Frequently asked questions
67 articles
- Is Lendio a direct lender? Is Lendio a bank?
- Does Lendio offer grants?
- What is the difference between a long-term and short-term loan?
- What is the difference between a small business administration (SBA) loan and a small business loan?
- What is the difference between personal and business bank accounts?
- What’s an Employer Identification Number (EIN)? Do I need one?
- What is the difference between a personal and business credit score?
- What is underwriting?
- What is the annual percentage rate (APR)?
- What is loan stacking?
- What is IRS Form 1065?
- What is a Schedule K-1?
- What is a working capital advance and how does it work?
- What is a corporate credit card?
- What is a small business loan?
- What is a sole proprietorship?
- What is a limited liability company (LLC)?
- What is a legal partnership?
- What is a corporation?
- What is a personal credit score?
- What is a business credit score?
- What does DBA mean?
- Can I still apply for a PPP loan in 2024?
- Is Lendio Legit?
- What happens if I miss a payment or default on the financing?
- If I accept an option in my account, do I receive the funds immediately?
- Who is actually lending me money?
- What is Lendio’s relationship with Meow?
- Who is actually lending me money?
- How do I build strong business credit?
- My funding expert advised me to reapply for an SBA loan in 2-3 months. What are the next steps?
- What is my current funding balance? How can I see it?
- Can I get another loan?
- What's the difference between a refinance and a renewal?
- I've had this financing for a few months; can I renew it?
- When it's time for renewal, do I work with the funder, or do I contact Lendio?
- If I was approved for funding and didn't take the full amount at the start, can I still access the difference later?
- Can I make adjustments to my payment schedule?
- Does Lendio offer start-up loans?
- Does Lendio offer grants for startup businesses?
- What are the requirements to get a small business startup loan?
- What is a startup business loan?
- Is it hard to get a business loan to start a business?
- Can I get a startup business loan with bad credit?
- What is the average business startup loan?
- How much financing do your lenders offer for startups?
- How can a startup loan accelerate my small business?
- How can I improve my chances of getting a good ETRAN score (and SBA loan approval)?
- What is the ETRAN system?
- What is an ETRAN score?
- Is the ETRAN score the only factor in SBA loan approval?
- How does the ETRAN system work in evaluating my application?
- Does the ETRAN system speed up the loan approval process?
- What happens if my ETRAN score is low?
- Can I find out my ETRAN score?
- Do I need a good ETRAN score to get an SBA loan?
- What factors influence my ETRAN score?
- How do I update/change/resend the email address to the additional owners for their credit info and tax returns?
- How much balance is still pending on my current financing?
- What is a pre-qualification?
- What is the difference between a pre-qualification and a pre-approval?
- When do I actually have a real funding option?
- How long must my business have been operating before I can qualify for a loan?
- Is an EIN and a federal tax ID the same thing?
- I just got my EIN from the IRS online, but haven't received the official letter yet. Is it okay to use the number I was given on screen?
- What's the difference between a loan and a grant?
- Does Lendio offer grants for veterans?