breaches. 

You might also like: Is BHG Financial Legit? Personal & Business Loans, VC, & More 

What Does Fora Financial Do? 

In a nutshell, Fora offers small business loans and revenue advances quickly through a fast application and approval process. But, let’s take a closer look at each major facet of the offer so you can understand exactly what you’re considering signing up for. 

You might also like: Torro Business Funding Review: Is This Zero Hassle Offer Legit? 

1. Simple Application Process 

Fora Financial loan application

The application process with Fora Financial is straightforward and designed for convenience. First, you’ll need to fill out their easy online application form, which only takes a few minutes. Shortly after submitting your application, expect a call from one of their Capital Specialists to discuss your funding request in detail. 

It’s important to note that Fora Financial will conduct a credit check as part of their review process, but only upon pre-approval. 

Recommended: Free, Printable Business Credit Application Template (Plus, How to Use it Correctly) 

2. Speedy Turnaround 

Prism by Fora Financial reviews

Within four to 24 hours of your application submission, if you seem to be a good candidate, Fora Financial will provide you with a funding recommendation. Once approved, you can expect to receive your funds in a lump sum within 24 to 72 hours – This allows you to start utilizing the funds for your business needs straight away.

Be sure to read terms and conditions carefully for any offer Fora might send. You need to be sure your business has the ability to pay back the loan on-time as agreed. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

3. Convenient Online Portal

Fora Financial login

When it comes to applying and repayment, Fora has a convenient online portal that you can access through their website. 

An online portal is convenient for business borrowers because it offers easy access to loan information, application processes, and account management from anywhere with internet access. 

This means you can apply for loans, check your account status, and manage payments without needing to visit a physical location or wait on hold for customer service. It saves time and offers flexibility.

You might also like: How to Convert Credit Cards into Cash 

4. Repayment Terms up to 15 Months

Fora Financial repayment terms

Fora offers loans from $5K to $1.5M and repayment terms up to 15 months. This means that you will have over a year to either repay your loan or find a way to refinance it through a lower-interest lender. 

And, Fora doesn’t penalize early repayment – in fact, Fora rewards responsible payment behavior. If you pay off your loan early, you’ll save money in most cases. 

While this seems like a loan feature that should be standard, it’s not something you see with all online loans. 

You might also like: 11 Alternate Ways for Entrepreneurs to Raise Capital with Online Lending Platforms 

5. Small Business Loans

Fora Financial approval

Fora Financial offers small business loans that can turn your entrepreneurial dreams into reality. With loan amounts ranging from $5K to $1.5 million in working capital, you have the financial flexibility to pursue opportunities and grow your business. 

What’s great is that they don’t do hard credit pulls; just one soft inquiry when you apply, saving you from potential credit score damage. Plus, they offer pre-payment discounts and the chance to increase your borrowed amount after paying at least 60% of the original loan, providing ultimate flexibility.

And, you’re free to use the funds for almost any business expense, whether it’s expanding your operations, hiring more staff, or investing in equipment.

Recommended: How to Get an SBA Business Loan 

6. Revenue Advances

Fora Financial com activate rewards

Fora Financial’s Revenue Advance is designed to provide flexible terms for businesses experiencing variable cash flow. With this option, you can borrow anywhere from $5K to $1.5 million against your future revenue. 

The repayment structure is tailored to your business’s sales performance, making it easier to manage during both prosperous and lean times.

Here’s how it works: 

  • Instead of fixed monthly payments, you repay a fixed percentage of your daily or weekly sales. 
  • When your sales are booming, you’ll pay off your advance faster, but during slower periods, you’ll benefit from reduced payments (this gives you breathing room when you need to navigate challenging times).

In essence, this is a working capital loan or merchant cash advance. Again, I only recommend this type of financing if you have no other option. 

You might also like: This is the Truth About LenCred’s Small Business Financing 

Frequently Asked Questions

Does Fora Financial do credit checks? 

