Very disappointing experience.
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.
Vastaus yritykseltä Loop Financial
Hi Baraa,
Thank you for sharing your experience. We understand how frustrating it can be to go through an application process and not receive the outcome you were hoping for.
As a regulated financial institution, we are required to assess every application against specific underwriting criteria. While we aim to support startups at many different stages, we are still obligated to make decisions based on our internal risk and regulatory requirements.
I did want to clarify that while your credit application was rejected, we do only do soft pulls (no hard pulls) when assessing a credit application and so this application had no negative impact to your credit score.
Please know that a declined application is not a reflection of you or the potential of your business. It simply means that, at this time, we are unable to move forward under our current criteria.
We really appreciate you considering Loop, and hope there's an opportunity for us to provide credit services for you in the future as your business continues to grow.
Thank you,
Loop Customer Service