Terms of Service

1. Agreement to Terms

By accessing or using the Lendio platform operated by Lendio Finance Inc. ("Lendio," "we," "us," or "our"), including our website at lendio.ca and our loan application services (collectively, the "Services"), you agree to be bound by these Terms of Service. If you do not agree, do not use our Services.

2. Eligibility

To apply for a Lendio loan you must: be a Canadian resident who has reached the age of majority in your province; own a residential property in Ontario, Alberta or British Columbia; and request an amount between $1,000 and $5,000 for a specific home repair or renovation.

3. The Loan

Every Lendio loan carries a fixed annual rate of 24.99%, repaid in 52 biweekly payments over 24 months via pre-authorized debit (PAD). A $5 per-payment processing fee is included in the biweekly amount shown. An optional $100 expedited same-day funding fee may be deducted from the advance. A $99 fee applies to any returned (NSF) payment.

There is no penalty for early repayment. You may pay off the loan at any time, for free.

4. Security — Consent to Lien

By signing a Lendio loan agreement, you give Lendio consent to register a claim against your property if the loan defaults. Nothing is registered on your title while the loan is being paid. If the loan defaults, Lendio may obtain judgment and register a claim that sits behind your mortgage. This is explained in plain language on its own screen (Step 7 of 8) before you sign, with its own separate acknowledgement.

5. Bank Connection

Lendio uses Plaid to access your banking information with your consent. This connection is read-only: we look at income and spending to confirm the biweekly payment fits your cash flow. We never see your banking login credentials, and we cannot move money in or out of your account.

6. No Credit Check

Lendio does not perform a credit bureau check. We qualify you based on home ownership and the cash flow we can see in your bank account. Applying with Lendio leaves no mark on your credit file.

7. Use of Funds

Funds are advanced directly to you, the homeowner. You choose who does the work and you pay them yourself. Lendio is not a party to any arrangement between you and a contractor or tradesperson. Each loan is for one stated job on a home you own.

8. Governing Law

These Terms are governed by the laws of Ontario, Canada. Any dispute arising under these Terms shall be resolved in the courts of Ontario.

9. Contact

Questions about these Terms may be directed to hello@lendio.ca.