I wrote to Loop yesterday to inquire about their warranty program for their reels. This is the reply from Anders Romson (firstname.lastname@example.org):
Loop reels carry a 5-year warranty against
material & manufacturing faults.
Usually, there is very little to worry about
these reels. I don't do much to look after them.
Just in the case of the Traditional series.
Try to keep the running wheels clean and
let the tension off the spool when not fishing.
I just assumed that a reel in this price range would have a lifetime warranty. My focus just shifted to the Canyon Big Game #4.