- LoanBuilder
LoanBuilder, A PayPal Service
LoanBuilder, 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).
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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. You can search for certain themes within the LoanBuilder reviews repository below.
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 including cash flow, time in business, and credit history. The requirements are stricter than those of some other lenders.
LoanBuilder 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 Washington D.C.
The business owner applying for the loan must have a FICO credit score of at least 550. The better the credit report, the more favorable the interest rate.
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. While this is preferable to also paying a prepayment fee, it functions similarly. There are other lenders out there that do not have such restrictions on prepayment.
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 may be 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 major drawback with LoanBuilder is the prepayment stipulation that the full interest fee based on the original term of the loan is applied and due at the time of payoff. If you think you may be able to pay off your loan early, a lender that does not require the full amount of interest at payoff would be the better choice. Look for a loan that is amortized, meaning it has a set schedule and compounding interest which you pay off via installments.
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*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).
User Reviews
Star Rating
288 Reviews
Review Breakdown
Sentiment Criteria
Verified Customer
Bonnabelle Smith
The loan has been fine other then the fact that I AM NEVER ABLE TO GET INTO MY ACCOUNT! Thank Goodness we only have the one payment left. Because of this I will never use the service again
Verified Customer
Joe Tally
LoanBuilder a Paypal business was a fairly easy… LoanBuilder by Paypal (honestly not sure of the Paypal affiliation) was a fairly easy program once we ironed out the interest rate charged, LoanBuilder came through with the cash and I came through with the payments THEN COVID hit!!! It was horrible and I was very worried about paying my debts BUT LoanBuilder jumped in an automatically suspended the weekly payments and I didn't even ask or have to reach out. VERY progressive for an institution to step up like that, I was very, very impressed! Beyond satisfied very happy with the end result
LoanBuilder's review score is 8.1% lower than the average review score of the top recommended Business Loans Company
Steve Spry
Thief... Very deceptive on their loans. Paperwork states that they charge "interest" NOT A FEE on the service. SO if you you pay it off early they charge you ALL the "interest" in the payoff and you NEVER get refunded any "interest" over paid. SCAM DO NOT EVER USE THIS COMPANY
mypenplease
This was a poor experience to say the least, I cant recommend them in any capacity. They cant even respond to emails.
Mary
I did my application but realized I put in the wrong bank account number. There is no way to go back to amend any section. Now I'm stuck! I have attempted to call the 1-800-347-5626 but it rings and then goes to a strange busy signal. Now I don't know what to do.
Ivy tran
Loanbuilder always has problems in logging into their website, lots of system errors and hiccups. Also it's really crappy when it's never on the same page as keeping the documents that as uploaded. I applied for my PPP here and had to reset password, security question countless times in order to login. Their system will automatically wash off all your data and report: No viewable loan after the next day. Helpless and careless employees when you call. I only got two answers from them : "reset your passwords" and " I don't know, reapply!"
Alison
I applied for the PPP loan through PayPal/LoanBuilder. Their application portal wasn't user friendly at all. If you had finished a section, you couldn't go back to change anything if you had input something wrong. When I submitted my application, they wrote my application is under review and they will let me know if they need any additional information/documents. 48 hours later, I get an email that the they have denied my request because my application was lacking information they requested. And very conveniently, there is no number to call to see what was missing and on their site, they write their decision is final. Yet, they still ran my credit!!!!
Tammy Zender
My experience to date has been very disappointing and frustrating. I've had a loan application sitting in "underwriting" for nearly two-weeks with no response, no contact at all. I've emailed with no response and attempted to find a contact phone number with no luck. This is devastating to a small business such as ours because this loan is time sensitive and by the time they get around to approving it, the funds will be depleted. I put a lot of faith/trust in LoanBulder because of PayPal..., this not only reflects negatively upon LoanBuilder, but PayPal as well.
