Loop Financial Reviews 91

Account disabled without prior notice and no explanation what so over. Support does not respond to me. I used this card as a Canadian buying in USD from the US for my business. Never broke any terms or conditions. There is still funds on my card that I cannot access now.

More powerful tools than with traditional Banks regarding creating credit cards and changing credit card parameters on the fly

Zero customer service and when you do get a reply it usually takes a week or two. Extremely slow transfer times. I had multiple transfer not go through and they couldn't give me an answer why.

Waited a few weeks just to be told "our compliance team is unable to open an account for your business"
No reason, no explanation, nothing. Takes days to get a response, and they refuse to provide any information. Their verification process is unclear, and cites many documents that are for very specific businesses and will not exist for many. My company has been in operation for 7 years, and I have no problem setting up accounts with their competition. After reading other reviews, it looks like I dodged a bullet on this one.

Finally - a comprehensive platform that allows my Canadian-based small business to seemlessly pay my US vendors, and for my US customers to pay me! Prior to signing up with LOOP, cross-border banking was (and still is!) ridiculously cumbersome and expensive, not to mention ongoing issues with our respective postal services ... no more worries about lost cheques or postal strikes! I have been using LOOP since November 2024 and while I am still learning to utilize all the platform's potential, I have been very pleased, especially with the great customer service from Hassan. Thanks to LOOP, my daily US and Canadian banking has become much more efficient and straightforward!

I had a good experience pretty much because of Hassan from their support team guiding me every step of the way. My business is completely online and Loop takes care of most of the aspects of running the finances. I only wished they had Interac e-transfers :)

First off, you have to jump through several hoops to setup an account and be onboarded. Their customer support is pretty much non-existent, even for those who pay an extra $199 per month.

Transfers take a painfully long period of time. It is also impossible to dispute a transaction.

Statements have missed a number of transactions, which has caused issues with our FP&A teams and defeats one of the main reasons we went with Loop.

These are just a few issues we had. We went back to the old way of doing things, which was less than ideal, but also less of a headache. That is until we signed up to another company and we've had zero issues. Not to mention the fact that our emails are replied to within a few hours with a helpful response, and not a canned response, and we also have the option to call.

If you're considering working with Loop Financial, think twice. My experience has been nothing short of a financial nightmare due to their negligence, mismanagement, and misleading practices.

Over the course of several months, Loop failed to properly track and process refunds, allowed pre-authorizations to exceed my agreed credit limit. They claimed my vendor was charging and refunding, when they infact did not record properly. They only notified me after months—by which time they were demanding an outrageous amount far beyond what I ever agreed to.

Key Issues:

Pre-Authorization & Over-Limit Charges: Loop failed to properly record and track pre-authorizations, which resulted in transactions going well beyond my approved limit. This is a known issue affecting multiple businesses and vendors, yet Loop continues to let it happen without fixing their system.

Missing Refunds: A large sum in refunds from returned products remains unaccounted for, despite multiple requests for verification.

Misleading VIP Service: I was enrolled in their VIP $199.99 service, which was supposed to provide private concierge support and faster transfers, yet their support is nearly impossible to reach.

Slow & Inconsistent Transfers: Loop advertises 2-business-day transfers for VIP members, yet it still takes 4 business days, just like the standard service. This was a blatant lie to get customers to upgrade.
Failure to Identify Issues for 7 Months: I regularly asked Loop to confirm whether my transactions appeared correct, and for seven months, they assured me that everything looked good on their end—only to later hit me with an inflated balance due to their own negligence.

Delayed & Inaccurate Statements: Had I been notified earlier, I would have planned my finances differently, but Loop’s mismanagement left me blindsided.

Unfair Settlement Practices: Loop offered a minimal reduction, despite the fact that their own errors and negligence caused this mess—a fair resolution would acknowledge the actual damages incurred.

This has caused significant financial stress, wasted countless hours of my accounting team’s time, and severely disrupted my business operations. Instead of taking responsibility, Loop is pushing the financial burden of their own failures onto their customers.

