Loop

Avg. Rating: 5.0 (3 reviews)

Loop is a banking platform built specifically for the needs of growing ecommerce businesses. Loop offers a multi-currency corporate Mastercard®, seamless payments to suppliers around the world at market-leading FX rates, real US Dollar bank accounts and capital solutions for D2C brands.

The Loop team has been building financial products for Canadian businesses for the better part of a decade. Since day 1, they have been exclusively focused on supporting the small business ecosystem. They’ve advocated for banking reform, pioneered low-cost funding methods for SMBs and lent more than $100M to businesses across the country.

  • TIME IN BUSINESS: Since 2021
  • # OF CUSTOMERS: Over 150
  • TOTAL FUNDED: Over $100,000,000
  • LOANS OFFERED: Line of Credit, Business Credit Card, Invoice Financing
Visit site and apply

1-888-223-5667

contact@getloop.ca 410 Adelaide St W, Toronto Ontario M5V1S8, Canada
Call Center:
Support Offered:
  • Call Centre
  • Email
  • Social Media
  • Online Chat
  • FAQs
  • Blog
Availability: Everywhere in Canada

Products Offered

Below are all the products offered by this company.

Conditions & Rates

The Loop Card is a multi-currency business spending card built for Canadian ecommerce businesses. The card offers businesses the ability to spend in multiple currencies, including US Dollars, and repay interest free up to 55 days later without ever needing to exchange currencies.

Interest Rate

Starting at 10% APR

Amount

CAD $250 – CAD $1M

Term

3 – 60 months

Capital Details

  • Inventory-secured Line of Credit. (Up to CAD $1,000,000.)
  • PO Financing (Up to 70% of the purchase order.)
  • ‍Invoice Financing (Up to 95% of the invoice.)

Eligibility & Documents

Loop applicants must be a registered Canadian entity. Businesses that have processed at least $1,000 via their Shopify, Amazon, WooCommerce or Stripe accounts are eligible for credit limits. Businesses that do not qualify for a credit limit with Loop may still access Loop Card and other Loop features like US banking and international payments.

Credit Limit

For businesses using Shopify, Amazon, WooCommerce or Stripe, the credit limit will depend on the business’ performance over the past several months. Credit limits will automatically scale every month to make sure that the limit is sufficient to pay for all expenses with Loop Card.

Repayment & Issuance

Minimum payments are due on balances not repaid during the grace period.

Loop does not take a percentage of your revenue or a fixed dollar amount for repayment. You can both draw from and repay your line of credit at any time which gives you greater flexibility and ensures you only pay interest on the money you actually are usings. When you have a line of credit with Loop, they include a pre-scheduled monthly payment equal to 6% of the outstanding Line of Credit balance at the end of each monthly billing period – you are able to modify this amount but this ensures that a specific date for payment is provided once per month.

Frequently Asked Questions About Loop

What is Loop?

Loop is a banking platform built specifically for the needs of growing ecommerce businesses. Loop offers a multi-currency corporate Mastercard®, seamless payments to suppliers around the world at market-leading FX rates, real US Dollar bank accounts and capital solutions for D2C brands.

What is the cost to borrow money?

Loop’s Capital products are flexible and affordable. There are two fees that may apply when accessing Loop’s Capital products. All capital products have an associated cost of borrowing which is the interest rate charged on the outstanding balance. Interest rates range from 0.8% - 2% per month.

How much credit can I qualify for?

The credit limit you are granted will depend on your business’ performance over the past several months. Your credit limit will automatically scale every month to make sure that your limit is sufficient for you to pay for all of your business expenses with Loop Card.

What can I purchase with my Loop card?

You can use Loop Card anywhere Mastercard® is accepted. You just have more countries where you can spend like a domestic card. As a Mastercard product, you are able to seamlessly pay a supplier, make advertising purchases, or use it for any other business expense internationally.

What is Loop's first product?

Loop's first product is a corporate card that has features and benefits that are specifically designed to support the growth of cross-border businesses. Multi-currency support, an extended repayment grace period and credit limits based on sales.

Is Loop safe?

Loop's team has been building financial products for Canadian businesses for the better part of a decade. Since day 1, they have been exclusively focused on supporting the small business ecosystem. Coming from families of small business owners, they understand the challenges SMBs face and have advocated for banking reform and lent more than $100M to businesses across the country.

Are there annual fees?

No, the first version of Loop's product is free. Better yet, there’s no annual commitment so you can cancel your card at any time as long as you pay any outstanding balance in full.

Loop Reviews

Avg. Rating: 5.0 (3 reviews)
Thank you Loop!

If you are a Canadian business struggling with the old bank system, this is a game changer. For us, we are already seeing incredible benefits after over a month of using them. You will fall in love with your bank again!

Phil
Loop is great for international transactions

Loop has allowed us to save on FX fees and made it easy to run our business which spans Canada and the United States.

Allana
Loop is great for e-comm

We’re a new and quickly expanding brand in Canada that operates primarily online, with retail locations as well. As we were growing our business and looking for working capital we discovered Loop. It was super simple and a game changer for us. Being of the digital age, and working with Shopify, we are used to working online and looking for a process that was simple, fast and focused on our needs. We found Loop and gave them a try. It’s been great. The process wasn’t cumbersome and/or invasive. We’ve seen immediate results and they’ve continued to partner with us as we grow

Ben

Compare Loop with another Company:

Write a Review