Smarter Loans > Lending Loop

Apply Now Write Review

Lending Loop

Avg. Rating: 3.7 (3 reviews)

Lending Loop is Canada’s first and only regulated peer-to-peer lending marketplace focused on small business. Our core focus is providing businesses with accessible capital at the most affordable interest rates through a simple online process.We do this by cutting out the costly intermediaries, such as banks, making affordable financing and faster decisioning accessible to small businesses. By doing so, Lending Loop gives all Canadians access to a new fixed-income access class which provides simple and attractive returns, allowing them to support the growth of local Canadian businesses.

TIME IN BUSINESS: Since 2014
TOTAL FUNDED: Over $3.5M
LOANS OFFERED: Peer to Peer Business Financing

1-866-651-4241

555 Richmond St W, Toronto, ON M5V 3B1

Call Center: Mon-Fri: 9am-6pm ET

Support Offered:

Help Center/Blog
Email Support

Availability: All of Canada

Products Offered

Below are all the products offered by this company.

Conditions & Rates

Interest rate Starting at 5.9% Amount $5,000 – $500,000 Term 3 – 60 Months

Eligibility & Documents

Who is eligible

Canadian resident over 18
Annual sales over $100,000
At least 1 year in operations
Guarantor credit score over 600

What you need to provide

Financial Statements: Year-to-Date and 2 Previous Years

Repayment & Issuance

How fast can you get the money 1 – 30 Days Funding method Direct Deposit How does repayment work Monthly Repayment from Bank Acocunt

Videos

Articles About Lending Loop

See All Articles

Peer-to-Peer Lending Has Finally Arrived in Canada

By Jared Lindzon

Jared Lindzon is an experienced journalist, writer and public speaker. He specializes in Business, Technology, Lending and FinTech industries in Canada and abroad. Jared is a regular contributor to Smarter Loans and top tier publications around the World, including Fortune Magazine, Fast Company, the Guardian, Rolling Stone, the Globe and Mail, and many more.

Frequently Asked Questions About Lending Loop

What is Lending Loop?

Lending Loop is Canada's first and only regulated peer-to-peer lending marketplace focused on small business. Lending Loop's focus is on providing businesses with accessible capital at affordable interest rates through a simple online process. Lending Loop does this by cutting out the costly intermediaries, making affordable financing and faster decision making accessible to small businesses.

Is Lending Loop Safe?

Yes. Lending Loop gives Canadians access to a new fixed-income access class which provides simple and attractive returns, allowing them to support the growth of local Canadian businesses. Lending Loop has a network of 11,000+ active lenders that have lent more than 70+ million to Canadian small businesses. Lending Loop has been covered in Tech Vibes, The Globe and Mail and the Financial Post. They have an office in Toronto, but support businesses and their communities across the country.

What Products and Services Does Lending Loop Offer?

The Lending Loop offers peer to peer business loans.

How Much Can I Borrow from Lending Loop?

You can borrow amounts from $1,000 to $500,000 with Lending Loop.

What Is the Interest Rate on a Lending Loop Loan?

The interest rate on a Lending Loop loan starts at 4.96%.

What Is the Term Length for a Lending Loop Loan?

Terms on Lending Loop loans range from 3 to 60 months.

How to Qualify for a Lending Loop Loan?

You can apply for a Lending Loop loan online. The process takes less than 30 minutes. You'll need to show that you're a Canadian resident over 18, have annual sales of over $100,000, have been in business for at least 1 year and have a guarantor credit score over 600. Aside from that you’ll also need to provide financial statements that showcase year-to-date and 2 previous years.

Can I Apply Online for a Lending Loop Loan?

Yes, you can apply for a Lending Loop loan online with a quick application within five minutes. You'll be asked some straightforward questions about your business details and performance. Lending Loop’s credit team will then evaluate your loan request to determine which product is the best fit for your business.

How Fast Can I Get a Loan from Lending Loop?

If approved then you can receive your loan funds from Lending Loop in as little as one day, while sometimes funding can take up to 30 days.

How Will Lending Loop Send Me the Loan?

Once you accept your personalized offer, Lending Loop's community of investors will fund your loan on their marketplace. Once funded, the money will be transferred to your bank account.

How Does Loan Repayment Work at Lending Loop?

Lending Loop loans are repaid through pre-authorized payments from your bank account.

Which Provinces Is Lending Loop Available in?

Lending Loop is available anywhere in Canada.

What Kind of Customer Support Does Lending Loop Offer?

You can contact Lending Loop through email support, their blog/help centre and by phone.

What are Lending Loop Working Hours?

You can apply for a Lending Loop loan online or they can be contacted by phone during 9AM-6PM EST, Monday to Friday.

Lending Loop Reviews

Avg. Rating: 3.7 (3 reviews)

WRITE A REVIEW

Loving it

Lending Loop is an easy way for me to invest my money with high returns, while also helping local business in my community. It's a win-win. Been using it for over a year and I have no complaints.

Tyler

Good rates

I got a really good rate on my loan. Helped my business and the experience was good overall. Got funded in 10 days.

Jeff

The worst interest rate

Do not even try this company for small business loan. very high interest rate.

Igor Tsodikovicth