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Lendzi Small Business Loans Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Founded in 2020, Lendzi is financial technology company that offers a wide range of funding solutions through its lending partners, from SBA loans to invoice factoring and merchant cash advances. The company partners with multiple direct lenders to help small businesses find the ideal loan to help them meet their strategic objectives. Lendzi is headquartered in Los Angeles, California and serves small business customers nationwide.
 
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How is Lendzi rated?

Breakdown

4.5/5
Loan Options
4.5/5
Application Requirements
4.5/5
Average Rates & Fees

Overall Rating: 4.5 / 5 (Excellent)

Lendzi isn't a bank, but rather a financial technology company. Lendzi connects small businesses with direct lenders who can fund small business loans for a wide variety of purposes, from staffing up to buying new equipment to refinancing existing debt.

The company's website offers a great deal of information on small business lending to help small business owners decide what type of loan best suits their needs and business strategy.

Lendzi states that it can help business owners with less-than-ideal credit profiles access funding.

Lendzi does not offer prequalified rates online, but you can fill in a short form that asks for details about your income, the purpose of your loan, and funding needs. You can then schedule a call to speak with a customer representative to discuss your options.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Loan Amount
$1,000
Max Loan Amount
$5,000,000
Min Term Length
1 months
Max Term Length
60 months
Repayment Terms
Varies by loan type and lender

Invoice Financing

Min Term Length
1 months
Max Term Length
3 months
Repayment Terms
Invoice factoring is sometimes a good solution for companies facing short-term cash flow problems. Lendzi can connect you with a lender who will, for a percentage of your invoices, pursue payment of your invoices for you, rather than wait for tardy customers to pay you. Lendzi states that you may pay fees of between 10% and 20% of your invoice value when you work with its partner lenders on an invoice factoring program.

Merchant Cash Advance

Min Term Length
3 months
Max Term Length
18 months
Repayment Terms
With a merchant cash advance, you don't pay traditional interest. Instead, you and your lender will come to an agreement on a percentage of your sales that will be deducted each month until you pay off the lump sum you borrow.

Equipment Loans

Min Loan Amount
$1,000
Max Loan Amount
$5,000,000
Min Term Length
1 months
Max Term Length
60 months

Loan Options - 4.5 / 5

Lendzi distinguishes itself by offering a wide range of lending solutions. The company can connect you with direct lenders that offer Small Business Administration (SBA) loans, invoice factoring, merchant cash advances, equipment funding, and more. Small business owners have lots of options with Lendzi. With loan terms as short as 6 months and as long as more than five years, businesses can find a loan that keeps them afloat for a short period or funds to help them access money to support their long-term growth strategies.

Lendzi Rates & Fees

Average Rates & Fees - 4.5 / 5

Because Lendzi offers many types of loans and works with various lenders, fees will vary widely. The company does not publish a schedule of rates and fees, but its comprehensive guide to small business lending explains how fees and interest rates work and how customers can improve their chances of getting a lower-interest loan.

Application & Qualifications

Approval Time
Varies based on how quickly the application is completed.
Funding Time
As short as 24 hours.

Application Requirements - 4.5 / 5

Lendzi does a good job of explaining the process of applying for a business loan. The company discusses credit requirements, which will vary from lender to lender, noting that even business owners with below-average credit may still qualify for a loan, albeit at higher interest rates.

Among the documents borrowers are asked to provide are bank statements, profit and loss sheets, tax returns, and sometimes a formal business plan.

Lendzi Reputation

Customer Feedback

Trustpilot Score
4.9 out of 5
BBB Rating
A
Date Collected
2023-02-12

Consumer Education - 4.5 / 5

Lendzi rates high for consumer education. Its website offers one of the most comprehensive guides to the small business lending landscapes that we've seen. Information can be gleaned by reading about each type of small business lending (e.g. SBA loans, private term loans, invoice factoring) or by consulting the site's robust FAQ section. The company also publishes a blog that contains articles that allow you to dig deeper into small business financing issues.

Contact & Additional Information

Homepage URL
https://lendzi.com
Company Phone
(877) 453-6394
Headquarters Address
12211 W Washington Blvd #110, Los Angeles, CA, 90066
Year Founded
2020

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Our Partner

Merchant cash advances, invoice factoring, equity financing, and debt financing option

  • Loan Amounts: Up to $5 million
  • Average Yearly Revenue requirements: $120,000
  • Minimum Credit Score: 620 FICO
  • Minimum Time in Business to apply: 1 year
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