Swoop Funding Business Loan
- Interest Rate
- 4.00% - 25.00%
- Loan Amount
- $1,000 - $5,000,000
- Loan Term
- 3 - 60 months
- Minimum Revenue
- $10,000 /month
- Minimum Time in Business
- 24 months
Business loans with Swoop are typically available from $1,000 up to $5,000,000, though this will depend on the circumstances of your business and the lender that you opt for.
3 things to know about Swoop Funding Business Loan:
- Rates typically from 4.00% - 25.00%
- Secured and unsecured loan options available
- Loan terms can last anywhere from 3 - 60 months
|Product Name||Swoop Funding Business Loan|
|Benefit Description||Swoop partners with banks and alternative lenders to match your business with the right funding options. Register and browse your offers for free without affecting your credit score.|
|APR||4.00% - 25.00%|
|Loan Amount||$1,000 - $5,000,000|
|Loan Term||3 - 60 months|
|Loans Offered||Unsecured Term, Secured Term, Line of credit, Merchant cash advance|
|Turnaround Time||From 24 hours|
|Origination Fee||Dependent on lender|
|Fees||Fees vary depending on your loan contract.|
|Requirements||2 years trading history
|Serviced Provinces/Territories||All of Canada|
How do Swoop Funding Business Loans work?
A business loan from Swoop, like most traditional business loans, is a lump sum of capital that you can use for business purposes, such as purchasing a premises, covering overhead costs, buying stock, or generally expanding your business. Swoop is not a lender in itself, but instead is a virtual finance platform that gives you access to a range of partnered lenders offering loans that best suit your business.
Simply input some basic details about your business onto Swoop‘s website and Swoop will match you with appropriate lenders via your personalised finance dashboard. Swoop‘s finance portfolio boasts a vast range of lenders, all with different eligibility criteria, application processes and interest rates.
What types of business loans does Swoop offer?
Swoop offers the following types of business financing:
- Unsecured term loan
- Secured term loan
- Merchant cash advance
- Invoice factoring
- P2P business loan
- Line of credit
- eCommerce funding
- Asset finance
- Equipment leasing
Features of Swoop Funding Business Loan
- Secured and unsecured. Opt for either a secured or an unsecured business loan option with Swoop.
- Quick online application. Only a few simple details about your business are required to match you with appropriate lenders.
- Loan term. 3 - 60 months.
- Loan amounts. Anywhere from $1,000 to $5,000,000.
- Fixed and variable options. While most traditional business loans are fixed rate, there are variable rate loan options when applying with Swoop.
- Funding time. This will vary depending on the lender that you opt for.
- Good and bad credit options. While it is easier to qualify for finance if you have good credit, bad credit applicants may be able to get a loan through Swoop as well. However, you may have to offer a personal guarantee.
- Secured data. All applications are secure.
How much does Swoop cost?
- Interest rate. Your interest rate will depend on the financial circumstances of your business, the loan amount, and the lender that you opt for.
- Fees. Fees will vary depending on your loan contract
How to apply
To apply for a business loan with Swoop Finance, simply click “Go to site” to visit the lender’s website directly and submit an application. Remember that eligibility criteria will vary depending on the lender you opt for and the loan that you apply for. Swoop will need the following information in order for you to apply:
- Your business’ annual turnover
- How much funding you require
- The age of your business
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