I strongly urge any business owners considering Loop to look elsewhere—a financial partner should be trustworthy, transparent, and competent, none of which I have experienced with Loop.

Avoid this company at all costs.

Nice platform for businesses working in multiple currencies. Hassan and his team provide great customer service. Thank you!

The support is impeccable! and LOOP provides a 1 stop shop station.

I have been using loop for around 6 months now and just opened a second account for my other business. I only have good things to say. Customer support is great (Thanks Hassan!) and it is super easy to setup accounts.

Product has a lot of work to do... The customer service is slow and honestly most times not even helpful. I have never been able to dispute anything and their answer is always "contact the merchant" even when the merchant is at fault and won't help.

Compared to my other credit cards, this might be the WORST one I've ever dealt with. ever.

They need to severly improve the product if they want to stay afloat. A lot of bugs on their platform, I was so confused for 2 weeks on my balance and due date until the day it was due, confusing to use at most times and just so many issues. really sad because I thought it would be a great product.

This entire experience was super easy. Hassan was my contact and walked me through every part of it and the online experience was also user friendly. Looking forward to adding additional services and checked out the USD to CND exchange rates and was impressed. Ready for use in just a few days. Tested and tried. Hassan made this an easy experience and love the FinTech App they developed.

Great company! Saved us during Canada Post Strike. Smooth and easy and most of all transparent. Would highly reccommend!

I had opened a Loop account over a year ago, and had just left it. Until I received an email a week ago and decided to respond to it by booking a call with Hassan. He overviewed the platform with me and I really saw how it could help me in my business - especially one that does business in CAD and USD.

Within hours after my call with Hassan, I had setup my first credit cards on the account (I actually incorrectly created my first couple and Hassan reached out to me to let me know and walk me through it).

I connected our company Stripe account, and within hours I was given a credit limit - something my traditional bank (Vancity) has been unable to meet in my years of business there.

This is the new way to bank, and Loop is so nimble, knowing what it takes to support small businesses in Canada. Thank you, and I look forward to a long relationship.

I gave it two stars because at least the cards have ok rewards, but that's about it.

Loops Quickbooks integration is a mess. It has deleted itself on four occasions, requiring me to start over and duplicating/resending transactions. I now have so many duplicate transactions that my only option is to delete everything and reconcile manually.

Except when I export my transactions, the dates are a mess, mostly filled with zeros, and some showing it's the 57th month of the year.

So now I'm going to have to scroll through 6 months of transactions and manually enter them all in QuickBooks. What a disaster. I absolutely regret the move to loop and should have spent more time looking at competitors, and their reviews.

Now Loop is switching card carriers to VISA and they have provided 25 days notice that all credit cards will be cancelled and replaced, so now I have to go and give all of our hundreds of vendors new card numbers yet again. Wow, another giant waste of time.

Service is slow, and generally unhelpful. They offer little to no guidance or help resources on the majority of functionality, and you're left guessing your way through the setup of functionality.

When you point out that the information they've provided is unhelpful, they just say 'thanks for your feedback' and stop giving any other responses.

I can not wait to get off of this platform.

Wonderful Business Credit Card
We have been using Loop for two years now and I really appreciate their support to our business. We at Tuktu work in the care industry and need the credit from Loop to ensure our cash flows are matched and our care providers have a secure and transparent system for making expenses and accounting.
We also like their customer service and ease of use.
Happy to recommend to others.

We are using Loop for all our international Wire and the multi-currency virtual Credit Card transactions and payments. Love the personal live Support! Love the easy and convenient features that are saving us thousands of dollars already in fees and hours and hours in saved time. I highly recommend to all fellow Canadian entrepreneurs if you are tired of the antiquated banking system.

Amazing for cross-border banking. I recommend it to every business owner who does business internationally.

No customer support. Literally will pay double your loan amount in 2 months of acquiring the loan, and late fees up to 175 a payment. Short term loans come with interest as high as 24 dollars a day. Totally a rip off. Not worth it at all.