Lendistry Review
View Lendistry's financing solutions for your business. Includes key company information, loan options and frequently asked questions.
Updated on February 25th, 2022
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Lendistry is a business lender that provides short-term loans and other types of financing to small businesses. Small businesses can use Lendistry to finance new projects, purchase new equipment, and more.
Loan Options:
Loan Type | Amount |
|---|---|
SBA Loan | $50,000.00 to $250,000.00 |
Traditional Loan | Up to $1,000,000.00 |
Express Business Line of Credit | Up to $250,000.00 |
Revolving Line of Credit | Up to $1,000,000.00 |
Real Estate Loan | $250,000.00 to $2,000,000.00 |
Review:
Pros: Open to high-risk industries, such as construction, trucking, and restaurant industries.
Cons: Charges a prepayment penalty of 2% of the loan amount if you pay your loan back within the first year.
Bottomline: Lendistry is a certified community development financial institution (CDFI) that is committed to providing affordable financing.
Key Information:
Legal Name | BSD Capital LLC dba Lendistry |
Founder | |
Founding Date | Oct 01, 2014 |
Address | 330 E Lambert Road, #275, Brea, CA 92821 United States |
Number of Employees | 25 |
Number of Customers | 14 |
Telephone | |
Website |
FAQs:
What is the maximum Lendistry loan amount?
The maximum amount that your business can borrow from Lendistry is $2,000,000.00 for a Real Estate Loan.
What documents does Lendistry require for my loan application?
- 2 years of business tax returns.
- 2 years of personal tax returns.
- 3 months of business banking statements.
You also need to submit:
- Your social security number.
- A business tax ID number.
- Your average monthly sales.
Will my credit score be affected after my Lendistry loan application?
No. Completing an online application will not effect your credit score. During the pre-approval process, Lendistry will perform a soft credit pull that will not effect your credit score. During the underwriting process, Lendistry will perform a hard credit pull that will show your full credit report.
What is the approval time frame for my loan application?
Lendistry usually responds to your loan application anywhere between 24-48 hours.
How soon can I get the funds once my loan has been approved?
Lendistry typically deposits the funds in your bank account anywhere between 10-20 business days.
Are there any costs to apply for a loan at Lendistry?
No. The loan application and quotes are free. Only if Lendistry issues a conditional approval do they charge $200.00 to cover third-party verification costs.
What are Lendistry's requirements to qualify for a loan?
- A credit score of 640.
- Two years in business.
- Minimum monthly revenue of $12,500.
- No bankruptcy within the last 3 years.
- No default on government debt.
What prepayment penalties does Lendistry impose?
- SBA Loans: no prepayment penalty.
- Non SBA Loans: 3% prepayment penalty if paid off in year 1 and 2% prepayment penalty if paid off in year 2.
- Lines of Credit: 3% prepayment penalty if the line is closed out in less than a year.
What are Lendistry's interest rates?
Lendistry's interest rates range from 6% to 12%.
How do I contact Lendistry to start my loan application?
You can call Lendistry at 1 (844) 662-7297, or use the contact form on their website.
Are there any alternatives to Lendistry?
- JP Morgan Chase.
- Headway Capital.
- Lendio.
- LoanMe.
- QuarterSpot.
- Citizens Bank.
- US Bank.
- Square Capital.
- StreetShares.
- SmartBiz.
- Noble.
- American Express Merchant Financing.
- LoanBuilder.
- Bitbond.