Lendistry team members are always available to answer your questions in detail should you prefer one-on-one assistance. You can reach us by phone at 844-662-7297, by email at firstname.lastname@example.org, or by instant message during business hours on our website.
1. What does Lendistry offer?
Lendistry offers small business term loans and lines of credit with responsible rates, transparent terms and fast delivery. Some of our clients have used our small business loans for equipment, opening an additional location, meeting inventory needs for large orders, marketing to reach a broader base of customers, adding online sales to their brick-and-mortar stores, implementing technology to stay ahead of the competition, and covering the day-to-day costs of business.
2. How much business funding can I receive?
We offer loans up to $1,000,000 ($1MM) and $2,000,000 ($2MM) for owner-occupied commercial real estate. The amount your small business qualifies for depends on various factors including credit profile, monthly revenue, financial payment history, and business strength.
3. How do I qualify?
Minimum requirements for traditional term loans are a minimum FICO of 640, two years in business, no bankruptcy within the last 3 years, and no default on government debt (FHA mortgage, student loans).
SBA minimum requirements are a minimum FICO of 600, less than two years in business considered on a case-by-case basis for businesses with strong qualifications, no bankruptcy or foreclosures within the last 3 years, no open tax liens (without a payment plan) and no default on government debt.
4. How do I apply?
5. What do I need when applying?
Prior to filling out the full application, it will be helpful to have the following available: average monthly sales, business owner’s social security number, and business tax ID number. Additional documentation will be required after the approval process.
Generally, what’s needed is 6 months of business bank statements, 2 years of business tax returns, 1-year personal tax return and an application.
6. When can I expect to receive an approval?
Our approval time is usually 24-48 hours. Because we’re not just another online lender, and you’re not just a set of numbers, we use technology to expedite the process, but our caring sales professionals personally consider your information for approval.
7. What are your rates?
Our rates are determined by the strength of your small business’s overall financial profile. As responsible lenders, we start our rates at 6%. If we can’t finance a loan at a responsible rate, we won’t approve the loan.
8. What is the minimum FICO required?
The minimum FICO required for traditional loans is 640. SBA loans have a minimum FICO requirement of 600.
9. Are there any costs to apply?
The application and quote are absolutely free. Once we issue a Conditional Approval, we charge $200 to cover our third-party verification costs.
10. What kind of businesses does Lendistry work with?
Lendistry has worked with all types of small businesses in all areas of the country, including underserved communities often overlooked by large banks. We’ve funded restaurants, manufacturers, healthcare providers, HVAC companies, professional service companies, a yoga school, a trucking business and many, many more. You can learn more about the industries we serve by clicking here.
11. How long does it take for loan funds to be delivered?
Our goal is to approve all customers within 48 hours. Once approval conditions have been met, we typically deposit funds into your account within 24 to 72 hours of acceptance.
12. How does repayment work?
Payments are automatically deducted from your business checking account (or daily credit card transactions) each business day, once a week or once a month. Some of our business owners find that daily repayment is easier on the cash flow and simpler to manage. Weekly and monthly repayment options are offered to those with stronger business profiles.
Our terms are determined by the strength of the business’s overall financial profile. We offer terms from 1 to 5 years for our traditional loans and up to 10 years for our SBA loans.