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Swoop Review

Thursday, May 30th

2024 Canadian Business Loan Reviews

Swoop Review 4 Star Rating

Swoop

4 Star Rating
  • Global business loan referral service
  • Loan amounts vary based on the lending partner
  • Hands-on help from friendly, efficient customer reps
  • Company is based in the UK with offices in Toronto
  • 95% of users give the platform a five-star rating

Swoop positions itself as your virtual CFO, emphasizing a safe, straightforward, and friendly approach to business loans. With a combination of smart matching technology and real human expertise, they prioritize your security while offering a range of funding solutions.

Simplifying the process

Swoop aims to demystify financial jargon, empowering businesses to thrive. From an outsider's perspective, Swoop stands out for simplifying the loan application process, allowing Canadian businesses to focus on growth. The promise of funds within as little as 24 hours adds a practical touch to their commitment to making the financial journey accessible and successful.

Helps you compare your options with multiple lenders

You should understand from the get-go that Swoop is a referral platform. When you enter your business information and create an account, you'll be matched with trusted partners who can fund the kind of loan you're looking to take out. Some of the lenders in Swoop's network are reviewed separately on our list (like OnDeck and Merchant Growth), as well as several other big and small names in Canadian finance.

Can access business loans of all types

That's good news, though, because it means you can potentially access every imaginable type of business loan here, from traditional term funding to lines of credit and more. And, even if you have less-than-perfect credit or haven't been in business for a long time, chances are good that Swoop has a lender in their database that's willing to work with you.

Best Canadian Business Loans

All the usual questions

When you click the "Get Started" button, you'll be asked a series of questions. Are you starting a new business, trying to grow your business, or wanting to refinance debt? You can always click on "I'm not sure yet" too. From there, expect the usual fill-in-the-blank of your business name, revenue over the last year, and so forth. Also, plan on taking some time to provide an actual description of your funding needs.

Get matched quickly

For the imaginary Canadian business owner we used as a profile on Swoop, four lending matches came up: three from the Government of Canada, and one from iCapital (who we've reviewed separately on our list). The details were easy to see, from the amount we could potentially borrow and at what interest rate, to the timeframe we could expect our funding to be completed.

Kudos for transparency

If you see a loan match that gets your attention, we encourage you to click for more details. We love how clearly Swoop spells everything out. The best part is "The Funding Process" , which takes you step by step through what you can expect, from registering your interest with the lender (namely, by clicking that button on the Swoop platform) to sharing documents, discussing funding options, and completing the official application for your business loan.

Best Canadian Business Loans

Help is at the ready

You'll also be likely to get a reach-out from one of Swoop's "Relationship Managers" . It's a great way to get answers to questions you have, to discuss your business needs, and get some expert advice on which direction to take your business funding.

Lots of five-star reviews

You can trust that input, as well as everything else you experience on the Swoop platform, to have your best interests in mind. People from around the world (because Swoop has offices globally) have nothing but love for this funding referral service: over 95% of those who left feedback on Trustpilot gave Swoop a perfect five-star score. Our favorite comment from a Canadian business owner said that their Swoop rep was patient and understanding as they went back and forth for more than a year, deciding on which financing was right for their business.

Best of the business loan comparison platforms

Overall, Swoop is our favorite option for comparison shopping among business loan providers in Canada. The process is straightforward, they match you with some of the most trusted lenders on our list (and even some that aren't), and it's a great time-saver to check out multiple lending options at once. But, since you'll still have to go through the process of completing the application and getting approval from the lender you choose, Swoop is more of a (fantastic) starting point than a finish line.

Who Offers the Best Business Loans in Canada?

Whether you're a budding entrepreneur embarking on a new venture, or a seasoned business owner with a family legacy, the need for financial support is inevitable. At some point in your business journey, you will likely find yourself in need of a loan to bridge the gap between profits and expenses, address unexpected payroll issues, or capitalize on a surge in customer demand.

In recent years, applying for a business loan online has gained immense popularity for several reasons. One significant factor contributing to this trend is the accessibility and convenience offered by online lending platforms. Unlike traditional banks that often involve lengthy processes and extensive paperwork, online lenders streamline the application process, making it far simpler for business owners in need of funding.

The Best Canadian Business Loans Compare Canadian Business Loans Compare Canadian Business Loan Reviews What are the best Canadian Business Loans Best Canadian Business Loan Reviews

Canadian Business Loan FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
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Continued from above...

Online platforms provide a user-friendly interface that allow business owners to easily navigate through the loan application process. This simplicity makes it easier for individuals who may find traditional financial applications complex or intimidating. With clear instructions and helpful online support, these platforms empower entrepreneurs to take control of their financial needs without being overwhelmed.

Another reason why online loans are so popular is the speed of the loan approval process. Traditional banks may take weeks or even months to approve a loan, causing delays in crucial business operations. Instead, online lenders leverage technology to expedite the evaluation process, providing swift responses to loan applications. This quick turnaround time is particularly beneficial for small businesses that may need timely financial support to address unexpected challenges.

The question then arises: where should you seek a business loan? While your first inclination may be to approach the financial institution where you already hold personal or business accounts, convenience doesn't always translate to being the best financial option. Local banks may lack the motivation to provide the most competitive rates, and smaller banks might not possess the resources for substantial loans.

Fortunately, Canadian business owners have a range of choices when it comes to securing a loan. While local banks remain a viable option, there are reputable online lenders that simplify the application process, offering the possibility of receiving funds within a business day or two. You'll want to compare offers from both local and web-based lenders to identify the loan that offers the most favorable rates and terms for your specific needs.

Determining which lender is the right fit for your business involves considering various factors:

  • Loan application process. Evaluate the ease and speed of the application process. Can you complete it online, and how long does approval and fund disbursement take?
  • Loan requirements. Check the eligibility criteria, considering factors such as business tenure, gross revenue, and the need for collateral.
  • Loan amount and rate. Understand how much you can borrow, the interest rates, and the repayment duration.
  • Reputation. Research the lender's reputation. Look for feedback from other businesses, consider the Better Business Bureau's ratings, and seek insights from the lender's clientele.

To assist Canadian entrepreneurs in navigating these considerations, Top Consumer Reviews has diligently reviewed and ranked the best business loan providers. Our goal is to equip you with the information needed to secure the funding essential for your company's growth and success. Whether you're a startup or an established business, we hope our insights guide you toward the right financial partner. Here's to your business thriving and flourishing!

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