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- Lendzi Review
ConsumersAdvocate.org Rating: 8.5 / 10 (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.
How Do We Rate Lendzi?
Breakdown
3.9/5
Loan Options
4.5/5
Application Requirements
4.2/5
Average Rates & Fees
Our Overall Rating: 4.3 / 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 - 3.9 / 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 - 4.2 / 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 - 4.4 / 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 | |
| Company Phone | (877) 453-6394 |
| Headquarters Address | 12211 W Washington Blvd #110, Los Angeles, CA, 90066 |
Loans Range: $25,000 to $5 Million
- Decision as Fast as 24 Hours
- Get Funded as Quick as 72 Hours
- Applying Does Not Affect Your Credit
- Apply Online In Minutes