Online lender Lendio has reportedly facilitated nearly $60 million in loans through its lender turndown program. Lendio’s lender turndown program allows lending partners to offer a marketplace of loan options to customers that do not fit the lender’s credit box; this allows lenders to turn a decline response into a potential loan offer for the small business owner. This program currently includes about 20 lending partners, and due to the success of the program, Lendio is adding new partners each month. In the last fiscal year, the program saw a 259% increase in the number of loans facilitated.
“We are excited about the rapid growth of this program,” commented Lendio President Jim Granat. “We are seeing an increase of lending partners joining the turndown platform because it allows them to turn an application decision from a ‘no’ into a ‘yes.’ Working closely with our trusted lending partners to provide additional funding options shows their commitment to customer satisfaction; it’s a great way for us to partner in helping main street get much-needed access to capital.”
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Lendio said that its platform leverages its online marketplace of more than 70 lenders and white-glove customer service to make sure that each referral receives access to business loan options. As a result, a majority of customers return to Lendio for one or more renewal loans. For every loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, donates a percentage of funds to low-income entrepreneurs around the world through Kiva.org.