LoanBuilder, A PayPal Service
check_circle VerifiedLoanBuilder, A PayPal Service is a business loan company serviced by Swift Financial LLC, which was established in 2008 with a goal to provide small businesses quick access to funding. LoanBuilder's mission is to help businesses design loans that fit their unique needs and get approved based on how they manage their business.
In 2017, PayPal acquired Swift Financial to help continue to fuel the dreams of more small businesses, making it simple for LoanBuilder borrowers to open a PayPal Business account and further drive their business (though it's not required to have a PayPal Business account in order to borrow from LoanBuilder).
The Good
- Reasonable Fixed Fee
- Simple Application Process
- Ability to Explore Estimated Offers Without Impacting Credit Scores
- Wide Range of Loan Amounts
- Various Loan Repayment Terms
- Quick Funding Time
- National Coverage
- Service for Multiple Different Industries
- Automatic Payments
- LoanBuilder Reviews
Reasonable Fixed Fee
LoanBuilder, A PayPal Service has a one-time, fixed-fee cost that is designed to work with businesses. There is no origination fee, prepayment fee, stacking fee, or other hidden fees.
On the LoanBuilder website, borrowers can choose their amount on the company’s Loan Configurator and view their repayment in total terms as well as weekly payments. This process will not affect the borrower’s personal credit.
Simple Application Process
In order to determine eligibility for LoanBuilder's small business loans, business owners simply need to fill out a 5- to 10-minute questionnaire online or contact one of LoanBuilder's Business Funding Experts by phone.
Once the questionnaire is complete, estimated loan terms can be customized by adjusting the loan amount and duration to compare the costs of financing.
After applicants have selected their desired terms and finished the loan application, they will be emailed and prompted to electronically sign the contract if approved.
Ability to Explore Estimated Offers Without Impacting Credit Scores
Completing the questionnaire will assess the applicant's eligibility, allow them to review estimated offers for business loans if eligible, and will not impact their credit score.
However, should a borrower decide to complete the loan application process, credit checks and other public records checks will be performed, which may impact their credit score.
Wide Range of Loan Amounts
With LoanBuilder, loan amounts range from $5,000 to $500,000, depending on your business's eligibility.
One of the lender's Business Funding Experts can assess your business's eligibility within minutes, and if eligible, review with you your estimated loan terms and work with you to help you build the right loan for your unique business and situation.
Various Loan Repayment Terms
Because LoanBuilder wants borrowers to build a loan that works for their business, the company offers short-term loans with repayment options ranging from 13 to 52 weeks.
Business owners who need lower payments are encouraged to select a longer loan term, while those who want a lower fixed fee are advised to select a shorter loan term.
Quick Funding Time
If approved, the loan funds are transferred by the lender directly into the business's bank account.
Funding can be as fast as the next business day if documents are in and the loan is approved by 5 p.m. ET, Monday through Friday (excluding bank holidays), making the process quick and convenient for borrowers.
National Coverage
LoanBuilder offers small business loan options to customers in all 50 states and Washington D.C.
Service for Multiple Different Industries
LoanBuilder provides short-term financing to businesses in more than 500 different industries. However, business loans are not available through LoanBuilder to businesses in the following industries:
- Agents and managers for artists, athletes, entertainers, and other public figures
- Any businesses in public administration
- Attorneys
- Business and professional associations
- Civic and social organizations
- Collection agencies
- Credit bureaus
- Elementary and secondary schools, and junior colleges
- Environmental, conservation, and wildlife organizations
- Financial services
- Gambling and related businesses
- Grant making foundations
- Gun stores
- Holding companies and management companies (without subsidiaries included)
- Human rights organizations
- Independent artists, writers, and performers
- Labor and political organizations
- Manufactured (Mobile) Home Dealers
- New and used automobile, ATV, RV, personal watercraft, boat, and motorcycle dealers
- Non-profit organizations
- Religious organizations
- Voluntary health organizations
Automatic Payments
To make things simple and hassle-free for business owners, weekly payments for LoanBuilder loans are withdrawn from the business's bank account automatically. Borrowers have the ability to provide account information and select their preferred payment day when they sign the contract.
