Swoop Funding Review (December 2022) – Pros, Cons, Features, & Pricing

This Swoop Funding review would give you a clear view of what this finance platform is all about. You would get an insight into its pros and cons, services, and much more. If your business requires funding and you reside in Canada, you might want to start with this platform.

Swoop Funding does not offer loans or financial products itself. Instead, they serve as a credit broker who connects borrowers to lenders. However, they charge a commission – finders fee, for this service. The funds you can receive through their platform include loans, grants, mortgages, SR&ED, and more. Getting started with Swoop Funding is relatively easy.

Before you jump on the services of any finance platform, you might want to check them out properly to avoid suffering a pitfall. This Swoop Funding review would grant you a tour through the platform.

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Last Updated: Nov 27, 2022

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Funding and saving solutions to help your business grow - Claim this offer

Swoop Funding

  • Turbocharge growth with loans, equity, & grants
  • Simplifying business funding & savings
  • Has saved $20,138,399 for busineses

Funding and saving solutions to help your business grow - Claim this offer

What Makes Swoop Funding a Good Option?

Justice would only be done to this Swoop Funding review if explaining why this platform is a good option. Here are some reasons why over 117,200 people have made them their option.

Ease of Access

The platform is easy to access. You can get started with Swoop Funding by completing an application form online. Also, your business can access funds between $1,000 and $5,000,000 on the platform.

Availability of Credit Advisor

Swoop Funding platform has a team of financial experts ready to answer your questions at every step. You can do this by simply booking a call on their website.

Time Management

Searching for the best loan option for your business can be hectic. It is just like moving through the sections of a grocery store in search of a particular kind of sugar that meets your recipe demands. Swoop made this easier by matching your business with their lending partners and choosing the best option for you. This improves time management.

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Access to Secured and Unsecured Loans

With Swoop, you have access to both secured and unsecured loans. However, this depends on your chosen lender and the type of funding you desire.

Bad Credit Score Option

Getting access to loans is relatively more accessible when you have a good credit score rating. However, Swoop grants you access to some loans with your bad credit score. The downside is that you would need to provide a personal guarantee. Do note that only some Swoop Funding partners give out bad credit loans.

Loan Term

All the loan terms on this platform range between 3 months and 5 years. The duration depends on the type of loan and your choice of lender.

Fixed-rate and Variable-rate Options

The majority of the loan options on Swoop are fixed rates. However, there are variable-rate loan options as well, but they are quite a few. Because the platform matches your business needs with an available lender, you might need more time to access that variable rate.

Pros and Cons of Swoop Funding

Swoop Funding review is incomplete without working you through the pros and cons of the platform. This is to help you know if their strong sides cover your business needs and if their downside is something you can tolerate.

The Pros of Swoop Funding

Wide Range of Business Funding Options to Choose from

There is a wide range of business funding options to choose from on this platform. Your business can access grants, equity finance, debt finance, mortgages, etc., on Swoop.

Wide Range of Lenders to Compare

With different lending partners on Swoop, you can compare rates before making a choice. Loan terms and conditions are also one of the things that you can compare between lenders.

Quick Process of Application

The entire application process can be over within minutes. All you need to do is register on their platform by filling out an online application form. Follow the rest of the steps discussed in the “How to get started with Swoop” section below. You’ll be set up in an instant.

Quick Eligibility Checker Online

Eligibility check is another thing that prolongs the loan application process on some platforms and banks. With Swoop funding,  an online eligibility-checking feature is available. They scan your business profile and match you up with the type of funding that is right for you. This process can be completed in less than a minute.

Quick Customer Service Response

Book a call to lodge a complaint and get a response almost immediately from a financial expert. Swoop Funding prides itself on quick responses to customers’ complaints and queries.

Safety of Data

Rest assured that your business data shared with the platform is safe. This is because they employ a safety measure of encrypting their customers’ data, which protects them from getting hacked.

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The Cons of Swoop Funding

Longer Waiting Time to Receive Funds

The time taken to receive funds in your bank account is longer with Swoop, unlike when dealing directly with your lender. This is because Swoop serves as a broker – an intermediary between you and your lender.

No Direct Relationship With your Chosen Lender

You don’t get the opportunity to meet your lender to establish any form of relationship. The only relationship you have is with Swoop, and your lenders also have a relationship with them.

Swoop Funding Products and Services

The product and services provided by this platform are other areas this Swoop Funding review would take you through. They offer a variety of funding products and services, and they are as follows:

Equity Finance

Here, Swoop Finance links you with investors who buy your business shares. It is a great way to raise funds. Swoop connects you with about 200 venture capital funds, Family funds, and Angel Networks & Investors.

Equity finance means inviting investors to purchase a part of your business, making them shareholders. The total amount raised depends on the asset value of your business and the percentage of it that you sell as shares.

With various types of equity finance, making a choice takes a lot of work. Swoop does the hard work by matching your business with the best choice for you.

Merchant Cash Advance

Swoop searches through their lending partners to find the best deal of merchant cash advances for you. A merchant cash advance is a loan given to a business and payable with future credit card payments. A percentage of this credit card payment is agreed upon as a repayment plan. It ranges between 1.75% to 3.5% of total revenue generated weekly, monthly, or as agreed.