Paul Morales
After receiving a loan of 50k and paying it back I decided to follow up with a second loan on another company I had launched using the same credit profile loan builder came back with a false credit reporting stating I had derogatory remarks on my credit and that I didn’t have enough income. This on the back end of a COVID-19 lockdown i feel that they made up false credit statements to turn away the loan. False promises and would not recommend them to anyone.
John Hall
PayPal Loan Builder service is complete BS. They promise big loans and fast service and provide neither! I've run a successful small company for 17 years, with well over a million in sales annually for many years running ($1.4 million in 2019). Originally, PPLB said I qualified for up to $290,000 based on my sales (proven with bank statements). I applied for $50K, and was told I'd have an answer in just a couple days. I waited and waited and then, over a week later (allegedly waiting for underwriters!), they offered a loan of just $5K, less than 2% of the original $290,000! That's not even worth the ding on my credit report. It's nothing, peanuts! $5000 won't cover even one week's worth of expenses. What a waste of time! Half of America is shut down due to Covid19, and PayPal doesn't care a whit. If you need a loan for your small business, look anywhere but there. PayPal Loan Builder is a BS service. They may be able to help you, but they won't. Instead, they'll just insult you after wasting your precious time!
Doreen Jaress
It was easy to qualify and receive funds. Paying on a weekly basis within a year for the amount I borrowed was not a good deal. The fees and interest were hire then others.
CA Dentist
Process was quick and easy. Only wish is there were options for a little longer repayment for larger amounts. Maybe two year option for $50K or more.
Shirley Jenks
Excellent. Very attentive representatives who helped put together a business loan for my firm.
Anita pea
Loan builder was an excellent company to help my own. They provided the loans i needed in a well amount of time and the employees were super nice.
Karen Schoolcraft
This was absolutely the easiest and most efficient company to deal with getting a loan for my business they listened to my needs and made a custom plan for me no upfront fees low interest rate with weekly payments auto drafted from my business account - Will definitely use them again next time I need business funding
Gary Williamson
Quickest, easiest loan service I have ever used...
Peter Byrnes
I like that it was fast and no surprises. I don't like that I cannot track my loan balance online.
Tracy Logan
Very quick and easy to work with. Good service. Thank you.
Bill Sabella
LoanBuilder helped me fund my business expansion when nobody else would... it worked out my annual revenue doubled immediately Thanks to LoanBuilder
Idaho Falls Foundry & Machine
Fast turn around Knowledgeable Ask a question & you get a answer
Michael Coulter
LoanBuilder is awesome its exactly as its advertising a fast and easy way to apply by clicking on to the site and putting in a little information about your company and you and receive a answer in minutes its just tht simple and the electronic withdrawal from your checking account to repay your loan back is as smooth as butter I like there service and would recommend them to anyone to aleast give them a try
Eli Crandall
LoanBuilder has been a great service for us! It provided the capital we needed to buy some critical raw materials during the holidays.
T Anthony
The overall ease of application and approval time absolutely is top rating.
Hector Deleon
It was pretty easy and I would highly recommend their service to anyone.
Ali
They are not real specially the guy name tnmi S they took all requirements and nobody responded all most 2 weeks they never pick our phone when we call 302 number to Tumi the fund specialists what they call waisted my time and mess the credit too so be carful
K. T. Gillman
Excellent all around experience; beginning to end. Fantastic staff - my agent in particular was terrific. I would not hesitate to refer/recommend LoanBuilder to any small business. Thank you.
Jasonestes23
Very easy application quick fulfillment of borrowed funds. Clear and easy loan statement.
Michael Kelly
The funding was fine, on time. But this company sold my number for other lending companies to harass me ever since I applied. On top of that LoanBuilder left a UCC Lien Filing on my account even after my loan was paid off "in case I wanted another loan" and never notified me. The filing got in the way of the sale of my business!
Reply from LoanBuilder
Jan 24, 2020
Michael, Please contact us by phone so that we can assist - 1-800-347-5626. Jamie LoanBuilder, a PayPal Service
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.
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.
Lester Gonzalez
Thank you guys for all help , easy transition at right moment
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.