Monthly payments do not appear to be an option for the term loans provided by LoanBuilder.
LoanBuilder Reviews
The majority of LoanBuilder reviews are positive and highlight an exceptional lending experience, satisfactory rates, and professional and friendly customer service. Overall, the customer experience notes that LoanBuilder is a trustworthy company with competitive small business loans.
The Bad
- Eligibility Requirements
- Personal Guarantee Necessary
- Prepayment Stipulations
- Limited Customer Service
Eligibility Requirements
With LoanBuilder, a borrower's eligibility and loan offer are based on an overall assessment of their business's health. The short-term lending company also evaluates the credit history of the business owner and the business to determine approvability, the loan amount, and pricing. Minimally, a company must have been in business for at least 9 months, generate at least $42,000 in total annual revenue, not have any active bankruptcies, and be located within the 50 United States or DC. The business owner applying for the loan must have a FICO credit score of at least 550.
Personal Guarantee Necessary
As is common with many lenders, LoanBuilder requires a personal guarantee, which is a signed promise to pay back the loan if the business defaults and puts all of the business owner's personal assets on the line that aren’t protected by law from creditors, in order to provide a business loan. A personal guarantee is different from collateral in that collateral is a specific asset or assets that the business owner pledges as security for a loan if the business defaults.
Prepayment Stipulations
A business loan from LoanBuilder can be paid off at any time, but the full fee based on the original term of the loan is applied and is due at the time of the payoff.
Limited Customer Service
If potential, current, or past borrowers want to know more or have questions for LoanBuilder, they will need to contact the lender over the phone or through email, as there is no live chat feature on the company's website.
The Bottom Line
If you're in the market for a small business loan and are considering alternative lenders, LoanBuilder is a solid option. The company offers single fixed fee pricing, a wide range of loan amounts, and a variety of short-term loan repayment terms to business owners nationwide. The lender does not charge an origination fee, prepayment fee, stacking fee, or any other hidden fees. Additionally, LoanBuilder's application process is simple and funding can be obtained as soon as the next business day.
*The lender transfers funds to your business's bank account as fast as the next business day if the lender has received the documents the lender asked for and approved the loan by 5:00 p.m. Eastern Time, Monday through Friday (excluding bank holidays).
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User Reviews
Star Rating
259 Reviews
Review Breakdown
Sentiment Criteria
Leisha Smith
I have been very pleased with this company is was my first time ever doing anything like this they were very assuring as i was quite scared about doing this type of transaction thank you again I hope to be able to borrow money again in the near future!
Joe
Easy access to cash with competitive rates. Loan approval process was fast and efficient. Just wish they had more 'payback' options. Keep up the Good work :-)
Chad
I recieved a loan from loan builder in 2018, paid off in 2019. the placed a ucc filing on my business due to the amount of the loan which I completely understand. Although when the loan got paid off they never removed the filing and will not return any phone calls or emails. This has hurt me regarding getting other financial opportunities. I don't know that if they would give me a loan I would accept it due to no response.
Muhammad Butt
Excellent company and rapid procedure to approve loan and very satisfied with their services. I would say best company in country.
Verified Customer
Stephen Varrieur
Quick and easy to work with. Great communication as well
paul grauber
The people are very nice, turn around time is awesome. We've had four loans with loan builder and were very happy. Why the two star. The negatives far outweigh the positives. The loans are very short time 12 months. I understand they offer an 18 month, but your credit score must be 750 or better. During our last loan we borrowed around 51,000, our payment was 980.00 a WEEK. It was doable and we managed fine. After paying two thirds of the loan off, our balance was around 16,000 we asked to refinance the remaining balance and were refused without reason. This left such a bad taste in our mouths, we won't ever use this company again.
Reply from LoanBuilder
Dec 18, 2019
Paul, I'm sorry for your experience. If you would like information regarding your application or future loan availability, please contact us at 1-800-347-5626. Jamie
Verified Customer
Yvonne
Easy as can be - transparent etc - Working well for us
Verified Customer
Greg Kuzniewski, Jr.