The repayment speed can increase depending on the credit card payment received and vice versa. Also, the rate and loan terms of the merchant cash advances available on Swoop depend on your chosen lender. To access this fund on Swoop, your business needs to have a minimum of $30,000 turnover annually.

Business Loans

Swoop Funding business loans are of two types, namely:

Small Business Loans

Small businesses in Canada that are just about 6 months in business and cannot access loans can benefit from this. Swoop Funding small business loans range between $1,000 and $500,000. The amount your business can borrow is dependent on the following factors.

  • The size of your business.
  • Your credit score ratings.
  • Your choice of loan – secured or unsecured.

Swoop Funding small business loans work in a similar way to personal loans. You receive the loan and repay it with an added interest over a stated period.

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Recovery Loans

This type of Swoop Funding business loan was given to businesses that suffered from the Covid 19 pandemic. The government supports the loans; thus, the eligibility criteria are stepped up. Businesses could access up to $2,000 of recovery loans provided they meet the following criteria.

  • The business should be up to 2 years old.
  • The business must be registered.

Swoop searches through its platform for lenders that give recovery loans, then link them up with intending borrowers.

Asset Finance

Asset finance is excellent for businesses seeking to purchase assets and doesn’t have the financial prowess to do that. To access this, you can get linked up with a lender on a Swoop. However, this type of fund’s interest rate depends on your credit score ratings. The interest rate on asset finance for a good credit score rating is 3%, while for a bad credit score can go up to 15%.

Mortgages

Both landlords and intending property owners can benefit from Swoop funding commercial mortgage services. They connect you with their lending partners to give you the best mortgage for your business.

The lowest interest rate for a commercial mortgage on this platform is 2%, which can go up to 12%. The more complex your requirement is the higher the interest rate, and vice versa. Also, niche lenders come with higher rates than traditional lenders.

Swoop Funding Team - Comparewise

Swoop Funding Product and Service Quality

Here is a breakdown of the product and service quality of this Swoop Funding review

The platform partners with ForwardAI Technology to leverage easy-to-access accounting reliable data. This improves SMEs and small business loans. In 2018, shortly after the platform was launched, they won the Open Banking Challenge award. About a year afterward, in 2019, they won the Banking Competition Remedies Funds.

These and several other awards have been received by Swoop, which pushes them to better their service delivery.

How to Get Started With Swoop Funding

Any Swoop Funding review without a how-to get started section is incomplete. Owing to this, we’d walk you through this platform’s simple registration and application process.

  • Get your business registered on the Swoop Funding website.
  • Get access to a dashboard to check out your savings and funding options. You can also manage your application from this spot.
  • Swoop AI technology matches you with the best lenders that meet the demand of your business profile.
  • Link your bank account with Swoop and get access to managing your cost immediately.
  • Start an application process to receive funds for your business.

Alternatives to Swoop Funding

The following are alternatives to Swoop Funding.

Smarter Loans

Smarter Loans is pretty similar to Swoop Funding in the products and services they offer. They are a finance broker that links intending borrowers with their lending partners. Like Swoop Funding, they scan their site to select the best loan option for their customers.

A significant difference between the two platforms is that Smarter Loans offer personal loans while Swoop offers business funding only. Also, Smarter Loans are a Canadian-only platform, while Swoop offers its services to Canadians and outside the country.

Loans Canada

Loans Canada shares distinct similarities with Swoop Funding. They are also a finance platform with several lending partners with which they connect their customers. The platform’s minimum and maximum business funding amounts are similar to Swoop’s.

Unlike Swoop, they offer personal loans of different types and business funding through merchant cash advances, small business loans, etc. The loan term is between 3 months and 5 years. 

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Swoop Funding Review Conclusion

Checking out one lender to another in search of the best option for your business can be hectic. This is where Swoop comes in.

They connect you with their lending partners to give you the best deal for your business. You might want to research the rates of your chosen lender before signing a contract. Check out the above Swoop Funding review to understand the platform better.

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FAQs about our Swoop Funding Review

Does Swoop Funding offer personal loans?

No. Swoop Funding does not offer personal loans of any kind. They offer business funding products and services such as grants, business loans, equity finance, Asset finance, commercial mortgages, etcetera.

How much business funds can I access on Swoop Funding?

The minimum business funds you can access on swoop is $1,000, and the maximum is $5,000,000. However, this depends on your credit score, your business's net worth, your business's age, and your chosen lender. It

Can I get started with Swoop Funding outside of Canada?

Yes. Swoop Funding operates both I side and outside of Canada. Other regions where Swoop Funding can be accessed include the UK, Ireland, Australia, and more.

What is the interest rate on Swoop Funding products and services?

The interest rate on Swoop Funding products and services varies. This variation depends on the type of product or service, the lender, the loan term, credit score ratings, and more.

Who are Swoop Funding investors?

Swoop funding investors include Nesta, Mass challenge, Royal Bank of Scotland, Italian Angels for Growth, Juice Ventures, and more. They provide borrowers with business funds through Swoop, which serves as a middleman.

September 6, 2022
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