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Lender
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.

Lending Loop's pay off

Finanso.Multilogin™

Repayment of loan

Repayment is made monthly by direct debit. The borrower is aware of the repayment schedule and must ensure sufficient funds to cover the installments and avoid NSF charges.

Full early repayment is possible if the outstanding balance is paid to the borrower and the next installment.

Note: Partial repayment is not available if you want to pay more than the regular installment but are not willing to repay the entire amount.

If a borrower has cash flow difficulties and cannot make the repayment on time, the lender must be informed in advance, and negotiations will be held to find a solution.

Conditions of loan extension

If a borrower realizes there are problems with monthly payments, it is essential to contact the lender and look for solutions together.

Lending Loop is willing to negotiate and take steps to get borrowers back on track. This may mean updating the payment plan or taking other steps as part of the individual process.

Willingness to negotiate helps avoid collection fees to offset the lender's costs.

Early payoff

No fee is charged for early repayment.

FAQ

How do I make payment to Lending Loop?

The loan repayment is made as a debit from the borrower's account. For this reason, the Lending Loop account must be linked to the borrower's bank account.

What happens if you don't pay back to Lending Loop?

If the borrower has not made regular payments to Lending Loop, the company will contact the borrower to find the reason for the delay. If the situation is not resolved after seven days, 15% of the arrears will be charged if there are insufficient funds in the account to cover the lender's costs for recovery actions.

Can you pay Lending Loop early?

Yes, early repayment of the loan is possible, and there are no penalties for doing so. All you have to do is to pay the upcoming installment for the next month and the outstanding balance of your loan.

Can Lending Loop sue you?

Yes, suppose the borrower is irresponsive and refuses to work with Lending Loop to find solutions, change the payment schedule, etc. In that case, the company may have to go to court to collect the outstanding debt from the guarantors and foreclose on the property. 

However, such a step is rather an exception, as it is usually possible to find other solutions.

Calculate loan payments in Lending Loop

Lending Loop calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

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CAD
USD
1000 $
500000 $
Loan term
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Specify the loan term for the calculation

months
days
3
60

What to pay attention to when applying for a loan from Lending Loop

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Lending Loop from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Lending Loop’s reviews by October 2022
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