Loop Financial Reviews 91

**Negative Review: Extreme Frustration and Unacceptable Service from Loop Financial for Business Onboarding**

My experience attempting to open a business account for my startup with Loop Financial was disappointing and a massive waste of time to say the least. After extensive back-and-forth communications(take notice on how many rep I had to talk too), the application was ultimately declined due to reasons that demonstrated a complete lack of support and basic understanding of a new business's needs.

**Issues with Communication and Internal Processes:**
The process was plagued by poor communication and significant delays. We were initially promised an update within 1–2 business days by **Barathan**, but I had to follow up multiple times—even escalating the matter to complaints at lendingloop.ca—due to a complete lack of response in the chat and on my uploaded documents.

Furthermore, the team did not seem to be coordinated. After submitting documents requested by **Sehar**, I was later asked by **Jess** for a bank statement with the business's name on it. As I explained to Jess, this was the first bank account being opened for the new startup, making that specific document impossible to provide. (Make it, make sense). Later on, a banking representative later called and requested documents that had already been submitted(yeah...good job...really stupid), creating unnecessary irritation.

**Failure of Customer Service:**
My experience was further worsened by a scheduled one-on-one "Activate your account" meeting with **Barathan** via Calendly(with Google meets)that he failed to attend.(Yup! That bad of service) The subsequent responses included an automatic message from **"Fin, Loop's AI Agent"**, followed by Barathan promising an update, but the problem was never resolved directly.

**The Final Decision:**
After all the follow-ups and service failures, the account was ultimately not approved. (Surprise!)The stated reasons were made up excuses(like no presence online(it's too hard nowadays to google search or type website domain to find it) and documents that were already given). For a company claiming to support startups, denying a new business account because your staff is incompetent is baffling and demonstrated a lot of red flags. I've asked to purge my data. Still waiting on the confirmation so I can audit later on.

I highly recommend that other new businesses look elsewhere for their banking needs. The one star is too much already(I would've given 0 or negative grading)

The worst experience I've ever had with Loop. Very unethical. The company consistently delays payments. When I sent a foreign wire, they charged me $653. We sent payment to one of our supply chain companies that is part of the same group. It's clear that both names are the same, but they ask unnecessary questions.

I found the banking system improved in an unexpected way. It is simply made easy for business

Thanks.

Le service à la clientèle est mauvais. J'ai jamais vu cela. Ne faite pas de demande!

Great bank. Very easy to use.

Here is the logic of Loop when you want to do business: Your company is newly incorporated, means no history, means high risk, means systematic rejection of your business verification.

Otherwise, you should work outside the banking system to prove to them that your NEW company has a proven record of success.

I reached out to their support twice about that nonsense, and they made the effort to respond with the exact same, generic, inconsiderate, copy-paste answer. That's what they call human "support". An AI agent would have performed much better.

I thought I was going to deal with an alternative, future-forward bank. In fact, they are more conservative than traditional banks. Bonus: Their "support" does not care about your specific questions. You are free to choose to be respected or not.

So far great. AK has been responsive and followed up many times. 5cstar experience.

Loop has been a great partner to us by expediting payments to improve cash flow. They help us scale with their corporate virtual cards for our business, saving us time and giving us access to credit to gain operational efficiency. Our account manager, Hassan, has been great to work with and provides unbeatable support.

These guys build the tools that I actually need to run my business for real.

Very disappointing experience.

Loop heavily markets itself as a financial partner for startups, but in reality, that positioning is misleading. I submitted full sales reports and complete documentation, yet the application was declined for “insufficient business history.”

Despite declining the application, they still performed a credit check, which negatively impacted my credit score without providing any credit access or value in return.

This creates unnecessary risk for founders and wastes their time. A company that targets startups should operate with more transparency and responsibility.

Based on this experience, I would strongly recommend founders consider more reliable and transparent alternatives.

Terrible customer service. No way to contact directly. Takes days to hear back from email. No clear escalation path when things aren’t resolved. How can one run a business where communication is so delayed, yet they do not budge on their fees?

I've been using Loop for some time now for virtual cards and sending/receiving payments, and honestly it's been a really solid experience.

The platform does exactly what I need it to do. It fits my use case properly (which isn't always easy with fintech tools), and everything feels smooth and reliable. No weird limitations or constant friction like I've had with other providers.

What really stands out though is their support. They reply fast and they don't just give generic answers. They listen. I've suggested a few tweaks and improvements based on how I use the platform, and they've genuinely taken that feedback seriously. You can tell they're still building and improving, which I respect a lot.

AK in particular has been great to deal with. Super responsive, proactive, and actually follows through on things. That kind of support makes a big difference.

Overall, really happy with Loop so far. If you need a virtual card provider that's responsive and open to feedback, they're definitely worth considering.

The concept behind Loop is great but the execution is still a work in progress if it wants to be a serious player for being a businesses primary bank. A sophisticated business will likely still need a bank account at a traditional bank and use Loop as an add-on.

Setup also takes longer than it should. It took a month to get everything fully set up whereas with my traditional bank I was able to make an appointment and walked out with everything ready to go in about a hour and half. That said - the account manager I was assigned was very helpful and responsive.

The biggest gap is that the payments functionality is under-developed. While there are a lot of bank-to-bank payment options (ACH, Wire etc.) there is no way to do a traditional bill pay which means you can't easily pay your CRA instalments via Loop. Also, funds can take up to 4 business days to transfer between an outside bank account - which these days is an eternity - and therefore requires extra planning.

I'm going to stick with it and see how it goes and hopefully as they build out their feature set, it will get to point where they are a viable option to be our primary bank.

Disabled account and closed it for no reason only stating risk team closed it and holding money for 30 days without reason …this is a scam bank don’t use it

Blocked my account without any reason and are not not responding to my messages im waiting from so much time

As a small online business owner (I'm doing print-on-demand and Amazon Merch on Demand internationally), Loop has a lot of potential:

- Multi-currency bank accounts (CAD, USD, EUR, GBP)
- Multi-currency credit cards
- Real bank accounts and real credit cards
- Transparent and great FX rates
- Great customer service
- Signup was smooth

But I don't think it's mature enough for me, for now at least, and I didn't get to actually use the platform.

Here are some of the issues that I encountered. If solved, I would gladly start using Loop.

- Canadian bank accounts don't have BIC/SWIFT because they can't receive wire transfers. I know it's not really used in Canada, but Amazon Merch on Demand absolutely requires it. (Probably because I don't sell on amazon.ca)
- EUR bank accounts are actually located in London, UK and Amazon thinks they need to send GBP instead of EUR.
- No Interac e-transfer
- (Optional) I'd prefer cashback to gift cards.
- (Optional) Some % interest on bank accounts would be great.
- (Optional) More currencies. If possible, I'd also need Japanese Yen with the bank actually in Japan.

I haven't really tried anything, but from what I've seen, Loop is probably best if you:
- Need to receive/send money directly to customers/suppliers
- Need to manage a team
- Need multi-currencies with great FX

Hassan has been a great help

Good customer service. Expanding suite of services to meet evolving client needs.

So far, the experience has been good. Monies are received on time as expect, converting between accounts and with Fx is smooth.