Is it possible to add reverb to Loopy tracks if you are not inputting with something that has reverb? Does Loopy itself have a way to add effects to individual tracks?
Well, interesting you should ask! Today a new software revision for AudioBus, version 2.0, was released. You can multi-route Loopy's tracks so that effects are added to individual tracks. I would start with looking up some YouTube tutorials on Audiobus if you aren't using it yet.
No, Loopy doesn't have any internal effects, but it works seamlessly with other apps and Audiobus once you sort out how the system works.
Loopy does not do effects. For that you should take a look at AudioBus https://itunes.apple.com/us/app/audiobus/id558513570?mt=8 and effects apps http://audiob.us/apps/
also, the youtube channel for Audiobus has some helpful videos and demos.