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.
Applying is easy and it typically takes less than 5 minutes.View the benefits >
Rates that suit your business with no penalties or hidden fees.Learn more >
Lending Loop’s Term Loans are flexible,
giving businesses the ability to repay early without penalties or fees.