Fora Financial conducts a soft credit inquiry when you apply for financing. This inquiry does not impact your credit score. However, they do not perform hard credit checks, so your credit score remains unaffected during the initial application process.

Is Fora Financial a direct lender? 

Yes, Fora Financial is a direct lender. This means that they provide funding directly to borrowers without involving intermediaries or brokers. Working with a direct lender like Fora Financial can often streamline the loan process and offer more personalized service.

How do I get approved for financing with Fora Financial? 

To get approved for financing with Fora Financial, you can start by filling out an online application on their website. Your personal credit score must be at least 500. The application process is straightforward and typically requires basic information about your business, such as revenue history and desired loan amount. Approval is based on various factors including your business’s financial health and creditworthiness.

Does Fora Financial report to credit bureaus? 

No, Fora Financial does not report your payment history to major credit bureaus. This means that your loan with Fora Financial will not impact your business or consumer credit profile (unless you default on your loan). 

Conclusion

As far as alternative lenders go, Fora is one of the good ones. While their rates are way too high for me to recommend the offer (I never recommend this type of loan unless the situation is so urgent and dire that there is no other choice). 

This may seem like a natural benefit if you’re not versed in alternative loans, but the fact that Fora doesn’t have a prepayment penalty is fantastic – many online lenders will penalize you if you pay off your loan before the repayment date. 

*Which is why it’s so important to read the terms and conditions. 

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Torro Business Funding Review: Is This Zero Hassle Offer Legit?

By Joe

Torro Business Funding

If you’ve come across Torro Business Funding, you may have been referred by a franchise or an Instagram influencer. And, they may be offering you the funds you need to start or grow your business…But, for some reason, you’re still wondering if they’re legit. 

Here, you can find out what Torro Business funding is (how it’s different from a conventional lender), learn about the company, and explore what you can expect from their offer. You’ll even find answers to some common questions about this type of lending. 

This is what’s in store: 

  • What is Torro Business Funding?
    • Torro Funding Requirements
    • Company Overview
  • What Does Torro Business Funding Do?
    • 1. Quick, Online Application
    • 2. Funding Within a Week
    • 3. Syndicated Investor Financing
  • Frequently Asked Questions
  • Conclusion: Is Torro Funding Legit?

Now, let’s dive in! 

What is Torro Business Funding? 

torro business funding for startups

Torro is known as a source of “startup capital” and “business capital” – they offer hassle-free financing solutions geared toward small businesses. Torro is an alternative financial service provider that specializes in addressing cash flow and working capital needs. 

Unlike traditional banks and lenders, Torro offers a streamlined approach to access funds, and they emphasize the convenience and efficiency this offers business owners.

Whether you’re a post-revenue business seeking expansion or a pre-revenue startup in need of initial capital, Torro has tailored funding options to help you get cash to expand your business. 

Interestingly, most of the small number of poor Trustpilot reviews seem to come from business owners who decided not to work with Torro after the initial consultation. Otherwise, they maintain a high rating on the platform (this is always impressive for a financial offer, as long as there reviews are real). 

torro business funding reviews

For pre-revenue businesses — which includes startups, franchises, or those looking to purchase a business — Torro offers a three-step process to obtain unsecured working capital (startup capital) between $5K to $125K to kickstart your business. 

For post-revenue businesses, Torro claims to simplify the process with a quick online application (business capital) to help you grow your operations with $5K to $725K. 

Within their wide funding range, they seem to have something for everyone. 

You might also like: How to Interpret Lendio Reviews: Is This Funding Company Legit? 

Torro Funding Requirements

Torro’s funding is considered working capital. With this type of loan, repayment can happen as a percentage of your daily sales, and is most often “factored.” Factoring involves selling accounts receivable to a third party (“lender”) at a discount for immediate cash, while interest loans entail borrowing a sum of money that must be repaid with interest over time.

