Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Lending Loop is a regulated marketplace in Canada that specializes in small business lending. Small businesses can apply for a loan from $1,000 up to $500,000. The entire process is completed online, which means you’ll have more free time to devote to your business and can worry less about financing.
Business owners fill out an application, are evaluated by the Lending Loop team and are offered a loan with a fixed term and interest rate. If accepted, the loan is listed to their marketplace where lenders can commit to lending them the money they need.
Although Lending Loop has slightly more lenient standards than many other business lenders in Canada, there are a few requirements that you’ll have to surpass in order to get approved for your small business loan. After all, the more financing you’re applying for, the harder it will usually be to qualify.
Here are a few basic elements you’ll need to be eligible for a small business loan from Lending Loop:
They may also have to examine some of your business’s financial documents, including but not necessarily limited to:
Remember, every lender has different standards for the clients they’re willing to approve, so be sure to visit the Lending Loop webpage or speak with one of their customer service agents to learn more about their full loan requirements.
Lending Loop’s entire loan application process can be completed online within minutes and one of their account managers should be available to help you through each step.
Here’s how the loan application process will typically go:
Once your loan has been listed on their marketplace, your profile will remain posted there for 30 days or until your loan has been financed in full.
Lending Loop’s Borrower’s Guide states that they offer unsecured loans of $5,000 – $500,000.
If you become a member or apply for a small business loan through Lending Loop, you can also gain access to these helpful features:
While the financing you receive from a Lending Loop small business loan can be highly advantageous for your corporation, there are a few associated costs that you must take into consideration before you apply, including but not limited to:
Despite the fact that every lender has different requirements and conditions for their loan products, the best thing you can do is apply when you and your business are financially stable. Essentially, the easier it is for you to make loan payments as agreed, the more financing and better interest rates you’ll be eligible for.
It’s also important to know that Lending Loop will check your Equifax business credit report when you apply.
No matter what financial institution you’re applying with and what type of credit product you’re looking to acquire, it’s always important to research your lender properly and ask the right questions.
Otherwise known as “P2P”, peer-to-peer lending is when an online service, such as Lending Loop, is able to connect prospective borrowers with different lenders across the country, typically online. As you know, Lending Loop’s main practise is to set corporations up with the financing they need via their marketplace listing page, which is where business loans are posted to await approval from various financial sources, such as banks, credit unions, and alternative lenders.
Let’s conclude our review of Lending Loop with a quick summary of all the possible benefits and drawbacks that you may encounter once you’re approved. Take a careful look at these pros and cons, as they can drastically impact your business’s financial well-being in both a positive and negative manner.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Small Business Loan | $ 1,000 – $500,000 |
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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