Your business has been operating for 1 year or longer
Has greater than 100,000 in annual revenue
Is registered as a Corporation or Partnership
Like many restaurants, James took out a merchant advance. As he eventually learned, the rate this lender advertised was not the one he thought he was paying.
"My previous lender wouldn't tell me the true interest rate I was paying. The rate they advertised was actually a daily rate -- my annual percentage rate was much, much higher. Once I figured this rate out for myself, they wouldn't call me back to discuss it or negotiate it despite months of consistent repayments."
Lending Loop believes in transparency. Business owners have enough to worry about -- their lender shouldn’t add to the stress.
"Lending Loop was very clear. The origination fee was fair. It was a monthly repayment, which worked in favour of the business because it meant I wasn't automatically losing a chunk of my daily sales like I would be if I were using a merchant cash advance. Working with Lending Loop was easy. Everything was online and I was able to sync my financials very quickly."