So, working capital loans are kinda like a payday loan for business. Because of this, their requirements are a bit more lax than a traditional business loan. 

Torro business funding Reddit

When you come across an offer that seems like it could be too good to be true, it’s only natural that your hair would stand up on end. I never recommend this type of loan, unless a business owner absolutely has no other option. The reason is that they tend to be the quickest and easiest funding you can get, but they are more expensive. 

Bear in mind, Torro is not the only alternative lender with relaxed requirements, and this isn’t a “scam,” it’s just a more expensive loan — i.e. not the most financially sound option you can take advantage of.  

Recommended: Could a Stripe Capital Loan Get Your Business Through a Rough Patch? 

Company Overview

Torro small business funding

Established in 2015 and based in Salt Lake City, Utah, Torro LLC is an online funding platform, founded, owned, and managed by Cameron Montgomery. The company is in good standing with the Utah Division of Corporations and Commercial Code. 

As the current CEO, Montgomery officially registered the company in 2012, and also does business as “The Broker Blueprint” – a training program that empowers individuals to become business loan brokers, connect borrowers with lenders, and secure financing for small businesses.

Is a loan shark a lender?

Prior to launching Torro, Montgomery didn’t share any work or education experience on LinkedIn. 

Torro is accredited with and maintains an A+, 4.6-star rating with the Better Business Bureau (BBB). I almost never see any positive reviews on the BBB website, let alone almost 90 of them. I’ll leave you to your own discretion on this one. 

Torro business funding bbb

What I can say is that there have only been 7 complaints with the BBB in the past 12 months – It’s not uncommon to see 50+ for a financial offer. 

I found one thing particularly odd – the company seems to have two websites that are exactly the same – one is at torro.com and the other at gotorro.com. It doesn’t seem like one of them is fake (Trustpilot cites torro.com and Crunchbase cites gotorro.com), so I have no idea why this would be. 

In all, Torro Funding has been in operation for nearly a decade, and they’re in good standing in the areas where it’s necessary. However, this isn’t the most transparent company I’ve ever seen — I would like to have seen more information about loan rates and terms on the company website and the founder’s previous experience on LinkedIn. 

 You might also like: Superior Tradelines Review: Is it a Scam or Legit Way to Build Credit? 

What Does Torro Business Funding Do? 

In a nutshell, Torro small business funding is a means to get the capital you need quickly. Let’s take a look at their application process, speed of funding, and what you can expect from this offer. 

Compared to other, comparable funding products, this one is pretty simple. 

1. Quick, Online Application 

Startup business loans with no revenue

Torro’s online application asks only for the basic info about your business, like name, years in business, and your personal credit score. Of course, they want your income and contact info, but the pre-authorization doesn’t require that you enter your social security number. 

You can supposedly create an online account during the application process, but it has to be manually approved. This probably helps weed-out the people who are just here to spy, and aren’t actually interested in business capital. 

After you apply, you should get a call back within one business day. 

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

2. Funding Within a Week

Startup business loans with no revenue bad credit

With their proprietary QuickWrite® system, underwriting typically occurs within the same day, and approved businesses can access funding within 24 hours. To avoid unrealistic expectations, the video you’re taken to after you submit your application makes it clear that funding happens within a week. 

This is pretty quick, as far as business loans are concerned, though there are competitors who offer funds with the same urgency. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

3. Syndicated Investor Financing 

Is equity funding good?

Torro has a network of investors who collectively provide the capital required by your business. Once the approval process is complete, these investors swiftly deposit funds into your bank account, often on the same day as approval, allowing you to utilize the funds immediately.

The loans are funded by a syndicated network of investors and financial resources associated with Torro – though, Torro doesn’t expressly state who these investors are. This is likely somehow related to Montgomery’s other program, The Broker Blueprint. 

You might also like: This is How to Leverage Business Credit to Transform Your Life 

Frequently Asked Questions

How can you get a business line of credit with no revenue? 

