Lendefied Review

Pros

• Excellent customer support
• Multiple types of financing are available
• High borrowing amounts
• Fast funding available

Cons

• Limited information on rates, terms, & fees
• Some borrowing requirements are not disclosed

What Is Lendefied?

Lendefied is a lending marketplace that connects businesses with various types of funding, from long-term SBA loans to flexible lines of credit. Unlike other lending marketplaces, Lendefied stands out for its personalized service. The process starts with a consultation, where a certified consultant will work with you to create a personalized funding strategy based on the goals, needs, and financial situation of your business.

This personalized service is backed up by Lendefied’s excellent reviews, with borrowers praising the service that was received. The application process is easy, high borrowing amounts are available, and funding can be much quicker than going through a bank. Businesses that want a truly personalized lending service won’t be disappointed with what Lendefied has to offer.

Services Offered By Lendefied

As a loan marketplace, Lendefied offers numerous financing options for businesses of all sizes. This includes:

• SBA loans up to $5 million
• Term loans from $10,000 to $10 million
• Business lines of credit from $10,000 to $10 million
• Business cash advances
• Equipment financing
• Commercial real estate loans
• Accounts receivable financing
• B2B revolving credit facility
• Business loans

We like that Lendefied offers a wide variety of options to fit nearly any business need. We do, however, wish that minimum and maximum borrowing limits were disclosed for all products — a factor that lowered our score in this category.

Borrower Qualifications

Borrowing requirements for funding through Lendefied varies by product. While not all information is disclosed, we appreciate that Lendefied does at least offer some general qualifications for its various funding products. Note that not all products have listed requirements, and you can discuss these options during your consultation.

Here’s a breakdown of the requirements for each product.

SBA Loans

SBA loans are available for established, profitable businesses with good credit scores.

Business Cash Advances

To receive a business cash advance, borrowers must meet the following requirements:

Additionally, the business must also have consistent credit card transactions.

Equipment Financing

To receive equipment financing, the following requirements apply:

Commercial Real Estate Financing

Commercial real estate funding requires the following:

Accounts Receivable Financing

To qualify for accounts receivable financing, you must have an operational business and unpaid invoices or accounts receivable to use as collateral. Creditworthiness may also be a factor, although specific scores are not disclosed.

B2B Revolving Credit Facility

To qualify for this product, you must have an operational business with B2B transactions. Credit score will be a factor in determining whether you qualify, although specific scores are not disclosed.

Business Loans

To obtain a business loan, credit score, cash flow, and collateral will be considered.

Rates & Fees

One of the areas where Lendefied is lacking is in its disclosure of rates and fees. While Lendefied is a marketplace that works with multiple lenders and rates/fees vary, it would be nice to at least see a general range of rates, potential fees, and repayment terms before starting the application process.

Lendefied does disclose that bank term loans typically have rates of Prime + 2%, while non-bank lenders offer term loans with typical rates of 1% per month.

In reviews, past borrowers mostly indicate that they were pleased with the rates and terms available.

Application Process

Lendefied has a simple application process. Simply start by filling out a simple prequalification form. You’ll provide general information like your business name, industry, borrowing amount, your name, and your credit score range.

After submitting your information, you’ll have a free consultation that will be used to create a personalized financing strategy for your business. This consultation should take around 15 to 20 minutes.

Next, your finance consultant will discuss documentation requirements. After you’ve gathered all required documents, Lendefied will help you determine the best financing for your situation.

While some borrowers like a “hands-off” approach, businesses that want personalized service will enjoy what Lendefied has to offer. Processing and funding times vary by product, but Lendefied states that lines of credit can be funded in as little as 1 to 2 days, while term loans can take 1 to 3 business days from application to approval.

Sales & Advertising Transparency

Lendefied provides a good amount of information regarding available loan products and the services it provides. While not quite as transparent as we like to see when it comes to rates, terms, and fees, some general information is available about a few of its products.

Lendefied’s website is easy to navigate and isn’t filled with excessive marketing or anything that feels like a scam. While not perfect, enough information is disclosed that any business owner should be able to tell if Lendefied’s services are right for them.

Customer Service & Technical Support

While you won’t find as many ways to get in touch as you will with bigger loan marketplaces, the quality of Lendefied’s customer support is what really stands out.

You can get in touch with Lendefied through an online form, email, or by phone. While there isn’t an extensive knowledgebase, Lendefied does offer a small FAQ section on its website that answers common questions.

Lendefied also has a blog and has profiles on Facebook, X/Twitter, and Instagram.

While we would like to see a live chat option or 24/7 support, we can’t be too disappointed due to the quality of service that is provided during Lendefied’s business hours. Borrowers frequently praise the personalized support, even calling out specific employees by name for providing such excellent service. This factored heavily into our high score for the customer support category.

User Reviews

Lendefied really excels in this category, as reviewers have nothing but positive things to say about the company. Lendefied is accredited by the BBB, where it receives an A- rating.

Lendefied also receives a 5-star rating on Google Reviews (based on 20+ reviews), a perfect 5-star rating on BestCompany (based on 50+ reviews), and a 3.5/5 on Trustpilot (based on 30+ reviews).

Negative Reviews & Complaints

Negative reviews of Lendefied are difficult to find. However, here are a few things worth noting in public user reviews:

• Minor technical issues
• Unresponsive to phone calls and emails
• High rates and fees on some products

Positive Reviews & Testimonials

There’s no issue with finding positive reviews and testimonials from satisfied clients. Here’s what they liked most about Lendefied:

• Easy application process
• Fast approval decisions and funding
• Knowledgable, friendly, and helpful reps
• Excellent customer support

Final Verdict: Is Lendefied Worth It?

Overall, Lendefied receives a score of 4.3 out of 5 stars and is a marketplace Merchant Maverick would recommend.

While Lendefied doesn’t have the name recognition of other lending marketplaces, it truly stands out for its personalized approach to lending. Lendefied doesn’t just try to close the deal at any cost; instead, the company works with each borrower to carefully map out a strategy for financial success.

If you don’t want to simply be seen as another number and want to have a team of professionals provide guidance specific to your business needs, Lendefied is an excellent choice. While you will have to have a consultation to learn more about rates, fees, and products you qualify for, the consultation is completely free, and past clients praise the company for its responsiveness, professionalism, and financial expertise.

If Lendefied doesn’t seem like the right fit, make sure to compare your other options, starting with our picks for the best small business loans.

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

• Rates & Fees: 20% of the total star rating
• Services: 20% of the total star rating
• Eligibility Requirements: 20% of the total star rating
• Application: 15% of the total star rating
• Sales & Advertising Transparency: 10% of the total star rating
• Customer Support: 5% of the total star rating
• User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

Find Funding for Any Credit Level

BusinessLoans.com	Visit Site Read our Review

Explore a wide range of business loan options at BusinessLoans.com. With no minimum credit score requirement, find the perfect funding solution for your needs. Get Started.

Find Funding for Any Credit Level

BusinessLoans.com	Visit Site Read our Review

Explore a wide range of business loan options at BusinessLoans.com. With no minimum credit score requirement, find the perfect funding solution for your needs. Get Started.