Lending Loop Business Loan Review
- APR Range
- Starting at 6.00%
- Loan Amount
- $1,000 - $500,000
- Loan Term
- 3 - 60 months
- Minimum Revenue
- $8,500 /month
- Minimum Time in Business
- 12 months
Summary
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
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Borrow up to $500,000
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Online loan application
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Receive personalized interest rates
Cons
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Must have at least $100,000 in annual revenue
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Unclear fees
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Limited customer support
Details
Product Details
| Product Name | Lending Loop Business Loan |
| Benefit Description | Lending 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. |
| APR | 6.00% - 24.93% |
| Loan Amount | $1,000 - $500,000 |
| Loan Term | 3 - 60 months |
| Loans Offered | P2P |
| Turnaround Time | 2 - 14 days |
| More Info |
Fees
| Application Fee | N/A |
| Origination Fee | 1.00% - 6.00% |
| Fees | Establishment Fee: 1.00% - 6.00% |
| Non-sufficient Funds Fee | $0 |
| More Info |
Application Requirements
| Requirements | - Have a Canadian bank account - Place of business located in a Canadian province/territory - At least 1 year in business - At least $100,000 in annual revenue - 600+ minimum credit score - At least 50% of the directors of the corporation should be Canadian residents - All directors should have reached the age of majority in the province/territory of residence of the applicant |
| Minimum Income | $100,000 in annual revenue |
| Min. Credit Score | 600 |
| Serviced Provinces/Territories | All of Canada |
| More Info |
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 6%. Lending Loop offers business loans with interest rates starting at 6%. 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 6%. 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
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 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
