LenCred offers an alternative source of business credit and business loans. LenCred is not a lender themselves—rather they are a loan broker. This means that they match their customers with lenders to access business credit cards, equipment financing, and SBA loans.
However, this service comes at a cost. LenCred charges their own fees on top of what your lender will charge. It’s also worth noting that LenCred’s lenders pull hard credit inquiries during the underwriting process—and since this may involve multiple lenders, you’ll likely experience multiple hard credit inquiries, which will harm your credit score.
Loan Amount
$25,000 - $150,000
Time in Business
1 year
Annual Revenue
$100,000
Credit Score
650
Loan Amount
$1,000 - $5 million
Loan Terms
Useful life of the equipment
Interest Rates
Varies based on lender
Time in Business
1 year
Annual Revenue
$50,000
Credit Score
650
Loan Amount
$5,000 - $5 million
Loan Terms
5 - 25 years
Interest Rates
Starting at 6%
Time in Business
1 year
Annual Revenue
$100,000
Credit Score
700
LenCred can work with any entity type, in any industry, and in all states. They also require that the borrower owns at least 1% of their business.
While they won’t check your business credit score, LenCred does require a “solid, well-established personal credit history.” They don’t call out a specific number, but they do recommend at least a five-year history of timely payments, as well as at least one personal credit card in the borrower’s name with a $5,000 limit or higher that has been in use for at least a year.
Additionally, LenCred lists the following expectations:
The exact documents you’ll need to apply for a loan through LenCred will vary depending on the type of funding you’re seeking. To start, you should have:
If you’re applying for equipment financing, you’ll also need a quote for the piece of equipment you’re looking to buy or lease.
For SBA loans, the underwriting process is even more extensive. Read our comprehensive guide on SBA loan requirements to find out what (in addition to the above) you’ll be asked to provide.
LenCred offers pretty unique financing options for both startups and more established businesses. That’s because LenCred is technically connecting you to products instead of providing those products directly.
When you apply, LenCred will pre-underwrite your submission by going through the data on your credit report. This “pre-underwriting” step is to see if you’ll qualify for any of the providers they work with.
LenCred’s underwriting process focuses almost entirely on your credit report and not much on your business’s financial details. Your eligibility for the issuers in LenCred’s network will depend fully on the good standing of your credit score.
When you apply, LenCred will reach out to you during the underwriting process either the same day or the next day after you submit your application. Once you’ve submitted an application, LenCred can present an offer in 24 to 48 hours. If you aren’t approved for any financing products through LenCred, you can reapply in six months.
With equipment financing products, you’ll be on the hook for monthly payments plus interest until the equipment is paid off in full. You’ll agree to the terms of the loan before you sign. LenCred can help you find equipment financing or an equipment loan that’s right for your business. However, to get more details on these options, you’ll have to contact them directly.
The SBA program with LenCred is similar; while they can help you apply for an SBA loan, they won’t actually be lending you money. Keep in mind, no matter where you go for an SBA loan, it will probably require more time than another type of loan because it requires a substantial amount of documentation.
Keep in mind that lenders will pull hard credit inquiries during the underwriting process, which can negatively impact your credit score.
If you decide to take funding with LenCred, they will give you access to an online portal.
Remember though, LenCred isn’t actually lending you money, so the funding you get will be managed by the lender LenCred matches you with. While LenCred will help you apply and submit your applications, they won’t handle everything once you’re funded.
Be sure to carefully read your loan agreement to make sure you’re aware of your repayment terms, including how long you have to pay off your loan, what your payment amount is, the frequency with which you’ll make payments, and more. This agreement will also outline the various fees the lender is charging. Be sure to take all of these into account to find the APR of your business loan.
In addition to the fees your lender will charge, LenCred also charges a 6% to 9% origination fee of their own.
To reach LenCred, you can call them from 8 a.m. to 5 p.m. CT Monday through Friday. You can also email or complete an online form on their website.
There are many positive LenCred reviews online from customers who have successfully found financing through this company. Positive reviews typically focus on excellent customer service experiences—customers report being contacted quickly and receiving all the answers they’re looking for. Additionally, happy customers found the funding process simple and fast.
On the other hand, many LenCred complaints focus on the cost of the products LenCred offers—again, they charge higher fees than most lenders. Also, the multiple hard inquiries on customers’ credit is another common complaint. Other negative reviews highlight some confusion over the agreements they sign and what it all means. Be sure to thoroughly read any loan agreement before signing, and if you’re unsure of anything, consider having a business attorney review it as well.
Fundera Score
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Bluevine | Crest Capital |
Fundera Score 5
| Fundera Score 4
|
Products OfferedLines of credit | Products OfferedEquipment financing |
Interest ratesStarting at 6.2% | Interest ratesStarting at 5% |
Minimum credit score required625 | Minimum credit score required650 |
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Bluevine |
Fundera Score 5
|
Products OfferedLines of credit |
Interest ratesStarting at 6.2% |
Minimum credit score required625 |
![]() |
Crest Capital |
Fundera Score 4
|
Products OfferedEquipment financing |
Interest ratesStarting at 5% |
Minimum credit score required650 |
LenCred is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that LenCred either doesn’t have the technology to work with Fundera or does not offer a financing product that competes with the other lenders in its product class. We suggest considering another lender in this product class.
See if you qualify for similar products in Fundera’s Lender Network.
Christine Aebischer is an editor at Fundera.
Prior to Fundera, Christine was an editor at the financial planning startup LearnVest and its parent company, Northwestern Mutual. There she wrote and edited on topics such as debt, budgeting, insurance, taxes, investing, and retirement. She has written for print and online on topics ranging from personal finance to luxury real estate.