Lendr Review – Financial Solutions for your Business

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Solving the need for money from your business is not easy, given that the amounts are usually quite high are less lenders available than those that lend to people, even so, there are various options, traditional and more recent, to get what you need to repair or renew your company, buy seasonal supplies, machinery, among other things.

Financial Solutions for your Business

Part of these possible financial solutions is Lendr, a company that since 2011 has been dedicated to offering fast and frictionless cash advances to help people like you, owners of small and medium-sized companies willing to grow.

Their politic is to not focus on the credit score to approve, but on the health of your business, performance and potential –Which is great for you if you are a startup with bad credit scores.

How to Get a Loan with Lendr

To start a contract with Lendr you must complete the online questionnaire, which consists of 10 basic questions about you and your business.

After applying, a financing specialist from Lendr will contact you to obtain any additional information you may require.

-Keep in mind that they are direct lenders and will make the final call about giving you any money-

The basic requirements are that your monthly cash flow is $ 10,000 or more and that your business or company has at least one year in practice, in addition, at the time of completing your application you will surely be requested:

  • 4 months of bank statements.
  • Commercial tax returns for years with $ 100K + annual income.
  • Certificate of good standing.
  • Canceled business check.
  • Copy of driver’s license.

There are certain exceptions, that is, business conditions that will prevent you from applying for a loan or cash advance. If your company is on the following list, you should look for another option:

1) Companies or businesses that are publicly traded.

2) Companies or businesses that are located in Hawaii or Alaska.

3) Companies or businesses that engage in any of the following industries:

  • Adult entertainment.
  • Auto.
  • Credit Restoration.
  • Direct sale or multilevel marketing.
  • Financial or loans.
  • Games (bets).
  • Lawyers
  • Oil and natural gas.
  • Religion.

How Does Lendr Work

You will receive the deposit of the money in approximately 2 days after your application has been approved.

Then, you will begin to reimburse the capital the day after receiving the money, since the fees -which are fixed and exposed at the moment of contracting- are automatically debited from your commercial account, or from your sales in credit and debit cards.

But you may be able to get a weekly payment plan. This system prevents you from forgetting to pay, but it requires that you have a cash flow free of inconvenience.

Note that this website has a concurrent loan policy, which means that when you approve the loan or advance inform you that you have up to 90 days to have an extra, if necessary -very convenient when the reason for the loan it is a renewal or executing a project, conditions susceptible to unexpected expenses-.

Once 60% of the loan has been canceled, your company can renew the contract.

When Should You Turn to Lendr

Resorting to a lender with a high percentage of approval has a cost, as it happens with payday loans, this is a costly option for companies, and in case you have problems for the money to reach your commercial account the daily payments will become a real problem.

In other words, use this company when they have rejected your application in conventional financing.

On the other hand, if you have exhausted all the resources, or you need the money urgently and you cannot wait until the conventional procedures are completed, then this is the right option for you.

The application and approval process is fast and you can choose the traditional cash advance program where you debit your sales by credit or debit card, or choose to have ACH debits from your bank account

Lendr is also a solution to secured loans, you may not have an asset or liability to help you secure the loan with a bank, or you simply do not want to leave anything under warranty, in such cases Lendr turns out to be a good alternative.

You must also know

Lendr usually applies a 2% origination fee on the amount you request, and that amount must be between 7% and 14% of gross annual sales of the trade.

In addition, your request will be permissible if at least 70% of the property of the company or business is represented in the application. In case your business already has a loan, Lendr could cancel it as debt consolidation.

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