Application process
159 articles
- What documents should I have ready before I apply?
- What do you need from me to complete my application?
- Is there any cost or obligation when I apply through Lendio?
- If I leave halfway through my application, do I lose my progress?
- How do I manually upload my business bank statements?
- I made a mistake on my application. How do I fix it?
- Who do I contact if I have questions about my application?
- How do I put my Lendio application on hold?
- Does Lendio do a hard credit pull on the application?
- Why do you pull my credit score?
- What is a soft credit pull check?
- What is a hard credit pull check?
- What is the difference between hard and soft credit inquiries or “credit pulls?”
- If I ask for too much or too little does that impact my chances of getting funded?
- Can I update my application later if I need to correct something?
- Why do you need my email address?
- Why do you need my phone number?
- Does applying impact my credit score?
- How long will it take me to complete the application?
- How do you determine what amount I’m eligible for?
- What impact will taking a loan have on my credit score?
- How do I determine what type of financing is right for my business?
- What should I consider when deciding the loan amount to request?
- Are there any restrictions on how I can use the funding?
- What is Finicity?
- Why can't I find my bank when I try to connect?
- Can I email my business bank statements instead?
- How to manually upload your business bank statements?
- How do I connect my business bank account with Finicity?
- How many months of business bank statements do I need to provide?
- What is the difference between business and personal bank statements?
- Is there a limit to how many business bank statements I can upload to my application?
- How do I download my business bank statements?
- My business bank account won’t connect. What do I do?
- What banks does Finicity support?
- Can I skip ahead and complete a section of the application if I have the documents ready?
- What is a Federal/State Tax ID?
- I don’t have a Federal Tax ID (or EIN), can I still get funded through Lendio?
- How do the additional business owners access the application to authorize the soft credit check?
- What is Finicity, and how does it relate to my loan application?
- When will I hear back after submitting my application?
- Why do I need a business bank account?
- I don't have a business bank account. What should I do?
- I just started my business a few months ago and haven't made any money yet. Can I even apply?
- I'm hesitant to give my SSN. Is there any way around it?
- Does my MCA count as a loan I need to disclose here?
- I'm being asked for my monthly debt payments, but my MCA is a daily deduction. How do I enter that here?
- If I disclose my MCA, will I automatically be disqualified, or does it depend on how much is left?
- Can the loan I'm applying for here be used to pay off my MCA?
- I applied under my DBA name, but the EIN I have is under my legal business name. Which one should I enter here?
- Can I apply if my business is registered in a different state from where I operate?
- Can I apply on behalf of my business partner?
- I have a credit freeze on my account. Do I need to lift it before I can finish my application?
- How many hard credit inquiries happen during the process?
- What type of documents do I need to provide when applying for business financing?
- I don’t use or have checks. What else can I provide for a voided check?
- Why do the dates need to match in both the balance sheet and the P&L statement?
- What types of documents will I be asked to submit when applying for business financing through Lendio?
- What if I don’t have any debts to report on my balance sheet?
- What if I don’t have any assets to enter into my balance sheet?
- What are alternative options for business bank account verification?
- How do I make a balance sheet for my business?
- How do I upload other documents to my Lendio account?
- What is a voided check?
- I uploaded the wrong document, how do I remove it from my account?
- How do I upload additional documents to my account/application?
- How do I upload other documents to my account?
- Why do the SBA and lenders require tax returns for SBA loans?
- What is a Business Tax Return?
- What is a Certificate of Members / Corporate Secretary?
- What is a Commercial Lease Agreement?
- What is a Business License?
- What is a Certificate of Good Standing and why do you need it?
- What is a Fictitious Trade Name / Registration for DBA?
- What is a Landlord Options to Renew Agreement?
- What is a Landlord Subordination?
- What is a Personal Bank Statement?
- What is a Personal Tax Return?
- What is a Voided Check?
- What is an Operating Agreement?
- What is General Liability Insurance and why do I need it?
- What is Worker’s Compensation Insurance?
- Who do I need to provide a COVID-19 Questionnaire?
- Who do I need to provide my Business History?
- Why do I have to provide my Use of Proceeds?
- Why do I need to provide a Resume for each owner with 20%+ equity?
- Why do I need to provide my most recent Mortgage Statement for each owner with 20%+ equity?
- Why do I need to provide my Business Personal Property Insurance?
