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Frequently asked questions

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What is Lendoe?


Lendoe is a social lender with a particular focus on today’s underestimated entrepreneurs.

What’s your story?


The origins of Lendoe began when a few young adults raised £220,000 to save their church building from repossession. Since then the team have gone on to disburse just under £750,000 to small business owners from less represented groups.

What is an underestimated entrepreneur?


An entrepreneur who has been marginalised by today’s mainstream funding providers. But has continued to overcome and thrive despite the level of rejection they may have experienced.

Why underestimated entrepreneurs?


Our focus on entrepreneurs from these under-served groups derives from the findings we discovered whilst supporting our first few customers. Whilst supporting these entrepreneurs we found that due to the level of rejection they had faced, many of them had built up a level of resilience, grit and commitment. All characteristics which we believe are critical to a small businesses’ success.

Please find three of the key customer groups we identified who have experienced the problems we discussed above below:

  • Migrants Many of the entrepreneurs from this group are new to the UK credit system and either have thin credit files or a lack of an understanding regarding how credit works. When attempting to access business credit this affects them severely.
  • Women We have found that women tend to have a misconception regarding how mainstream lenders perceive them. Our research suggests that they typically tend to exclude themselves from mainstream funding sources due to not believing that they’ll be accepted because of how society perceive them.
  • Early stage We consider early stage businesses to be those who are yet to file their first set of annual accounts. At maximum they are 21 months old and as a result, have no credit score. It’s because of this that when they apply for mainstream funding providers, they receive automatic ‘no’s.

How is Lendoe different to other lenders?


Our focus on underestimated entrepreneurs allows us to tailor our products and build them specifically for individuals from the communities we serve. This allows us to quickly separate our offering from our competitors and other mainstream finance houses.

Tell us more about your services?


Our ‘Partner Loans’ are working capital loans which provide entrepreneurs the finance they need to cover their funding constraints, take advantage of unexpected opportunities and cover short term cashflow gaps. Our ‘Partner Loans’ range from £5000 to £20,000 and can be issued for six to twenty-four months.

Our ‘Partner Network’ is a support hub which consists of professionals, entrepreneurs and likeminded lenders who all share similar values to us. Through this network you’ll be able to access higher funding limits than we offer from our Lending Partners and receive pro-bono consulting services from professionals within magic circle legal firms and top tier investment banks.

What do I need to receive a ‘Partner Loan?’


You’ll need to meet the following criteria:

  • Be a limited company or limited liability partnership
  • A minimum of £35,000 turnover per annum
  • 6 months trading history
  • An operating presence in the UK

How do I apply?


By clicking here. Our application form takes less that 5 minutes!

How long is the process?


Our application process typically takes 14- 21 working days. Please note due to the recent pandemic we’ve put all ‘Partner Loans’ on hold. At present we are only working with lenders in our Partner Network who can provide CBILs (Coronavirus Business Interruptions Loans). Click here to see the first customer we helped gain finance from a CBILs provider.

How does the process work?


It’s a 4-step process which goes a little something like this:

  • Apply via our website.
  • Receive a provisional offer – This may include a phone call from someone in the team
  • Send in your bank statements, VAT returns & financial forecasts
  • Pass a few additional ‘Know your customer’ checks, sign your agreement and get funded!

Once complete, all you have to do is ensure you have enough money to make your monthly repayments and top up when you need more. It’s really that simple.

What are your rates?


Our interest rates begin as low as 17% APR. How much you are charged will depend on various factors such as, but not limited to:

  • Your trading history
  • Business model
  • Personal credit score

Are there any additional fees?


Yes, we charge an administration fee which starts at 2.5% of your total loan amount. This fee will be deducted from your loan before your drawdown.

What happens if I pay late or miss a repayment?


If you pay late you may incur a fee. This will depend on how late your payment is and the circumstances regarding your late payment situation.

If you find yourself in a situation that prevents you from making your monthly repayment. Please contact us to make us aware of your situation. We understand that your business may not always perform as well as you expect and a time may come where you require additional support or a payment holiday.

For more information regarding our late fee policy please contact us at support@lendoe.com

What happens if I decide to repay early?


You'll be charged an early repayment fee if you ask to settle within the first three months of your loan. If you decide to settle your loan outside of this timeframe. You’ll not be charged. Please find some examples below:

Example 1 - You are settling your loan in full in the first month of your twelve-month Partner loan. You’ve paid your first loan repayment and are now fourteen days away from your second repayment and forty-four days away from your third repayment.

Because you are settling your loan within the first 3 months of your loan agreement, we will charge you the remaining interest you were going to be charged on your next two payments as your early repayment fee.

Example 2 - You are settling your 12-month Partner Loan in full in month six of your agreement. You are 14 days away from your seventh repayment date and have just notified us that you would like to settle your loan in full. Because you are outside of our three-month early repayment time period. We will give you the option to settle your loan in full immediately with no fees charged.

If you decide to settle immediately, we’ll only ask you to pay the interest you’ve incurred to date within the next working day, or on the day which you’ve stated you would like to settle your loan.

Do you still need an explanation? If so contact us at support@lendoe.com now.

Can I top up and take out additional funds?


Yes. To access additional funds, you’ll be required to apply again. Just like you would if you were taking a new loan however the process is likely to be much faster as we’ll already have all of your details.

Do you carry out credit checks?


Yes, we need to do so to lend responsibly. We work with different credit reference agencies to collate all the information we require to make an informed decision on your loan.

How will you use my data?


We collect and hold personal information about you so that we may:

  • Provide you with our products and services;
  • Review and meet your ongoing needs;
  • Provide you with information we believe may be relevant or of interest to you;
  • Inform you about other products or services we offer;
  • Send you information about special offers or invite you to events;
  • Consider any concerns or complaints you may have; comply with relevant laws, regulations and other legal obligations;
  • Help us improve the products and services offered to our customers to enhance our overall business.

We may use and disclose your personal information for any of these purposes. We may also use and disclose your personal information for secondary purposes which are related to the primary purposes set out above, or in other circumstances authorised by the Data Protection Act. Sensitive information will be used and disclosed only for the purpose for which it was provided (or a directly related secondary purpose), unless you agree otherwise or an exemption in the Data Protection Act applies.

Is my personal and business data safe with you?


Lendoe abides by the Data Protection Act 2018 (‘Data Protection Act’) and all other relevant UK and European data protection and privacy laws and complies with rules laid down by the Financial Conduct Authority (FCA).

All data electronically transferred between you and Lendoe is encrypted, using strong forms of encryption available commercially. We are committed to keeping your data safe.

How do I gain access to your Partner Network?


You can access our ‘Partner Network’ by applying for a ‘Partner Loan’ or through contacting us directly that you’d like to join our network. To do so contact us now at support@lendoe.com

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Clear, simple and transparent, our rates start as low as low as 17% APR and typically span up to a maximum of 12 months. Interested in finding out how much you would have to pay? Check out our 'Lendoe Calculator' below.

7 monthly repayments of:

£1,140.99

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Here's a quick example: Borrow £10,000 for 12 months at 17% APR (Incl. Fees) representative APR. Total amount repayable is £10,944.60. The actual rate may vary based on individual circumstances.