Swoop Review

Monday, January 13th

2025 Canadian Business Loan Reviews

Swoop

• 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.

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.

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.