To obtain a business line of credit with no revenue, you typically need to explore alternative financing options such as secured credit lines, personal guarantees, or presenting a strong business plan and credit history.

How do you know if a loan company is scamming you? 

You can identify potential loan scams by researching the company thoroughly. Check for legitimate accreditation, verify contact information, read reviews, avoid upfront fees, and be wary of promises that seem too good to be true.

Are money loan apps safe? 

Money loan apps can be safe if they are reputable, regulated, and adhere to strict security measures for handling personal and financial information. It’s crucial to review the app’s privacy policy, user reviews, and security features before using it.

Are cash advance loans safe? 

Cash advance loans can be safe if obtained from reputable lenders and used responsibly. However, they often come with high interest rates and fees, you need to fully understand the terms and conditions before agreeing to a cash advance loan.

Are online loan requests legit? 

Online loan requests can be legitimate if they are from reputable lenders or financial institutions. It’s essential to verify the credibility of the website, review customer feedback, read the terms and conditions carefully, and ensure the website is secure before submitting any personal or financial information.

Conclusion: Is Torro Funding Legit? 

Again, Torro Funding is meeting the necessary requirements for a financial offer:

  • Registered, active, and in good standing with the state of Utah
  • Good ratings on Trustpilot and BBB
  • Transparent ownership documentation

Plus, I like that they’re a privately-owned business, which has some appeal over doing business with a big bank (there are pros and cons to each. 

Now, I would never step into a factored working capital offer unless it’s absolutely necessary — there are too many options that are much easier on your business budget. And, I wish there was more transparency into the loan rates and terms. 

Whether or not this is an offer you want to take advantage of, I’ll let you decide. 

Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

How to Interpret Lendio Reviews: Is This Funding Company Legit?

By Joe

Lendio Business Funding

Business owners across the world, now more than ever, turn to online lenders to keep their cash flowing and their doors open. One of the significant names in the business finance game today is Lendio. But, is Lendio a legit company? You want an honest answer, so here it is. 

Let’s examine actual Lendio reviews from some of the most trustworthy consumer sites and thoroughly examine the brand’s offer. Here’s what we’ll cover. 

  • What is Lendio?
    • Who is Lendio and Where is the Company Based?
  • How does Lendio Work?
    • What Type of Funding Can You Get Through Lendio?
      • Credit cards
      • Lines of credit
      • Term loans
      • Startup loans
      • Accounts receivable financing
    • What is Sunrise by Lendio?
  • Is Lendio an SBA-Backed Lender?
    • So, Has Lendio Funded any PPP Loans?
    • And, If They’re Not Funding, How Does Lendio Make Money?
  • Now, How to Decrypt Mixed Lendio Customer Reviews
  • +Bonus: A Quick Look at Lendio’s Franchise Offer
  • Final Answer: Is Lendio Legitimate?

Read on to piece together the puzzle. 

What is Lendio?

Lendio is a simple small business loan marketplace. The platform connects business owners with the lenders that they are most likely to obtain funding from. The platform offers connections with lenders who offer all types of cash flow increasing options like credit, loans, equipment financing, mortgages, accounts receivable financing, and more.

Who is Lendio and Where is the Company Based? 

Lendio, Inc. was founded by Brock Blake, the current CEO, in 2011 and the company extended their first loan in Q4 2013, according to Wikipedia. The CFO is Chad Iverson. Company headquarters are located in Lehi, Utah. 

How does Lendio Work? 

If you’re a small business seeking funding, here’s what you might expect from Lendio. The application should take about 15 minuted to complete and will connect you with 75+ lenders. In many cases, you could get the funds you seek in as little as a day. 

First, Lendio looks at your self-reported credit score range. Then, they find out how long you’ve been in business and how much money your company has generated over the last 90 days. After that, they ask what you need funding for. 