Great to work with all the way around, and when I have an issue or a problem, due to incoming receivables (as we are a small business here at KCW, they are always willing to work with me). When no one else would give me a substantial loan (not even my own bank and we have revenues in excess of seven figures), they were there for me. I HIGHLY recommend them... all day long. They are top-notch professionals who sincerely want to help you and your business grow. Thank you, PayPayl LoanBuilder!!!!! Happy Holidays, Happy Hanukkah, and Merry Christmas! - Greg Kuzniewski, Founder and CEO, KCW Design Group, LLC
Verified Customer
Bill Godfrey
They were fast and very fair in their decision to assist my company with the funding I needed.
Verified Customer
Marialexandra
LoanBuilder has been easy, virtually seamless. The only concern or comment is it is very expensive compared to other business loans.
Gregory Duke
Loanbuilder was swift, friendly, and professional with my business loan.
Verified Customer
Stanley Dean
I was able to secure a ioan with minimum of effortl
Verified Customer
Maurice Samuels
This was easy and fast and what I like most was everything was up front fees and intrest. So you know from the start what your getting into.
Verified Customer
Rob
We needed a loan for our business so we called LoanBuilder to help us out. We received friendly, fast and accurate information regarding the loan process. Once we agreed to move forward with the actual loan process everything the loan advisor described to us would happen actually happened. We had the money in our account the very next day. We are extremely pleased with the experience we have had with LoanBuilder so far and will definitely be using them again in the future for our loan needs.
Verified Customer
Carlos Calderon
Help me a lot to take care my business with affordable payment’s. Thanks guys !!
Verified Customer
Roger Chase
Fast, easy and great rates. A great help when you have just landed a large project and need extra cash to get you through until you get paid.
Lester Gonzalez
Thank you guys for all help , easy transition at right moment
Verified Customer
Michael Cook
Easy to use and friendly people to work with
Verified Customer
Teresa L Wyatt
Needed a simple process loan - the easiest loan I have ever gotten for my business! Amazing!
Verified Customer
ANGELO
SUGGESTION: WEEKLY RECORD OF STATEMENTS MUST BE POSTED AND ACCESSED; WAS ONLY PROVIDED AN UPDATE AFTER PAYING 25% OF THE LOAN; ALSO, YOU MUST PROVIDE THE TRUE INTEREST RATE OF THE LOAN AND ALLOW CLIENTS TO PAY EARLY BASED ON THE PRINCIPAL. THE WEEKLY PAYMENT SCHEDULE WAS DIFFICULT FOR ME... THE MONTHLY PAYMENT SCHEDULE IS BETTER.
Verified Customer
camillo Papa
Love this loan and the ease of using it the set up and execution
Sean
Good company. Be sure to have all of your banking information up to date. They are diligent and will look to see if you are a good fit for them and your business. Great way to help your business credit.
Verified Customer
R. Balogun
The process was so simple. Thank you for helping our business.
Verified Customer
Juan Carlos F.
The whole process was fast and easy, loan really helped take my business to the next level.
Verified Customer
Juan M Rincon
very easy, faster and very low rates with almost no paper work
Verified Customer
Chris
I can’t believe how easy the whole process was.
Verified Customer
Nicholas
I have used this company a couple times and most the time they make it easy, there rates are definitely the best in the industry Bar none. So long as you can get the right person looking at it.
Emconstruction inc
Absolutely incredible. The best ,easiest,and fastest loan I ever got! And ther so flexible and understanding.
Verified Customer
SSCSLLC
They made it so easy to get the funds needed for my business. In 3 days I had the funds in my account, so easy a caveman can do it.
Jamee Desouza
Worst experience I have ever had. DO NOT WASTE YOUR TIME. These positive reviews are DEFINITELY FAKE! This is the most unprofessional financial company I have EVER encountered. They violated my privacy by calling my bank on the line without my knowledge, they made up processes that were discriminatory and would not provide me proof of their common practice policies. They were rude and made accusations and implied that I was being deceptive. They also asked me for outrageous documentation that violates my customers privacy rights and denied me being I would NOT ethically violate my customers. This company has no ETHICAL MORALS customer service is a disgrace.
