FREQUENTLY ASKED QUESTIONS
Q: Why should I apply for a business loan through Lendtek?
A: Lendtek uses proprietary software paired with a human element to locate and secure the best loan options for your small business.
Q: Is Lendtek a direct lender?
A: While Lendtek has an in-house fund, we use a proprietary algorithm and secure lender portal to identify the best offer for your business across our marketplace of 65+ lenders.
Q: What are the loan terms and amounts?
A: Terms and rates are dependent on the strength and credit profile of your business.
Q: What are the requirements to apply for a loan?
A: The requirements to apply for a loan are operating 6 months in business, $10k+ per month in revenue, and a business bank account.
Q: What can I use the funds for?
A: The funds can be used for business expansion, inventory, equipment, taxes and tax benefits, or anything business related.
Q: Which industries do you provide funding for?
A: There are currently zero restricted industries; we can leverage our marketplace in your business' favor.
Q: What are the loan interest rates?
A: Loans, terms, and rates are dependent on the strength and credit profile of your business.
Q: What does the Lendtek app do?
A: The Lendtek app streamlines the loan application process, allowing you to seamlessly upload documents and manage loans from the palm of you hand. Download the app via the Google Play Store or the Apple App Store.
Q: How much do Lendtek's services cost?
A: Lendtek will analyze your company and present an offer at $0 cost.
Q: Are the loans unsecured?
A: Yes, the loans are unsecured.
Q: What are the different types of loans?
A: To better understand who qualifies, the pros and cons, and the required documents for different loan options, please visit our Products page.
Q: How long does it take to get my money?
A: Once approved, you typically receive funds within 24-48 hours.
Q: Do you pull my credit and will it affect my credit score?
A: Through our partnership with Experian, we have the ability to perform a true soft credit pull upfront that will not affect your credit score.
Q: What is considered a small business?
A: Depending on your industry, a small business could be defined as a business with a maximum of 250 employees or a maximum of 1,500 employees. Small businesses are privately owned corporations, partnerships, or sole proprietors that have less revenue than larger businesses.
Q: What happens if you don't pay back a loan?
A: While every lender is different, typically if your company enters into default, the lender will send your account to a collections department.