- Why do I need to submit a Personal Financial Statement for each owner with 20%+ equity?
- Why do I need to submit an SBA 1919 Form for each owner with 20%+ equity?
- Why do you need 12 months' recent statements for the credit card I’m refinancing?
- Why do you need a Debt Schedule for each Affiliate Business that I own 20% or more of?
- Why do you need a Payoff Quote for the term loan I’m refinancing?
- Why do you need a Promissory note for the term loan I’m refinancing?
- Why do you need a Signed Written Explanation of Offense?
- Why do you need a YTD Profit & Loss Statement for each Affiliate Business that I own 20% or more of?
- Why do you need an Affiliate Addendum Form for each Affiliate Business that I own 20% or more of?
- Why do you need an Attestation for the credit card I’m refinancing?
- Why do you need Business Tax Returns for each Affiliate Business that I own 20% or more of?
- Why do you need to submit Court Documentation?
- Why do you need my Equipment Quote and Wiring Instructions?
- Why do you need my Green Card?
- Why do you need my Payment history for the term loan I’m refinancing?
- Why do you need my YTD Balance Sheet for each Affiliate Business that I own 20% or more of?
- What is a Resolution to Borrow?
- What are Articles of Organization / Incorporation?
- Why do I need to provide an Equipment List?
- What is a Professional License and why do I need to submit one?
- What format do my business bank statements need to be in for uploading?
- Do I need to upload all pages of my business bank statements, including blank pages?
- How do I find my 6-digit secure access code?
- How do my additional business owners access the application to upload their personal tax returns?
- Can I use my Venmo, Cash App, Stripe, or Shopify statements as personal bank statements?
- My business mostly collects payments through Venmo. Will those statements work for my application?
- I haven't opened a business bank account yet. Do I need one before I can apply, or can I use my personal account?
- I have a high personal income and savings, but my business is brand new with no financials. Does my personal financial history count?
- My document is too large to upload. What should I do?
- I'm a new business and don't have tax returns yet. What can I submit instead?
- What file formats are accepted when uploading documents?
- Is there a minimum balance required on bank statements?
- Can bank statements be submitted as photos instead of PDFs?
- Can documents be faxed instead of uploaded?
- What if a required bank statement can't be provided? Is alternative documentation accepted?
- Does connecting a bank account directly still require uploading PDF statements separately?
- Do full account numbers need to be visible on bank statements, or can they be masked/redacted?
- If a bank only issues one combined statement for linked accounts, is that acceptable?
- Can a bank account be used if it isn't under the name of the applicant or the business, such as an account held by a family member?
- How do I find my 6-digit secure access code?
- How do the additional business owners access the application to authorize the soft credit check?
- How do my additional business owners access the application to upload their personal tax returns?
- How do the additional business owners access the application to upload the required documents?
- How do I update/change/resend the email address to the additional owners for additional documents?
- How do I update/change/resend the email address to the additional owners for their credit info and tax returns?
- I have multiple owners in my business. Do you need to pull their credit too?
- Does each owner need to complete their part before the application can move forward?
- What exactly does the additional owner need to have ready before they start their portion?
- My business partner owns less than 20%. Do they still need to go through this process?
- We have three owners. Does every single one need to submit their information?
- Will additional owners see the details of the primary owner's loan application?
- Will contacting additional owners affect their privacy or share my business information with them?
- Can a business partner's credit score be used instead of the applicant's own?
- What happens after additional owner(s) submit their information?
- Additional owners' information isn't ready yet. Can the application still be submitted?
- Can additional owners be removed or changed after the application is submitted?
- Can a co-signer or co-borrower be added to strengthen an application?
- Does ownership percentage in the business affect eligibility or trigger extra review?
- What happens if I don’t qualify for financing with any lender?
- How long do I have to wait to reapply?
- How do I improve my chances of getting approved?
- How long does it take to review my application?
- How long do I need to be in business to qualify for financing?
- How much financing can I get approved for?
- Why is it taking so long to see what funding options I could qualify for?
- What are the financing options available to me?
- What are my funding options?
- My business is seasonal, and my revenue is inconsistent. Will that hurt my chances?
- I've been declined by my bank before. Does that affect my application here?
- Can I qualify if I have a bankruptcy on my record?
- Does having low or $0 revenue in recent months, or operating at a loss, affect eligibility?