Does Cover Whale have a partner that provides down payment assistance?

Cover Whale is excited to partner with Lendio, the nation's leading small business loan marketplace, to offer policyholders a solution to support with down payment assistance.

Lendio is a marketplace of more than 75 vetted lending partners—banks, credit unions, SBA-approved lenders, and alternative finance companies—that a business owner can reach through a single online application. Rather than calling lender after lender, trucker clients fill out one form and Lendio's platform matches their profile against its network, returning offers they can compare side by side.

How this partnership delivers value for policyholders

A down payment is often the biggest hurdle between a trucker and the coverage they need to stay in operation—especially for newer ventures and owner-operators whose cash is tied up in receivables, fuel, and maintenance. Through Lendio, policyholders can pursue financing that gives them the flexibility to fund their down payment now and repay over time, rather than delaying a bind or scaling back coverage.

How this partnership delivers value for agents

Down payment friction is one of the most common reasons a quote never turns into a bound policy. This partnership gives agents another tool to move deals across the finish line, keep clients in force, and serve as a broader resource to the trucking businesses they support—all without adding steps to Cover Whale's quoting and binding process.

Agents: If you have a client that could benefit from Lendio’s services–for down payment assistance or otherwise–direct them to: hub.coverwhale.com/lendio.

IMPORANT NOTE: Loan options, pricing, and terms are set by the individual lenders in Lendio's network, and all loans are administered and serviced by Lendio and its lending partners—not by Cover Whale. To ensure you and your clients receive the most accurate, prompt service possible, please direct all inquiries about the Lendio program to Cover Whale’s dedicated Lendio contact at:

• Email: joe.gadd@lendiolocal.com
• Phone: 615-724-9082

FREQUENTLY ASKED QUESTIONS

Q. Does Cover Whale administer and service loans under this program? A. No. Cover Whale does not originate, administer, service, or guarantee any loan under this program. The program is administered and serviced by Lendio and the lender that ultimately funds the loan. Cover Whale's role is limited to making the offering available to agents and policyholders as a resource. All questions about an application, a loan offer, a payment, or an existing loan agreement should go directly to Cover Whale’s dedicated Lendio contact at 615-724-9082 or joe.gadd@lendiolocal.com.

Q. What exactly is Lendio? A. Lendio is a small business loan marketplace, not a bank or a direct lender. It maintains a network of more than 75 vetted lending partners and uses one application to match a business with the lenders most likely to fund it. If the client accepts an offer, they enter into an agreement with that lender directly.

Q. How can policyholders use Lendio's services to help them make their down payment? A. The client applies through Lendio, reviews any offers they receive, and—if they accept one—receives funds from the lender. They then use those funds to either make their Cover Whale down payment through the normal payment process or reimburse themselves shortly after making their down payment. Cover Whale does not receive loan proceeds directly from Lendio or its lenders–the down payment is processed exactly as it would be otherwise.

Q. Is this the same thing as premium financing? A. No. A premium finance agreement finances the insurance premium itself, is tied to the policy, and typically gives the finance company the right to request cancellation for non-payment. A Lendio loan is general-purpose business financing, in this case being used to support with down payment assistance. The client borrows from a lender, and the loan is not tied to the policy. Cover Whale's standard payment and premium finance options remain unchanged and are still available.

Q. What does a client need to apply, and how fast is the process? A. Requirements vary by lender and product, but applicants are generally asked for basic business information such as time in business, annual revenue, and recent bank statements. Lendio's application is designed to be completed quickly, and many applicants hear back with offers the same day. Funding timelines are set by the funding lender. For specifics on documentation, timing, and eligibility, clients should contact Lendio directly.

Q. Is there a cost to apply, and will applying affect my client's credit? A. Lendio does not charge borrowers to apply or to use its marketplace. Any fees associated with a loan—origination, funding, or otherwise—are disclosed by the lender in the offer. It's important that clients review disclosures from the lender before accepting. For current details on application costs and any credit inquiry involved, please confirm directly with Lendio.

Q. Will my client's credit be impacted by a pre-approval?
A. Your client's pre-approval through Lendio is based on a soft credit check, which does not affect the user's credit score. If your client chooses to move forward with a specific lender, that lender may perform a hard credit pull before issuing the final funding option. In other words, filling out an application for business funding and submitting it to Lendio's funding partners will not impact your client's personal credit score. However, depending on the product and lender, accepting a funding offer may result in a hard credit inquiry, which could affect their personal credit score.

Q. Is loan approval connected to Cover Whale's underwriting decision? A. No. The two processes are entirely separate. A client's eligibility for Cover Whale coverage has no bearing on whether a lender approves them, and a loan approval or denial has no bearing on Cover Whale's underwriting decision, quote, or bind.

Q. What happens to the loan if the policy is canceled? A. The loan is a separate obligation between the client and their lender. If a Cover Whale policy is canceled—for any reason, including non-payment or an underwriting decision—the client remains responsible for repaying their loan under the terms of their agreement with the lender. Any return premium is handled according to Cover Whale's standard cancellation and refund process and is not automatically applied to a loan balance.

Q. Who should agents and policyholders contact with questions? A. All questions about the Lendio offering—applications, offers, funding, payments, or existing loans—should be directed to Cover Whale’s dedicated Lendio contact at:

• Phone: 615-724-9082
• Email: joe.gadd@lendiolocal.com

Lendio is an independent third party. Cover Whale does not provide lending, tax, legal, or financial advice, and does not endorse or guarantee any loan offer, lender, or loan terms presented through Lendio's marketplace. Clients should review all loan documents carefully and consult their own advisors before entering into any financing agreement.