About Lender
Loop Fund is a lending company that offers personal loans up to $2,500. The company provides a quick and convenient way to consolidate debt, and cover unexpected expenses. The loans are available online, and the application process is fast and easy. Loop Fund aims to provide accessible lending services to individuals who may have limited access to traditional lending institutions.
Key Features
- Quick and Convenient. The company offers a fast and easy online application process that takes only minutes to complete.
- Fast Approval. Applicants can receive a decision on their loan application in seconds, allowing them to quickly access the funds they need.
- Tribal Lending. Loop Fund operates as Fox Lending, LLC and is an instrumentality of the Menominee Indian Tribe of Wisconsin. They follow federal consumer finance laws incorporated by the Tribe and operate within the Tribe's reservation in Keshena, WI.
- Credit Building. By making timely payments on their Loop personal loan, borrowers can potentially improve their credit score, making it easier to access credit in the future.
Pros and Cons
Pros
- Next business day funding.
- Loan amount up to $2,500, which can be used for debt consolidation and covering unexpected expenses.
- No Prepayment Penalty.
Cons
- The interest rates and fees associated with Loop Fund's personal loans are not clear from their website.
- As a tribal lending entity, Loop may not be subject to certain state and federal consumer protection laws, which could affect borrower rights and protections.
- The company does offer loans to residents of all states.
Products
Loop Fund provides unsecured personal loans up to $2,500 for the term up to 17 months and can be used for a variety of purposes, including debt consolidation, covering overdue bills, and other personal needs.
Applying for a personal loan with Loop Fund is quick and easy. Applicants can complete the online application within minutes and receive a decision on their loan application in seconds. Once approved, funds can be deposited into the borrower's bank account as soon as the next business day.
Reliability
While Loop may provide a convenient option for borrowers, it is important to note that the company's interest rates and fees are not disclosed on their website, which can make it difficult for borrowers to compare the cost of borrowing with other lenders. Additionally, as a tribal lending entity, Loop may not be subject to certain state and federal consumer protection laws, which could affect borrower rights and protections.
Funding a Loan
Loop Fund provides personal installment loans up to $2,500, and funds them as soon as the next business day following loan approval.
Once a borrower's loan application is approved, they will be notified of the loan terms, including the loan amount, interest rate, fees, and repayment schedule. If the borrower accepts the loan offer, they will be required to electronically sign the loan agreement and provide their bank account information for funding.
Loop Fund uses a secure online platform to transfer funds to borrowers' bank accounts. The loan funds are typically deposited into the borrower's account as soon as the next business day following loan approval, although the exact timing of the deposit may vary depending on the borrower's bank and the time of day the loan is approved.
Loan conditions
Loop Fund offers installment loans up to $2,500 with repayment terms up to 17 months. Collateral is not required, which means that borrowers do not have to put up any assets to secure the loan.
Annual percentage rate on loans varies per applicant and is based on a number of factors. The interest rate is disclosed on the loan agreement for borrowers to review before signing. It is important for borrowers to carefully review the interest rate and repayment terms before accepting the loan offer, as the interest rate can significantly impact the total cost of borrowing.
Loop Fund does not charge any fees or penalties for paying off the loan early, which allows borrowers to save money on interest and repay the loan on their own terms. The company may charge fees for late payments, returned payments, or other loan-related services. The additional fees associated with Loop Fund's personal loans are disclosed in the loan agreement and should be carefully reviewed by borrowers before accepting the loan.
Additional Services
Loop Fund does not offer any additional services beyond its lending products. If borrowers require additional financial services or support, they may need to explore other options, such as credit counseling, financial planning, or other financial products and services offered by banks, credit unions, or other financial institutions.
Loop Fund vs LendingClub
Loop Fund and LendingClub are both financial companies that offer lending services to individuals, but they differ in several ways.
Loop Fund is a lending company that specializes in providing personal loans up to $2,500 with repayment terms up to 17 months. The company operates as Fox Lending, LLC and is an instrumentality of the Menominee Indian Tribe of Wisconsin, which abides by the principles of federal consumer finance laws incorporated by the Tribe.
LendingClub offers a wider range of lending services, including personal loans, auto refinancing loans, business loans, and more. The loan amounts available on LendingClub range from $1,000 to $40,000, with repayment terms of 36 to 60 months.
Loop Fund vs Reach Financial
Loop Fund and Reach Financial are both financial companies that offer lending services to individuals, but they differ in several ways.
Loop Fund is a lending company that specializes in providing personal loans up to $2,500 with repayment terms up to 17 months. The company operates as Fox Lending, LLC and is an instrumentality of the Menominee Indian Tribe of Wisconsin.
Reach Financial offers personal loans ranging from $3,500 to $40,000. Borrowers can customize their monthly payment amount and have the option to pause payments for up to 90 days. Reach Financial also offers loan products specifically designed for debt consolidation.
Loop Fund vs Helix
Loop Fund and Helix by Bank of Orrick are both financial companies that offer lending services to individuals, but they differ in several ways.
Loop Fund is a lending company that specializes in providing personal loans up to $2,500 with repayment terms up to 17 months. The company operates as Fox Lending, LLC and is an instrumentality of the Menominee Indian Tribe of Wisconsin.
Helix by Bank of Orrick offers personal loans and lines of credit up to $4,000. The company specializes in providing loans to individuals with less-than-perfect credit and offers quick funding options, with borrowers able to receive their money as soon as the next business day.