Terms and conditions vary for business acquisition vs expansion or payroll, for example. So, by determining why you need funds, they filter out various lenders who aren’t likely to approve you. 

When that’s over, the platform looks at certain aspects of your business that may help or hurt your qualification odds like if you have a prior bankruptcy or if you operate as a non-profit. 

Lendio com reviews

Once you’ve shared the above, the platform looks at the location of your business, your annual personal income, and your percentage of ownership in the company. Finally, there is a differentiator between Lendio and competitors: they want to know what factors are most important to you whether it be amount, speed, or cost of funding you’re looking for. 

Once you agree to the terms and conditions (*which include the possibility that you’ll be contacted by auto-dialers and partners — probably why many people are asking “How do I get rid of Lendio emails?”), the platform will do a soft pull of your credit via Experian using your social security number. At this point, they don’t ask for your DUNS number. 

Lendio login

If the platform can’t make the connection automatically, Lendio will ask you to manually enter your business’ financial information. You’ll be asked for your entity type and annual profits. 

And, if you’re likely to be qualified through one of Lendio’s partners, they’ll let you know instantly and connect you to a possible funding channel. 

If not, the platform lets you know precisely what’s standing in your way of getting funded and tells you what to do next. 

Lendio business loans reviews

And, when this happens, the system will suggest the next steps you can take to get ready for funding, which may include applying for a credit card or connecting with a partner like LegalZoom or Credible. 

What Type of Funding Can You Get Through Lendio? 

Via Lendio, you can access several types of funding types from their network of banks and online lenders. Now, let’s examine a handful of them and, for each, see some of the top lenders in their network.

First, here’s a quick summary. 

Lendio Rates Chart

Credit cards

If you’re looking for plastic, they have it. Just determine how much you need and the Lendio platform will try to help you determine which credit card issuer is likely to help you get it and at what rate. In many cases, you could be looking at 0% introductory APR offers, but this is likely to increase later. And, if you’re not quite ready for larget credit lines, Lendio might connect you with credit building options. 

Some of the leading credit cards Lendio might match your business with could come from Chase, American Express, LenCred, Bank of America, Credit One, and Seek Business Capital. 

Lines of credit

Through Lendio, line of credit amounts can range from $1K to $500K with interest rates between 8 – 24% and terms between one and two years. If your company qualifies, you may be able to access funds as quickly as within a couple of weeks. 

For business lines of credit, Lendio might connect you with Kabbage, Blue Vine, Fundbox, Headway Capital, or Fundation among others. 

Term loans

Term loans that you can apply for through Lendio might range from $5K to $2M with have interest rates as low as 6%. And, the terms can range between one and five years. Access funds obtained through the platform in as little as 24 hours. 

Some of the term loan providers Lendio could link you with include OnDeck, Fundation, American Express, Funding Circle, Opportunity Fund, Credibility Capital, and Lending Club. 

Startup loans

In most cases, startup loans can be the most difficult to obtain because financial institutions are more eager to lend to an established business. But, if you meet the requirements, you can leverage loans of $500 to $750K at interest rates between 0 and 17% to start a business. Access funds in two to four weeks and pay off your loan over the course of 25 years. 

Startup loan offers that Lendio might match you with could come from Chase, American Express, or Bank of America. 

Accounts receivable financing

Have outstanding invoices? Then, you may be able to leverage them as collateral through accounts receivable financing throught the Lendio platform. Get cash in an amount up to 80% of your current accounts receivables and pay factor rates as low as 5%. Get this type of funding in as little as 72 hours and pay it off in a year or less. 

If you qualify for accounts receivable financing through Lendio, it might come from Eagle Business Credit, Internex Capital, BlueVine, FundBox, or ActionCapital. 

What is Sunrise by Lendio? 

Lendio bookkeeping software

In some cases, the next steps that the platform claims will set you on the journey to obtain working capital, loans, or credit via the platform will include signing up for Sunrise, the brand’s bookkeeping software. 

