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Find A LenderLoop: Overview
Loop is a financial services company that was founded and developed by Lending Loop in 2018. It is a modern way for businesses to access credit to help run their businesses. Loop connects investors with businesses that need funding. Funding is given in the form of a business line of credit. The credit limit changes according to your sales every month, assuring that you have the funding you need each month.
Loop also provides businesses with the ability to monitor both their personal and business credit scores, which can help provide them with insights on how to manage their finances and make better borrowing decisions.
What Does Loop Offer?
Loop offers the following products and services:
Corporate Credit Cards
Loop’s corporate credit cards can be used in multiple currencies with no foreign exchange fees, helping you save an average of 2.5% in such fees compared to traditional financial institutions.
- Spend in CAD, USD, GBP and EUR
- No annual fees
- No minimum spend required
- Up to a $1 million credit limit
- Cashback rewards that can be redeemed at Amazon, Uber, Air Canada and more
- Virtual cards
- No FX fees on purchases
International Bank Accounts
Canadian businesses can open US, UK and EU bank accounts without the conversion fees. This allows you to do business globally to get paid faster and make free international payments.
Payment Transfers
Make unlimited payments to vendors across the globe with free unlimited global transfers. Send payments to more than 180 countries in over 25 currencies. You’ll also get discounts when you pay suppliers in their own currency.
Billing
Send payment links to clients and get paid quickly with direct ACH and EFT payments. You’ll be able to track the status of your clients’ payments in real-time with easily traceable invoicing in your user-friendly dashboard.
Capital
Maximize your working capital to help you sell more and expand your business operations faster.
- Credit Lines: Loop provides flexible credit limits to grow your business and make it easy to distribute money across your cards to better manage cashflow.
- Capital For Invoices: Get access to the financing needed to cover the cost of large purchase orders.
Monthly Interest Rates:
- From 1.2% for Invoice Financing
- From 1.5% for PO Financing
Is Loop Safe?
Yes, Loop is safe to work with. Deposits are insured under the Federal Deposit Insurance Corporation (FDIC). The CAD, EUR and GBP accounts also include protection measures to keep your money safe by depositing it in a segregated account at financial institutions in Canada, the US, the UK, and Europe.
Bottom Line
With Loop, you can get access to working capital to grow your business without giving up equity. Loop’s products and services are flexible, allowing you to tailor your solutions to your business. And if you do business across the globe, Loop can help you save money in foreign exchange fees every time you spend abroad.
