Last reviewed by:
Katherine Gustafson
June 29, 2018
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Lendistry
We believe in the power of small business to create jobs, grow local economies, and strengthen communities. Lendistry provides funding for small businesses with responsible rates and transparent terms. Our equal opportunity lending practices ensure all businesses have a fair chance at success, including those in underserved communities.
Founded in 2015, Lendistry uses technology to provide growth capital and financial education for small businesses. The company is focused on equal opportunity lending, offering traditional term, short-term, and Small Business Administration (SBA) loans to a wide range of small businesses, including those in underserved communities.
Lendistry takes great pride in providing reasonable rates, transparent terms, and fast access to capital. The company is unusual among non-bank lenders in providing loan terms of up to ten years and borrowers are encouraged to grow with the company. Traditional term loans of up to one million in funding helps clients expand, update operations or equipment, satisfy large orders, take on marketing initiatives, institute technological advances, and many other things to make their business successful.
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Payments are automatically deducted from the businesses checking account or applied to a credit card each business day, once a week, or once a month. The weekly and monthly repayment options are available only to borrowers with strong business profiles.
| Lendistry: At a glance | |||||
| Loan product | Loan amount | Loan term | APR range | Fees | Time to funding |
| SBA loans | $50,000-$250,000 | Up to 10 years | 6.25-10.25% | $2,500 | Approval within 48 hours; funds available in 24-72 hours upon approval |
| Traditional term loans | $50,000-$1 million | 1-5 years | 6-14% | Origination fee up to 3%, $1,250 processing fee | Approval within 48 hours; funds available in 24-72 hours upon approval |
| Short-term loans | $50,000-$500,000 | 3-12 months | 12-24% | Origination fee up to 2% | Approval within 48 hours; funds available in 24-72 hours upon approval |
| Bridge loans | $50,000-$500,000 | 3-12 months | 8-18% | Origination fee up to 3% | Approval within 48 hours; funds available in 24-72 hours upon approval |
Rates current as of 6/5/18
| Loan product | Annual revenue | Min. business credit score or personal credit score | Time in business |
| SBA loans | $150,000 | 600+ | 2 years preferred |
| Traditional term loans | $150,000 | 640 | 3 years preferred |
| Short-term loans | $150,000 | 600+ | 2 years preferred |
| Bridge loans | $150,000 | 600+ | 3 years preferred |
The total loan amount a borrower is eligible to receive will be determined by the monthly revenue, financial payment history and strength of the business.
In addition to the minimum requirements in the chart, borrowers seeking traditional term loans must have no history of bankruptcies within the last three years and have not defaulted on a government debt (like an FHA mortgage or a student loan).
Borrowers seeking SBA loans who have in business for fewer than two years may be able to obtain funding but Lendistry makes this determination on a case-by-case basis. SBA borrowers must have no bankruptcy or foreclosures within the last three years, no open tax liens (without a payment plan) and have never defaulted on a government debt.
| The following is a list of industries that are not eligible for a loan with Lendistry: | |
| Adult entertainment and/or materials | Insurance (except independent agents) |
| Airlines | Internet prescription drugs |
| Annual memberships | Merchant processing |
| Brokerages | Non-profits |
| Cannabis (growers & sellers) | Oil drilling |
| Casinos | Pay day loan |
| Check cashing services | Prepaid phone cards |
| Consumer credit | Religious organizations |
| Coupon books | Tobacco sales/products |
| Dating services | Used car dealers |
| Diet programs | Vape shops |
| Escort services | Warranty companies |
| Financial institutions | Weapons dealers |
| Fortune tellers, psychics, | Wholesale cell phones |
| Astrologers, spiritual | Wire transfers |
| House flippers | |
In addition to the above, the below industries are also excluded for companies not based in California:
| The following industries not based in California will be considered on a case-by-case basis: | |
| Dietary supplements | Consulting |
| Freight forwarding | Country clubs |
| Furniture sales | Limo services |
| Kiosks | Modeling agencies |
| Accounting | Moving companies |
| Appraisers | Private detective |
| Boat sales | Ticket brokers |
| Bridal formal wear | Travel agencies |
| Caterers | Trucking |
| Construction | Wireless stores |
The Lendistry application form can be completed online. Before starting your application, have the following information readily available: average monthly sales, business owner’s SSN, and business tax ID number.
Required documents to apply:
| Pros | Cons |
| Reasonable rates, especially for those with excellent credit | Relatively stringent requirements |
| Loans terms up to 10 years and as high as $1 million | Businesses in many industries are not eligible |
| Low to no collateral required | Origination fees apply and weekly repayment may be required |
Lendistry is industry agnostic, but the businesses that the company serves most are restaurants, contractors, manufacturers and franchises. Companies that are well established with good to excellent credit, and are looking for major capital infusions at reasonable rates will be best suited for a loan with Lendistry.
No collateral is required for an SBA loan, although Lendistry does place a Uniform Commercial Code (UCC) lien, which is a formal priority claim on a borrower’s assets. For non-SBA loans, collateral can be as low as a 0.25% Collateral Coverage Ratio (CCR).
Lendistry has an engaging website, but is lacking some important fine print. It’s always a good idea to call the lender with any questions before you select your lender.
Securing a loan with Lendistry may be a good choice for established businesses in need of some real-deal capital for growing their business. Lendisty’s solid rates and substantial latitude for lending, both in loan terms and loan amounts, makes Lendistry a good option for potential borrowers.