Verified Customer
Carl A. Harris
Good Customer Service with quick process the loan!
Beth
This company is a joke. They just wanted to collect all your informations. The representative was very unprofessional too. Don't waste your time and energy on them!
Ryan
Reviews here are a joke, this is a horrible company with deceptive practices. They employ uneducated employees to push loans and waste time. Run away, use a bank, or anything but them
Mark
So far so good. Only downside is that I cannot just click and make extra payments on line.
Verified Customer
Eric JohnsonJ
The total process from beginning to end is the best I've experience if all required documents. Funds were deposited in my account the following day after loan approval. I like the fact there isn't an upfront processing fee but I don't like the fact that you can't save on interest by paying the principal balance off earlier because of this loan fee. I would also prefer to know what rate of interest is being charged after the loan ia structured that isn't provides. Billing is once a week and I prefer once a month.
Roy Smith
I don’t like the payback terms and I was not informed that if I pay off early that the fee would be the same. This will be my last loan with loan builders. The reason I went with loan builders because you part of PayPal i have had a PayPal account for years. I’m very disappointed!!!!!
Verified Customer
pmitchell
LoanBuilder was a great experience. Process was fast and easy
Verified Customer
Jim
The loan origination and payment was quick. But, it took three tries to customer service in order to get access to my loan information online. I finally got somebody who recognized the problem and fixed it.
Verified Customer
Goker
Fast and great service. Funds deposited in 1 day.
Verified Customer
Alexandra Bassett
I used Loan Builder for working capital to pay for the production of education videos. Though I was approved and was able to borrow $5,000, I had to agree to pay back the loan plus interest ($779.40) on a payment term of 36 weeks at $160.54/week. The weekly payments are definitely a hardship and there is no early pay-off tradeoff that would make paying off the loan a reasonable option for me. I would not use this service again and will be looking at other lending options once I've finished paying this loan back.
Verified Customer
Aldo
Pretty easy going process, got the funds we needed right away, I actually filled all forms and signed the document and had them deliver the money a month later When I planned to use the money!! Great customer service and so far I’ve payed 25% of my loan without any problems :)
Verified Customer
John
I would not use them again, their terms are too stringent no flexibility
Verified Customer
Farmer E
On the good side, the application process was easy and the funding was fast. On the down side, there is ZERO flexibility on the repayment schedule, so if your circumstances change you are just pretty much out of luck and they don't care. They do not even allow you to choose which day of the week payments are deducted; I get my weekly income on Wednesdays and Thursdays but they force my payments on Tuesdays. I don't know why this is but it is very inconvenient. For these reasons, I would not do a Loanbuilder loan again, nor would I recommend it to family or friends.
Verified Customer
Anthony D
very easy to work with. very easy to apply and to obtain the loan. Was fast and simple. Really helped us feel more comfortable going through the end of winter when business was slow due to weather.
Verified Customer
Casey Breen
Very difficult to work with. Not as professional as one would expect.
Verified Customer
Bridget
Loan builder very quickly helped me borrow the money needed for payroll when my receivables were low. They were fast and completed the transaction effortlessly and effectively.
Erik V.I.P. Landscape Group, LLC.
Mark from LoanBuilder offered clear communication and went above and beyond for my company when my loan had an minor issue and has to be one of their smaller accounts. They had better rates than another two offers I got, (high rate, but what can you do when you have a startup and your credit utility is high for your income) and an amazing user interface/ document storage makes it easy to find your information. The only two companies I've been happy with the loan process has been PayPal's Loan builder and Intuit. TLDR paying for money is not ideal but if you have to do it or can earn more from it, go with someone that's going to get you what you need (quick & secure).
Verified Customer
Big D’s Toys
Friendly represantaives. Easy process. Helped get the money I needed for my business.
Andres Carvallo
Great selection and pricing. Great service and follow up. Very happy with everything. Looking forward to a long term relationship.
Verified Customer
Ann S Roberts
Acceptance was fairly speedy process and all contacts were professional.