Lendified Review (June 2024) – Pros, Cons, Features, & Pricing

This Lendified review hopes to provide a more comprehensive and in-depth understanding of the company’s product offering. Lendified is a popular business loan provider in Canada. As a small business looking to try this service, we hope you will find our review helpful.

Lendified is an online lending company that offers small businesses quick loans and other funding services. After completing an online form and passing the pre-qualification stage, these loans can be approved and accessed within 48 hours of application. They are not a brokerage; with a funding amount of $94.6M, all loans are given by the company without the need for collateral.

There are alternatives available for small businesses that can’t access bank financing or simply don’t want to pay the high rates charged by banks. But before signing up with any lender, it’s essential to do your research and know what you’re getting into. That’s where we come in! Our Lendified review gives you everything you need to decide whether they’re right for you.

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Last Updated: Jun 08, 2024


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What Makes Lendified a Good Option?

As a small business owner, you are not new to financial troubles, from sourcing for start-up capital to maintaining sustainable cash flow for the day-to-day running of your business. You will have to keep coming up with ways to fund your business.

This section of Lendified Review will explain why Lendified is a good option for your small business.

Quick Access to Loans

According to this Lendified business loans review, access to loans takes less than a week. Online applications are secured and can be completed in a few minutes. 

Zero Collateral Requirement

Unlike commercial banks and other types of lenders, applying for Lendified business funding doesn’t require collateral. Once you qualify, you will be granted.

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Flexible payment plans

Lendified provides a flexible loan term spread over 24 months with a bi-weekly payment plan. It will benefit you as your monthly income won’t be overwhelmed by loan deductions.

Better rates and fees

We did a Lendified small business loans review as part of this Lendified Review. And we discovered that Lendified offers 8% – 18% rates depending on not just your credit score but also the overall health of your business. Also, you would pay a one-time originating fee of 3% to cover the cost of servicing and delivering your business loan.

Build Credit

Through the flexible payment plans and 40% savings rate, Lendified will help you build credit scores that qualify you for additional loans.

High Amounts

You can apply for Lendified business funding between $5,000 and $150,000.

Pros and Cons of Lendified

This part of the Lendified Review branches into the pros and cons of Lendified. As a result of the Lendified business loans review, the following pros and cons were found:

The Pros of Lendified

  • Quick application and approvals
  • No collateral required
  • All operations are entirely online
  • You can get loans in 2days
  • 3-24 months loan term
  • Maximum loan amount of $150,000

The Cons of Lendified

  • Lendified is currently not available to businesses in Quebec
  • The annual revenue requirement of $100,000 is not favourable for start-up businesses
  • Higher rates than traditional banks
  • Strictly based on eligibility
  • Charge a 3% originating fee
  • Doesn’t provide mortgages.

Lendified Products and Services

Lendified offers various products and services. These can be categorized based on the types of loans they provide and the sectors they serve. One must also consider how they support small businesses by making resources and guides available on their websites.

lendified review application - comparewise

Business Loans

This Lendified review will look at the types of Lendified business loans available and which best suits your business’s needs. There are various Lendified Business Fundings provided to small businesses and enterprises alike. These funds can be used for the following:

Refinancing Loans

Refinancing loans are commercial loans taken out to pay off previous debt. Small business entrepreneurs may amass debts from various lenders and commercial banks due to a lack of finances. Your company’s financial stability is severely harmed by this debt and can result in bankruptcy.

Lendified helps small businesses by offering loans for debt consolidation and refinancing. Since there is just one creditor to pay, these loans have reduced interest rates.

Cash Flow Loans

A well-oiled machine will run smoothly. The same is true for constant cash flow in your business. However, as a small business owner, you may want to prepare for a busy season, increase your staff strength, or complete a project. But you might lack the funding to do so.

Although getting a line of credit from your bank would be better, the stress associated will cause you to search for other options. To help small businesses run efficiently, Lendified offers loans that can be used in the day-to-day operations of your business.

Inventory and Sourcing Loans

Your small business’s ability to generate revenue depends on having products and services available when customers need them. If you struggle with inventory and sourcing, you can consider getting Lendified Business Funding.

Bill and Supplier Payment Loans

Running a business requires constant financial struggles. The invoices and payments seem never to end. Late bill payments can harm the financial stability of your company because they raise interest rates and lower your credit score.

Lendified provides loans to small businesses to assist them in paying off these expenses while preserving their credit score.

Equipment Loans

A business’s ability to operate smoothly depends on its equipment. Whether as a producer, distributor, or store owner. In addition to slowing down production, outdated equipment often lowers the standard of the goods and services offered. Lendified Business loans help you acquire equipment to put you on top of your game.

Lendified equipment loans help you preserve your working capital. Because these loans are fast and easy to get, broken or outdated equipment can easily be replaced in little or no time.

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Relocation and Expansion Loans

A small office may be manageable for a start-up, but you’ll need more space to empower your workforce as your firm expands. An expansion or relocation may be necessary for your business to survive, but it’s relatively expensive.

These Lendified loans assist business owners in modernizing, physically altering, and improving the interior of their commercial space.

Hiring and Training Loans

As a small business owner, hiring is both thrilling and challenging. Even though the projected return on investment appears mouth-watering, the financial burden is difficult to bear. As a result, most business owners will think about getting a loan. Lendified supports small businesses with these loans to help hire, train, and retrain employees.

Advertising And Promotion Loans

Small-scale businesses can benefit from investing in advertising and promotion. Advertising broadens the audience your business is exposed to, keeps you competitive, improves sales and reputation, and expands your customer base. A successful online campaign can quickly increase revenue for small businesses, but they are not free.

