Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Loop Review

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About Lender

Loop emerges as a leading banking platform for businesses in Canada, offering a comprehensive suite of financial solutions designed to streamline operations and maximize efficiency. Positioned as Canada's premier banking platform for businesses, Loop provides access to global banking details, multi-currency corporate credit cards, international payments, and more. Businesses utilizing Loop stand to benefit from substantial cost savings, with the platform facilitating savings of up to 5% of their revenue. Notably, Loop helps businesses eliminate between 2-6% in foreign exchange fees on all cross-border payments, a significant reduction that can positively impact the bottom line.

Moreover, Loop's offerings extend beyond traditional banking services, encompassing both digital and physical corporate credit cards that scale with business performance. With credit limits tailored to reflect business growth, Loop empowers companies to expand their operations and seize new opportunities. Additionally, Loop facilitates the collection of payments in foreign currencies by enabling businesses to open local accounts in key markets such as the US, EU, and UK, allowing for seamless cross-border transactions.

Loop

Key Features

  1. Cost Savings. Businesses can save up to 5% of their revenue through Loop, with the platform eliminating between 2-6% in foreign exchange fees on all cross-border payments.

  2. Multi-Currency Corporate Credit Cards. Loop offers both digital and physical corporate credit cards, with credit limits scaling based on business performance.

  3. Global Banking Access. Access global banking details, enabling businesses to operate seamlessly on an international scale.

  4. Local Accounts in Key Markets. Open local accounts in the US, EU, and UK for free, allowing businesses to send and receive local payments efficiently.

  5. Competitive Advantage. Make banking a competitive advantage by eliminating FX and bank fees, obtaining industry-leading conversion rates, and benefiting from powerful financial management solutions.

  6. Annual Savings. Grow globally with the potential for annual savings of $40,000 or more through reduced FX fees and enhanced financial efficiency.

  7. Capital Access. Gain access to up to $1 million in capital, with credit limits that scale with business growth.

  8. Global Payment Tools. Utilize powerful global banking tools designed to simplify finances and facilitate business expansion.

  9. Transparent Pricing. Loop provides transparent pricing, with no annual fees for basic plans and clear FX fees outlined based on the chosen subscription plan.

Pros and Cons

Pros

Rewarding Experiences. Loop's corporate credit cards reward businesses with points for every purchase, offering opportunities to redeem rewards at brands like Amazon, Uber, Air Canada, and more.

Flexible Card Usage. Free users receive up to 20 virtual cards and up to 2 physical cards, while Loop Plus and Power users enjoy unlimited virtual cards and up to 10 physical cards.

Quick Payment Processing. Transfers made through Loop typically arrive in the payee's bank account within 1 business day, ensuring efficient payment processing.

Cons

Subscription Fees. While Loop offers various subscription plans to cater to different business needs, businesses must consider the ongoing subscription fees associated with the chosen plan.

FX Fees for Non-Enabled Currencies. Businesses may incur FX fees if they spend in currencies that are not enabled on their Loop card, although these fees are typically lower compared to traditional banks.

Limited Physical Cards for Free Users. Free users are limited to a certain number of physical cards, which may be insufficient for larger businesses or those with multiple employees needing physical cards.

Reliability

With a commendable rating of 4.4 out of 5 stars and a substantial total of 2,481 reviews on Trustpilot, Loop demonstrates a level of reliability that garners attention. The significant number of reviews suggests a sizable customer base, providing a broad spectrum of feedback on their experiences. While individual reviews may vary, this collective feedback offers insights into the overall reliability and satisfaction levels among users. As with any financial institution, prospective customers need to consider a variety of factors beyond just Trustpilot ratings, such as specific needs, terms of service, and additional reviews from other sources, to make well-informed decisions regarding their financial partnerships.

How to Apply for Loop Services?

  1. Visit the Loop Website. Start by visiting the official website of Loop. You can access the website through any web browser on your computer or mobile device.

  2. Explore Services. Take some time to explore the range of financial products and services offered by Loop, including corporate credit cards, global banking, payments, capital, FX, and expense management.

  3. Select Desired Service. Identify the specific service or services that align with your business needs and objectives. Whether you're looking for multi-currency accounts, corporate credit cards, or capital access, Loop offers a variety of solutions to suit different business requirements.

  4. Complete Online Application. Once you've identified the service you're interested in, locate the section on the website where you can begin the application process. Follow the prompts to fill out the online application form, providing necessary information about your business, such as company name, contact details, industry, and financial information.

  5. Submit Supporting Documents. Depending on the service you're applying for, you may be required to submit supporting documents to verify your business's eligibility. These documents may include financial statements, business licenses, identification documents, and any other relevant records.

