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.
Pros and cons
- Borrow up to $500,000
- 10-minute application
- Interest rates starting at 4.96%
- 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 $1,000 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.
How to apply for a Lending Loop Business Loan
If you’re ready to apply for a business loan with Lending Loop, click the green Go to site button on this page to begin the application. 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 600
- 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