Lendit Reviews

Lendit Finance Ltd is an alternative lender in the UK offering fully digital funding options to small and medium-sized businesses. Founded in 2018 and authorised by the FCA, Lendit focuses on providing quick, technology-powered access to business loans for SMEs that have at least six months of trading history and reliable cash flow. Its mix of lending products, including term loans, revolving credit, asset finance and invoice finance, is aimed at businesses seeking flexibility and speed rather than the low-cost, collateral-based borrowing found with traditional banks.

Key features of Lendit Finance Ltd

Lendit combines technology and customer service to streamline business borrowing. Here are some practical features that stand out for applicants.

• Digital application and underwriting using open banking and accounting tools
• Multiple loan products managed in one online portal
• Funds can be disbursed as fast as the same day on approval
• Transparent fee structure and no hidden costs
• Integration with major accounting software, plus support via phone, chat, and email

Who can qualify for funding?

You may qualify if your business has at least six months of trading history and meets minimum turnover requirements, usually £50,000 or more. Personal guarantees are needed for most products. Sectors like gambling, crypto or property development are excluded. Trading must be in the UK, with Channel Islands and Isle of Man not eligible. Relevant details about requirements are found in the eligibility criteria for each loan type on the lender's portal and in product disclosures.

Types of loans available from Lendit

Lendit offers a suite of business finance solutions, all accessible online. Loan amounts range from £5,000 to £1,000,000, depending on product and business profile.

• Unsecured business term loan: Borrow £5,000–£250,000 over 3–36 months, with fixed rates from 5.9%–29.9% APR. Personal guarantees and arrangement fees apply. No early repayment fees on most facilities.
• Revolving credit facility: Access £10,000–£150,000 with flexible drawdowns and monthly fees, reviewed annually. The line grows as business turnover increases. All-assets debenture and personal guarantee required.
• Merchant cash advance: Funding from £5,000–£300,000, repaid as a percentage of card sales. Costs are fixed upfront via a factor rate, with no regular arrangement fees. Suitable for businesses with high card revenue.
• Selective invoice finance: Advance against individual B2B invoices of £10,000–£500,000 per batch, for up to 120 days. Fees typically 1.5%–3% per 30 days. Uses invoice assignment rather than whole ledger commitment.
• Asset finance: Fund the purchase of equipment or vehicles, from £10,000–£1,000,000. Repayment terms are 1–5 years, with flat rates from 4.5%–15%. The asset serves as security and deposits are required in most cases.

How to apply for a Lendit business loan

The process is fully online with a focus on speed. Pre-approval may be offered instantly, with funding possible on the same or next business day after approval. Applicants should prepare recent bank statements, filed accounts and ID documents before starting. Steps include:

• Complete the digital application and connect business banking data
• Upload or share required documents like financials and identification
• Review your offer and digitally sign agreements if approved

Funding Agent’s view: independent review conclusion

Lendit fills the gap between mainstream banks and payday alternatives. It may suit SMEs needing quick access to working capital without the need for long collateral-based processes. The platform’s clear fee structure and product range are helpful for firms with steady revenue and short trading history. However, higher pricing and required personal guarantees on most facilities might not appeal to larger businesses or those with significant assets. To explore your options, compare products and check your business’s eligibility directly on specialist portals or with comparison tools designed for UK business lending.