  6. Review Terms and Conditions. Before submitting your application, carefully review the terms and conditions associated with the service. Pay close attention to factors such as fees, interest rates, repayment terms, and any other relevant details. Make sure you understand and agree to all terms outlined by Loop.

  7. Submit Application. Once you've completed the application form and gathered all necessary documents, submit your application through the online portal. After submission, you should receive confirmation that your application has been received.

  8. Wait for Approval. Loop will review your application and supporting documents to assess your eligibility for the desired service. The approval process may take some time, so be patient and check your email or account dashboard regularly for updates.

  9. Activate Service. If your application is approved, you'll receive a notification from Loop detailing the next steps to activate the service. Follow the instructions provided to set up your account and start utilizing Loop's financial services to support your business operations.

Conditions and Requirements

Conditions

  1. Interest Rates. Depending on the specific financial product or service, Loop may offer competitive interest rates. These rates can vary based on factors such as the type of loan or credit facility, the creditworthiness of the borrower, and prevailing market conditions.

  2. Fees. Loop may charge various fees associated with its services, such as annual fees for credit cards, transaction fees for international payments, or origination fees for loans. Clients need to review the fee schedule provided by Loop and understand the total cost of utilizing the services.

  3. Repayment Terms. For loans and credit facilities, Loop establishes repayment terms outlining the frequency and amount of payments required. These terms may vary depending on the specific loan product, with options for fixed or variable interest rates and flexible repayment schedules.

  4. Credit Limits. Clients may be assigned credit limits for certain services, such as corporate credit cards or lines of credit. These limits are determined based on factors such as the client's creditworthiness, business revenue, and financial stability.

  5. Account Maintenance. Clients are responsible for maintaining their accounts in good standing and complying with Loop's terms and conditions. This includes timely repayment of loans or credit card balances, adherence to spending limits, and compliance with any other contractual obligations.

Requirements

  1. Business Entity. To qualify for Loop's financial services, clients must operate a registered business entity, such as a corporation, partnership, or sole proprietorship. Clients may need to provide documentation verifying their business registration and legal status.

  2. Creditworthiness. Loop evaluates the creditworthiness of clients to assess their eligibility for certain financial products, such as loans or credit cards. This assessment may include factors such as credit history, business revenue, cash flow, and existing financial obligations.

  3. Financial Documentation. Clients may be required to provide financial documentation to support their applications, such as business tax returns, bank statements, profit and loss statements, and balance sheets. These documents help verify the client's financial stability and ability to repay loans or manage credit responsibly.

  4. Compliance with Regulations. Clients must comply with all applicable laws, regulations, and industry standards governing their business operations. This includes ensuring compliance with anti-money laundering (AML) and know your customer (KYC) requirements, as well as any other legal obligations relevant to their industry or jurisdiction.

  5. Account Management. Clients are responsible for managing their accounts effectively and maintaining compliance with Loop's policies and procedures. This includes promptly reporting any unauthorized transactions, keeping account information updated, and adhering to any account-specific requirements outlined by Loop.

Ways to Receive the Money

  1. Multi-Currency Accounts. With Loop's multi-currency accounts, businesses can open accounts in various currencies, such as USD, EUR, GBP, and more. These accounts come with local account and routing numbers, allowing businesses to receive payments in those respective currencies. This feature is particularly beneficial for businesses engaged in international trade or transactions, as it enables them to receive payments directly in the currency of the payer without incurring costly conversion fees.

  2. Payment Processing. Loop provides payment processing solutions that enable businesses to accept payments from customers through various channels, including online payments, in-person transactions, and invoice payments. Through integrations with payment gateways and merchant services providers, Loop facilitates the seamless transfer of funds from customers to businesses, thereby enabling businesses to receive money efficiently and securely.

Products

  1. Corporate Credit Cards. Loop offers corporate credit cards with flexible credit limits that scale with business performance. These cards allow businesses to make purchases, manage expenses, and access capital conveniently. Loan amounts for corporate credit cards vary based on the creditworthiness of the business and its revenue stream, with options ranging from a few thousand dollars to several million dollars. The cards come with features such as no annual fees, rewards programs, and competitive interest rates, making them an ideal financing solution for businesses of all sizes.

  2. Multi-Currency Accounts. Loop provides multi-currency accounts that allow businesses to send, receive, and manage funds in multiple currencies. These accounts come with features such as local account and routing numbers, free international payments, and competitive exchange rates. While not traditional loans, multi-currency accounts offer businesses the flexibility to conduct international transactions seamlessly and efficiently, thereby reducing the need for costly currency conversions and cross-border fees. The availability of multi-currency accounts makes Loop an attractive banking solution for businesses engaged in global trade or expansion initiatives.

