The amount of money that a business owes its creditors.
The amount of money that is owed to a business for the products and services the business has sold on credit.
Repayment of debt in instalments over an agreed-on period of time, where both interest and principal are fully paid.
Another term for an online lender or a lender than is not a bank.
We do not offer any discounts for students or nonprofits at this time. However, We do offer a 10% recurring discount to any websites that include our logo and link on sign up and login pages. You're also welcome to apply to our Startup program if you're unable to afford the $25/mo plan.
A fee charged to cover the cost of evaluation a loan application.
Any person that receives permission from you to use a credit card account.
The process of moving an unpaid credit card debt from one issuer to another.
The rate of interest charge by Canadian banks to chartered banks.
Term used when no products or services are purchased and cash is provided. Credit charges are then applied the day the advance is made.
When assets are pledged as security for a loan. If the borrower defaults on payment, the lender can take over the property pledged as security to repay for the loan.
Also known as short term loans, it is a loan where rates and fees are determined by the business’ expected cash flow.
The rating assigned to every piece of credit history information in your credit file by the creditor.
This is a value assigned by creditors to indicate how likely someone is to repay a loan or credit card based on the agreed repayment terms. Check our free credit score platform at www.getloop.ca
A person or institution from whom you borrow or owe money.
A loan receivable that has become uncollectible and is written off.
The ability to repay all debts on time.
An obligation to repay a sum of money, plus interest.
Failure to repay loan according to agreement.
Authorization of recurring payments to be drawn on an account on a specific date.
Authorization of payments made by governments or businesses to be deposited directly into a recipient's account. Mainly used for the deposit of salary and pension.
Refers to a process used to identify risks and issues relating to a proposed transaction. It is the process of evaluating all information to verify its set purpose.
A loan used to purchase equipment.
The total interest charge of an account, plus additional transaction fees.
short for financial technology, it is a term used to describe the technology used in finance.
This is the fee for borrowing short term loan, merchant cash advance or other financial product that uses a factor rate.
The income amount before taxes. It includes wages, investments, monetary gifts, and liquid assets.
A third party agrees to repay the balance on a loan if you fail to repay it. The guarantor takes over the debt if the debtor defaults on a loan.
The fee charged for the supply of money charged to the lender.
A fixed, specified compensation paid to a lender by a borrower on the amount loaned.
A fee charged for late payments.
A sum of money where the borrower can draw from at any time.
It’s a transaction where a financial institution purchases a business’ future profits at a discount. The fees for MCA are determined by a factor rate and by deducting a percentage of daily revenue, the repayments are made.
A fee charged when processing or distributing a loan.
General term used for indirect costs (ex: rent, salaries, benefits)
Total assets minus total liabilities of an individual.
The sum of money received upon borrowing a loan.
Amounts paid to a person or corporation for goods/services sold for which a bill has been sent.
A line of credit that replenishes as the borrower fully pays their debt.
The lender has a legal claim against the borrower’s assets. If the borrower defaults, the lender can convert the assets to cash as repayment.
A person or institution that has invested money in a business in exchange for a share of ownership.
A business with a single owner who is responsible for all liabilities.
The total amount of fees paid on a loan.
The total amount of money a borrower repays on a loan
A business expense that increases or decreases based on production value
The capital used to cover the business’ everyday expenses like overhead costs, payroll, etc