Monday, August 01, 2011

Beware of Lendio/Funding Universe

A NYS SBDC client seeking financing, and has been unsuccessful at local banks, inquired about a company called Lendio who says they make small business loans using an online matching platform. They require an upfront fee of $30 to start the processing.

A SBDC counselor discovered this article from Forbes magazine about a small Michigan business ended up being hookwinked by Lendio's predecessor, Funding Universe. The website even made it appear that the the company was somehow affiliated with the Small Business Administration.


Dan said...

The Forbes article highlighted an unhappy customer -- who had a relative who worked at Forbes. What it failed to do was emphasize many of the business owners that have been helped by Lendio.

In the last couple years, Lendio has helped businesses secure more than $240 million dollars. There are much more happy customers than not.

In the first years of FundingUniverse, there were some growing pains, but now the process is much more efficient. Also, unhappy customers are given a full refund if they ask for it.

If you want some feedback from happy Lendio customers, let me know.

Jeanne said...

I have been trying to get a loan for my small business since December 2010 using Funding Universe/Lendio. They charged me $2800 and promised me a business plan, proforma, and help with a Dunn and Bradstreet credit rating. They have done nothing. I cannot get anyone to give me a straight answer or proceed on my file. Can anyone help me with how I report this company and attempt to get my money back?

Tim Ludwig said...

I'm the co-founder of a new site called and we are similar to Lendio, but we never charge borrowers. The service is completely free to borrowers and borrower information is only shared with lenders when a borrower indicates an interest in being contacted, so there are never any unwanted telemarketing calls.

Larry Mc Neely said...

Lendio is a bunch of CLOWNS, Fraud and robo calling for leads. Run Away