  3. Expense Management Tools. Loop offers expense management tools designed to help businesses track, categorize, and analyze their expenses more effectively. These tools integrate with corporate credit cards and bank accounts, providing real-time visibility into spending patterns and trends. While not a traditional loan product, expense management tools empower businesses to optimize their cash flow, identify cost-saving opportunities, and make informed financial decisions. By offering a comprehensive suite of financial products and tools, Loop aims to support businesses at every stage of their journey and help them achieve their financial goals with ease and confidence.

Reasons for Getting Rejected for Loop Services

  1. Creditworthiness. Loop may assess the creditworthiness of the business and its owners as part of the application process. Businesses with poor credit history, high levels of debt, or a history of missed payments may be deemed higher risk and could face rejection.

  2. Insufficient Documentation. Applicants are typically required to submit various documents to support their application, such as financial statements, business licenses, and identification documents. Failure to provide complete or accurate documentation may result in rejection.

  3. Business Viability. Loop may evaluate the viability and stability of the business itself, including factors such as revenue, cash flow, industry risk, and business longevity. Businesses deemed to be in unstable or high-risk industries may face rejection.

  4. Legal or Regulatory Issues. Businesses must comply with all applicable laws, regulations, and industry standards. Failure to meet legal or regulatory requirements, such as anti-money laundering (AML) regulations or know-your-customer (KYC) requirements, could result in rejection.

  5. Previous Relationship. If a business or its owners have a history of defaulting on loans, engaging in fraudulent activities, or otherwise violating financial agreements, Loop may choose to reject their application based on this previous history.

  6. Excessive Risk. Loop may determine that extending services to a particular business presents an excessive risk, such as if the business operates in a highly volatile industry or has a history of financial instability.

  7. Incompatibility with Service. In some cases, the nature of the business or its financial needs may not align with the specific services offered by Loop. For example, if a business requires a large loan amount that exceeds Loop's lending limits, their application may be rejected.

How to Repay Loop Services?

  1. Payment Methods. Loop provides various payment methods for repaying loans, credit card balances, or other financial obligations. These methods may include electronic bank transfers, online payments through the Loop platform, automatic deductions from a linked bank account, or manual payments via check or wire transfer.

  2. Payment Schedule. The repayment schedule for Loop services depends on the specific terms agreed upon at the time of application. Businesses are typically required to make regular payments according to a predetermined schedule, which may be weekly, biweekly, monthly, or based on another agreed-upon frequency.

  3. Interest and Fees. Businesses are responsible for repaying the principal amount borrowed along with any accrued interest and applicable fees. Loop calculates interest based on the agreed-upon interest rate and the outstanding balance of the loan or credit card.

  4. Online Account Management. Loop provides online account management tools that allow businesses to view their account balance, track payments, and manage their repayment schedule. Businesses can access their account through the Loop website or mobile app to make payments, review transaction history, and monitor their financial status.

  5. Early Repayment. In some cases, businesses may have the option to repay their loan or credit card balance early, either in part or in full, before the scheduled repayment date. Early repayment may help businesses save on interest costs and reduce the overall duration of the loan.

  6. Customer Support. If businesses encounter any issues or have questions about the repayment process, they can contact Loop's customer support team for assistance. Loop's customer support representatives can guide making payments, updating payment methods, or resolving any payment-related issues.

Alternatives

BMO CashBack Business Mastercard

The BMO CashBack Business Mastercard stands out with its no-annual-fee feature, making it an attractive option for businesses looking to save on expenses. It offers cash back rewards on essential business expenditures such as gas, office supplies, and select bills, with an accelerated earn rate at Shell gas stations. Additionally, cardholders benefit from automatic savings of up to 25% at partner merchants, adding extra value to their purchases. However, the card lacks travel insurance benefits and advanced expense-tracking features, which may be a drawback for some businesses seeking comprehensive financial solutions.

TD Business Cash Back Visa* Card

The TD Business Cash Back Visa* Card offers a compelling blend of perks without an annual fee, making it a viable choice for businesses seeking rewards on their spending. With a generous 2% cash back on office supplies, gas, and recurring bills, cardholders can enjoy significant savings on essential expenses. The inclusion of additional perks like increased Star Rewards at Starbucks and a handy expense management tool enhances the card's appeal. However, the $15,000 annual cap on cash back for certain categories and the absence of travel insurance and airport lounge access may limit its utility for frequent travelers.

RBC Business Cash Back Mastercard

The RBC Business Cash Back Mastercard appeals to businesses with its no-annual-fee structure and introductory cashback offer, providing an opportunity to earn 2% cash back for the first three months. Beyond the welcome offer, cardholders earn a competitive 1% cash back on all purchases, complemented by savings on fuel and Petro-Points at Petro-Canada locations. While the card offers decent benefits, such as no annual fee and fuel savings, its lack of comprehensive travel insurance coverage and relatively low earning rate on all purchases may be considered drawbacks for some businesses.

