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Lending Loop Business Loan Review

If you’re a small business owner, the online Lending Loop business loan can give you flexible financing options to help you grow.

Online lender Lending Loop offers business loans from to at lower interest rates than traditional banks. If you’re a small business owner or entrepreneur, a Lending Loop business loan can give you cash to finance operations.

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Details

Product NameLending Loop Business Loan
Benefit DescriptionLending Loop offers personalized loans up to $500,000 for small business owners who have been business for at least 1 year and can show a minimum of $100,000 annual revenue.
APRStarting at 4.96%
Min. Loan Amount$10,000
Max. Loan Amount$500,000
Loan Term3 - 60 months
Loans OfferedP2P
Turnaround Time2 - 14 days
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Pros and cons

Pros

  • Borrow up to $500,000
  • 10-minute application
  • Interest rates starting at 4.96%

Cons

  • Must have at least $100,000 in annual revenue
  • Unclear fees
  • Limited customer support

Main points to consider with a Lending Loop Business Loan

Lending Loop offers business loans to entrepreneurs and small business owners who have been in operation for at least a year. Loans from $10,000 to $500,000 are available for businesses that generate at least $100,000 in sales annually. Popular reasons to borrow include business expansion, inventory purchase, working capital, staffing, marketing and refinancing.

If your online application is approved, Lending Loop’s community of investors will fund your loan and offer you a personalized interest rate and repayment terms. Once funded, the money will be transferred to your bank account.

Features of a business loan from Lending Loop

  • Loan rates as low as 4.96%. Lending Loop offers business loans with interest rates starting at 4.96%. The interest rate you get depends on several factors, including personal credit score, how long you’ve been in business and annual revenue.
  • Available across Canada. Lending Loop Business Loans have no geographic restrictions for Canadian residents.
  • Loans for all business types. Lending Loop finances all types of businesses, including corporations, partnerships and sole proprietorships.
  • High loan rates. Business owners can borrow up to $500,000 with Lending Loop.
  • Entirely online. With Lending Loop, your application and financing are done completely online, which means there’s never a need to step foot inside a bank.
  • Dedicated account manager. All loan applications are reviewed and processed by a dedicated account manager.

How much does the loan cost?

Business loans from Lending Loop have interest rates as low as 4.96%. The exact interest rate you receive will be stated in your official loan contract along with any additional fees that may apply.

The total cost of the loan will depend on how much you borrow, the length of the loan and your personal credit score.

Compare business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
Lending Loop Business Loan
Starting at 4.96%
$10,000 - $500,000
3 - 60 months
$8,500 /month
12 months
P2P
To be eligible, you must have been in business for at least 12 months and have a minimum of $100,000 in annual revenue.

Lending Loop is Canada’s first regulated peer-to-peer lending platform. Complete an application in 5 minutes. Once you accept your loan offer, investors will begin to fund your loan on the marketplace. Your loan will be transferred to your bank account when it is fully funded.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
6 months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum monthly revenue of $10,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.
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How to apply for a Lending Loop Business Loan

You will be asked to create a profile to submit your application. To be eligible for the loan, you need to meet the following criteria:

  • Be a citizen or resident of Canada
  • Be at least 18 years of age
  • Have a personal credit score of at least 640
  • Own a corporation, partnership or sole proprietorship
  • Have a business that’s at least one year old
  • Have a business that generates at least $100,000 in annual revenue

When applying for a business loan you generally need to provide:

  • Personal information including your name, address and email address
  • Business information, including business type and proof of sales
  • Canadian bank account details

Finder’s Business Loan Guide

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