If you create an account, you’ll be asked what your priority is. For example, are you looking to apply for PPP loan forgiveness, send and track invoices, or manage your banking? 

Sunrise bookkeeping app

When connecting your business banking information, Sunrise gives you the option to connect to major banks as well as smaller community banks and credit unions. From the dashboard, you can track income and expenses, send and receive invoices, and manage your business bank accounts. 

This platform isn’t as automated or feature-rich as leaders like Quickbooks, but it seems to have everything you need for simple accounting and invoicing. Plus, invoicing only costs 1% per transaction, which is low. 

Is Lendio an SBA-Backed Lender? 

Lendio was one of 19 finetch companies participating in PPP loan application processing as of May, 2020. Yet, Lendio is not a lender. Instead, they match you to the most appropriate lenders in the United States based on your needs. And, the SBA does approve of their legitimacy. 

Is Lendio legit for PPP?

So, Has Lendio Funded any PPP Loans? 

As of July 2020, Lendio reported to have facilitated $10BN in total funding for the PPP program. And, despite the fact that August 8, marked the end of the PPP application period this year, Lendio is still accepting PPP applications in hopes that congress will extend the small business relief program. Still, the company does not provide direct funding. 

Yet, according to many, Lendio is a good source for PPP application processing. 

Lendio reviews PPP

And, If They’re Not Funding, How Does Lendio Make Money? 

Lendio doesn’t charge a fee, so how do they make money? Well, they don’t charge the small business owner. Instead, the get their money as a sort of finder’s fee or a setup similar to affiliate marketing from the Lenders who fund their applicants. 

Think of Lendio as a broker who takes a cut from the big guy. Note that this typically means that the applicant may pay more than if they cut out the middle man and apply directly with a lender. But, the latter is a less convenient option. 

Now, How to Decrypt Mixed Lendio Customer Reviews

On one hand, you’ll see 5-star reviews like the one above. Then, on the other, you’ll come across the naysayers. Take the following, for example: 

Lendio reviews TrustPilot

Even if they make up a small portion of feedback, this caliber of review is enough to make you think twice about doing business with a financial company. 

If you check out forums like Reddit, you might read about wonky system glitches. 

Lendio reviews Reddit

Then, if you dig further, you may find that Lendio, Inc. is not BBB accredited and they have mediocre ratings on the platform.

Lendio reviews BBB

So, what should you make of this confusion?

First of all, I need to point out that 2020 has been a whirlwind. I don’t know of a single company who didn’t face unexpected challenges this year. Our proverb for the year should be, “Have patience and trust the process.” Now that we got that out of the way, let’s just say that it is what it is. 

Very few  brands have a 5-star rating across the board. And, this doesn’t mean that they aren’t helpful or legitimate. TrustPiolt and BBB are designed for consumers, and most people don’t run to them when they have a great experience. But, if you have a bad experience, you want people to know. 

Therefor, I recommend that you read the reviews, trust that you might expect similar results, but don’t judge too harshly based on the bad experiences. Many business owners have leveraged this platform and marketplace to grow their businesses. If the system is a good fit, you could be one of them. 

+Bonus: A Quick Look at Lendio’s Franchise Offer

Before we wrap up, I want to mention another feature of Lendio’s offer in case you were wondering. Since 2016, they’ve presented the option to Franchise their offer for your own gain (up to 70% commission to keep for yourself).

In most US states, excluding California, Utah, and North Dakota, franchise opportunities are open to the public. So, if you live in any other state, you have excellent business networking skills, and you’ve got $55-65K to invest, this might be worth looking into.

Final Answer: Is Lendio Legitimate? 

Yes, Lendio is an established, trustworthy company. They’ve helped many small business owners get financed. However, this is not the funding marketplace I recommend. Instead, I have more trust in Nav and feel that their offer provides more value while giving the business owner heightened control over the funding process. 

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Business Credit Blog

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