BMO AIR MILES No-Fee Business Mastercard

The BMO AIR MILES No-Fee Business Mastercard presents businesses with a no-annual-fee option to earn AIR MILES rewards on their spending. With the opportunity to earn one Air Mile for every $20 spent, and an enhanced earn rate at Shell stations, businesses can accrue rewards over time. Additionally, the option to obtain up to 22 additional cards for employees and protection against employee misuse adds value to the card. However, the card's relatively modest earning rate and lack of travel insurance coverage may be factors for businesses to consider when evaluating their options.

Editorial Opinion

Loop presents itself as a robust financial platform offering a diverse range of services tailored to the needs of businesses, including multi-currency accounts, corporate credit cards, payment processing, and capital access. With its emphasis on streamlining global banking processes and providing cost-effective solutions for businesses, Loop appears to offer a promising option for businesses seeking to manage their finances efficiently. However, while Loop showcases competitive features such as no-fee accounts and cashback rewards, businesses should carefully assess the terms and conditions associated with each service to ensure they align with their specific needs and financial objectives. As with any financial platform, prospective users may benefit from conducting thorough research and comparing offerings from multiple providers to make informed decisions that best suit their individual requirements.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How much can you borrow from Loop?

The amount borrowers can borrow from Loop varies depending on several factors, including the specific loan product, the borrower's creditworthiness, and the business's financial health. Loop offers a range of loan products, including corporate credit cards, business loans, and lines of credit, with loan amounts typically ranging from a few thousand dollars to several million dollars. By assessing each borrower's unique circumstances and financial profile, Loop aims to provide tailored financing solutions that meet the diverse needs of businesses.

Does Loop approve everyone?

Loop does not guarantee approval for its financial services to every applicant. Like any reputable financial institution, Loop assesses each application on a case-by-case basis, taking into account various factors such as creditworthiness, business stability, financial history, and compliance with regulatory requirements. While Loop strives to provide inclusive financial solutions, approval is subject to meeting the eligibility criteria and passing the assessment process. Factors such as insufficient documentation, poor credit history, or high-risk business profiles may result in the rejection of an application. Therefore, while Loop endeavors to serve a broad range of businesses, approval is not guaranteed for every applicant.

Is Loop a legitimate company?

Yes, Loop is a legitimate company operating within the financial services industry. As evidenced by its presence on reputable platforms such as Trustpilot and its offering of various financial products and services, Loop has established itself as a credible player in the market. Additionally, Loop adheres to regulatory guidelines and industry standards to ensure compliance and protect the interests of its customers. Prospective borrowers can verify Loop's legitimacy by conducting due diligence, reviewing customer feedback, and researching the company's background and credentials.

Is Loop a good lender?

Loop is not a lender; rather, it positions itself as a comprehensive financial platform offering a range of services tailored to businesses' needs. Through its suite of offerings, including multi-currency accounts, corporate credit cards, payment processing, and expense management tools, Loop aims to provide businesses with the tools they need to manage their finances efficiently and grow their operations. While Loop may not fit the traditional definition of a lender, its services cater to businesses seeking financial solutions that encompass banking, payments, and capital access. As with any financial platform, the suitability of Loop's offerings depends on individual business requirements, and prospective users are encouraged to carefully evaluate the features and terms of each service to determine its suitability for their needs.

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© Loop Financial Inc.
Financial products
Loop
Invoice Financing
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Up to 95% of the invoice
Rate
i

Effective interest rate on the product

set individually
Term
i

Loan term for the financial product

set individually
Loop
Purchase Order Financing
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Up to 70% of the purchase order
Rate
i

Effective interest rate on the product

set individually
Term
i

Loan term for the financial product

set individually
Loop
Inventory-secured Line of Credit
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,000,000
Rate
i

Effective interest rate on the product

0.8% - 2% per month
Term
i

Loan term for the financial product

set individually
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Borrowell
Business loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
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Effective interest rate on the product

up to 39.99%
Term
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Loan term for the financial product

up to 84 months
Lending Loop
Business loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000-$500,000
Rate
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Effective interest rate on the product

up to 24.93%
Term
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Loan term for the financial product

up to 60 months
Driven
Small business loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$300,000
Rate
i

Effective interest rate on the product

set individually
Term
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Loan term for the financial product

up to 24 months
Farm Credit Canada
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
Spring Financial
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $1,500
Rate
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Effective interest rate on the product

from 18.99%
Term
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Loan term for the financial product

up to 12 months
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