Industries They Serve

This part of the Lendified review lists the various sectors Lendified serves. They include:

  • Retail
  • Auto related
  • E-commerce
  • Health and Beauty
  • Restaurants
  • Constructions

Small Business Resources

In addition to offering loans to small businesses, Lendified also provides free materials and guides to support the growth of your business.

lendified team - comparewise

Lendified Product and Service Quality

Suppose you are one to worry about quality. In that case, you may want to know the quality of products and services Lendified offers before choosing a business loan from them.

Lendified takes pride in offering rapid, simple loans to small businesses within 48 hours. It is because cutting-edge technology has been incorporated. For example, data is encrypted and shielded from unauthorized individuals using this technology.

They employ a group of funding professionals, technologists, and service specialists who deeply understand banking and financing. Most had over 30 years of experience and were previous bank executives.

lendified business loan - comparewise

How to Get Started with Lendified

This section of our Lendified small business loans review will walk you through the steps of applying for a business loan. It’ll also list out the requirements and application processes.

Although Lendified does not require collateral to access a business loan, there are other criteria your small business must meet to qualify. These include:

  • Own an incorporated business in Canada
  • Such business must have been in operation for more than six months
  • Must be making $100,000 and above in annual revenue
  • Have a personal credit score of 610 and above.
  • Must be 18 years and above

Only businesses that meet the above criteria will be reviewed. If you meet the above requirements, then go ahead and apply. The application process includes the following:

  • Fill out an online application form with your personal information, business information, and information about the state of your firm.
  • Next, upload your bank statement for the previous six months.
  • You will receive an automatic quote showing how much you will have to pay.
  • Once you’re eligible, within 48 hours, Lendified will send your loan.

Alternatives to Lendified

This Lendified review section helps you explore lending options other than those from Lendified. For example, you could opt for any of the following companies if you feel Lendified may not be a good fit.

Loans Canada

Loans Canada is one of Canada’s loan providers founded in 2012. Although they are not lenders, what they offer is loan referral services. Loans Canada helps you bypass the stress of searching for lenders that suit your needs. They allow you to compare more than 80 different lenders on one platform.

Pros of Loans Canada

  • Maximum loan of up to $500,000
  • The application gets approved the same day, and funds are delivered the next.
  • It helps you compare loan options from over 80 lenders on a single platform.
  • Serving all provinces in Canada

Cons of Loans Canada

  • Must have a business in Canada that’s active for nine months plus.
  • Must make $10,000 monthly sales to qualify.
  • Not suitable for start-up companies

Similarities Between Lendified and Loans Canada

  • Application is easy for both Lendified and Loans Canada
  • Both in Canada
  • Application and funding are less than a week.

Differences between Lendified and Loans Canada

  • The maximum loan for Lendified is $150,000, while that for Loans Canada is $500,000
  • Loans Canada is not a lender, while Lendified is.
  • Lendified does not serve Quebec, while Loans Canada serves all provinces in Canada.
  • Loans Canada has a loan term of 3-60months, while Lendified is 3-24months.
forward funding 2 - comparewise

Forward Funding

Forward Funding is one of Canada’s financing technology companies that provides advances and term loans to small and medium-scale businesses. 

Pros of Forward Funding

  • Loans are sent in little as 24 hours
  • Loan term of 18 months
  • 100% online
  • Easy to access
  • You can apply for up to $500,000

Cons of Forwarding Funding

  • Not available to start-up company as you must have been in business for at least six months
  • $80,000 annual sales

Similarities between Lendified and Forward Funding

  • They are both 100% online
  • Simple and easy to access
  • Funding is less than a week

Differences between Lendified and Forward Funding

  • Lendified has a loan term of 3-24 months, while Forward Funding has 18 months.
lendified commercial financing - comparewise

Lendified Review Conclusion

Our comprehensive Lendified review hails this Canadian company as a great alternative to traditional banks. It offers quick approvals, fast funding, and competitive rates. The only downside we found was that it doesn’t provide mortgages and charges an origination fee.

Besides these, Lendified is an excellent option for people who want to borrow money quickly without having to go through the hassle of applying with multiple lenders.

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FAQs about our Lendified Review

What are Lendified loans?

Lendified loans are business loans that are quick and available for small-scale businesses to assist in the smooth running of their businesses. This loan application takes a few minutes to complete online. If you pre-qualify, You can receive funds in as little as 48hours.

How can I apply for a Lendified small business loan?

You can apply for a Lendified loan by completing an online application. This will require you to provide relevant information about yourself and your business. This data collection is categorized into personal information, business information and business health.

What can I use a small business loan For?

Even though Lendified doesn't provide insurance or mortgages. They provide loans for businesses. This includes loans for refinancing, staff recruiting, equipment purchases, advertising, expansion and relocation, employee training, etc.

How do I qualify for a Lendified loan?

You only qualify for a Lendified loan if you are a Canadian with a registered business that's been in operation for more than six months and generating an annual revenue of $100,000.

Can Lendified grant me more than one loan?

Yes! Lendified can grant you access to two loans, but only if you are consistent with your payments. Once you have paid one-third of your current loan, you qualify to apply for extra funding.

Do I need collateral to get a Lendified business loan?

No. Lendified business funding doesn't require you to tender any collateral. However, there are specific criteria you must meet to qualify. This includes: owning a business that's been in operation for 6months with a revenue of $100,000 annually.

What is Lendified's maximum loan amount?

You can get any Lendified loan for a minimum of $5,000 and a maximum of $150,000, provided you meet the criteria. Although, you can request an additional loan after paying one-third of your first loan.

October 6, 2022
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