LendistryReviews of lendistry.com

The process of getting the business Loan was pretty smooth, the agent that I work with was helpful that wasn’t a problem. My biggest issue is they are a business that supposed to help small businesses. Their interest rate is ridiculously high over 14% and they are unwilling to renegotiate help businesses in paying down the loan with reasonable rates. Finally, when I attempted to make a $6000 payment I was hit with a fee of $576 to move forward when you’re attempting to pay off your loan and you’re being charged to pay it off quickly that’s predatory and not in the spirit of helping small businesses thrive which I believe is their motto. It appears to me they’re just in the business of making money. I’m extremely disappointed.

I was misled that i qualify for SBA loan and was offered a very high interest rate at the end and multiple updates requiring signatures again and again every few days It was painful

Fast and easy application but should probably relate to customers a credit score needed to be high but doesn’t have any reference saying how high or what score would be Approved. Wasted my time I feel like…

Expensive loan including a very high origination fee of 3%. Be thorough in your contract review.

This is my second time working with Lendistry. I returned because I received excellent service the first time, but this recent experience was subpar. After submitting my initial application, I was not contacted at all. I only received an update after I called to check status seven days later. Once the file was assigned to an associate, I was asked for supplemental information. I requested a template for business assets/collateral three times before receiving a response. In general, response times were over one day, which significantly slowed the process. I also experienced challenges around franchise documentation. Given my prior loan history with Lendistry, I expected previously addressed items (such as signature and document questions) to be handled more efficiently. I referred the associate to our franchise attorney, but was told it was solely my responsibility to resolve and that she would not contact franchise legal directly. At one point, I was close to giving up and working with another lender. Fortunately, the associate supervisor stepped in, took over, and the loan was processed in less than seven days. In addition, I requested a copy of the signed loan documents after the loan is funded. The file sent to me was in the wrong format (HTML instead of PDF). I replied and asked for the correct PDF version, but I still have not received it. I’m sharing this feedback because the service quality between team members was dramatically different, and the initial handling did not meet expectations.

Not willing to hear and understand

Got an sba loan from and for some reason, the only way to contact them regarding the account is only by email. Very outdated way of contacting a company.

I think your processes for an SBA loan application is ineffective. The automatic process takes your personal social # , then denies you because high debt to credit ratio, while the credit is excellent. Then you cannot talk to a loan officer if denied , just an agent with basic information. When I finally demanded to speak to a loan officer, it took time for a call back, and the loan officer seemed to know very little about SBA policies, and he didnt know what a SBA community advantage loan was. What kind of SBA loan officer is that? He did nothing to try to help my matter, after explaining the issue, or come up with any alternatives. He was a bit matter of fact and cocky, as well. The story here was that some of my business charges/debt were also showing on my personal credit report which caused a higher debt ratio, and I wanted to learn about consolidating this debt with an SBA product. I never talked with an SBA agent that would only look at a personal credit report to make a decision on a business loan, until now. Doesn't make any sense, and I believe you are losing a lot of potential customers with your application processes. I think the loan officer I spoke to was Paul. He seems afraid to answer some general questions on getting approved, and said he would get back to me after learning more information about the SBA community advantage loan, but he did not. If someone is going to call me back, I prefer to have another agent do so. Thank You. P.S I'm also an existing customer for a different loan product. One would think you want to keep my business and add to it.