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Lendio this week announced at LendIt Fintech USA, the world’s leading event in financial services innovation, that it has 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. To date, the program 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.