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.
