Are there any additional costs for Borrowers?
Aside from the origination fee, there are no other costs to borrow money. However, if your business has difficulties making a payment, you may be charged an NSF fee or a Late Payment charge.
NSF - Lending Loop may charge a fee of up to $25.00 if a payment is returned as NSF.
Late Payment - If the borrower misses a monthly repayment and is unable to rectify it within 1 business day, the payment will be considered as overdue. Late payments that are not rectified within 7 days will incur a fee equal to 15% of the outstanding loan payment(s) which will be charged to the borrower.