Since Lendio is not a lender itself, but rather connects you to lenders, qualifications for a business loan vary depending on the specific lender it connects you to. However, reviewing all of their lenders, here are some of the qualifications you may need to meet:
Personal credit score
Each specific lender, not Lendio, decides the minimum personal credit score required to obtain approval for business financing. Lendio only provides this information for a few types of financing products, including:
- Start-up business loans. 680
- Business line of credit. 560
- Equipment financing. 650
Although Lendio does not disclose specific minimum personal credit score requirements for all of its options, we recommend a minimum credit score of at least 670 to increase your chances of approval.
Time spent in business
Most lenders in Lendio’s network require you to be in business for at least six months, even for start-up loans. Requirements for certain types of loans may be higher, such as US Small Business Administration (SBA) loans (at least two years) or equipment financing (at least one year).
Annual revenue needs
The amount of money your business must earn to be considered for financing depends on the type of financing you are requesting and the specific lender Lendio matches you with. Minimum annual income requirements for business loans generally range between $50,000 and $250,000.
Lendio, however, only provides specific examples for a few types of funding, including:
- Business lines of credit. $50,000 (minimum)
- Equipment financing. $50,000 (minimum)