Is lending loop Safe?
Lending Loop as a platform is safe to use. When you deposit money into Lending Loop as an investor, your money is with a Canadian Chartered Bank. For borrowers, peer-to-peer lending is a mature, regulated industry in Canada, and Lending Loop maintains a good reputation and meets those regulatory standards.
How do I close my lending Loop account?
If you no longer wish to be a Borrower, you may close your account by sending us an email at [email protected].
When was lending loop founded?
Lending Loop is a financial technology company offering loans through their online loan platform that is headquartered in Toronto, Canada and was founded in 2014 by Brandon Vlaar and Cato Pastoll.
Can I borrow money in Canada?
Personal loans are available from traditional lenders, such as banks and credit unions, as well as alternative lenders such as payday lenders, title loan companies, private lenders and pawn shops. Your lender may offer you a loan for more than what you need. Be careful not to borrow more than you can pay back.
How does lending loop make money?
Lending Loop isn't a lender themselves. Instead, they connect individuals who want to invest their money with small businesses looking for funding. Lending Loop makes money by charging a fee to their borrowers of 1.5% per year.
Is Lending Club available in Canada?
Is Lending Club available in Canada? No, currently Lending Club is NOT available to Canadians.
Are peer-to-peer lending safe?
Is peer-to-peer lending safe? Peer-to-peer lending platforms are not traditional banks or online lenders, which might make you nervous about borrowing from them. That said, investors take on the most risk; if borrowers don't repay their loans and they go into default, investors probably won't get their money back.